Firering Strategic Minerals: From explorer to producer. Watch the video here.
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Well looks like they are going through to the GM. Was a middle ground sought?
The conflation of the parties and manner of this all still has me voting against the resolutions. Governance is a key pillar but this approach is all wrong, and seeing the likes of posts below only reinforces my view.
It's why I've sold out for now. On the one hand there are lots of reasons to be sceptical of this newly formed group and I thought the written responses by TGR management yesterday were actually quite solid and convincing but on the other the performance from the company has been so staggeringly poor this past year that it's highly unlikely that there's going to be any chance of a meaningful turnaround with the status quo - after all access to capital is essential now and it seems so unlikely that a TGR run by Shishir, Puruvi and Alastair is going to convince lenders to part with their cash now without significant on the ground improvement being seen first (and that needs cash, so a catch 22).
This really is an impasse at this point.
That's it isn't it. Neither party appear to be able to actively do something for us shareholders. I've lost all faith in the current board running the company. They have had plenty of time to turn it around but it hasn't transpired. All the talk by the current board saying they are looking for new appointments. They started this in Feb. To me it doesn't seem to be a high priority for them. It's always that were looking into it. Is it a case of they only want people appointed to board who will do as they are told. Because if that's the case, then we will just carry on as we have been. As it stands it looks like whatever Shishir decides, happens and he needs to be controlled to ensure it's to TGR's benefit, not themselves.
Yeah although it's all been complicated by the lack of cash in the business and the precariousness it leaves it in with bills to pay and debt maturity looming - talk might come from a genuine place but how do you attract a reputable CFO to a business that can't pay you and can only offer shares for the time being, shares that be heavily diluted in time? Do independent NEDs want to come in and be stuck in the middle of a battle to gain control of the company between an incumbent and a rival party?
Boris,
I think the board ptoblem is a cash flow problem.
I've seen many say appoint this or that now, but are forgetting the reality of the situation.
TGR is cash strapped. As seen in interims, the board barely got paid. They took most via shares instead due to low cash flow.
Now go find a world class CEO, CFO or anyone else for that matter who is happy to come onboard for what was it? About 10k a year? (Alistar's salary in cash). That right there limits and changes everything.
The new group haven't said how they will solve that problem and the old group are looking, but looking can last years.
Not ideal.
Just saw that HarChris lol.
Great minds or fools never differ right lol.
All joking aside though. I think its these details which are getting left out of the debate.
Its becoming less fact driven or reality driven and more a populatity contest.
As a holder I'm not happy at all with performance, but i've not seen anything better proposed.
Talk of going to the FCA is just proof to me those posters only intension is revenge, not what's good for the company as the FCA won't seperate the CEO and the company, they would just bundle it up as one package and delist it or suspend it rather (not that they ever do anything mind).
The company is on its knees and now is probably the worst time to rock it as it risks destroying what is left.
If people think funding is hard now, it won't be easier to get having shown funders shareholders will randomly kick off and boot everyone/replace them, causing distrubtion and money as and when they like.
Funders usually want stability, not chaos. A fact often overlooked in this emotive topic.
I can't disagree with what you're saying. But that sums it up doesn't it. No money and not looking like anyone is able to get any. Chicken and egg?
I'm tired of hearing that the company is looking into things. That's all they do. I'm convinced that with all the board resignations over the last year that they knew what was going to happen and we we were fed crumbs to keep us invested. I do feel misled into investing here but if you look at the shareholding of Nicholas Pettijean who holds 3.09%, he hasn't sold any shares since last year and if my memory is correct he works at the madagascar mine. So maybe he knows something.
My investment here is now worth next to nothing so no point in selling. Bottom drawer stock.
Very weird rns, it’s all news that has already been released via rns (20th March and a few weeks ago).
Are they trying (badly) to game the SP?
I'm not in and never have been but I've been looking in since this time last year, the only positive I can say is that 2 people who's views I respect both typed out essentially the same message at 9:03 Zan and HarChris lol
I can only see the SP slipping further between now and the meeting and I have concerns regarding the groups intentions also as I'm sure many investors will.
It's extremely high risk where things sit right now but playing devil's advocate if the group gets someone on the board to satisfy them, TGR get money from Madagascan government and graphite prices turn for the better then this bounces hard but that's a lot of IFS and I don't see that coming together
Nesnoor - pretty much the same position, I had only just started rebuilding a position having previously exited in the 20’s…. Certainly never seen this coming But will bottom drawer till this is sorted
Existing Board members bolstering votes for the GM.
It is rapidly becoming a farce of Biblical proportions
These are the subscription shares as announced in January, long before the requisition letter.
They are not 'bolstering votes'.
I'm still a bit puzzled as to why Alastair bought 400k shares in March. I remember it well at the time and led me to think some progress was finally being made on the ground but we recently learnt it was the polar opposite - production had ground to a halt at that stage and cash was probably down to just £200k yet Alastair bought plenty of shares depsite having inside knowledge of just how much of a production miss they were going to report in two months time?! Odd.
Also looking at the cash burn through mid Jan into late March they must surely be totally out of cash now? Has communication and lack of transparency got so bad that operations are now essentially halted without any informing of the market?!
So taking shares in lu of wages does not give the Directors greater voting power? Come on
They were all given shares in the placing in Jan but only the three current directors have to TR1 their new positions. These are the new shares issued in full:1
Mr Shishir Kumar Poddar, 2,727,273, £300,000.00
Ms Isabel de Salis, 109,091, £12,000.00
Mr Hemant Kumar Poddar, 454,545, £50,000.00
Mr Uday Pratap Singh, 200,000, £22,000.00
Ms Puruvi Poddar, 1,363,636, £150,000.00
Mr Christian St John Dennis, 300,000, £33,000.00
Mr Alastair Bath, 54,545, £6,000.00
They can't pay wages because there isn't the money in the business to pay them with.
HarChris - “I'm still a bit puzzled as to why Alastair bought 400k” well the VAT refund was expected to be received imminently, highest production in a year and sales revenue increased 70% to £4.9Mil. In hindsight it’s odd with no money in the bank but not at the time.
No one asking where a 28 year old barely had a few years of work gets that kind of money - he is one of poddars stooges
HC agree. My point was why has it taken 4 months to complete the transaction? Is it con-incidence that the shares are now taken up when a GM has been confirmed?
"In addition to the Placing, the Company has accepted a subscription from certain directors and members of the senior management team listed below (the 'Subscription') for 5,663,635 ordinary shares of £0.025 each in the capital of the Company (the 'Subscription Shares') at the Placing Price to be satisfied by set off against certain amounts owing by the Company to the persons listed below in respect of past fees or remuneration in respect of their office with or engagement by the Company.
To avoid the Company incurring additional costs in respect of regulatory requirements under the U.K. Prospectus Regulation regime, the issue and admission of the Subscription Shares will be deferred until such date as the Company has sufficient headroom to admit the Subscription Shares without having to issue a prospectus. It is expected that admission of the Subscription Shares to the Standard Segment of the Official List of the FCA and to trading on the Main Market of the London Stock Exchange will be on or around 24 April 2024 (although this would be further deferred if necessary to ensure that any issuance is not affected during any closed period)."
_______________________
The transaction completed slightly later than initially planned but it was always completing months after the placing... there are many reasons why TGR is in a total mess and there's a lot to be conspiratorial about but this isn't one of them.
"In light of the limited working capital availability, the Company's operations remain impacted. Operations are currently being run intermittently, resulting in lower production and sales, as depicted in the result for the year ended 31 March 2024"
This seems to be the last information around ops on ground that I could find in the RNS.
Definitely gives them more voting power.
However, also puts them at more risk to earn their remuneration. It's doubtful that they would convert cash into shares if they don't believe they can multiply their investment.
Aasin that appears to be the case but we have absolutely no idea what intermittent means. Is it essentially a halting of production with only essential maintenance continuing or is it low levels of production like we saw in H2.
A distinction should have been made but like with all things TGR the worst case is usually the actual case.