Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Your point is a valid one. But the person in question is not our CEO. We don't have a CEO. It's not normal for a company to lack a CEO, but then there is rarely anything normal about UFO.
Now is not the best time to be insulting management
Even if it's lip service support them
Company's about to make cash fgs
Pucker up
Would suggest you drop your CEO an apology
If you value your investment
What we need next is an experienced good CEO like shaun for GPP and theJVs will come rolling in and give everyone confidence in management.
I think this is probably what is being referred to on other forums. I posted at the time that UFO had largely given control of the business to Shemasian. Although from re-reading it looks like this wouldn't fully occur until tranche three drawdown, so let's hope we don't get there. id guess this is one of the reasons why there has been no CEO appointment. Why would any good CEO want to work with somebody else marking his home work. I'm not sure if having Shemasian in control is a good or bad thing tbh
· Drawdown structure: Tranche 1 within five days of notice. Tranche 2 subject to the Company announcing its Annual Report for the year ended 31 December 2023 and Tranche 3 is conditional upon agreement between Company and the Lender of (i) the Company's budget for the financial year ended 31 December 2024 and (ii) a form of security to be granted over the assets of the Company (or members of its group).
· Transferability: the notes are freely transferrable.
· Undertakings of the Company: the Company has given a number of customary undertakings to the Lender in relation to the operation of its business, and the provision of financial and management information regularly. In particular, key decisions will require the approval of the Lender.
Last post of the day I promise as the weather looks great outside.
This is one of my earliest posts under this log in name, and still applies to any waverers unnerved rightly or wrongly by reading disparaging posts earlier today.
………………………………………….
a lot of us are underwater, but i don’t see things the same as the majority.
bill was brought in after the williams brothers had mismanaged and lost san jose to *****ana now fsm. he concentrated his efforts on safe jurisdictions and easy to mine iron direct shipping ore, i.e. an area and resource he understood and had experience in.
we bought into prospective tenements around the silver squeeze pump, so paid for them in shares to our major shareholders at much higher share prices, so they presumably are underwater and also need much higher prices to realise value on their investments and tenement sale proceeds.
had we taken the debt route, we would have lost more than the $2m per annum loss, to keep the lights on, pay the salaries, pay the required minimum exploration budgets and fees and legals and contractor costs.
rod did what was asked defined the current strategy, sorted the corporate governance and compliance and oversaw troy’s involvement in fine tuning the contractor, native title heritage surveys negotiations. a lot of the delays where outside their control, again we wait our mining licence which will follow in good time. rod was potentially duped to underwrite the arv sale, and has probably needed share sale proceeds for his other london listed venture and now bluejay share purchase. as soon as troy was no longer needed he was gone, and his nice post sounds like maybe the break was amicable.
we have even ditched board members by hook or by crook, when we have extracted the value from their work, saving performance payments, share options and warrants.
the point is, we have not been wasteful and things could have been a lot worse, especially the annual loss per share.
dilution is par for the course, until we are producing and realising income.
as long as we keep our share ownership percentage up at lower prices, we should be rewarded along with our larger shareholders, as long as the none exec directors / board members keep to their corporate governance legal obligations. as long as they safeguard their shareholders interests, we should be ‘right to sit tight’ or ‘trade to get paid’.
the biggest risk i foresee, is us getting robbed by breaking the business up into smaller parts. in theory the capex is so low, that it will obviously get mined, it’s just who will see the benefit.
that’s why i was pleased with recent director purchase, and it would be nice to see current board members buy in again at open market or at the next modestly say 10% to 15% discounted placing. if they did this, with metals prices going the way i think next year, i may join them in buying in or adding again under the placing price.
…
7.07% is Windfield Metals Pty (the entities) share in their Alien metals investment, they were named TR1 controlling persons ( beneficiaries ) at the time, RS is not mentioned.
So the performance payment was to me a compromise to get the 39% to give us 90% so we could progress with the licensing, approvals and funding. The 260m shares at 0.48 with the cash and warrants proactive tallied to be 1.79m in below link.
https://www.proactiveinvestors.co.uk/companies/news/990879/alien-metals-gets-option-to-take-90-direct-holding-in-hamersley-iron-ore-project-990879.html
I’d rather a tough business man, with a vested mutually beneficial interest was running my investment, than a lifestyle CEO taking A$300k a year, to look down a drill core, without progressing things and getting deals done.
The below was my second post under this log in name.
…………………………………..
If you were running this from your bedroom with no scruples, you’d hire a geologist (Bill) to find prospective tenements, pay him a salary, part ways when his job was done.
You’d then hire an experienced corporate governance and strategy executive (Rod) to negotiate funding, tidy up the articles, rules, practices, processes, strategy and website. Then fall out with him, and let him go, before performance payments were due.
Then you’d get in an Iron Ore middle manager (Troy), promote him, offer him large incentives, then once he’d arranged all the finer details of native title, outsourcing all key tasks and contracts, you’d ask too much of him, or take him out his comfort zone, and once he leaves save his performance payments and salary.
Who’s next, a lithium, Silver, Nickel. Copper, Platinum. Palladium, Gold developer or JV deal maker or will they sell this on now.
No doubt the search had already started, or Troy had sniffed out changes were a foot, bearing in mind the Bluejay RNS retraction, which obviously signposted todays news.
To me this feels like a game of musical chairs, with a few winners and losers along the way fighting for scraps, some will be left sitting down at the end holding shares when the value in the underlying assets gets crystallised…..will it be you?
………………….
Best wishes one and all.
What is the attraction of holding 7.07% ?
All of them are exactly on it??
Https://www.alienmetals.uk/wp-content/uploads/20221223-Windfield-Metals-Pty-Ltd-TR1-UFO-FINAL.pdf
Please see names of ultimate controlling persons on page 3.
Anyone taken a look at blue jay recently. A company who two of ufo's former ceo's are involved with. They seem to be toying with their investors like a cat does with a mouse. So glad the pair of them have gone. I can't deny a concern about who allowed them onto ufo's management in the first place and why. Aim does look to be a cess pit mixture of sharks and crooks and without a doubt, we need to keep our eye on what happens next
What you've posted base jumper is concerning. Can you tell us more about the decision to mine clause which from other sites I glean means he can rinse UFO once it's spades in ground time? All a bit cloak and dagger but more intel would be useful.
https://www.google.com/search?q=richard+shesiman+alien+metals+&client=ms-android-google&sca_esv=643716ddf41b34d8&sca_upv=1&sxsrf=acqvn09pp04aamkyfgik4fyzapatoem68w%3a1713599794543&ei=mnujzt_cimouhbipou2yqaq&oq=richard+shesiman+alien+metals+&gs_lp=ehntb2jpbgutz3dzlxdpei1zzxjwih5sawnoyxjkihnozxnpbwfuigfsawvuig1ldgfscyaycbaagiaegkiesobcup8hwn46caf4azabajgbwgg***yoqgeems4xmrgba8gbapgbazgcdqacyq7cagoqabiwaxjwbbhhwgineaaygaqysamyqxikbcicexaugiaegladgemyyamyigxyaqhcagcqlhiabbgnwgiheaaygaqydcicchaugiaegnqcga3caggqabgiga0yhsiccxaagiaegiydgiofwgiheceyoaeycpgdaoidbribmsbaiaybkayrugyecaeycjihbdeumtogb-42&sclient=mobile-gws-wiz-serp#vhid=zephyrhttps://au.linkedin.com/in/richard-shemesian-1a100332&vssid=zephyr-w-https://au.linkedin.com/in/richard-shemesian-1a100332