Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
How many shares is SB getting in the placement?
Rewarding failure yet again I see - MOS the gift that keeps on giving.
Arg peso just fell off another cliff - RIP MOS
Who’s the dumbest: the person who takes a £200k plus yearly salary from a company that he knows is failing and won’t be here much longer or... the investor that puts money into a failing company in the hope that it’ll get turned around by the person taking all the money out of it... let me think...
Wonder how SB is doing on half rations
SB liked this article on his LinkedIn feed in the last few days: 4.8 billion downloads in just 3 months, India tops in app installs. It’s just a shame that MOS have not put themselves in a position to capitalise.
I noticed that the director is more active on Twitter and has updated his LinkedIn account recently. May have realised he needs to get a proper job as this gravy train comes to an end but who would employ such a failure? Still the directors have had well over £1m out of this over the last few years many by duping investors into thinking that there was potential in this so at least they have that to fall back on.
Shambles
SB salary of £250k a year has got investors into this mess. For three years massive losses but salary stays the same - yes that’s £750k to SB and now there is only a few months salary left to give. Disgusting behaviour and I for one hope he hangs his head in shame especially coming back to the market for more funds when he knows this is dead. Disgraceful and disgusting behaviour.
I am invested - I have a small holding left but got rid of the rest at quite a substantial loss. Been here for longer then you knigelk. What I am bothered about is the lack of meaningful news on any of the updates that they have been giving lately. Shambles jumping from one country to the next. Remember the Indian milestones? I invested off the back of those - have they died a death now? And what’s the assessment on Indonesia - what’s this company doing and what’s the substance behind any deal? Cypto-currency - remember that? Electronic bill paying mechanisms put in place? New super duper non-exc Director has been getting paid for doing what exactly - not seen him buying any more shares? Has directors pay been reduced? The list goes on... as I said shambles.
This is a shambles - nothing by way of a meaningful update on successful fundraising and / or next steps.
How about an update on how the “consultants” are getting on with providing the access to the Indonesian market Mobile streams? You know the consultants that said they had years of experience on the RNS statement but yet the company that they are using has only been registered for less then a year.
I think it’s obvious that the share subscription has run out of steam. Normally you get a RNS stating that “x” amount was successfully raised to fund “directors wages”... I mean “working capital” in the pursuit of the magical unicorn that is at the end of the indonisian rainbow...
Utter shambles
Wonder if the directors wages go up by a similer amount this year to cover this "expense"?
Took them a single day to raise £2.2m at the last accelerated book building... looks like they are struggling to get to £140k this time... how long do people give this?
I was reading the terms of the Indonesia experiment and its not even clear on what they are going to be doing there?
On other news is there:
Any update on India - are the still measuring this on milestones or have they given up?
Any update on crypto-currency venture or was this purely to try and hype up the share price?
Any update on the game that augmented reality game that they realised or again was this purely to try and hype up the share price?
What's the new non-exc director doing and what has he brought to the party except taking a wage? He was suppose to be brought in as a successful entrepreneur, investor and fundraiser?
What's happened with the new digital wallet in Latam?
What's the latest fund raising "working capital" going to be used on other then paying directors wages?
Do I need to go on... So many RNS's with little or no follow up or detail on the benefits.
75% doesn’t make it right. I bought in off the back of the accelerated book building for entrance into India a while ago against the promises made of keeping us updated against set milestones. That died a death and then they started to try and have a go with crypto currency (no further update on that), launching their own game (no further update on that) and now going into a new sector in Indonesia.
Once I started to delve a bit more into the finances to then find out that out of the £2.2m they raised £1m of that had gone into directors pay when they have clearly not being delivering that is disgusting. One year the losses double but yet the directors remuneration went up?! They are now trying to raise £140k for working capital without even highlighting how it’s going to be spent which means to me they are trying to rinse every last bit of value from this before.
No trolls here just people that have been well and truely shafted.
Well that should sort the directors pay out for another six months.
The Circular and notice of General Meeting will shortly be available to view on the Company's website: www.mobilestreams.com.
Anyone know where to find this on the website?
Just read this off the website under “corporate governance”:
Remuneration Committee
The remuneration committee will review the performance of the executive directors and make recommendations to the Board on matters relating to their remuneration and terms of employment. The remuneration committee will also make recommendations to the Board on proposals for the granting of share options and other equity incentives pursuant to any share option scheme or equity incentive scheme in operation from time to time. The remuneration committee will meet at least twice every year. Members of the remuneration committee are Peter Tomlinson and Simon Buckingham.
That’s right the remuneration committee makes recommendation to the board on remuneration (these are the same people). Not sure I would call that governance?!
I’ve been quoting the directors pay since the start of 2018 and was the one that delved into the small print of the final year financials and found it out so it’s not been just the last month thanks.
I have also had email contact with the director that you quote (note I don’t and always state directors) but he is kind of shy at the moment in responding. This I am hoping is because he is embarrassed about the situation and how much the directors have rinsed out of the company without bringing any results but I suspect it is because he doesn’t give a flying duck about investors anymore. All my own opinion of course as I know you get quite sensitive about these things.
Funny thing is I am invested (admittedly a lot less then I was) and so ultimately want this to work but it would appear that this isn’t being run for investors at all. SB still holds 12m shares (unless he has sold any without telling the market) so ultimately he wants it to work but the short sighted nature of paying himself over £250k a year has killed this company as it’s being run as if he is the only shareholder. Disgustingly arrogant behaviour.
Unhappy? I am angry.
Let’s be clear about where the accountability lies for directors pay and that is the chairman and this is why I imagine he left. In terms of complaining about past pay I have every right to as I am indeed invested in the company but I want to ensure going forward that failure is not rewarded hence why I will be bringing these points up at the GM along with many other I am sure.
50m shares will amount to six months of the current directors pay at these levels and if that is what the placement is buying then that is what should be clearly stated within the offering.
This is an utter shambles with directors sat on a gravy train off the back of investors for too long. £2.2m raises at the last placing and around £1m of that is used on directors sallary - that’s pretty disgusting and I most certainly didn’t see any small print in the placing that highlighted that.
Resolution (3) of the fund raising must be to link directors pay to performance - why would anyone invest here otherwise as they would just be keeping the directors accustomed to the lifestyle they are used to. In fact if they are so positive about the companies prospects maybe they should put their money where their mouths have fed from over the last three years.
Any yes KNIGELK this has been a rant.