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To be fair criticism is warranted, as do have history of pumping shares..
Shame really, as 'some' of your calls have been good, but you are guilty imo of targeting the small m/caps, trying to move the price with large buys, get interest from others by giving insane targets, then dumping on them.
The advantage with BLU was this practice was disclosed and seen by all and I imagine losses here have been substantial.
IMO KR1 is not a share to trade, the spread is to wide, follow the example of the directors of the company, buy, HODL and chill about your investment - the bull market will bring KR1 the exposure.
https://www.zerohedge.com/geopolitical/hersh-cia-knows-zelensky-top-generals-are-skimming-us-aid
If more like this comes out then pressure will change and expect sanctions to diminish - corrupt the lot of them
Be warned that both PW and SG can now dump all their shares with out letting the market now.
Also amazing how Argo has quickly appointed a chair, despite not having one with PW there..... its as if PW didnt want any independent scrutiny or oversight of what he and the team were doing, yet so many still patting him on the bk... basically he and SG have done the shareholders over past 12 to 18 months
@stzn "Nobody pays for staff in someone else’s business. HELIOS isn’t property of Argo anymore as you know, why would pay the staff wages there?"
Yes they do, look at football clubs where clubs cover certain outgoing staff (footballer) costs, look at some TUPE arrangements, various mergers/acquisitions have required outgoing company to cover variety of risks in regards to staffing
@hexam - thank you
It is interesting that Argo did not feel the need to reference the transfer of staff, i.e. all operational risks have now transferred to Galaxy..... however, the question is, were the 40 staff transferred, or is there some fine print in terms of staff costs/operations
Galaxy references 40 staff, but is not explicit in the transfer of all staffing. Again, Argo being transparent with their shareholders
@blubay "They’ve lost around 40 staff at Helios now paid by Galaxy"
where is this info from, or is it guess work, as the deal was for the site/facilities, no reference on staffing as far as i can see
Hexam, I agree, that 'real profit' will be when BTC is much higher than is
This is where Argo needs to be 'open' & 'transparent' although doubt will be
Provide the real breakeven figure, if they even know what it is....
But what this shows is how much ARB needs to scale back its wage bill and operations, unfortunately for PI's though, gravy train is still ongoing
So, the deal PW has signed off confirms that ARB is no longer a $1b NASDAQ Mining Company
It is in fact a small mining company, which is hosting its machines in a shed in Texas, for unknown costs and reliant on a landlord - in fact reading between the lines, the RNS alludes to that Canada is cheaper (asking why all the effort is one question).
So, now the company is worth £29m
And the company is NOT making a profit, the margin, before fixed/indirect costs may be positive, however, real profit will not be realised until mid 20's (BTC) as a guess (this is the number Alex, PW, etc have continually failed to provide).
Therefore, what is PW doing now to reflect that Argo is no long a $b company, which is likely to come off NASDAQ soon
Where are the staff reductions? The remuneration of all of the management team has increased significantly, where are all the savings?
Or, is this deal more about safeguarding the gravy train for another 12 months, rather than shareholder value?
If so, do not expect to see cost savings
Lets see wage reductions and more share options based on performance! Real performance, not performance agreed between Sarah and PW over a cup of tea during the remuneration committee......
ARB is basically MARA now
Difference is MARA will still be on NASDAQ once bull run recommences, if recommences
All those Argonaughts who mocked MARA strategy of just have machines, worry about where to put them after, will now be lauding PW new strategy.
Saying that, unsure if 2.5 was the bottom, unless of course there is dilution, I think the bottom may actually be in (assuming ARB survives)
Serious question
How are the NED, PW, Alex, etc still in their jobs
Shareholder value has been stripped away
December 2020, Argo had the Canada site
Since then PW has diluted and indebted the company, through:
- failed Helios site
- NASDAQ (about to be thrown out)
- PLUTO (please dont talk about it)
- Argo Labs (we will neither confirm or deny whether we had LUNA exposure)
- Couldnt build a swimming pool on time
- Access to the worlds cheapest electricity (as per at least 4 RNS's - but they didnt)
- Multiple inaccurate and/or misleading RNS
- Bankruptcy Website
- 27p investment RNS (wtf!)
- We will not dilute presentations (at least 3!)
- Sold all the Bitcoin (at the bottom!)
- Increased staffing establishment
- Increased Remuneration
Why are shareholders still beating their drum... this 93% increase is not like 2020, where you had 100%+, 100%+ consecutive days, that was BTC driven... this is a dead cat bounce.
Directors need to get out first - expect a TR1 from your favourite NED soon
IMO, if, by some miracle, they get a funding agreement, or the debt is re-organised, this will come with some significant conditions
One of those conditions may the lender insisting on significant share ownership, probably by way of significantly discounted share options of less than a penny, would not be surprised to see 0.1pence
The idiocy of ARB board may be their Saviour, since they are so in debt the lenders may not want to liquidate them
Is that the thought process of Peter Wall and Sarah Gow.... quick lets get it back open so can sell off!
Now if they were selling their shares during this period what laws, if any, are they likely to have broken?
Latest RNS, perfect example of lack of governance and accountability
This was a material, market impact error.... yet no one held accountable or doing appropriate thing
The COO and CFO have form for errors, this is their area! especially COO. If cannot control the communications then should be dismissed.... but PW has shown he is to weak and interested in own nest only!
Since the Share is suspended I imagine there is no rush to issue a RNS as it will not impact the market
However, what is more telling is no RNS to dispute the potential bankruptcy rumors - only the delusional cult followers will tell you all is okay now!
Chaebol - If you recall I raised some serious questions about why PW had choosen Sarah Gow to be a NED
There was no clear recruitment process & it was obvious, from the Telegram and Twitter pumps that she was not impartial in terms of Argo or PW
Yet most on here called those who dare question it, sexist, etc, despite praising the Colleen appointment
If ever there has been a cult following in a share then Argo is it.... as for the lies, deceit, mismanagement, incompetence (all IMO), the board and NED have been well rewarded for it
Sometimes it is good to listen to the bears or those warning you!
Many of you may recall that last year I expressed considerable concern around Governance and how it appeared PW was going for a power grab
The old directors left and PW took on the mantle of 'interim' chair and CEO
This was despite him having sold most of his shares
Then he bought in Sarah Gow, many asked what she bought to the table, apart from being the majority shareholder, but independence was not it - remember the Argo Boat Tweets and basically praising PW continually - hardly independent!
Then PW continually made promises, with lots of winks, etc which were broken, I can recall at least 3 we will not raise promises
Then in 2021 PW put through a request to shareholders to increase incentives for staff, on the provision it is to keep and attract the best. It was rejected. No one left! Then in 2022 it was tabled again and went through! Argonaughts at the ready!
Then on top of this the most respected NED left, following the COO and CFO getting drunk with a known social media influencer and divulging market sensitive info! Remember the increased incentives for staff - well what about increased responsibility and accountability. PW was weak here, the board were weak, only one with strength was the lady who left!
Then on top of that overpaying for the Texas sites, inconsistencies with reported RNS, innacuracies, corrections, etc
Basically a shambles
All goes back to poor governance, where PW held all the power, taking ever increasing pay, while margins dwindled and SP crashed, and cash reserves disappeared.
Then to top it all off, governance again, they accidently publish the bankruptcy page! PW should, at the point, taken responsibility and resigned with immediate effect - especially if true
I have said multiple times - GOVERNANCE is the issue!
PW is the gaffer, and he is the gaffer of the gaffer
CEO and Chair, with handpicked NED's!
Zero governance, and oversight...... yet people could not see it!
agree - HUT, CLSK, RIOT and MARA
then MSTR
ARB is just a shorters dream now, as it is going down, wait when due diligence is a no and directors, CEO and ex employees begin to dump shares
.... this will hit 5p*
*unless its gone bankrupt at that point