focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
Thank your for your clarification regarding members not being able to gain entry to the AGM as they could not prove their shareholding
I met in the city this morning with an expert in corporate governance this morning, who also happens to be a holder here.
A number of statements he made were most interesting.
Was the delayed audit linked to the fact that the Annual General Meeting of the company was held in camera and members were not admitted to the meeting ?
Could there have been an elephant in the room that the board of Directors did not want members of the company to see ?
Is there a reason that there is not an independent non executive director on the board ? Do the board not want any oversight of their governance?
In the year of 2024 this listed company has a male only board of directors. Where is the gender balance ?
My learned friend is himself a chartered accountant and an auditor and he is somewhat suspicious of the delay to complete the audit as he points out there have been four months since the year end while the number of transactions by the company over the accounting period would not be vast in quantity. The income would have been very limited in quantity through funding while payroll, contractor payments, travel, listing costs and communication costs would account for the majority of outgoings.
A competent financial controller would make such an audit most straightforward for an auditor by presenting very compact, transparent and easily auditable accounts.
The last published accounts to 2002 had Crowe U.K. LLP as auditor. One has to pose the question what was the reason to alternate from such a reputable firm as Crowe ?
Shakespearean !
I grew up in Queenstown flats in Blackpool so that’s my name of choice
Lancashire is a distance from that Queenstown
One costume was for meeting on arrival in a reception area with premier then in a meeting room after as you say a costume change. More theatrical than anything.
Don’t fall for the board
They’re filling holders with hot air and as you all know they’re trying to control the narrative with an iron fist
Time for practical pragmatism and to stop over promising and under delivering.
Time to deliver tangible progress not just meaningless letters of intent and booking rigs with non refundable deposits for a project the company does not have a license for.
The time has come for practical pragmatism rather than propaganda pump.
You didn’t think there would be a fund raise.
Having spoken to a person present they said it was like speed dating and it was over before it started as the governor’s focus was on semi conductors.
It looked good for optics but as yet the psc is not delivered. Bizarrely the psc was not mentioned in communications on Friday or today. Is that not strange ? Also why did the company not tweet the rns on Friday nor did they circulate the raise to shareholders. Again that seems bizarre when they are so fast in pumping out news of meaningless letters of intent on a licence that has not landed, bookings of rigs for a project it dies not have a licence for etc
Maybe it’s time for some practical pragmatic realistic communication rather than over promising and under delivering
I’d only be made an insider if the company told me directly ! Maybe someone the company failed to make an insider, due to a lack of professionalism on the company’s part, told me straight after the investment proposition was put to them by the company!
In fact my account got dumped off because I got reported by so many because I said that there would be a raise which I knew there would be …. So that is why there has been one post
I do agree that there is potential for a high upside while the is naturally risk
However institutional investors don’t invest unless they know
I did mention a few weeks ago here that there would be a raise and I got turfed off the board as if I was de ramping the stock.
I also said at the time that this would strengthen the company’s position in any negotiations.
And I was told was this was lies.
I know that the company have been discussing this with investors since February and it is disappointing that investors like MrFlipFlop May have been mislead.
I do feel that the raise is positive but I present such an opinion with a caveat.
All this coming to fruition is conditional to a psc being granted.
I am aware that the meetings and presentations in London last week were extremely brief and opportunistic while the Premier was in the UK for other reasons.
It will be interesting to see if Petros have enough confidence in the executive team at Upland or not to grant the psc. I am reliably informed that a lack of a very strong executive team at Upland is a reason for Petros delaying the granting of a psc.
It is a most pointed omission by the company of anything relating to the psc in today’s communications.
4th April the company said it was “ in the final stages of deliberations on the psc award or framework”
It will be interesting if this £3.3m is in the company’s account or not today or is the investor getting a free bet in the hope that the psc lands in advance of the shares admission to the market next Tuesday ?
It seems most unusual that the institutional investor was not clearly named.
I’m staying, I bought way back, I’m in substantial profit, I can afford to loose but I am suspicious. I feel that there is a lack of transparency here and the company’s communications are over promising rather than over delivering