The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
Great find searcher as usual, your efforts are much appreciated. There is a couple of lines in that paragraph that makes me believe we have to try something different.
When one takes into account that the country has to make repayments on foreign loans
When will we, as a nation, stop this madness and focus on exploring energy from domestic sources?
I believe the real issue with pulbari is she can not give permission for a FOREIGN company to take one of Bangladeshis biggest resources and sell it back to them. In affect it would mean more depletion or there foreign currency and more loans to pay what many will see as their own coal, regardless who owns the licence. Anu Muhammad, the secretary of the national committee to protect oil, gas and minerals will protest against that. I would like to see us maybe look ate selling the licence either to the Chinese or back to the Bangladesh government , with possibly a lump sum and a free carry of 5-10%. There is over 200 billion dollars worth of coal down there I fear time is running out for Gcm , I would sooner have a small piece of something rather than a large piece of nothing
I don’t
Unfortunately can only see it getting lower, I’m not sure anything can or will happen before election and company only funded till December so any raise will be at a discount on current share price, on the bright side think 2024 will be our year.
Maybe if it was tang who had resigned and he wasn’t milking the company dry with his £303,600 salary, or his 7,250,000 options plus no doubt a company credit card for his lavish expenses. Not to mention the elusive diani, who no one nos what they do or who they are yet receive huge amount of shares for hitting milestones. What milestones is not clear because we havnt even submitted a proposal even though the Bangladesh economy is in the toilet and have never been more desperate for the coal, for me it’s clear , Tang needs to go.
This is why I don’t see GCM ever getting full approval to mine the coal unless they cut some sort of deal with the government either giving them a cut or selling them the licence back . I honestly don’t see them allowing the west to walk away with possibly the biggest resource the country has. Come on GCM there is enough to go round give them whatever it takes to get this over the line . Stop being greedy a cut of $300 billion is better than nothing . Even 10% is 300 billion ,1% is 300 million.
If she was to give permission to mine her political opposition would use it as a stick to beat her with , they would see it as giving 300 billion dollars of THERE resources to the west. I think this has always been the stumbling block. This close to the election it would I believe be politically suicide. GCM’s only option for approval is to either sell the license back to the government or to do some sort of joint venture with them allowing them a small victory to appease the Bangladesh people. Having said that I believe they will have no option but to do something with it soon but can’t see it happening till after election.
I’ve been an investor in GCM for over 7 years and have a substantial holding but unfortunately not only believe the company is going nowhere but that the company and the shareholders holdings are being used by Tang to take control of GCM. I am becoming increasingly sure he only has his own interests at heart and has a total disregard for us the shareholders.
In march 2021 we raised £2,130,000 . The wage bill for directors comes to £581,140, Tang taking more than half of that for himself at £330,000 a year. Which leaves £1,554,872 and yet we are told that we only have enough funds to last till June , so where has all the money gone .
Last year we paid Dyani £75,000 in shares and they now own 15.5%of the company. For what ? Who are Dyani ? What have the actually accomplished to deserve there 15%. It is my firm believe they are controlled by Tang and was set up by tang to gain more control of GCM.
We also paid DG Infratech £180,000. 4,363,636 shares , For what ? What have they done , again tang will more than likely control their vote , just more diluting of our shares .
At present 38.6% of shares are not in public hands and tang actually owns zero personal shares in GCM despite having a net worth of over £14 million dollars but probably controls the vote on most of the 38% . If we assume the need to raise another 2 million this time round that will be a 50% dilution to all of our holding but more importantly polo might be the only way to raise funds which will give tang full control of GCM. And we all no how that ended up for there shareholders where he proved he has a complete disregard for them.
I unfortunately don’t believe approval will ever be given to GCM or any English company for that matter. They simply can not be seen to be giving the Crown Jewels away to the west. I don’t think it’s a case of they won’t give approval , more a case of they won’t give US approval . I would like to see a different approach with maybe a joint venture with power china giving them 50% and they pay for mining , Power China have done huge projects in Bangladesh and must have a direct line to the right people or even a joint venture with Bangladesh themselves, giving them 50% would almost certainly get us approval and would allow them to save face with there own people.The coal at present has a value of nearly $300billion , 50% of that would be amazing , even to sell the licence to power China or back to Bangladesh for £1 per share would only be £180 million. I would be more than happy with either of them options than let tang take full control after next funding.
Tang has had 10 years at the helm and it is time for a change, before the next fund raise while we still can so I urge all shareholders to write an email GCM demanding a Emergency General Meeting With the aim of removing Micheal Tang . WE NEED TO TAKE BACK CONTROL BEFORE IT IS TO LATE.
Exactly a lot of people will loose a golden goose if Bangladesh use there own coal, they are either paying not to mine phulbari or they have them over a barrel with what they no about them , meanwhile the people freeze and starve, she can’t be long for this world how much money does she want , leave a legacy of feeding your people not a bank account that’s no good to you when your gone .
And why do you think they signed such a ridiculous deal???? Because there Swiss bank accounts got filled up , everybody knows it but they have passed a law where they can’t be prosecuted for any deals they do , I feel for the people of Bangladesh destined to live a life of poverty while the scum who are employed to protect them get rich , it’s disgusting it makes me sick. There as bad as war criminals and should all be locked up ,
I’m pretty sure by saying they are in discussions with high level government officials the proposals have been in for some time but don’t think they will make them public until we have the green light. Bangladesh is a political nightmare if we force there hand and present publicly without there say so they could just say no and it’s all over , we probably go bust, I have faith the management are pushing as hard as they can , hopefully not long now till we no one way or the other
At todays prices there is almost 300 BILLION dollars worth of coal, if this was given approval to mine you will not be able to buy for considerably more than a pound. Look up any company with assets of $300 billion and see what there share price is
Don’t worry about it not much has changed except coal is 4x the price and they have 2 brand new power stations lying idle with no coal to run them . Things are far worse than in 2019 and are deteriorating by the day. You really couldn’t make this up .
No why would Power China , one of the largest companies on the planet be spending months negotiating a JDA with GCM if they didn’t feel confident of getting approval. There is obviously a huge amount of work in going on in the background. Well done to Gary lye and Michael Tang.
What makes you think us shareholders are not aware of that possibility however I doubt the Bangladesh government would award approval to a delisted company and I doubt Powerchina would want to be involved with a delisted company. I don’t see how it would be beneficial for Tang in any way and would only devalue his own shares.
My guess is a huge chunk of that 2billion will end up in Swiss bank accounts , There lies the problem approving phulbari effectively kills the golden goose for the massively corrupt politicians and there brown envelopes,
Only GCM’s price could drop after what was a excellent RNS confirming that the proposal is being developed not only with the knowledge of the Bangladesh government but that they are actively involved in the details of the proposal and have options to participate, Power China are in discussions to take part of the mine as the power station may not get approved which shows to me they are keen to be involved on some level, Power China have completed billions of dollars worth of projects in Bangladesh and it cannot be underestimated how much pull they have with the GOB, Overall was very happy with the details in the RNS . Nice to see the management give an update to us long time shareholders. The price drop is a joke but day to day price movement mean nothing as I’m in till sh#t or bust , good luck
As usual you make very valid points and are well researched. Using coal at pulbari is so obviously the answer to all Bangladesh’s power problems but as we close for Christmas soon and edge closer and closer to the end of March when we run out of funds. The only way we will be able to raise funds is with huge dilution probably with Tang stepping in and getting his hands on even more through polo. We NEED to put the proposal in now and publicise and promote it in the media to build awareness of the benefits, put the GOB in position where they have to make a decision.
I for one have become very disappointed with Micheal Tang , He was brought in to get this over the line and apart from bringing in Diani , what have Diani actually done for there 30% , Who are they ? What has Tang got to do with them? what’s has he actually done , I will be going to the AGM along with a few other investors and we intend to vote against Tangs re-election . For all the good it will do as I’m pretty sure he controls the Diani vote.