George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Ad Cap is an investor relations firm out of Canada. We clearly pay them a fee for a set number of monthly posts and some comms management on Twitter specifically.
If you've got the time you can actually identify who our account manager at AdCap is - prhaps ask her what's going on seeing as it's likely she was at the center of "in-the-bag gate" several months ago.
Saying this, it's highly likely that there'll be an approver for said comms at CNR - so those bags were signed off on, but not materialised into anything noteworthy.
Has anyone heard from Childs on what an acceptable price might be for the asset? NPV is a complete red herring at this point - the BFS has made no material impact at all (embarrassingly so), so would be keen to understand some scenarios here...
In response to tumbleweed responses on my previous posts - I know we're subject to different forces internally simply due to the weight of JM's involvement so it's more or less a case of wait it out or take a hike as we're at his mercy.
I'm just so TIRED of this dragging out. Can't believe how many years have rolled on since I first invested (re. threw my money down the drain) on this.
COME ON GUYS FFS!!!!!!!
| however this plays out is ultimately our decision
I'm sorry, I don't fully agree with that. We made investments based on knowledge in-hand and certain expectations around BOD performance.
Speaking frankly, the combined efforts of Hannam, Melon and Childs has WAY underperformed against what would be considered reasonable progress towards the sale of an objectively valuable asset.
Hannam especially has done less than nothing to add value, here. Eve if there were more non-binding offers being made (which it seems like there are not), I've got little understanding of what Mark is ACTUALLY doing in country, right now, other than just being....present.
You're all in danger of rolling over and accepting sub-par management way too readily - I can only assume it's a collective, thinly veiled attempt at justifying what has been poor decision making (purchasing a mill before flipflopping into a decision to sell the asset) combined with non-existing timeframes for the bidders on the sale of la india. If this was my company, I'd come out swinging with a robust playbook for a likely sale by a defined date, not limp over the line after what seems like a bizarre period of indecision.
This sale is a drawn out failure of catastrophic proportions that Mark, Jim and Hannam should all take equal responsibility for. The only way they could possibly redeem themselves at this stage is to bag a bloody good deal that will see the LTHs at least break even.
- Shareholders will be updated in unison
- Holding out for a high[er] price - offers so far have been below what's expected
- We recognise the value of the project
- Hannam have directly recommended to NOT impose the deadline on BAFOs - reason: because of the above ("objective" FS approved asset value), if bids don't exceed the an acceptable threshold then the deadline would simply be extended, and then extended again - therefore no value in a deadline in the first instance (I personally think this makes us look exceptionally weak, however Jim's angle is clearly the opposite - "what's the rush?")
- No info re taking this over the finish line ourselves. I get the impression this is the last thing they want, period.
- Finally, JM has made it clear he's fully backing the project until a "fair price is reached". I don't know what to make of this statement...does that mean he'll foot the running costs in the interim? Will he buy out PIs if this drifts forever?
Either way - this whole thing is being driven by JM, not Mark, and you're in the backseat. If you don't like it, suggest you tuck and roll because this looks like it's easily going to drift into next year.
Stockholm syndrome well and truly in effect here.
I will say I almost admire Jim and Mark's ability to hold PIs in such disdain and not suffer more backlash than they have - this just simply wouldn't fly in a properly regulated environment. If they don't manage over 40p, this will go down as a spectacularly notable laughing stock (pun intended).. we are literally sat on piles of gold with no way to extract it because "Well, don't be silly, we're not miners now! These supple hands are made for shaking, not actual work. Besides, we just thought the mill would look nice on the mantle!"
When all is done here, then at the very last JM can crack on with his other more interesting projects, like writing "Moos Law 2: How to More Effectively Milk Your Investors", or "When Life Gives You Mellons, Make Cultivated Plant-Based Protein Burgers", or "Death? That's Something that Happens to Other People!".
A bitter drag over the line, this is. Wrap it up boys, we all want to go home.
Interestingly, the PR team on Twitter seems to be burying any critical responses to CNR posts. Whilst they offer little in terms of value to the discussion, I won't deny that it's a concern that Condor has taken to actively hiding these responses rather than doing anything proactive to address the very valid concerns that PIs have got.
Re "is this a buy" - you're asking the wrong bunch, frankly. Many people here have got averages in the 40, 50 and 60p ranges - myself included. If I had the OPTION to buy now at 17p, well then, of course I'd prefer the average!
I have entertained averaging down (I took part in the placing, though my entry price was SO high at that stage, it made little difference to my over all avg), but refuse to throw any more good money after bad, on this.
I've just had a look at the long and mid range charts again, down nearly 50% in 5 years, with same drop in the last six months from 52 wk high. I'm sorry, but that's an utter failure on MC and JM's part part - a company not on AIM would be held accountable. And not to mention the woeful gaslighting episode of "well, we're not MINERS, what did you expect" (to which I respond "WELL THEN WHY DID YOU DROP OUR DEPLETING FUNDS ON A BLOODY MILL!!").
This really is a game of roulette at this stage and I'm just hoping beyond hope to get my original stake back (for which I'd need late 40s). Political uncertainty, waning interest, the bizarre decision to not put a deadline on the BAFOs (what?) and shareholder disdain from BOD is just killing us.
Let's get this over with already, so I never have to read the word ONION again, Jim can do what he's clearly doing anyway, and focus his efforts on making his lab grown burgers and living forever - and we can all move on with our lives.
That's why it's called an "E"GM, and not afternoon tea.
Don't forget that you OWN a piece of this company, whether the JMs or MCs care to admit it, and they're the ones not taking corrective measures, or able to actually present us as a valuable entity.
Across my whole portfolio, this is the only co. that seems hellbent on treating it's shareholders like s**t. Admittedly, it's my only AIM holding currently..
You should be discontented, and you should leverage your position as a shareholder. Contact Mark, email Burnbrae.
Literally - an EGM to sack Mark and bolt a drop dead date on binding BAFOs. Employ a sales director through Hannam at a fraction of the cost with performance related remuneration to get us over this final hurdle.
Mark is adding no value to the process now - indeed I believe he's hindering things. Re. Jim? Well, we're all passengers. We either jump out of a moving vehicle or wait for it to die on the side of the M25 before getting out and limping home to our very unhappy wives and husbands.
Have "stayed the course", as have belief in the fundamentals - and to an extent, still do. However the persistent half truths, shockingly low placing and navigation of the sale have just been a clear demo of shareholder disdain.
An EGM to sack Mark and bolt a drop dead date on binding BAFOs would be my approach if I was steering the ship. And follow Jim-TheEuroWillCollapseWithinFiveYears-Bo over the falls at your peril. His exit will be smooth, quiet and profitable when all's said and done, regardless of our positions.
Haven't posted in some time as, like many of you, have been keen on watching this unfold.
Couple of observations: the Twitter post that pointed to Sales Progress recap that was pinned is now UNpinned in favour of some luke warm comms and a weak bod message, punted out to market by JM - stinks of exasperation.
I'm not sure who's running the twitter profile - whether it's outsourced or not - but the tone deafness, and "shrug" emoji concerning the statement around "undervalued" is completely immature and detached from the reality that is market pressures on our SP. Something's only ever worth what someone will pay for it. The ramblings on local initiatives, reiteration of inferred volumes etc etc etc, frankly, is mind numbing. It's frustrating that we're even PAYING someone to post this drivel.
Concerning this, also, it's a sad state of affairs when PIs must revert to reading between the an intern's lines on TWITTER to understand what the hell is going on. All signs, unfortunaetly, point to - well, nothing. Nothing is going on, and furthermore the problem is that any potential suitors are seeing the same as us; a half bothered JM and disinterested MC isn't exactly the force of nature you want selling a key asset.
JM needs to nut up and put a deadline in place for the binding offers, otherwise the non-binding offers by definition are absolutely utterly worthless.
Secondly, I seriously think a sacking is in order. Nudged over from the CEO seat is one thing, but at this stage it's clear that no value whatsoever is being added by certain persons. The land ownership factor is binary in nature, and has simply been lied about. We'll possibly learn that the .4% missing is the only accessible strip of land of la india.
All in all, we're in the same boat. The sale process has been a failure. Mark really should be gone at this stage - between Hannam and AN effective sales director - if selling the asset is our only strategy - we could save thousands.
I require just below 50p to break even and am seeing even that slip away (my initial target price was £1.20-£1.60, back when the wind was at our backs!), now, like many people here, I can't wait to see the back of this - many opportunities missed due to holding Mark and Jim's bag.
Good luck, all.
For the 40p plus club, I sincerely hope you recoup any losses when this blows over. For the 15p club, excellent timing you lucky bunch - worth sticking about just for very different reasons than the rest of us! You could still get a multi-bagger still, when Mark decides to come back from his holibobs that we've all paid for.
| but as always I encourage every investor that has reasonable questions to email him as he always responds promptly.
Sorry Nero, but this is outright fake news - I've mailed MC several times over the last 12 months, cc-ing all applicable emails, and not heard back. I have, however, heard back on comms as far back as 2016, on the same addresses. Make of that what you will.
I've mailed him 4 times in the last 5 months specifically in regards to a drop dead date re. binding offers; it's outrageous to me that a company would have a never-ending sales process on it's most critical asset, and NOT disclose a deadline for all bids to be in hand - if I were one of the non binding offers right now there is no incentive for me to close, when I can sit here and watch the SP drift lower, and lower......and lower, whilst the company does NOTHING beyond paying a fortune for a BFS and half a bloody mill, to get it pennies on the pound in 12 months time when the real "distressed seller" kicks in.
I find Mark and Jim's treatment of PIs egregious and deeply unsettling, I'm dumbfounded that so many familiar names persist to appear across the BBs despite the BOD's treatment of lowly PIs.
Meanwhile the silence here is deafening.
It's also, I can't help but feel, indicative of the general sentiment associated with CNR right now. ADVFN continues to be dead - I don't think I've ever seen such a collective resignation from PIs.
How long does one sit on the sidelines before patience really runs out and we decide to take some action against Mark? I don't think I've ever seen such a blatant example of underperformance and shareholder disdain in the last four decades.
The lower this goes the less likely achieving my 46p break even is looking - not great considering I was talking up over £1 a year ago.
Well done MC.
I'm just keen to know if Jimbo and MC THINK that they're doing a good job with this company/asset, or not.
My hot take having been here for the best part of a decade is that JM doesn't lose, MC is collateral damage, with his "having made a few bob" no more than a "nice to have", and PIs are nothing but a peripheral annoyance.
Logically speaking, this was a poor, POOR investment for LTHs. Holders HAVE been lied to repeatedly, doesn't matter how you spin it - we were assured we'd be producing by two years ago. Company direction has changed on multiple occasions with approach flip flopping and actually we're yet to see any sensible reasoning behind this.
Either we're going to walk away from this 1) looking rather silly for all the complaining, but with fat pockets; or 2) rather silly for all the waiting in vain, and broke after the BOD have got theirs.
Honestly speaking, and looking at historical behaviour, I wouldn't be surprised if this sale spilled into 2024 or even later - it's a complex process, and we're now in month 7 following a pi55y RNS in March. PIs getting hammered in the interim is inconsequential to Jim - so what's the rush? Everyone here behaving like these guys are your friends, acting in your best interests, is misguided.
What was the disruption made? I'm quite staggered by this response..
Shareholders should be able to ask uncomfortable questions - they're usually the ones that yield more truthful responses.
20% down in the last 5 days, and nearly 13m wiped off of the MCAP. CEOs have been ousted for much less - it's a wonder that Mark's made it this far frankly, irrespective of how poorly everything was managed post sanctions (don't worry, though, JM got his!).
My fear is JM and MC will be the only winners when all's said and done; they've managed to secure enough warrants, and maintain decent enough averages over the years at a phenomenal cost to PIs that they will indeed be the last ones standing with a healthy package.
Two decades, nearly, only to limp over the line battered, bruised, and broke.
I'm personally 7 years in and not even broken even - a laughable investment on my part. Anything north of 46p to get out what I put in would be glorious at this stage, thank you.
(if anyone mentions the open offer - don't bother. BOD banked on desparation to average down not paying heed to the fact that most PIs simply don't have unlimited funds. Tone deaf fluff from BOD).