Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
Precisely, all shareholders wiped dry…
Why not google what happened to the large U.K. services group InterServe. Company faulted, shareholders (mostly bottom feeders as here) was wiped out, but the business continued under new ownership with mostly same management team without skipping a beat.
It was seen as a successful event as most staff were unaffected. Shareholders are per definition taking carrying the risk.
And yes, CanMax are owed loads. They will not blink, but no point in a strike yet as George still can raise money from elsewhere whilst trying to fix the company.
No point for CanMax going for full ownership whist nothing works.
Litmus test:
How certain are you that CanMax aren’t already owed way over the value of the company ?
Majors taking over minors who despite several attempts cannot make it work ??
I can’t say I remember any such occurrences. The benefit of being a major is that you can afford to buy businesses with revenue streams.
Remember, the hard part of the lithium game isn’t to find it. It’s to get it up.
Same with oil really. A business on the Alaskan North Slope now have had independent expert report in their find of over 2bn barrels (value circa $100bn).
The conpany found the oil years ago, the technology to extract is has been available for decades, and their find is literally underneath the transalaskan pipeline. Despite being straight forward take-over target, market cap is 0,2% of recoverable oil in the field they own. Consequently PREM is worth f-all until tons of spod is produced every hour in a chemical process that works only within a narrow band of source material variations. In other words, will it ever work, given the vast variations in source material… No major is going to buy into that bet.
“One tweet of plant working”……
As I recall it, we have had several announcements of the plant working.
GR entirely skipped the commissioning part which is easily 6mth on a chemical plant (what this pretty much is), and we are now maybe 1 month into an effort of getting things to work with a new band of guys. Meaning, the next tweet might well NOT be as positive as you hope.
And we all know what sort of news GR share, if he remains quiet for a while….
To quote Steve from Business Academy from his PREM video just yesterday, re this ‘closed offer’ leaving current holders away from discounted stock - UNETHICAL !
PREM holders are like women in abusive relationships. They keep coming back for more abuse, as they don't know what else to do, and (incorrectly) think things can’t get any worse.
Given that not a single PREM holder mathematically can be up on his/her investment in PREM, the goodwill they show this chancer of a CEO must come from a point of fear for what may happen if they walk away from their abuser…
Anyway, somebody got to feed at the bottom, and even very violent spouses finds partners….
“ Not a chance......we are a whisper away from production...”
That naivety may make you a honourable member of the Halls of Misguided Judments.
Has GR said when he will ship anything ? No he hasn’t. He could have said “aiming at End April, End May, End June, but he hasn’t. With GR news releases, look for what he is NOT saying. That is the real (material) news…..
“Canmax backing consistent” ????
What other choices do they have ??
Where folks here have just invested expendable money, Canmax stupidly put their faith in this project, and consequently for more than a year have not had their lithium. They must obvs have found other suppliers not to look completely foolish among their peers…
So what is GR’s next excuse ?? Precisely, the Zimbabwe export license. They applied a while back now (some RNS’s) ago. How is that progressing ??
I’m now out of Prem, and will not revisit idea of buying until first shipment is a reality. My view is the site is burning through money as if no tomorrow, and I have not heard GR say anything re commercial arrangements with the OEM’s and I know by experience that GR do not share negative news easily.
Question, is it by now a fact that there will NOT be an April shipment ? Also, GR has mentioned that he had asked CanMax to chance shipping deal so CanMax was to collect product at mine-gate (to save him the hassle of exporting it). Has he said if CanMax have agreed to this ?
My best guess is that enough adverse news will emerge before 1st shipment to allow an SP drop to around 0.14p -ish so may scoop some up on the way down.
the resting place for broken promises…
gone are the hours or days, rather than days and weeks. another bunch is now being paid handsomely to ridicule the previous bunch (stark) and will undoubtedly be charging loads to do the remedial work, in the classic rinse & repeat fashion.
no chance i’ll sit in during a vote for more money, gr for all his wisdom hasn’t managed this one at all, which his ****e predictions offers plenty of evidence of.
i will offer my own prediction now. zulu will ultimately produce, but unlikely under gr, and not with the current crowd of shareholders. canmax have too much at stake to let this circus continue, and will put somebody else in place after wiping current shareholders.
it’s not rocket science really. we can all see that this nonsense can’t carry on.
How to read PREM tealeaves.
- If George is quiet
- If Acker is quiet
Take your money and run…
With the teams GR has called in, he will have to pay them a lot, probably over 1$m. I can’t realistically see any shipment going out in March, as the work all these newly hired specialists will be doing, inevitably will require the lots of interruptions to production. So let’s say GR is lucky and get produce shipped in April, then the question is when he will receive Canmax payment for it. (and I can’t remember the terms, but could be 30 or 60 days).
Bottom line, an EGM is in my view unavoidable now, and I reckon he will ask for $3-5m. Rather amazing as he less than a month ago said he thought the plant would be self-financing from that point.
Well, nothing new in bottom feeders paradise…
@Jaguarflush
You are talking as if what PREM is trying to do to produce high quantities of refined product, is a slam dunk…
The Stark team aren’t dimwits, and I’d be surprised if the Stark team hasn’t already pushed the limit quite far on what is physically (and chemically) possible.
But your optimism is inspiring :-)
Looks like investors are starting to realise that all the OEM professionals that GR has called in, will need paying for sending their teams to Zimbabwe to sort out the myriad of issues the plant now (all the sudden) seem to have…
Given production should have commenced a year ago, it’s a bit late to completely change his commissioning team.
One wonders why the CEO is still the CEO.
this was never going to be smooth sailing.
happy for you to have all sorts of opinions, but for me there is only one opinion that counts. that of canmax.
if the mine, it’s ore/grade, it’s operator or the management team was all ****e, canmax would have been over the hills for a while now. but they aren’t !!
factor in, do canmax know more than you do ?
i reckon they do.
A bit of teething probs with a barrier-breaking technology, backed by a multibillion dollar company who badly want the product, and a certain demographic of investors spit the dummy out.
I’ve had my fill, so thank you very much 😂😂😂