George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Presumably CPI have to buy shares in the market to give to him?
Rather than wait for the various dates to arrive CPI would do better buying them now (@ 13p (a good discount to the 19p calculation) & handing them out on the respective dates.
(When prices will hopefully be much higher)
Or have I misunderstood things? No doubt someone will tell me!
@Wildcat yes I think that sums it up pretty well.
Unfortunately in the meantime because of the false financial picture painted by JL trust has been totally lost in management statements & until projections are demonstrated by results I think we will continue to flounder.
This looks to be. August 2025 (not 2024 unless AH pulls off a miracle).
I think we’re all so p**** d off with JL that AH is getting tarred with the same brush which is totally unfair. He’s been here a couple of months announced £100m cost cutting, made an investment & indicated he has plenty of ideas to make CPI a profitable business. The fact that it’s still 1-2 years off isn’t his fault it’s JLs who just dodged any cost cutting , apart from a £60m exercise which I suspect was partly on AHs initiative
After JLs disastrous management I’m reminding myself of the positives which unfortunately aren’t really going to show for 12/18 months
£60m cost savings JL
£100m cost saving AH
£20m not needed in pension from 2015 on
£25m not needed for data leak from 2015 on
£30m (my guess) from improving margin on turnover by 1%
So a £235m saving with hopefully other improvements
I must say I am livid with the way JL has handled affairs over the years. In particular he has (to be generous) misrepresented the overall position of the company in the last 18 months or so. He has indicated debt would be nil, FCF would be achieved & dividends would be on the cards for 2024. Instead he has squandered cash from sales, increased the debt & FCF + dividends are way off in the future. I had believed that he was a straight guy but that belief has gone.
The one positive note was AHs identification of £100m savings (& hopefully that’s just the start) after only just over 2 months on the board. Makes you wonder what on earth JL has been doing all this time
The lack of figures in the Dec Y/E announcement pointed to a disastrous set of results
I wish I’d followed my own advice to sell half.
This looks like a 2/3 year wait & certainly we won’t see any really good figures until Y/E 2025.
Potentially they could look very good with no more one offs ( unless AHs cost savings cost even more than they save) pension liabilities stopped & AHs + JLs savings of £160 m coming to fruition
If I was bold I’d sell half my holding now in anticipation of buying back in a week or two at 20% less. However I’m not so I’ll just hang on & pray.
Personally I think this will drop as results aren’t going to look great but a positive statement from AH could change that.
It seems the whole future of the company lies with how AH is going to tackle the lack of FCF & how he communicates this.
As a fairly large holder I must say it makes me nervous & if I was thinking of investing as a new investor I would wait a few months ( albeit probably not get the lowest entry) to see what progress is being made.
Fingers crossed
I’m not expecting anything great from results, we already know most of it without the figures filled in. If we can get through without a drop I’ll take that as a positive & then I do expect some good progress towards the August 1/2 year results
@Trisor Yellowstone present a report/ interview in conjunction with Capita probably with AH giving his thoughts. You can register with them to have access ( it’s free). You also get the opportunity to ask questions