George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
It's a little while since I have made any meaningful contributions to the board but I was reflecting on today's AGM and thought I would commit them to print.
I refer everyone to maine-man's excellent summary earlier this evening which is factually very accurate. Apologies if I repeat points made by others, and apologies if I reflect more on the questions I asked as these are the answers I remember best.
The meeting was interesting. The location was in stark contrast to previously. A slightly crowded upstairs room with a less-than-ideal seating arrangement. Adam's slide content was so small most could not read it. Coffee and biscuits were provided, Wendy was, as ever, charming and accommodating.
It was interesting watching the board members. I thought Adam performed well all things considered. Jim Gibson uttered about two words, looked generally bored and was doing a funny rhythmic rolling of his head. Lisa Jordan at least looked interested but the other two non execs, Mangion and Hayball, were comatose. Neither uttered a word, showed any expression or contributed. I suspect much of this was because John Rennocks increasingly dominated during Q&As and I strongly got the impression that he does not have the board behind him. More on him later.
Adam's presentation was very enlightening. If you thought AFC was about generating large power volumes in Korea and the Middle East you are wrong. You could be forgiven for thinking this as AFC has not until now communicated otherwise and the AFC website, even tonight, talks of mega watt deals in both areas. These deals are not going to happen for the reasons others have said. Instead AFC is looking at EV charging and diesel set replacement as its primary objectives and the Rolec agreement may well be fundamental to the growth (survival) of the company.
I think Adam was sold a pup when he became CEO. The business model was wrong, the financials didn't work and Rennocks actually said that many of the RNSs should never have been released. In four years AFC has fundamentally altered the technology into something that today is deployable, is machinable and is reliable (probably). I had not appreciated this before and the technical team, together with those at de Nora, should be recognised. Now that development must be capitalised on and we were told today that the news policy will change, and to expect contracts and a much higher news flow over the next 12 months. I actually feel confident in Adam's ability to deliver this. But just to be clear we are entering the small-power stationary generation market with some interesting add ons like the DuPont substitute mentioned earlier. If they can crack this market and get a meaningful foothold the future could be very good.
It was a real shame that Adam and Jim did not both present….they had an opportunity to come over as a charismatic and effective team, but the opportunity was missed.
And so to the Q&As. This is where the board let themselv
I share the concerns of those on this board and can add my name to those who have contacted the company and received no response.
I am very disappointed in the lack of any communication from the board given that the SP has halved since the Southern Oil announcement. When you look back at the last three years genuine progress has been glacial.
Unfortunately there is little we can do as shareholders except sell out or put up with this. We have the right to be heard at the AGM, but that is some time away and it may be game over, one way or the other, by then.
I do wonder however if it might be worth assembling some sort of share holder action group. Perhaps meet, and then do so periodically, to discuss AFC and what influence could be brought to bear. It would need sensible to be in the South East (I'm on the South Coast personally), probably near to Dunsfold would make sense. An evening meeting perhaps, then at regular intervals but not too frequent.
Thoughts?
What are you gents seeing that I am not? Looks pretty flat to me
SP a little static so far. Not sure we will see 10p this week without another little nudge