Member Info for DonkeyOatey

Agreed, Scottdogg, Sean Wade has been a real underperformer here. Time for the board to strap a set on and sack him if there is no dramatic delivery of good news around the projects by the beginning of summer, he's had long enough by far to deliver anything at POW if he was up to the task.

"FCM is main market, not aim."

Whilst that is a matter of fact, the reality about FCM's behaviour and incredibly poor leadership is that it acts like one of the worst companies AIM, so it's hardly surprising that people mistake it for an AIM company.

However, anyone who has ever bought shares in this PoS will know that you have to pay stamp duty for the privilege of losing money with these clowns.

A pretty poor job really - sold the GMET shares at a much lower price than they currently trade, and (for me the most important part) has not indicated any immediate deployment for all the cash which was going to greatly increase shareholder value beyond we would've seen from just holding onto those GMET shares.

A lot of talk about investing in a company which was going to process ash to deliver a cash stream for POW, no further updates about that.

As the previously main shareholder in FCM he appears to have just sat back and watched that spin out just completely collapse, you have to wonder if he is asleep at the wheel. If selling GMET on the cheap was to "prove the model" then I would hope he could take a significant interest in the outcome of the first spin out in the model, First Class Metals (sadly more a matter of Worst Case Metals today.)

All that's really left is the Uranium, which was to have been spun out into the Teathers shell (and no announcement about how that shell is going to be utilized) and the Saudi deal, and again all gone quiet on those fronts as well.

So far Wade seems like a complete failure as far as I can see; perhaps when Oliver has finished the job at GMET he will come over and rescue POW from Sean Wade.

Yes, Manx, the "exciting" share price movement in Arc from 8p down to 1.5p has been fantastic. Imagine how disappointed you will be if the shares ever start moving up.

Explorer, with Sean Wade at the helm, and judging from his previous history here, your share price return predictions should be prefaced with a minus sign.

Welch can say whatever he wants, he has no credibility with the markets. He told everyone there would be no further discounted placings, then does another placing and claims that it wasn't at a discount because once word leaked about the placing the shares fell that day to the price of the placing! Apparently that means it wasn't done at a discount. Another AIM CEO who talks a big game, takes a big paycheque and delivers value destruction for his shareholders. Verdict: Avoid.

Sol: I don't think I agree about keeping everything in house and not IPOing bits of the business such as GMET. But I do think that Sean sold the GMET shares far too cheaply, he got £9m a few weeks back for shares valued today at about £14m. What has he done with that £9m to add more than the £5m POW have missed out on? Nothing that I can see. There is no sign of GMET slowing down either, so there is every reason to believe those shares will be worth more and more in the weeks and months ahead. But at least POW will have cash, so the argument goes. However, I am not interested in owning shares with big cash holdings, I am interested in seeing cash deployed effectively to generate value for shareholders. It seems a huge mistake to me that he sold out so cheap and has demonstrated no use of that money to deliver higher returns to POW than he could have made by simply keeping the GMET shares. To me this seems like very poor leadership from Sean Wade, and I believe the market shares my lack of faith in his poor leadership, therefore POW is not valued at multiples of the current share price. Let us be honest, if POW had the kind of talented, capable, energetic and trustworthy leadership which GMET enjoys and which is delivering for GMET shareholders, then the POW share price would be closer to £1 today than the current 13p.

I do agree with you barnetpeter. My partner and I are not buying more here either, the market appears to have nil faith in the management judging it from the share price and ever since Johnson left the shares have gone one direction only. Perhaps Power Metal also needs new leadership, someone the market actually believes in. The presentations by the current leadership have been pretty poor from our perspective on the rare occasions when they have been given and I think better more credible management and divestment of some of the less interesting projects and Power could fly.

Yes, it does seem he's making a complete mess of things at POW. Which is very frustrating since he was handed an excellent set of projects when he took over. Selling out of GMET so early, and failing to do anything about the comedy of errors at FCM all indicate to me that he's rather out of his depth.

It's hugely regrettable to see POW at these new low levels. They have some great projects in their portfolio, but the leadership is so poor, and makes such poor decisions (e.g. selling the GMET shares before the grant funding news comes) it is starting to seem as if Sean Wade needs replacing with someone the market respects and trusts, and who has a proven history of delivering results.

Yes he has lost all credibility with his dishonest interview statements earlier this year that there would be no further discounted raises.

Agreed playtime. It is unfortunate that the market doesn't seem to place any trust in the POW leadership to deliver, but not exactly a company you could accuse of over communicating. POW has been disappointing since Johnson stepped down and Sean Wade took over. That could change quickly but nothing about Wade's leadership seems very exciting.

Yes POW is a real disaster concerning the share price. Often in small caps the share price is a result of market confidence or lack of it in the leadership.

From The City of London Police website-

'So far, four people have been arrested in connection with 79th Group.'

Unfounded allegations?

From The City of London Police website-

'So far, four people have been arrested in connection with 79th Group.'

Unfounded allegations?

Losing him to the AIM world would be a real tragedy. He is so skilled as a speaker and geologist, giving superb explanations, timely information to the market and is so enthusiastic when he presents. If he goes from GMET to another AIM business, my partner has already told him that we'd throw all our GMET sale proceeds into his new venture. He, and Paul latterly from POW, are by far the two best AIM CEOs I can remember.

The GMET CEO should get an award for being by far the best junior explorer CEO on AIM. Or perhaps just the best CEO on AIM. It's tragic to see other companies with incredible assets with such depressed share prices mostly because of poor leadership.

Completely correct, sol. I think it says a lot about the market's total lack of faith in the current POW management to deliver. They have not really delivered anything to the share price yet beyond a return to the multiyear lows. As you have said, GMET is a much different proposition with a great leadership team, excellent IR and delivering dramatic share price returns. It's rather sad to see POW languishing the way it has after such excellent foundations were laid by the founding CEO of the business.

I'm pretty disappointed with this, I should not have let my partner put us into NTOG, it's turning into a real basket case. It was also rpetty poor to see the CEO giving interviews trying to say it wasn't a discounted placing. It obviously was. Share prices almost always fall once the word gets out and people sell/short ahead of the raise. So to say that it wasn't a discounted placing because the shares fell to almost the price of the placing once people knew is pretty misleading if not downright dishonest in my view. For us this is one to absolutely avoid in the future with such slippery and misleading management running the company.

Now now, small_holding, don't tell me that you think the leadership at Arc don't need to be paid about a million a year to do nothing! (It's not as though Anglo are doing all of the work in Zambia now, is it?!) There needs to be a serious cull of the leadership at Arc now that most of them (especially the "Executive Chairman") are surplus to requirements.