Communications4 Jul 2025 08:21
whilst i fully appreciate that the board’s primary focus should be on the recovery of the business – and understandably so – i am genuinely looking forward to seeing whether this can be achieved. a successful turnaround would be impressive, given what we all agree was a dire situation. but this turnaround must come for the benefit of all shareholders.
being transparent, i remain to be convinced although some encouraging steps have been taken, a number of important questions remain:
- there has been no disclosure regarding any board warrants (if any exist outside of cln's) or remuneration packages, despite these topics being raised during the requisition process that these would be in line with market expectations. for ex and non ex
- the recent cln negotiations involved optiva clients and current exc team held cln's that they were negotiating on. personally, i would have preferred an independent third party to lead those negotiations, to ensure the best possible outcome for shareholders – especially given the further amendments made.
- during the requisition process, the former board was rightly challenged on previous bod failure to meet targets. if new leadership sets clear timelines – such as the release of accounts (originally expected end of april) or production guidance (1,000mt by july) – then those commitments must be followed up with timely communication. silence can often be interpreted as bad news, particularly at a time when shareholder confidence remains extremely fragile.
- shishir remains the largest shareholder. it would be helpful to understand how, or if, he is being engaged by the current board. e.g will he just sell all his shares or is he tied into a longer term commitment?
that said, i acknowledge that there have been some positive steps such as;
- vat repayments continue to progress.
-production guidance has not been revised, which hopefully suggests it has been met.
outstanding debts have reportedly been cleared, which may indicate a shift toward becoming a cashflow-positive business.
and just wished for some communications on commitment milestones. i appreciate the response is, we are busy with getting the company back on track or its a "mess" we have been left. i do understand all this, but at some point we have to move passed this and just deliver.
while undoubtedly painful for current shareholders, the clns appear to be nearly resolved.
-vat repayments continue to progress.
-production guidance has not been revised, which hopefully suggests it has been met.
-outstanding debts have reportedly been cleared, which may indicate a shift toward becoming a cashflow-positive business.
- whilst painful clns have been resolved ( we hope no more changes)
- stronger and more diverse management team with conflicts of interest resolved ( although still concerned over har**** role and conflict)
hopefully some communications to come....but no news normally means bad news. lets hope that i
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