Member Info for EricDraven

Chris Davies has been ticking along in the background, that was why I questioned the need for anyone other than a new CEO.

Hi Roller, you could be right re not selling at such a low price, so the view then must be that a rise will come and it’s better to risk and stick with it. Otherwise surely many would be leaving now, after recent events, even at an incurred heavy loss, just to salvage something.

Geraint/Oaktree. Really interesting posts guys, can’t argue with the impression left by the turn of events, post-concession award especially, and now we have to stomach the last RNS and again, try and make sense of it in the absence of proper clarity for shareholders. That said, there has been no mass sell-off, many investors perhaps feel and appreciate there’s still decent value to be had here, considering the board change and asset base, and I am one of them. A shambles can only be a shambles for so long.

I’m completely p’ed off, with too many questions to list, but my next focus is simply Bowie’s appointment and the end of this six month review. When Ed joins us, that will be six weeks after we were informed a six month review was already underway.

Good, let’s get it over with.

Hi Sooz. Yes, it’s strange isn’t it? More headache for us.

Rick, thanks very much for your reply. As Sooz says, it is insightful. It seems like a toxic situation then really, hence the ‘Compromise Agreement’, but why would that involve hefty legal fees, if any, and if there’s no claim for unfair dismissal?

Good point re the need for the RNS to the Options, but I’m pleased that we’ve had this news, even though I’m very troubled by it.

Cheers Rick. Atb.

Thanks for replying doconnor. What I don’t understand, and I am dense, is if it’s an ‘Agreement’ and Kurt is receiving the Options, in return for arranging to assist Ed, why is there a large legal fee for anything? What I also don’t get is if Kurt appointed Ulla and Röstin, why have they felt the need to dispense with his services? That’s if Kurt did seek to appoint them.

If so, it surely will have come as a massive shock to Kurt. And I can’t see what was wrong with his plans. He mentioned spinning out Vardar, good and we were developing Kal to mine and Grafintec to dovetail with the Kal timeline. If he’s been deemed incompetent but hasn’t broken any rules, then it’s only a matter of opinion.

I don’t trust Röstin I’m afraid. I wonder how Kurt feels coming back to help out Ed.

Swirling thoughts. Sorry.

I’ve never seen anything quite like today’s RNS. Not sure what to make of it. Initial reaction is Kurt is being overpaid to keep quiet and assist with the transition with Bowie, but what I don’t really know is why, when Kurt departed, didn’t Röstin say at the time that Budgie would be remaining in a capacity to help the new CEO?

A ‘Compromise Agreement’ and £3000 towards his legal fees? What?

If he’s arranging to assist Bowie, has been paid until the end of his notice period and given an eye-watering number of further Options at 2.06p, then why does Kurt also need legal fees? And to the tune of £3000.

So I’m not sure what the feck is going on.

As clear as mud. Maybe some of you guys are familiar with ‘Compromise Agreements’.

One thing I would say is that if Budgie is being paid until the end of his notice period, then he shouldn’t be released to take up any similar competing role until the end of said period. Certainly not in September.

It’s a bit of a shock all this, in my opinion. Especially the payment for legal fees. For what?

Anyway, f’ it.

Pocko, I agree with your 3:31 post.

Yes Sooz, I reckon what you say is fair. We are having to speculate, I agree, and we shouldn’t have to, that’s the whole point, but let’s see what Ed can do for us, and we must trust that it will be for us and not for himself. I like what you say about a statement, and it would be wholly appropriate that we do receive some form of clarity and strategy via news from any new CEO. It appears that there’s nothing occurring with Vardar and Kallak because they have stopped providing us with news from those two projects, but of course, although we don’t know what the plans are, something must be going on, because Rasmus surely can’t be the only one who is still turning up and putting a shift in. Even if the Grafintec project is slightly behind schedule.

But maybe he is the only one. Lol.

Dunno.

Not necessarily Suzy, I feel it means the situation we are in can be separated, partly the Government is at fault and we now have the Sami appeal, which is fair enough, but the managerial performance since the award of the concession has been shambolic. We don’t have a clue what is going on with Kallak or Vardar now, or why we aren’t being told anything about those two projects, only that there’s a very long review. Not relaying adequate enough information to shareholders and the market, which displays that you do have a strategy with supporting plans in place, is of our own making. What was wrong with Kurt’s plan? The one that Ulla was working on for Kallak, and what of the plan to spin out Vardar?

It’s a concerning time, but the situation we find ourselves in is very much also down to how how alleged progress is being managed. Or certainly not very well managed, as it appears.

I know you have faith, but perhaps you could ponder more why you think we are suddenly being told very little after Kurt’s surprise departure. What is there to hide?

Afty. x

Pocko, I agree with your last two posts. I think what you’ve said is fair.

I’d like to know what the deal is with Vardar now then, that would really help Aug. But it’s a closed shop. That we are paying for!

Hi Aug. Yes, I see what you mean then, thank you for getting back to me.

The Sami appeal is only relevant to our Kallak operation though, as Kurt himself mentioned, the three projects are each standalone businesses. So hence why I’m pleased that progress is at least occurring in Finland, albeit without the next timescale. In my view, both the Government and managerial performance are helping to keep us in the doldrums.

No Sooz, but they are employed by us in their capacity as a consultant.

SJ, I agree with that. I’m more concerned about Budgie’s departure due to the lack of information since, and the need, so we are told, for an immediate six month review. Why?

So I’m pleased we are still receiving news from Grafintec.

Pocko, no, what we are asking isn’t unreasonable re transparency and accountability. Fair comment about Ed too.

But Suzy does say give the two new guys a chance and I agree with that.

Sooz, the Sami appeal and lobby against our Company is a completely different matter from how BEM is being run. It’s a shambles and we don’t know what is occurring. The only timescale we have now is a loose one for the six month review, and we don’t know when that commenced or therefore will finish. The BoD is leaving us wholly in the dark. Finland we’ve seen a couple of decent updates from Rasmus, but no timescale for the next stage of the PFS.

I’m sure you can see how we are being treated as shareholders. My question as to why we need two new employees is valid, with only Kurt departing. And then Chris Davies remains present, but why?

So we don’t know do we? Hence the problem for shareholders and potential investors alike. The added cloud of the Sami appeal means new investors are definitely staying away at the moment.

Only my opinion.

Yes, not sure why we need two new people joining the Company. Christopher Davies is still involved so goodness knows what he’s doing.

Pocko, that’s why I’ve asked Aug if he’d clarify, because he feels Kurt had the correct focus. If so, then why is the risk/reward wrong? Surely with the correct focus that aspect would be right.

Night.