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Zan do you consider the Poddar Family are in an Ivory Tower and not accountable to anyone?
The Group taking action are clearly incensed and want changes. As stated earlier, doubtful they will succeed given the Shareholding Power the Poddar family hold.
As a VC have seen Board members removed for lesser incompetence.
If Shishir has any sense, he would step aside allowing Execs who command respect in the Banking community. That in itself would inflate the SP, not by 2000% as suggested, that is pure nonsense
Syrah;s decline over 8 years amounts to 1200%
TGR decline over the last 3 years is 3000%
Many in Syrah will have lost hugely but nowhere near the level of loss in TGR.
The numbers speak for them selves.
DYOR as I do!!!
So why have China restricted export of Graphite? Has the hit to which you refer led to other miners taking a 1500% decline in SP?
Was the suspension last year, the rapid resignation of Broker, an accident or pure Bad managment?
The continuing " imminence" of VAT refund, which for all PI's know is due to an investigation by Madagascian Authorities. WE just do not know.
Whose naive? Get real.
Shareholders/Posters need to reflect on the catalogue of disasters that have led to the rapid decline in the SP when the company has an exceptionally valuable asset.
There is only one person who ultimately holds reponsiblity, Shishir.
I support the Group, who have in train previous Board members who probably resigned because of Management issues and the Direction of travel.
Remember these past Board members will have much greater knowledge than anyone here.
However because of the Poddar's Holding it is highly unlikely they will be removed, unless, as previously stated, some improper activities have occurred.
What the Board Bard fails to say, dividends can only be payed at the behest of Debt Funders. Which is like a snowballs chance in Hell.
Gulf can only predict a couple of sunny days in June.
It will be interesting to see if a GM is agreed even though the Broker who is Trustee of shares, has made the request. Another AIM co had a similar request which Brokers would not support, hence the Execs denied a request for GM.
The group of shareholders here have cleared one hurdle and who knows if granted will gain further support from Shareholders not in the Group.
TGR to all intense and purposes is a Family Business, too remove the Poddars with their shareholding will be difficult, unless he Group who have instigated this move have some evidence of inpropiety.
There certainly needs o be change here as the way management is operating could leave us penniless.
Company's may be drilling in areas of known significant reserves in the NS. The risks are never the less, enormous when considering the current and planned tax implications ( under a Labour administration).
Funds are better rewarded in Canada.
Believe what you wish. The Political dynamic is an enormous barrier to most E&P Co's in the UKNS. As it stands IMO, Serenity is almost dead. I3e can better invest in Canada.
That is a very offensive remark. I suggest you remove immediately.
My family never managed Post Offices.
SC do try harder. Be a tad more respectful to those whose knowledge is superior. You could learn a lot
Pedro are these the same PO's who used Horizon?
Even though CEO & CFO received significant number of Free shares, I stand corrected on Justin Platt's purchase.
Henners can you say where pound notes are accepted? After my mother's death in 2012 we discovered a serious mount at the back of a cupboard. Bank refused and suggested taking to BOE, who were less than helpful.
The term inter-company billing is and interesting expression. It can be used to reward executives in a concealed way.
Another clanger(s).
Please check the detail of your post. The CEO and CFO did not buy shares but exercised FREE options. I would suggest the timing was more to do with the TAX year end and not the reason stated.
Incidentally the pound note ceased to be Legal tender in 1988 are you still printing them???
Ah inside information, or are you the printer??
DP yes best to agree to disagree. Just add for the benefit of the newbies. The 2022 AGM was held on 15th June. The excelerated fund raise anounced on 15th September with special GM to approve on 30th September. The reason for the raise being drilling to commence, with Shell, in October.
As a VC am totally aware of the need for confidentiallity, however in this case planning the drill was known some months earlier and provision for funding should have been approved at the AGM in June.
Does that look like a well though out process??
Given the Political shenanigans, serenity is a bad investment, any further funding their is unlikely to produce much if any benefit to the company.
As for cash flow from Wressle, well at least that will fund the payroll.
Ireland appears another Political nighmare that goes on.
The best hope must be Africa. Lets hope our "expert" directors produce the rewards we all deserve.
For accuracy the Sept 22 acelerated book build was announced after the market had closed. The"Placing Open Offer" closed before the market opened the following day. The Offer was ONLY available to Selected Investors and was subject to a GM on 30th September as there was NO agreement in place. It was clear prior negotiations with major investors ( Michael Spencer and Richard Sneller) had occured.
It is true excluded investors could have purchased in the market at a lower SP than the Offer. However the way the offer was conducted gave select investors a larger share of the cake. Was that treating ordinary PI's with equality?
Rights issues are, mainly used to fund acquistions, provide for future growth, reduce debt. As stated earlier competitors chose to raise 3 years ago. With the exception of Whitbread, the others reduced debt. Marstons, under the control of Ralph Findlay, did not, and now for a variety of reasons the company, along with many in the hospitality sector, is suffering badly (SP). This may attract the "bottom fishers" ( here today gone tomorrow merchants), but committed investors are caught in a dilemma. Sell and move on or hold on in the hope the new Management will come forward with an innovative strategy. The Jury is out and time is running out.
In so far as Inflation being helpful, there are several factors to consider that will affect the outcome for Service sector providers. Inputs increase ( staffing costs, utility costs, Local Taxes, wholesale food costs, buildings maintenance etc).
Bars and restruants can increase prices however judging by the failure of other groups and individual traders, that can lead to customer resistance. The trick for any successful customer based business is to control costs, maintain margins and grow foot fall/output. In the current climate this is easier said than done!
DP with respect, check my earlier posts on the topic of a Fund raise. I have nothing against but have warned previous raises here have not been undertaken fairly. I'll not repeat previous experiences when I was keen to take up shares in raises.
At the current SP a Rights will be difficult to complete, apart from which Covenants in place with Funders, will be considered..
Mars missed the opportunity to raise funds 3 years ago when the SP was around 100p. Sector competitors, M&B, Whitbread and Spoons did raise in 2021 and are now in a healthier financial state.