RE: Thank yo Fortune Mojapelo1 Jul 2023 12:53
Blimey, some right acid and bile being tossed about over FM's departure !!
No CEO can really survive a 97% SP drop. And please, the 'it wasn't that big as it was a vanadium spike' is tosh - markets don't give a fig
A more nefarious thought I had was the MM's manipulated the SP down until the BoD acted to remove FM. remember he rather fell out with them over not handing endless free shares in a stream of fund raises instead of using Orion. That has not failed as some seem to think. Covid and Ukraine certainly played a delaying part in VRFB rollout and I suspect that even the riskiest calculation was strong positive cash-flow would have arrived last year allowing payback. But hey.. that is business risk.
The new Orion 'deal' is not a great one really but does solve the problem of a one year overhang and line payback up with likely cash-flow so I would expect some robust statements post AGM and signature around the Going Concern statement and future operational cash flows to calm the lazy bolly-swillers who cannot be bothered to read.
FM was right to point out the $160m+ of investment made with more than half from internally generated resources - despite depressed Vanadium pricing hardly the mark of a company in financial distress !
But his lack of willingness, or ability to communicate and bring a market with him was I feel the biggest reason the markets turned and forced (along I am sure with Orion's conditions) his removal. The strategy of 'it will take care of itself' was at the time naive, and despite several robust dial-in questions and a threat of an SGM resulting in a private meeting with some PI's he just did not change tack. The lack of buying shares personally is also a red flag for many.
In the end, the endless self inflicted missed milestones did for him. I am just surprised the BoD and Chairman did not act earlier. It was obvious a year ago that Orion was an issue, but all seems a bit last minute (again, however unfair)
But that does not take away from the achievement of spotting an opportunity, and building from a minority stake in Vametco to two refurbished plants chucking out circa 5,000 mtv+ along with huge reserve licences, a Mini-grid with a novel financing arranged and almost in operation, an Electrolyte plant all but commissioned and major Cellcube holding just about done.
There seems to be a view he is staying for a while and I would suspect that would be more around BE carve out, Belco and mini-grit work. Given his background, I suspect Craig will be 100% Operationally focused.
This board I look at from time to time for a laugh and chuckle - frankly, there is no other value of it now. It is infested with armchair financial guru's, mining operational experts and folk who read a tweet and think it must be right. That and the odd rottweiller who is just easy to tap and watch bark
Just chill peepz....
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