RE: Please back on topic25 Jun 2023 12:48
Interesting comment @BenAlder.
There has been a steady decline in SP for 5 years now. It is only a little surprising and probably a result of Covid and the clear economic disruption and vrfb delay that this day did not come sooner.
In the end, no CEO can survive a 97% drop from a peak .. really !!
The threatened SGM last year resulting in a slightly rattled FM having to deal directly with it has resulted in no better comms, no clearer market dancing and little by way of bigging up and marketing itself. Last year (15 months ago), I was sent in confidence a detailed outline of a Comms and PR plan and strategy that was 'imminently' happening ... still waiting !
I think FM is a very decent and honourable man that has achieved much and it is no small feet to grow from peanuts to where the company is (in terms of plant, production, Mini-grid and Belco). FM has achieved much.
But he has not managed the message. Just look at ATM (which should never have been spun out IMO). they are about to garner very high debt and dilution levels, be 12-18 months from any serious revenue and profit, but the picture around the company is exciting, compelling and believable... an upbeat growth picture. Contract Bushveld where anyone looking in would be hard pressed to say what they thought the company was planning that was believable and could achieve in the next 12 months.
Like many on this and other boards, I saw the potential a long time ago and have kept growing our holdings, but despite what FM has achieved, the message is still confused, the vision just not clear and the endless self inflicted missed targets and deadlines just create investor doubt.
The bio and write-ups on Craig are interesting and I expect a very 'focused on plant' footing with the key objectives of improving plant operation, reducing cost and increasing output... everything comes from that.
As for the Orion re-finance, frankly, if able and Orion ready, he should call the agm in the first week, get the vote, sign the deal and then very clearly spell out the Going Concern issue has evaporated and the balance sheet strengthened- just calm the markets and moved the view from 'today' to the next 12 months
Not sure what I expect this week .. probably a lot of turmoil and it would not surprise me at all to go sub 2.. hope not but nature abhors a vacuum and there will be a change of direction that is not known yet.. so there is a vacuum of knowledge.
Not looking for a fight and as folk like to say ... this is my view IMO ... other views are of course available
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