Member Info for Fevertreeman

The issue with so many 'investors' here is that they consistently ignore the facts, rather relying on hope that the sun lit uplands HAA spins brilliantly is based in fact rather than some alternate reality. Absolutely staggering that the signs continue to pile up and yet are ignored.

I absolutely agree with you - unfortunately getting rid of HAA is going to be difficult as he is executive (not no-exec) chairman which is a disastrous governance failure in my book. HAA had been executive chairman but stepped down to with the appointment of Mark Wellesley-Wood as non exec chairman with HAA remaining as managing director. Quite inexplicably in 2019 when Mr Wellesley Wood unfortuantely passsed away, rather than seek another non-exec chairman as would have been the proper thing to do, what happened was that HAA resumed his role as exec chairman. Hence the governance issues with Kefi we are all familiar with. If he had had s/o to hold him to account perhaps the last 3 years might have been more productive instead of which we've had 3 years of broken promises etc...governance disaster imho.

I honestly don't know why you bothered to respond. I would have thought that reasoned views grounded in decades in the city would have some utility. Negativity is actually an emotive word - an informed decision based on the available evidence is not negative.

I agree that loose stock was sold by placees - SOP from my investment days - so that will have been a factor. Let's hope you're4 right re assays though the Aussies were marekdly less enthusiastic in their market response to last RNS compared with UK. Am concerned that they management team may bve too clever by half and trying to arbitrage between the two investor localtions.

...either you are in this for a "punt" in which case you are speculating not investing (much as if one puts money on a 50-1 shot) or you are making a serious commitment to the investment case behind the company. I admit I started as an investor and still believe the long term fundamentals behind the Ethipoian minerals sector. However such has been the mismanagement, failure to meet deadlines, poor politics, instability etc, that this is now just a pure "punt" as none of us have any confidence or clue about what is actually happening

The questions one should ask are:

1. Have I made a decent return on this company for the period I have been invested? Yes/No
2. What do I think my return will be going forward and will it compensate for time value of previous investment and prices pad? Yes/No?
3. Is management credible, is the business plan deliverable and has management delivered on promises?
4. Risk /reward? Could this go bust, get shut down, not deliver the goods? Yes/No

The only way for this to move forward is for a credible management team to take over.While HAA purports to be in charge this will continue to be a case of 'minerals tomorrow' while any jam accrues to him and the CFo and their various lucrative arrangements

Yes this is true, but it doesnt stop them giving Kefi a red card and removing mining licence and awarding it to s/o else on better terms. Do we have any clue as to how much real progress has been made on the ground?

I too have had my digits burned by Mr Domiciled-in-Cyprus and feel that he has done a truly epic job in delivering absolutely SFA. All the risks you point out are still there
1. Ethiopians wedded to building mining infrastructure over time but not wedded to HAA. Why wouldn't they remove the mining licence? After all, he has been unable to put together a credible financing consortium. Where are the parters he has been talking about?
2. Day to day financing - the company must be running out of cash as for 3 years he has been promising finace and not delivering and so has been relying on desperate deals at 0.6 with likes of RAB and IOUs to advisers suppliers etc...he cannot go on like this much longer and the Ethiopians must know that
3. Officialdom - absolutely right that no doubt the individuals tasked with the bureacracy have changed regularly creating further inbuilt delays
4.Corporate governance - AIM mining sector is littered with poor governance and Kefi is another good example. The attempted smash n grab of bonuses for doing his day job before the hasty semi U-turn speaks volumes about the governance of the company.

I too fear that whatever deal he manages to get over the line will be so poor that s/holders will once again be disappointed.

Do you think the assays will disappoint? If so the pro's who bought in the placing at 2.3 on the back of an assertive management business plan will be livid. Am into minds (mines) about if the bunch of financiers behind this know what they are doing.

…... “I’m late,I’m late for a very important date” as the Mad Hatter Exec chairman has been for goodness knows how long. Just looking at sp - indicates market becoming increasingly bored/sceptical of the equity fable

Very difficult to get a proper handle on what is actually happening on the ground - lots of moving parts, the various drilling programs, the sudden shift of emphasis to Atome, the entanglement of PL's own private interests, the lack of transparency, the appalling sp performance on any timescale one cares to mention, the mega amounts of shares issue, and the constant merry-go-round of advisers. Add this lot up and its not hard to see why Mr Market has lost interest in what PL says or does.
Like others I feel let down by PL, and feel increasingly that he is running it for himself not his shareholders.

something that is rampant in the junior mining space. This had better be a genuinely game-changing announcement otherwise share price will react badly imho.

when normal market size is quoted as 20,000 give you all some idea of the task ahead to get this moving. Far too many shares in issue that mean that m/makers do not want stock on their books for too long. Any good news is not reflected in the price for more than a day, whereas any bad news they all run for cover. Shambles that we are all sutck with as most of us swallowed the b***sh*t ladled out by PL and are stuck. Wouldnt surprise if his ultimate aim is to take it private, having absolutely screwed his shareholders along the way

For a man who has consistently destroyed shareholder value over the last 10, 5, 3, and i year, his arrogance is breathtaking. No production figs provided (we have to wait for interims Oct for those ffs) makes it very hard to come up with a sensible valuation on the pile of assets he (and his private interests )has accumulated. His constant turnover of advisers means there are very few out there that dont by now know his hire n fire reputation. So he has no one to advise him and give him counsel. This has been an utterly disastrous investment for shareholders and its no wonder that major instituions have cut and run on the basis of lousy governance combined with no clear strategy combined with one man management.

Twas ever thus. This has been dragging on for months and months and months. And now it looks like markets might just be topping out with interest rates about to pick up in the US. Historically that has not been good news for emerging markets. HAA has been incapable of stitching together a financing package when money was virtually free and supposedly the Ethiopians biting his hand off. What hope is there that this actually happens if markets start to falter. Wont impact HAA as he has been rewarded along the way -delay or no delay - with noone on teh Board in a position to challenge the executive chairman. Scandalous how he has strung everyone along, and continues to do so with ludicrous statements of value.

Everything seems to be going to plan, although one is reminded that with the current revenue line the sp is heavily discounting those large contracts coming on stream per the plan.

he was going to award himself and the FD for doing their day jobs before Winnifirth and others cried foul.....................

How long do you think that will take? Reliant on local government to put in infrastructure, power,roads etc. Do investors reallly think that HAA having abjectly failed over almost 3 years to get a funding package in place has the skillsets to porject manage the mine-build? All the nonsense (and it is nonsense) about valuing the mine is based on current AU and CU prices. HAA is a total fantasy merchant and people fall for it! If the mine was shovel ready he might have a case for his Harry Potter valuations but he doesnt have a mine, he doesn't have money to build it, he doesnt have infrastructure and he doesnt have anything dug out...and it is likely to be years before that happens by which time the carpetbaggger will be long gone and laughing all the way to the bank. Lots of gems in the Annual report

1. Re Fundraising and given HAA is supposed to be a financial eminence gris yet......
"- In April 2021 the Company entered into arrangements with First Aqua DMCC (‘First Aqua’), a company associated with Non Executive Director Mr. Adam Taylor to assist the Company in its financing efforts whether in one or a series of transactions, in either public or private offerings of equity, convertible debt or equity, equity linked securities, straight debt, any other securities or similar capital raising efforts. Under these arrangements First Aqua will be entitled to receive a cash success fee equal to 6% of funds invested by any investor introduced by First Aqua."
2. HAA shareholding 32,231,312 is currently worth £600k - roughly what he takes in salary from the company each year and has done for years. No sign that he has been avidly buying shares....why would he when.....
3. HAA share option grants means he get free shares and never has to put his hand in his pocket. And if god forbid they expire worthless, he just grants himself more at a lower price......note the staggering amount he awarded himself in March this year
Options Granted Grant Date Expiration Date Exercise Price Pence
37,766,978 17-Mar-21 16-Mar-25 2.55
1,200,000 01-Feb-18 31-Jan-24 4.5
3,442,184 22-Mar-17 21-Mar- 23 7.5
943,412 19-Jan-16 18-Jan-22 7.14

4. Then he has his salary: £225k basic plus bonus of £73k paid in kefi shares

5. The related party transactions are on top for HAA & Leach

Winchcombe Ventures Limited - for management and other professional services £578k
Nanancito Limited - for management and other professional services £298k

You took the words right out of my mouth ; much in the same way that HAA has taken hundreds of thousands of pounds in salary, fees and expenses from Kefi -scandalous lack of oversight to his behaviour