Member Info for Fevertreeman

Couldnt agree more! A CEO who serves no executive function; a chairman who allowed Trice to run riot and isnow effectively gagging any executive decisions and not taking any responsibility for his appalling stewardship; a mute bunch of NEDs who haven't backed Maris by word or deed, quite the opposite in fact. They are like rabbits in headlights -desperate to jump ship, and I suspect terrified of bondholders who have no doubt got US litigation lawyers on the case.

Crystal Amber are absolutely right to call out the Board's abject failure to represent the interests of s/holders. If this board had been running the country post Dunkirk , we'd all be speaking German. One of the most disgraceful performances by the board of a listed company I have come across in years.

We have a Board who do not meet the basic function of representing shareholders views , who have not held the executive to account (McTiernan I would happily pour my pint over him if I see him lounging with his cronies at The Stag on The River, the well-appointed pub in Eashing bang next door to their offices), who have appointed a CEO who has no executive power or authority, who continue to display breathtaking arrogance to shareholders. Wtf ...we should all go to Eashing, stand in the courtyard car park outside their offices and demand answers!

Only a matter of time before they release a statement claiming that people impersonating their shareholders are ringing them up and annoying them.....

Yup - McTiernan has proved a total disaster as chairman, ably supported by a group of NEDs who seem incapable of fulfilling their responsibilities wither when Trice was in charge or since.

They will have strong backing .....

FT today has great piece on the debacle at Credit Suisse, after implosion of Archegos Capital that cost it c $4.7bn.
Here's what David Herro of Harris Partners (well known US fund managers ) that own c10% says in FT:
“It’s the director’s job to represent the shareholders and to watch over management. Not only should Mr Gottschling (chair of Risk Committee at CS) be voted down, but I’m actually surprised in light of current events that he hasn’t already resigned.”......... ring any bells?

Sorry chaps wrong board !!!!! Thankfully Andy has my complete faith

FT carries an article that shareholders are looking for board resignations after the implosion of Archegos Capital which cost the Swiss bank & its s/holders at least $4.7bn. Here's what David Herro of Harris Partners (well known US fund managers ) that own c10% of CS was quoted in the FT as saying: “It’s the director’s job to represent the shareholders and to watch over management?.?.?.?Not only should Mr Gottschling (chair of Risk COmmitte at CS) be voted down, but I’m actually surprised in light of current events that he hasn’t already resigned.”......So go for it Crystal Amber!

I think that that is exactly the point - they are that arrogant (and out of their depth clearly). What they thought was a nice well paid sinecure has turned into a nightmare of their own making, and it is crystal clear from the lack of meaningful skin in the game that their only concern is their personal reputations here. Remember the self same board members were the clowns that signed off on Trice's strategy, that for all their industry experience failed to question him closely enough re reserves, and then panicked....

OK well I sat on EXco on two large listed companies, and I know a thing or two about this whole communications caper, and this is utterly ridiculous. The Board appears to have been captured by the Bondholders...fully expecting them to relase a hostage video any time soon.

Since the company appears to be doing no exploration, no drilling, no investor relations, no meaningful communications with s/holders, no strategic mapping, no engagement with s/holders one could argue that the following roles are surplus to requirements:

CEO - the Harry Lime of CEOs: does he actually exist? Has anyone seen or heard from him? Has he been held hostage?
Senior Independent Director - clearly not doing their job
NEDs - none doing anything to support or guide the company
Head of Investor Relations - 'what relations'
PR company - clearly money for no rope
Head of Exploration (there is none) - unless he is also supervising Production

Any one care to add any other roles....FInance Director perhaps given his job has been reduced to banking the cheques from liftings

Well, whoever is doing the impersonating is being a whole sight more proactive than the tailor's dummy currently masquerading as a chief executive and leader of the business! It is a scandal

Hurricane's website states that: "the board as a whole has responsibility for ensuring that a satisfactory dialogue with shareholders takes place. It believes that shareholder dialogue is key to developing an understanding of the views of shareholders and encourages two-way communication, providing prompt responses to queries received orally or in writing."

The Fund's experience with the board of Hurricane is contrary to the above assertion. Moreover, it makes a mockery of such a statement. It is now more than two months since its Chief Executive wrote that he would have a telephone call and since the Fund requested to nominate a director to the board of Hurricane. The Fund regards it as both astonishing and appalling that the board of Hurricane purports to value shareholder dialogue, yet fails to respond to a long-term supporter and provider of substantial capital that has been a shareholder for eight years and owns more than 14% of the equity.

1. Open revolt from s/holders over Board that is not fulfilling its responsibilities
2. Appalling dereliction of leadership by one of teh most incompetent & supine NEDs I have come across in years - none of whom are invested in any meaningful way
3. There has been no articulation of any corporate strategy beyond the Private Fraser line " We're all doomed" ; Board seems determined to shut up shop which is a disgrace
3. CA quite rightly asking questions at every level
4. Maris might as well not be there as he has no role or executive power

No idea what you are talking about

And dont forget ladies and gentlemen he only took over as exec chairman be cause Mark Wellesley Wood the chairman at the time unfortunately died, with the result that Harry stepped back in as exec chairman. One would have thought that would have been a temporary move whilst they sourced another independent person as chair. But that never happened and so we are all lumbered with a Chairman who for all in tents and purposes considers himself unsackable ...

Apr Q1 2021 Ops Update:
"The Tulu Kapi Gold Project remains on track overall....,
· approval & execution of detailed finance documentation in the current quarter, Q2 2021;
· receipt of Project equity/subordinated debt subscriptions to settle following the KEFI AGM in June 2021 & senior debt drawdown to then follow in H2 2021; production commissioning of the open pit mine to start in Q4 2022.

Jan 24 2021: Q4 Ops Update: "In Ethiopia, .... financing remains on track with the project finance consortium for financial closing in March 2021 and production in Q4 2022."

Dec 2020 AGM Statement "We are on track for the principal outstanding Ethiopian Project financing-related matters to be completed in the coming weeks, with financial closing & the start of development planned for Q1 2021, leading to the continuing goal for the start of gold production during Q4 2022."

Project Update June 2020: “I am pleased to report that development and financing activities have been adjusted following recent operational and global events, and plans remain on schedule for project finance closure in October 2020....".

AGM Statement 6 Jan 2020: "The proposed Project and financing timetable.......to be funded by way of equity investment at the TKGM level by the Project partners, beginning in January 2020, with full finance close and bank loan drawdown planned for mid-2020."

Placing to raise £1.9m 17 December 2019: “The Company is excited to report that it anticipates being in a position to commence Project development from January 2020....Documentation relating to the Project level subscriptions has been issued to our partners and I look forward to announcing both the return of these subscriptions and the subsequent funds flow in the near term...."

Project Update 29 October : "Whilst it is disappointing we will not be able to close the Project equity funding before the end of October 2019, as we had previously envisaged...."

Full Year Results 2018 : 5 June 2019: "“This may have taken longer than we had hoped, but the management team of KEFI remain resolute in their belief that, despite the historic delays, our Tulu Kapi Project continues to be a very attractive near term production project, with significant additional upside"

"In particular we look forward to triggering the full development program at Tulu Kapi, with a view to starting commissioning towards the end of 2020, with full gold production from mid-2021."

Project Update 3 Jan 2019 : "In the Project update of 6 December 2018, we reported tha

My bet is there is no monies forthcoming ahead of the election; work stalls again, and the Greek goes round with his begging bowl but this time chances are there will be few takers given his gargantuan appetite for failure.

Angostura Bitters continue his one man destruction of value here; the time value of money is not a concept he seems acquainted with. If his own investors are losing faith in his ability to deliver , what do we think is happening on the ground? As others have mentioned, any timeframes he spouts are utter fiction, and sooner or later he will start to lose key operational people on the ground because if he is prepared to cheerfully make things up, lie and obfuscate to shareholders, the same will apply for his own team on the ground.

Three words - the executive chairman