The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
The management is the problem, brave man to top up. Every RNS they fail to deliver on. What makes this time different. It's a pure gamble but I will not put another penny into this company. As I've said before this is an expensive reminder to never trust a board that hasn't proven themselves to be capable and a reminder that AIM is filled with charlatan executives.
Either that or the business is being wound down.
I expect the quietness from the board means they are in the process of raising more money to pay themselves for another year.
You can count me in.
Make a trip to the site and take a leak on the leaching pads for good measure while you're there. Make pick up some of the copper that is apparently just sitting all over the place waiting for some competent people to extract it.
That is terrible and comisserations but write it off as negligible value claim and use it to offset any CGT over the next 5 years. You can make it back by paying no tax on your gains to the tune of 56k
LCCM has Alan Broome written all over it, the man is a complete failure here and everywhere else he's been. I wouldn't be surprised if this fraudster got a nice brown envelope after he mugged off JP and PW to purchase it.
The only hope for Cornwall is a sale to pay these clowns, it won't benefit shareholders at all. I'm willing to bet this is their end game, sale and put the dog down, she's suffered long enough.
There is no underlying business that is profitable, who in their right mind will subscribe, I can't see the Manners throwing more cash into the bottomless pit. Of course the bod could reach in their own pockets and then pay it back to themselves over a few years in the hope a miracle comes along to save the company. SML is really finished at this point. If they were football managers they would have been sacked years ago. Any number of players could acquire all the rights for a couple of million double the price and it only cost 5mil. Absolute shambles and a disgrace to the market, they should be utterly ashamed, they deserve no mercy from shareholders.
Probably not wrong. JP will sell it back to AB or one of his shells at 10% of the cost AB sold it for the first time round to sml. And he'll pay for it with the money he's leached from SML.
The negative sentiment here is surprising. Lowest cost producer, fantastic dividend, cash pile growing, growth through acquisitions. With war, debt and growth narratives being parroted in the mainstream the market is fearful of a black swan. Fantastic time to buy quality companies for a come back in 2024 as economies rebound.
When you turn off the global economy and inflate like there's no tomorrow for years, it takes more than a couple of years to get the motor restarted as you purge the system of excess liquidity.
Would not be surprised to see markets and caml specifically returning to ATH in 24.
You only need one big whale, the rest will follow. RAB or Manners get involved then the snowball starts. Writing will be on the wall and everyone will get behind a change. Directors if they had an ounce of common sense would voluntarily resign once its clear they will be ousted.
On the contrary these is every chance these clowns will go.
With RAB, manners and a consortium of retail there is every opportunity to force the removal. This has happened before multiple times with AB:
https://www.miningmonthly.com/markets/international-coal-news/1301449/broome-resigns-endocoal-board-egm
https://www.smh.com.au/business/fourth-sweep-at-broome-fails-20130410-2hlr5.html
https://www.houstonchronicle.com/business/energy/article/Proposed-new-Buccaneer-Energy-directors-speak-out-4629916.php
They need to go. There is no wiggle room. Track record of failure after failure, destroyed shareholder value and a track record of doing it multiple times in opther companies AND being forced out.
The only news that will move this is resignation of the board or a offer for the company.
No one will believe any words coming from the board, however they may phrase it, any material rise will be dumped on heavily - there is no faith in the board to deliver anything other than snake oil. They need to go.
He can start by sacking himself.
As the directors read these boards, Im happy to say what everyone thinks. This **** show knows no end. Of course there was another excuse lined up for why LCCM is not viable. These clowns cannot take responsibility for their monumental fcuk ups, these are the worst kind of people. Nothing is their fault and its all external. No Directors, you're incapable of growing a business successfully, no one trusts you, no one likes you and you would do all your shareholders a favour by disappearing completely. You are all failures.
For shareholders the only hope to see any remaining value in this retirement fund now is a buyout. The entire BoD need removal they have abused their power to manipulate the business for their own means, they do not give a fcuk about shareholders. They are milking SML for all its worth, selling snake oil as they meander through their retirements.
The message is clear for anyone thinking of buying SML stock. Stay away, stay far far away from these frauds and anyone even remotely associated with them.
The valuation is irrelevant when you have the BoD SML has. The company is worthless with these clowns.
Still the same sh*tshow on repeat here. These clowns pretending to run a business need to just go. I could achieve more with a bunch of interns running the show. Absolutely farcical. Begging bowls out again, must have run up too many expenses to pay their overinflated salaries. ****wombles.
Lets see how many spot the glaring error.
"Got to the stage of..... 2, 3, no maybe 4 times where we almost had a deal done". Well which one is it 2 3 or 4? 1 got to the board level but they said no, no we don't do exploration.
Struggling to believe any of it. Lots of sound bites and no substance, buisness lingo bingo - almost had a full house by the end of it. Nothing has changed and nothing will without a change at the top.