Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
From UFO website:
DAN SMITH
Non-Executive Chairman
Dan Smith has over 12-years of Capital Markets experience in Executive and Non-Executive Director
roles and is familiar with the regulated environment of companies listed on stock exchanges, having
also served as Company Secretary for Corporations listed on AIM, ASX and NSX.
Dan is the Co-Founder of Minerva Corporate, a corporate services firm, which specialises in
providing corporate advisory, company secretarial, and director services to listed and unlisted
Companies, as well as compliance manager services for IPOs and RTOs across multiple sectors
(including natural resources). Dan acts as a Non-Executive Director and Company Secretary of AIM
traded Europa Metals Ltd.
Dan holds a BA in International Relations from Curtin University and a post-grad Diploma in Applied
Corporate Governance. He is a Fellow of the Governance Institute of Australia.
Interesting UFO RNS today:
Capital Structure on website has now been updated. Looking so, so much better :)
https://www.alienmetals.uk/investors/capital-structure/
Bennelong Limited 7.82%
Gravner Ltd 6.29%
Gravner are based in Australia :)
Dan Smith on UFO board too:
https://www.alienmetals.uk/wp-content/uploads/AlienMetalsPPT_02022022_WithVideoLinks.pdf
They have an RNS out today on a presentation coming up.
Hi Scheds, it's interesting the different opinions on was he pushed or did he leave by his own free will. Would there need to be another general meeting and a vote of over 50% to get him removed? OR do you think the pressure came from DBA and Bennelong who have said go or we pull out? I guess the latter if you think he was pushed. To be honest whether he was pushed or not it was the only option, I'm just surprised it didn't happen during the vote in November. Maybe there was something going on in the two months since the AGM to secure a deal for Toral that didn't materialize and it was LR's last chance?
The next two weeks are critical for Myles. There needs to be further communication within this period. If there's radio silence and no updates investors will start to get worried.
I'm relieved the SP is holding above 4p and as I said yesterday it's positive, my worry is that no news could see sub 4p and panic selling.
I think the SP being 2% down on the day so far speaks volumes that the market almost seems positive on this news. I'm hoping that this gives current and potential new investors some hope. I wish LR all the best for the future and he did contribute significantly to Toral but he has been on borrowed time for a while and it was evident he couldn't do anything about the SP or progress Toral any further. I'm hoping he made the decision himself and that he wasn't pushed.
We need to look forward and my main concern now (using LR's terminology) is what's left in the "war chest" and how long will this last?
A final thought, if LR was pushed could it be because the thought of further dilution under LR wasn't palatable and we would struggle to raise funds and the only way to get investors to part with cash is under a new CEO?
MM They vote on who's been appointed or who continues on the BOD as shareholders, they don't recruit or run the company. They are investors who want a return for those investors who invest in their funds. Have a look at the role of GP's and LP's.
We need to get away from this fantasy that they will run the company for us.
Scheds, I think they can advise on governance if that's what you mean by corporate matters. Investors such as HNWI (High Net Worth Individuals) can be on the board but I don't think Fund Managers themselves can. See quote below:
"The investment trust manager is in charge of the day-to-day running of the investment trust. They decide where to invest the money held by the trust and when to sell holdings.
The board of directors are appointed to uphold the best interests of investors. They are usually independent of the investment manager and will meet on a regular basis to ensure the objectives of the trust are being met."
IMHO I think LR has left under his own free will and basically had enough and realized that he can't take us further. There seems to be this idea that Bennelong and DBA have people lined up to take his seat and get us out of this dire situation. It's not their remit or role to do this, they have Fund Managers who specialize in various asset classes and EUZ is simply are part of their portfolio. Bennelong and DBA have invested in EUZ and that's simply it and are not here to run and direct the company.
We need the right person and we need them ASAP before this spirals out of control.