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Agree Highside, if I could break even with a quick discounted sale of Toral I would be extremely happy. Gone are the days of hoping for a multi bag.

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?

Does anyone think Colin could be on his way back?

On a positive note the SP is holding up well on the news.

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.

In a nutshell Bennelong and DBA are investors, they do not run companies they invest in.

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.

Big risk as I would envisage the dilution will come before a buyer for Toral.

Seems odd when we know another dilution is looming, why not wait until then?

Bricks, quoting from the article you found, Colin Bird said:

"He added that he will also step down in six months with his focus in future to be companies at an earlier stage of development."

Hope one of them is us as I think we need someone like that back on board.

Really good RNS and progress moving in the right direction for XSG.

I have no problem with the 50% wage reduction and take on shares as it shows commitment. My main concern is this looking for another proposition. It's not the time, spend what little money we have left in the "war chest" as LR calls it on Toral. We have spent years refining/tuning, lets get Toral over the line first. More we can do to get close to PFS then surely the better position we will be in to negotiate a good price/deal.

I just see no business acumen in this BOD at all.

Good that we get advance warning of dilution for a change. However I can't see any appetite from existing LTH to part with their cash and I'm surprised if our institutional investors would also. Are there enough new investors I doubt it, so would they raise enough funds? I think a big NO = AIM RULE 15 CASH SHELL = RTO.

IMHO I think by the summer EUZ will have no WAR CHEST or a maybe a war chest with no coins and 6 months for RTO to complete would mean no EUZ by winter.

agree Bricks AimGambler is not here from the long term and a quick pump and dump. It's just noise. A few months back he said 10p soon lol.

My bad, apologies clicked on a different link.

That's from July 22nd six months out of date.

At least Toral is in Spain and not Russia!