RE: Senala9 Feb 2025 20:27
Lots of frustration being shown on this board since Friday, I could add a great deal to that but prefer to offer some comments that should be addressed by the company, if they ignore these then we know where we all stand.
Clearly many were annoyed over the option award, 166m in total, not performance related and next to no premium to the then market price, the RNS suggested that the BOD would usually have been renumerated by a cash bonus for securing the BCM JV, well my answer to that is why should any company employee be rewarded for doing their job? After all as I have commented before this BOD are more than well paid, a company with nil revenue paying a CFO £120k pa is farcical as an example, and wanting a bonus?
In my view they should cancel those options, or re-price then to performance related targets, to hell with the 'renumeration committee'
The other aspect that needs addressing is a clear pathway to shareholder value creation, they seem to bounce around from one event to another, typical of geologists, how is it that over a period of 3 years peer Chesser Resources delivered a stunning return for it's shareholders to the north east of Senala with the $89m takeover by Fortuna Silver Mines, remember Stratex/Oriole have been around a decade at Dalafin/Senala (spending circa £10m) delivered no value whatsoever. I do not want to see this replicated in Cameroon.
I think we need a concise mission statement with a no holds barred approach.
The other aspect I personally find galling is the highly paid BOD tend to work from home, whist I cannot prove the length of time they are 'in office' it is worth noting how many interviews by ORR seem to be based in a residential setting, the jollies of going to South Africa have never ever delivered anything, if you check the RNS's going back 5/6 years there has never been a deal done 1/2/3 months afterwards.
Whilst ORR have been social media active they do not appear in person at shareholder events where interested parties have the time to grill the BOD in person, I find that disappointing, I have asked around the City to see if ORR have booked any events and the answer has always be a no.
A few thoughts on a quiet Sunday evening, I feel many may share these concerns however they have lingered even before 'black Friday' also of note how poor the share price performance has been over the last 5/6 years even before the bear market set in.
Putting it bluntly is ORR just another AIM lifestyle company or not, under the old regime it had that tag for years on end.
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