EUZ24 Feb 2022 21:07
When I put my business hat on, I see the lack of a CEO as a plus at this juncture but not for the future. In the past members of the BOD have concentrated on the brand, the mission has been to build EUZ. Money has been spent on EUZ with a re branding from FCR and trying to Develop a grown-up company with a consolidation that I think just about everyone called right at the time as being ,just a method of raising money, when the pre consolidation SP was so low the AIM probably told them they wouldn’t allow it.
Then we have the idea that EUZ needed another project when it had no money, no income, and no idea what the project would be, but that didn’t stop them costing it into the raise. We still can’t be sure if they even needed to raise had they not wanted cash for a hypothetical new project. My guess is still that they raised because the ability to raise for that year would have ended with the AGM
My point here is the rebranding, the consolidation, and the last raise (and probably others) was about EUZ when shareholders were invested in Toral. My guess is had Toral come good it wouldn’t have mattered what the vehicle carrying it was called, no one was trying to sell EUZ.
Its something that bothered me a bit when I saw that light airy Warehouse in Spain proudly displaying a Europa Metals sign and lots of office tables with computers. Maybe that’s something you do with the money “after” you sell Toral or you have an income? It reminded me of days gone by when sales reps would come to my place in a Cortina, but one from an electric motor manufacturer would come in a jag. My first thought was, I want to buy your electric motors, but I don’t want to pay for your Jag.
I think LR left because, he wanted to run before he could walk. He spent nearly £10m trying to build EUZ when really, he should have built Toral and EUZ would have followed. Yes he got the ground work done but he ran out of money (money spent of rebranding, delisting AUS and consolidating EUZ) that would have been better spent on progressing Toral through the PFS and BFS stages.
Of course, he made many mistakes but ultimately as I said, we don’t really need a CEO now, and we are saving £2k a week without one. I hope the next one will be Toral focused as I expect that is where Bennelong and DB’s interests are, not building up EUZ as a brand.
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