If you would like to ask our webinar guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund a question please submit them here.
Hasiba - voting no will not result in administration. Voting no will result in an EGM to replace George with a ceo with mining expertise and then that person can determine what the best course of action is. And if it’s to increase the sharecap, then sure. But at least there will be a chance of getting Zulu into production.
Acker - I totally agree with the statement of focus on the business and not George. That’s why shareholders should vote no, that is a focus on the business. And have George replaced for the good of the business. This was the same argument used last year to get shareholders to vote yes. And what was the result. 5 billion shares dumped and zero production. A different ceo with mining experience can bring Zulu into production
Hasiba - everyone knows getting an egm is difficult to organise. But this time if you vote no, George would have to call an EGM. Just like last year. And shareholders can require additions to the EGM resolutions. Vote yes, and get 4 billion shares dumped in the next few months as George tries to fix the plant while have very little idea of how to fix it
Acker - George just wrote that alternative to scare shareholders to vote yes. Look what happened last year. Voted no and soon after an EGM was called. This time around it would be the same thing. Vote no, and an EGM will need to be called and then shareholders can require a vote to replace George with a ceo with mining expertise
Acker - I’m not sure. They have lost a of money dropping from 1p to barely holding .2. George will dump billions of shares to pay for new sorters, new equipment. Stark won’t pay for any of it. Remember last year when George said stark were going to pay for all the remedies and then they didn’t. And George spent 14 million to buy new equipment. That’s good to happen again
George can’t just issue more shares. If shareholders vote no, he would have to do a conditional open offer and have to call an egm. And shareholders should demand that an experienced mining ceo be appointed as a condition to support the egm
Acker - that’s not really true. You just need a few hundred million shares to vote no, and the resolution will not pass with the 75%. Then an egm will need to called and shareholders can add the appointment of a new ceo as a condition. I think there are enough disgruntled shareholders hearing the same hot air from George to vote no
Acker - why all this aversion to getting a new ceo who has mining experience? It’s like shareholders are happy with having a ceo with very limited mining experience trying to build a mine. Soon I’m sure we will see a very concentrated effort like last year to get shareholders to support the share increase. Last year they said it was critical to getting the mine to produce. Well the plant is not producing and George has spent all the money. Why take the risk again. A new ceo with mining experience is the right way to go. And that requires a no vote
Acker - don’t take it as a cheap shot. Take it as confirmation that George can’t deliver. He didn’t deliver over the past two years and doesn’t look like he will deliver now. If shareholders vote no to the resolution, prem would have to call an egm and then you could add the removal of George as ceo as a condition and bring in someone who knows what they are doing
Acker - I think this goes much much lower. Looks like there are fundamental issues with the plant and they have very little understanding of the resource. Canmax must be thrilled they gave George almost 50 million to build something that will be used as scrap metal when Canmax hired their own plant construction company in 2025
I thought people said George was a visionary. He should have gone for 20 or 30 billion additional shares. The 4.5 billion won’t last him the summer. Prem’s burn rate is around 2 million a month. Add that it will have to pay the new epc company and buy new equipment, George will be calling an EGM by the summer time for more shares
Oh no! Even billy now is admitting that prem cannot produce any spod. George said that he was in advanced discussions with lenders for debt but that was only on condition of Zulu producing. So if billy is now saying a placing is incoming, it says prem is not producing