Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
SML is undervalued considering its fully owned assets. And due to it generating cashflow / net profit. New investors are coming in. Good to see. I’m holding until 5p +... It’s real value. Big Red looks exciting.
AB (chairman) sets and awards JP’s bonus. Conflict due to the situation spelled out below. My understanding;
AB says major client (Ponzi scheme FFS) is good for it after meeting a fraudster. AB has a vested interest in stating this position - as AB has/will profit from selling Red. through his stake (down stream) in the company divesting the asset.
Background: JP agreed Red. price and payment terms with seller. Conflict straight off the bat. What with AB influencing both ends of the transaction.
No surprise, final Red. payment is made / should have been reconsidered due to Cobre rev. income risks. And in return for going ahead - AB awards JP a fat bonus. You scratch my back / I will scratch yours. Looks bad.
You can’t have such conflicts. Even if everything was / is above board. The optics suck.
JP should not be getting a bonus as performance has been poor. Period. And the quicker AB goes - the better.
Got no doubt - AB put in JPs bonus criteria - full ownership of Red (conflict!) to be completed and LC to produce some product. Another conflict as AB introduced LC from what i understand.