RE: Investor meet Company14 Aug 2022 10:54
Hi Van, two reasons I didn't go to the AGM. London was predicted to be far too hot for me and secondly I would rather be lied to in the comfort of my own space with a cup of tea in my hand. It seemed to me that the meetings went the way I expected without risking an unofficial strike by the transport workers.
I may well come to a presentation in the future, maybe when/if I feel less prickly than I do. Be really good to catch up with you too.
You were there in person so more able to judge than me, but Sener just calmly expressed the company line which in fairness you might expect. I found the Chairmans behaviour unprofessional, he acted like a headmaster scolding a pupil speaking out of turn. I think his days as Chairman should be at an end, I have read elsewhere that he is well beyond the tenure regarded as good company practice. He seems to feel entitlement to that position given that he is the largest non institutional shareholder. I voted against his re-appointment, would be interested to see the figures.
My question, posed before, ignored before, was why did Proccea get handed exactly the same proportion of the star asset in Turkey as AAU ended up with, for which they never contributed anything financially or in effort over the years? We were left with 23.5% of a preciously wholly owned asset. Proccea got this share for no payment whatsoever. How can that ever be justified? Or at least it should be justified to us. Now of course we know that the Ozaltin prime contribution for their huge windfalls are as schmoozers. Great company? Or lifestyle company? I may discuss that sometime in the future!
I don't get as upset about PG as some. They certainly don't seem to fulfil what I would expect them to a company broker, but equally I am not convinced it's what we should be most upset about. Equally the Venus IPO delay is understandable if you consider Copper price compared to 6 months ago. Any IPO would be at the lower of the expected price range and and proceeding now would result in even larger loss of control than we expect (I am expecting to be left with 25%-30%). Why not be bold, release an RNS delaying the IPO, invest further in Venus from the cash pile to take a controlling share and get the plant and mine in production - for when the copper price that will surely occur in the era we now live in? There are signs the green shoots of that recovery have started.
I did see Chris Sangsters video, it dates from June unless I saw the wrong one. Came over well, although the prediction of 2025 production at Salinbas made me smile given the appalling track record of delivery AAU has. I might be prepared to consider 2030 reasonablexo I wont rush down to William Hills to put my hard earned on 2025. How about CS as Chairman, I could be persuaded that was a reasonable idea?
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