MESSAGES FROM BOD19 May 2019 14:18
Dear BOD of Prem,
Please find enclosed a list of generic questions and issues which as shareholders we believe you need to respond to us by 6pm Tuesday 21st May 2019. We have had a lack of communication that has caused unrest between shareholders and time frames given in communications to the market have also caused shareholders to lose trust. To try to regain trust and build an open and honest approach to all matters we therefore believe you need to address our concerns as a matter of urgency.
We also include a suggested proposal to get PREM in a position to start delivery instead of diluting shareholder value.
1) update on RHA proceedings - with weekly updates as to BOD progress on all matters. This can be provided in any form as long as it is for ALL shareholders to access.
2) Update on Circum meeting. You had hoped to update shareholders early last week and this has not happened.
3) Bod proposal for Circum shares based on meeting.
4) Full clarification of Zulu, KME transaction problems and why this was not detailed to shareholders. What is the Bod plan to do to get Zulu drilling within 30 days.
Shareholder proposal:
1) Possible Circum sale - however this cannot be done at market price. Any offer must be offered to shareholders as our acceptance is price dependent.
2) Any sale of Circum (under above conditions) would need to pay for full DFS and working capital.
3) Not wait for EPO but get drilling Zulu within 30 days. Focus on core area as previously planned for that will not change come EPO.
4) To not consider a JV as this will create yet more DD work, unless it is also with the government.
5) Look at non dilutive options to get to RHA profitability shareholders do not have to pay for any more delays from the government.
Yours sincerely,
Premier African Minerals Shareholders
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