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Agreed Sandgrounded. I feel this is a massive ego trip and he doesn’t care about the SP short to medium term, as his focus is on scale of the company. He doesn’t understand AIM and seems to think he can write poorly worded RNS’ without considering the likely implications when JPM are out to take full advantage. In my corporate career of 45 years I rarely saw a CFO appointed as a CEO/MD and if the few that did, less were successful. Skill sets and mindsets are very different. He boasts about how HE oversaw the growth of Northern Star as if there were not a CEO present and he did the donkey work - highly unlikely. Like many I think he has done a poor job since appointment because the track record of shareholder value is all that we can judge him on. Those that think we will quickly go back to the 30’s are IMO, deluding themselves.
Said the same last week Toffers and was slammed by most of the sycophantic SD lovers on here. He has a lot to answer for with poor comms, no focus on SP and no personal ownership. No wonder he is delaying his visit. Has said it will be timed with next RNS so god help us for that visit
Thanks Tav. I don’t need an author, as I write from the heart and experience. I used experience to cash in a very big chunk at 35p and sadly used my heart to buy a much smaller amount back in again between 15 and 20p. Those on here that blindly believe that this will be a multi-bagger again, despite the constant price destruction are only deluding themselves. Institutions don’t need to multi-bag and a 100% profit would be seen as a great win should an offer present itself. Personally I doubt we will have HAV or maybe even exist in 12 months and my personal belief is that 25p is a more realistic price expectation for us all I do hope it’s more, but AIM is the mother of all markets to predict. I don’t have an issue with debt being raised but I do have an issue with equity. When we consolidate to get into ASX and then need to put up more equity to raise debt, we will be diluted even further as we will not be cash generative at that point. MF11 seemingly doesn’t understand main listed companies are debt focused as they have a duty to meet shareholder expectations. AIM is the Wild West!
PMDR of $8bn company actually so I think I am more qualified than You and have every right to be unhappy. Fundraising time after time with poorly written RNS is disgraceful and unforgivable. He could have clarified with another RNS when he saw the impact, but he didn’t. Why not, because he went to bed and therein lies the problem of a U.K. listing and the board on another time zone
SureSblazes I will repeat again, SD earned £600k last year which is a large salary for a company with no revenue and having its SP. trashed. There is also a bonus accrual of £194k awaiting approval at the time of the annual report. What the F has he done to earn that??!
Many companies get rumours but make no formal comment. Moreover even if you feel he was obliged to issue something he could have said that ‘ we confirm, as per prior RNS that ASX listing is on target. As a matter of course GGP will not comment on unsubstantiated rumour’. People are too forgiving o here. This board is paid handsomely and they need to take control of the narrative as has been said by another poster. Also Wyloo could force a short squeeze if they wanted to and the board members could buy shares. Please don’t give that crap that they are permanently in a closed period!
Redirons I write to him a few weeks ago specifically about the SP not getting enough attention. No reply!
If there is no focus on the SP then you run the risk of what is happening now. Managed and proactive RNS’s are essential on AIM - as GH did. Stay ahead of the rumour and don’t dismiss the existence of shorts (as he has repeatedly done) as they have a position for a reason. If you look at our fundamentals and our exploration results you would absolutely question why they keep increasing their position. As CEO he should be investigating and countering it with positive news flow, but instead he repeatedly plays straight into their hands!!! All fact and not libellous or defamatory at all. Today he could have said ‘we are, as previously announced, on track for an ASX listing. Beyond that we do not comment on unsubstantiated rumour’.
That doesn't make sense Ben, because if that were the case you would simply do the whole fundraising in one go ie capital and equity with consolidation. The $50-100m would be lost in the midst of that process. To say they are doing a placing whilst at the same time saying they haven't decided on capital was extremely ill; thought through
7.6 now Matty. You and I have similar holdings and it is so shocking to see how this company and its RNS’s is being mismanaged. Of course I will be denounced for being critical as those with their rose tinted spectacles will say it’s all destiny and jam is around the corner, but I for one wish SD was gone and a proper CEO appointed rather than an ex CFO who lives off the back of what his ex Northern Star CEO achieved.
IMO you and others are missing a key element. He cannot issue a MRE alone without increasing the value of the other 70%, which means more funds needed to acquire it and more dilution. He is now committed to a placing on ASX ahead of the MRE so he is pinning all his hopes on a SP surge from Oz buyers. I wrote to him weeks ago expressing my opinion that the lack of focus on the SP (the tactical) at the expense of the long term (strategic) would only result in more pain for investors. Of course he never responded and he has never worried about the SP because his only interest is his career by creating (eventually) a much bigger company regardless of how that is done.