George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
He's secured an additional source of income. He's well sorted. Doesn't feel any obligation to actually do the job.
This company is being run exclusively for the benefit of the directors. Self serving wasters to a man and woman.
Eric,
And he is completely wrong about BEM having 3 valuable assets
- Kallak is potentially extremely valuable but has been mismanaged and neglected.
- Vardar has swallowed £3.5 m for a few drones flying about and is worth nowt at the moment
- we do no have any assets in Finland. Not even an exploitation licence application pending
He is already talking b*ll*cks
Ed's greeting on LinkedIn is meaningless, cut & paste BS.
I don't want to hear that sort of nonsense. Give investors real, tangible, costed, achievable plans or keep quiet.
I'll listen when he's actually achieved something worth hearing about.
So, a new CEO will arrive next week. Another part time snout in the trough, feasting on a generous full time salary ++++
I am aware that “the last chance saloon” is an overused cliche, but, with BEM, it’s appropriate.
Personally, I believe this company has been run into the ground, partly through lack of effort and incompetence, but, overwhelmingly due to the wilful abuse of position by every member of the BOD.
Bereft of any semblance of a plan, for years, they have collectively given up on creating a company with any hope of generating revenue. Instead they have limped from one fundraising to the next, plundering your investment for their own benefit.
The situation, in my view is irreparable.
How long will investors tolerate this crass, selfish incompetence? It is high time Swedish investors mobilised their 80% shareholding and informed the BOD they must account for their activities and publish whatever plans they intend to implement, and his, and by what date.
I wish the new CEO every success, I really do, but I am unable to see how this appalling situation can be rescued to provide any sort of payday for investors.
Eric,
Your investment strategy has been to sit tight for 23 years, never selling a single share.
Apart from the parlous state of the SP compared to your average, you should consider the erosive effect of inflation on the value of your static holding.
Even at a miserly 2% per annum, 13 years sitting on your shares has list you 30% value. Thus is on top of the fall in the SP.
You should seriously consider taking the hit and selling up, for the sake of your mental health. Even a doubling of the SP ( unlikely ) will make so little difference to you.
Endless fretting and spending hours every day on this board is unhealthy.
Let go and don't look back.
Eric,
You also quite rightly question the 6 month strategic review.
There is no need for this in reality. It is a device to buy time and 6 months more salary for little effort.
The imminent fundraise will be at a price of approx 1p, so a cash call of £5m will add 500 million additional shares.
Even if there is progress somewhere in the ragbag of projects, you will not see a payback, simply as a consequence of the arithmetic of serial dilution.
Eric,
You "somehow get the feeling you've been stitched up here"
Well you have. The directors of BEM past and present have enjoyed a comfortable existence at your expense for 12+ years, on the back of what's in the ground at Kallak.
Your clear frustrations and indignation is wholly due to your expectation of your sense of fair play being shared by those directors.
They do not possess the semblance of fair play, purely the greed to continue milking anyone prepared to take a punt.
Sorry Eric, that won't change.
A PFS is an internal, unregulated piece of work, whose contents and figures can be:
1. Designed to create an unrealistically positive spin
2. Fuel a possible SP increase when a fundraise is imminent
3. Mask a dearth of real and tangible progress
The fact is this is part one of the PFS. How many more instalments there might be, and when they will appear, who knows?
The financial projections are, in my opinion, utter pants.
The profit margin projections ( guesses / lies )for a fully operational processing plant are crazily high. Payback in 2.4 years ha ha
Smacks of more ameteurism and desperation to me.
There’ll be similar plants on every street corner before BEM have got off first base, which will massively reduce unit prices.
Get real people, the new board are not to be trusted.
Finland is a scherade.
BEM have no tangible assets or ability to invest in the country. All they own is a redundant exploration licence, which they have no intention of developing.
Who’,s paying to build and staff and supply the processing plant? Not BEM.
Dream on.
The board has been shafting investors for years. The inly change since yesterday is that the board can no longer be bothered to try and cover their crass incompetence with vague pretence of exciting plans to keep investors at arms length.
I would say their behaviour is fraudulent and criminal.