Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
Was there any mention of the BOD being restricted in spending the remaining cash while they still have their fingers in the till?
I'm hoping they recognise the gravy train has finally come to a halt.
They should be struck off as Directors as they haven't delivered on any of their promises!
If the BOD are given 6 months then I would suggest this is solely to close the Ruvuma deal. No more handouts. Pay/bonus/remuneration of any kind is frozen. Otherwise, they will be paying themselves as much as possible and as quickly as possible or come up with some other scheme to consume 'our' money.
The BOD have shares. It's best for them to also take the 'cash' they are entitled to at the same rate as the investors. No more, no less and at the appropriate time. But no more payouts to them!!
I assume if/when the remaining funds are returned to shareholders the payment will be determined by 'who holds shares' on a particular date, and no consideration is given for those that have been drained of their investment for 5 years or longer. Everyone will get the same share payout regardless of the 'age of the share'
I’ve lost track but do ‘we’ have any Helium One shares left? They increased significantly today (although still trading a lot lower than previously).
What is left within the business? Money owed, loans that will never be repaid? Shares? Assets?
LinkedIn - https://www.linkedin.com/in/tom-reynolds-6234648/details/experience/
Aquaterra Energy
Non Executive Chairman
May 2021 - Present
Part Time
SEM Energy Ltd
Chairman
Mar 2020 - Present
Part Time
Scirocco Energy
Chief Executive Officer
Oct 2019 - Present
Presumably full time!
Quixote Advisers Limited
Managing Director
Oct 2017 - Present
Presumably full time?
Zephyr Energy PLC
Non-Executive Director
Apr 2019 - Present
LinkedIn doesn't suggest part-time, but presumably, someone cannot have a third full-time role!
I wonder what Tom's definition is of full and part-time. Does his day have more than 24 hours?
The RNS statement was already known - the information was included in the 2022 accounts document filed in July 2023.
I am sure they are all patting themselves on the back for another wonderful year, and extracting more unworthy fees and remuneration from the business for doing sweet F A.
SCIR is also inept to push any commercial/profit generating business forward. I will let others decide if the directors are corrupt! But they seem to be drawing a nice remuneration from very little effort and certainly not delivering value to the business or shareholders.
This share is most definitely in my bottom draw. If I get anywhere near what I have invested it will be a miracle!
John Fitzpatrick company - has just posted updated accounts. £1.4M of investment properties. I know he can do what he likes with ‘his’ money. ‘His’ money has come from the outrageous fees which has crippled SCIR.
It’s a shame the BOD haven’t managed ‘our investments’ as well as they have their own!
It’s clear to see from these forums that the majority of share holders, large or small would have saved the funds from previous sales (Helium etc) to reinvest I. Our prime asset. ‘We’ can all see that. Without asking for large fees for consultancy or drawing a huge wage for being a ‘director’ so why couldn’t our BOD release the same? Why have we spent millions on poor consultancy advice? Why are we now arguing with the BOD every time they make a wrong decision! And why are we not reaping the rewards as AEX are?
The BOD have a lot to answer for! They are incapable of running a business. They have made themselves very rich with our money! They could have been richer if they knew what they were doing!
The best thing the BOD can do at the AGM is resign… return their shares without any payment and close the door behind them. They have successfully dragged this share beyond return and lined their pockets handsomely via pay or consultants fees amongst friends.
We only need to keep the assets ticking over what we have and rebuild our funds. I think one person in charge could do this with a reasonable renumeration package.
This morning I received notification from Interactive Investor that I could cast my vote(s) for the GM
I have voted FOR the 5 resolutions.
Unfortunately logging into my account also reminded me of the significant losses I have with this share.
Tom is also a director for:
AQUATERRA ENERGY LIMITED,
ZEPHYR ENERGY PLC.
RAB MICROFLUIDICS RESEARCH AND DEVELOPMENT COMPANY LIMITED,
QUIXOTE ADVISERS LIMITED…..
he has also been director of many other companies that he has resigned from or the company has been dissolved.
How much time is he able to give to all these companies?
How interested and engaged is he with each of these companies?
I’m happy for SCIR to invest in sustainable etc. but I’m please do not invest millions, pay millions in consultancy and dilute, and then sell the asset we have help build/find for a small percentage of what has been invested.
Steve58
How much lower does the share price have to go before they realise that they have screwed everything up.
They have screwed up everything for the shareholders, but they have paid themselves consultancy fees and given themselves shares. The BOD are not as hard hit as those that have invested! We haven’t had the luxury of taking any level of profit from the share or received any share increase or MC increase from the many assets the BOD have sold. We are left with almost empty shelves! Nothing to sell, and very little money to use for investment.
Well done BOD. Hope you reap the rewards form your ‘personal investments’ you have accumulated using ‘our money’
Rather than tearing chunks out of each other…. What we should be concentrating on is how the elected board have got us into the position we are currently in. Where the funds from previous sales have been spent/invested, and how they (or a new board) can turn this company around! And is the current board answerable in any way to the how they have released ‘our money’ on excessive consultancy fees, while obtaining a low ball offer for our key asset. Personally I do not believe the board to be fit for purpose and as directors they are obliged by code to run a profitable business and work to shareholders interests.