Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Slurm, it certainly is like Groundhog Day - my job isn’t to do something about it though, that’s what we pay the board for! I don’t see the problem with an investor enquiring about funding for LCCM - it’s what they spoke about in a recent RNS and they have now moved onto a new shiny ball - it’s their MO of the past 5 years!
With the current BOD still at the helm, we don’t stand a snowballs hope in hell of this being 1p (or anywhere near 1p) by Christmas. PW exited the stage immediately after informing us of the upcoming transformative value enhancing news (last December 12 months ago - ie December 2020) and hasn’t been heard from since. JP did his usual trick of buying a couple of million shares just before the AGM (in fairness to him, he’s orchestrating it pretty well to get the cost of making said purchases fairly cheap) and then going into radio silence.
The fact of the matter is, we don’t have anyone still poking around in a data room if they were in there a month before the AGM - who in their right mind would lend to a company headed up by the three conmen we have running the show? We need a change at the top but turkeys are unlikely to vote for Christmas, unfortunately.
I disagree Slurm - if there were serious discussions had before PEPR approval, surely there would have been terms discussed ‘subject to PEPR approval’ and this, in my opinion, would constitute price sensitive information.
I think it’s fair to infer that any talks regarding funding are at only the very early stages with most likely very little due diligence done. Remember, all previous suitors packed up and walked away as soon as they got stuck into their due diligence.
Beppie, he can only buy shares if he’s not in possession of information that would be considered price sensitive and that hasn’t been released to the market yet.
I wondered at that yesterday myself and the only conclusion I can infer from it is that there is no price sensitive information in his possession and therefore we’re nowhere near finalising a funding deal.
The only hope, now that we have a PEPR lite, is if we can get rid of the incompetent lying imbeciles that currently make up our BOD and replace them with a team who can extract value from our assets and who a funding partner can have confidence in.
Even if they do get PEPR lite approval, which at this stage is far from guaranteed - what if anything have they done to arrange funding?
The ‘global bank’ didn’t take too long to pack their bags and walk away; potential JV partners haven’t been lining up in an orderly queue and obtaining a listing for LC on the Australian stock exchange is pure pie in the sky altogether.
I think it’s fair to say that the BOD have been and continue to be an unmitigated disaster and at this stage they’re just hanging in to milk the company for as long as they can.
We spent $4,000 on assets (tangible assets other than anything related to CRL and LCCM).
We were told via an RNS that 700k (I need to go check the date of the RNS and the currency of the 700k) was raised to replace PPE at Cobre.
On the face of it (and subject to downloading the financial statements so that I can read them other than on my phone), it appears that the information in said RNS was misleading - in fact, if the money wasn’t used for the purchase of PPE then we were told bare faced lies.
The days turn to weeks, the weeks to months, the months to years and Peters, together with his fellow incompetents, continue to feed from the trough whilst literally nothing happens - what do these buffoons do on a daily basis in return for their salaries?
I’m not confident of PEPR approval (I hope I’m wrong) but even if we get it, there is zero chance that the BoD have finance organised - that’d be the next ‘stage’ of this saga - ‘we’ve successfully organised a permit, just give us another 3 years to try and get financing’……
Roll on the AGM
It's looking increasingly likely (in my opinion) that we're not getting approval for the PEPR 'Lite' - it was submitted on January 5th to a great fanfare from AB - 3 months max we were told, we've worked closely with the DEM, we were told, we're very confident, we were told........ nearly 5 months later, tumbleweed, radio silence!
I can't believe that there's no 'heads up' being given by someone in the DEM as to what the status of the application is - the radio silence from the BOD is deafening - a nod is as good as a wink to a blind horse kind of thing.
The financial statements will confirm if we spent the 700k on equipment for the Cobre operation or whether that was yet another lie from the Bod - if it was indeed another untruth, Peters has nowhere to hide.
In the absence of PEPR 'Lite' approval, is anyone else expecting that we move to an 'online' AGM?
Bubble, there were 4 buys for a combined investment of £1,370 and two sells, valued cumulatively at £578! The market assigns a negative value to our illustrious board being the reconciling figure between our market cap and net equity book value! I’m looking forward to analysing the financial statements when they’re released and in particular the IAS 16 and IFRS 6 disclosure notes - I’m confident the results of said analysis will allow for some good questions at the AGM!
Croutom, at the last face to face AGM, Peters spoke about paying dividends in the not too distant future - less than a week later we had a dilution and it’s been downhill since (downhill for us shareholders that is, Peters has had his nose in the trough to the tune of 400K per annum plus bonuses). You can only judge these buffoons (Peters, Wale and Broome) on their performance and that speaks for itself - they have delivered negative value to shareholders - the share price is where it was 5 years ago with double the number in issue and they’ve been caught out on numerous occasions with their lies in RNS’s (mistakes, lies, untruths, errors - choose the noun that you feel most comfortable with).
When we cottoned on to Peter’s inability to tell anything resembling the truth, they rolled out Wale (last December 12 months!) to inform us about upcoming ‘transformative’ news releases that were going to unlock the true value of our investments - I don’t believe we’ve heard from him since.
I believed they would deliver on PEPR lite as surely Broome wouldn’t tell us there was a legal requirement for the DEM to respond to our January 5th submission within 3 months and from his discussions with them, they had indicated that they’d be back much sooner - today we’re informed that actually, there is no such statutory requirement and we’ve no idea when we’ll get a response but we’re still confident - well, I’m no longer confident, the delays don’t bode well for a positive outcome.
I’m looking forward to the financial statements being released for full year 2021- the ‘additions to fixed assets note’ will be particularly interesting - we did after all raise 700K for the purpose of acquiring new PPE or will the financial statements confirm that we were lied to about that too?
Bottom line here is that we need a new board, in my opinion.
Lupi,
I have to disagree. We submitted an amended PEPR application in January after discussions with the DEM with the implied understanding ( and by implied, I mean implied by our BOD) that we would be receiving PEPR approval within the statutory 3 month response term.
Anything other than approval of the January application before April 5th is yet another significant failure on behalf of the BOD.
If we don't get approval before next week's deadline, I'd like to hear AB's take on the situation, just to compare it to his musings in his last interview!
Croutom,
That's when the efficiency of the market should kick in - if they get the PEPR 'Lite' approval then the market should identify the possibility of either a sale of the project or a takeover of the company on the horizon. I'd not be surprised to see the SP kick up towards the 0.7p level if and when the PEPR gets approved based purely such speculation.
The market would have to expect that with a different team managing the assets there is value in said assets - the BOD we have in place have zero capability of generating a return for shareholders and have proven as much over the past number of years.
The question of what LCCM and Redmoor are worth to a competent board with resources behind them to advance both assets is what I'd like to get an answer to as i believe that this represents the best value that we can get from our SML shares.