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It's hard to believe that there was somebody behind the camera listening to and looking at Peter Wale delivering his sleep invoking drivel and they thought 'yep, that's the best take Peter, it's a wrap'. Peters seems to have disappeared from the scene so he's officially getting paid $10,000 per week now with absolutely nothing to be doing (the consultants prepared and submitted the PEPR, Cobre runs itself and seems to be led by a competent management team and if there was a financing deal in place on the off chance we get PEPR approval then he'd have creamed himself telling us about it). I wonder will Peters display any modicum of integrity and resign at the end of the month if there's no PEPR approval - I use the word integrity as it was sorely lacking when he paid himself a bonus of $190,000 on foot of a shambolic performance over the previous 12 months and when he delivered a willfully misleading RNS describing the receipt of written confirmation of an intention to pay from Brenda.......
Lupi,
There is no 'character assassination' of the BOD - there is an objective assessment of their performance over the past three years. I fail to see any positives in what they have delivered. They're proven themselves to be incompetent. They've misled investors (written confirmation from Brenda, no need to dilute to keep the lights on, expectation of paying a dividend and then diluting the following week........). They've been overly compensated for what they've delivered and I'd sincerely hope that they don't see the humour in it because I certainly don't- I'm down £70,000 on my investment here!
Hi Fira,
Like everyone else here, I'm hoping that the PEPR gets approved, that Peters has the finance in place and that the share price recovers. The BOD have done absolutely nothing to cause an investor to have any faith in their ability to create value (it was TWIS that ramped the SP to 3.75p back in the HC days). The radio silence from Peters et al really worries me - if they really believed that the PEPR will be approved and if we were anywhere near having a financing plan then I'd expect them to be out front and centre highlighting the tremendous opportunity that exists! A self imposed 26 day cut off brings us to the end of Q2 - time will tell if my fear is justified, I hope I'm wrong!
With no PEPR this is going back to the early 0.30's - the money spent on acquiring the asset and the money spent on it post acquisition becomes a sunk cost and the book value of the net assets drops via an impairment test. Cobre was proven this year not to keep the lights on - we had to dilute to replace assets so all we have is Redmoor and our BOD are not capable of monetising that.
The same RNS's that followed the RNS stating 'we have received written confirmation from the major client......' ?
I'm in the boat that you're in DVH - I've a vested interest in this share doing well and I believe that the asset in Cornwall is a good asset. I don't believe a word that the BOD utter and that's based on past form. We've been taken for fools while they fleece us with inflated salaries and bonuses! We need someone new at the helm, someone who can extract value from Redmoor for us.
I sincerely hope you're right DVH but there's absolutely nothing to indicate that we should take what that this BOD tell us with anything other than a grain of salt! What about PW's interview before Christmas? There's a lot more going on with this PEPR application than we've been made privy to - Peters set the time line for June 30th - how in the name of all that's holy could he possibly know when the authorities are going to give a determination; except perhaps that he was looking to buy a bit of time, waiting for the festivities to commence in Cornwall next week, shiny ball shiny ball and hey presto, everyone forgets about LCCM, just like we did with Hanns Camp!
This feels very much like the Brendagate fiasco - Peters knows it's a dead duck so he says as little as he can but tries to give the impression that there's the possibility of a positive outcome - I'm with Fira on this one, I don't believe we're having a PEPR approval by month end - we'll eventually get the full story as to why, just like we did with Brendagate and we'll again see the level of incompetence that this BOD is capable of displaying. In the meantime, $40,000 per month isn't a bad twist when you don't have to do any work for it. I'm so looking forward to the AGM!
John Peters pockets another $40,000 this weekend and for what? An update on the website to tell long suffering shareholders that he's finalised a financing deal for LCCM - a proactive interview to give his sixpence worth on why the PEPR application has and is taking so long to get approval - anything to give some semblance of an indication that he's even alive and confident that he can deliver on his promises would have been nice in return for this months paycheck!
We pay JP $40,000 per month for a part time gig and he delivers ZERO in return.
What were the issues with the PEPR from the two previous occasions when we submitted? What updated information was required? Why have we to wait another 3 months from the re-submission 6 weeks ago if we were only responding to queries from the authorities? All legitimate questions that we can only surmise as to what the answers to them are due to a complete lack of communication from the board.
Do we have financing sorted to allow us to progress 'IF' we get the PERP approval (and I say if not when as I have no faith in us being successful based on the history of the application that started over 18 months ago!) and if so is it debt finance, a JV or are they simply going to dilute to the nth degree? When did we last get any meaningful update from our MD?
And there is no point is saying that 'we are where we are' and aren't we soooo lucky that JP slowed things down to allow us take advantage of copper prices going through the roof - we have no PEPR, for no other reason except the BOD are totally incompetent - we have no proof that even if we get a PEPR that our lot can get the material from the ground and even if we were confident that they can, we most likely have no funding in place to finance the operation because I'm certain that if they had funding sorted, we'd have heard about it!
I'm so looking forward to the AGM!
Lupi, I don't see how my comment is a personal attack. John Peters will be paid $40,000 this month. I purposely don't use the word 'earned' as he hasn't done anything to earn money from SML in 3 years! He needs to go and he needs to take AB and PW with him. We need a new team leading the charge and for the money SML is paying, we deserve some competence and integrity. I'm bringing integrity into the mix as there's clear evidence that's he's misled investors on more than one occasion in the past three years. And to answer your question, at this stage I just want to break even!
I agree with Fira, I don't expect we'll get a PEPR any time soon but, even if we do, the following is an extract from this morning's RNS: 'Interest in Leigh Creek has risen, in line with increased copper prices'
I would have thought, given the fact that he doesn't have anything else to be doing during the day plus the fact that we pay him $500,000 per annum, that JP would have a funding partner in place ready to go if he believed we were getting approval anytime soon? It reads to me, based on the RNS that he issued, that we're reading to go courting, if we get a PEPR...... courting is a long way from marriage considering we don't even appear to have a partner committed to said courting!
Where has PW disappeared to - imminent he said, severe undervaluation he said, newsflow he promised - and before any happy clapper derides me for being negative, I've paid handsomely to allow me be negative! There is absolutely nothing positive about this BOD - we have one good asset in Redmoor but we need new leadership!
Lupi - in all fairness, when there are millions of $ involved and a customer sends me a 'text' to say that they will deliver on a contact that they hitherto have failed to satisfy, I'd ask them to put it 'in writing' - at the very least in an email. JP confirmed in an RNS dated May 24th 2019 that 'SML had received written confirmation of the major client's intent to make payment' - nobody would have taken him seriously if he had come out and stated that the 'written confirmation' was a text response to numerous texts that JP had sent the client - he misled investors and that was confirmed by Dotcom999 earlier who said he bought 1m shares at 1.8p on foot of that RNS alone!
Gorsuch is 100% correct - they don't tell lies in the RNS's but they word them in such a way to mislead and to spin. You cannot rely on anything that they put into the public domain. It's clear from the communication that Gorsuch received from the Australian authorities today that the BOD have not dealt with all of the queries raised and that the authorities are awaiting on more documents. I believe that we'll be left waiting for the three months and then we'll hear from John Peters advising us that they have now been asked to submit just one more piece of information......and on and on it goes!
We were misled with regard to the Cobre sales figures - they were manipulated and misleading and only for Gorsuch, again, we'd have been left in the dark - to add insult to injury, they manipulated the updated figures before Gorsuch brought the BOD to task again and they had to release a third set before they got it right.
You mentioned in an earlier post that 'your interpretation of the statement' in their recent RNS ........ therein lies the problem in my opinion - we shouldn't have to 'interpret' an RNS - they could simply have said that 'we have responded to all matters raised by the Australian authorities' but they didn't say that and we have written confirmation from the authorities that they are still awaiting documents that need to be delivered before a PEPR can be granted.
I agree with Fira, I don't want to diss a share that I'm heavily invested in but we need to see the writing on the wall and come to terms with the fact that this BOD have done nothing but line their own pockets for the past three years - they have misled us with the information that they have released on more than one occasion; they have been incompetent in acquiring Leigh Creek without doing any due diligence, with believing Brenda and not investigating properly the possibility of recovering monies from the contract with her before agreeing to purchase the 50% of Redmoor from AB's 'other company' ; with not being able to submit a PEPR in a timely manner even after engaging consultants to do the job for them - the list goes on!
We need a new BOD to deliver on Redmoor!
Gorsuch,
That's pretty definitive!
I understand that a number of documents have been lodged with more to follow.
The PEPR previously lodged remains under assessment."
'With more to follow' - you can't get much clearer than that!
Lupi,
The problem is that I don't believe a word that comes out of JP's mouth! He issued an RNS stating that the major client had confirmed in writing that they were going to honour their contract with the Cobre operation- the truth was that a, by then known fraudster, had replied to a text message (and when I say a text message I mean over a dozen text messages that JP had sent her) - how many people were stung when they bought shares on foot of that RNS?