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Gorsuch,
If you're correct and they've misled us again I think it's time for s complaint to the Financial Conduct Authority - 35 million shares were bought since the release of the RNS, presumably by investors who relied on it!
For what it's worth, I'm with Fira, unfortunately I don't see a PEPR being approved - if we answered, satisfactorily, the queries raised by the Australian authorities then there's no way it could possibly take three additional months to be approved!
Prop, I don't believe they'll get it submitted by the month end - I think they gave themselves a three month breathing space in the hope that the hype from Cornwall would deflect from LCCM and pretty much like Hanns Camp, LCCM will just 'mothball'. In my opinion, we're not going to get an approval on the application regardless of when they resubmit and they, the BOD, believe this too.
'John Peters, managing director of Strategic Minerals Plc (LON:SML) discusses their Q2 2017 update.
Peters adds they've set themselves a target to reach a market capitalisation of £100mln over the next five years.'
4 yeas in and we're 8% there - what a fantastic BOD we have!
I believe the Manners family are the largest shareholder. There was an attempt made some months ago to organise a grouping of shareholders from on here to allow for a targeted effort to have the Board be more accountable but it came to nothing. As with many other LTH's, I'm well under water with my investment here and I'm angry with myself for believing all the bluster that came from JP and AB and more recently PW - I'm frustrated at the complete incompetence being displayed by them and I'm actually looking forward to the bulls#it we'll be fed at the end of March when there's no advancement on the PEPR - how in the name of all that's good does it take 3.5 months to respond to a query on the PEPR application considering the length of time we've been pr#cking around with the process already!
Let's be honest here. The BOD have presided over a 90% reduction in share price, from the late 3p's to the 0.3p's(recent increase to the 0.5's). PW justified a bonus of $190,000 for JP who was in charge of the strategy of getting from the late 3p's to the early 0.3p's. They are as incompetent as you're going to get - copper prices are going through the roof and we're not taking advantage because our BOD can't organise themselves enough to get a PEPR. We need a change at the top, we need a new board, we need people who for $500,000 per year will look upon this as a full time job who can deliver! PW gave an interview before Christmas detailing the great news that was coming down the line - all Bo#lix - nothing delivered since- he's as full of sh#t as JP and AB! Everything to do with Redmoor is purely down to circumstance, nothing to do with the BOD - a rising ride raises all boats- we need a clear out at the top!
I think we need to start asking the question as to whether we are in fact going to get PEPR approval - correct me if I'm wrong but it's a long time ago since we held off on submitting the application because of Australia Day.
We then submitted a draft and received feedback but, rather than submit an updated draft, we decided to make a full application - because some consultant we were paying advised that was the best way to go .
We then expected to have approval in advance of the New Year and then most recently, there have been further feedback comments from the authorities and the amendments needed as a result of this feedback will take up to three months to prepare? I'm beginning to feel like a mushroom - kept in the dark and fed lots of bulls#1t.................
I can't get my head around what it is we pay John Peters for- this is a part time gig for him, we have Cobre, run on a daily basis by a local management team; we have Redmoor where we decided PW is the man together with the other executive director we recruited to 'move it forward' and we have LCCM - nothing happening there until we find out if we can secure PEPR approval.........
We received confirmation this morning that Peter Wale, an executive director, with all of the operational knowledge that goes with that position, invested £75,000 of his hard earned cash, in new shares. That has to be a positive sign!
If I'm reading it correctly, PW has invested £75,000 cash in return for 18,750,000 shares? He's on the inside and knows more than I do regarding where we are with LCCM - if he's willing to put his money where his mouth is, I'm confident that there's good news coming down the line!
Excellent explanation Cornish - another interesting aspect (assuming the NPV is accurately calculated) is that the value of the equity, in an efficient market, should immediately increase by the value of the NPV when the project commences - (if you apply the efficient market hypothesis and assume a semi strong form efficiency). I'd settle for an increase of 20% of the projected NPV myself:)
6 weeks ago we were inking an agreement to appoint consultants to assist with identifying a JV partner for Redmoor. I appreciate that there's a cost to issuing RNS's and that if we did appoint a consulting firm that it's not something that we would have to RNS but we have a website and a Twitter account - if it had happened the BOD could have informed us but I'm pretty confident that it was just more bull**** from John Peters - the man just can't help himself! Wtf does he do on a daily basis to earn his pay?
What are the chances that there's a JV deal announced after the AGM today? Personally I believe it's the only way the board can redeem themselves. Without a big news story the SP could fall even further as it will confirm that the BOD have nothing to show for the 'work' they've been doing since last November when they went on the JV trail. Waffle about 'interest', 'discussions', 'negotiations' etc won't cut it anymore. If we find ourselves after the AGM listening to the fact 'we as a Board are united, and driven in our desire to implement our strategy to extract maximum value from our world class assets by putting our juggernaut on the tsunami to success......' then we really do need a clearout of the board. I've mulled it over and over and I can't come up with an even semi plausible justification for the JP bonus - if himself and AB seek to justify it with the fact that we now own 100% of Redmoor and that we're debt free, they'll be adding insult to injury!
Prop, if there was anything positive to report we'd have heard it today. We'll listen to more hot air next week from them after the AGM - to be fair, one could nearly draft the bluster that they'll be spinning well in advance of them delivering it next week. Paying a bonus of $191,000 to a CEO who steered the SP from 1.8p to 0.4p in 12 months is disgusting! Let him go look for another job and see what offers he gets with his recent track record. Being ridden is bad enough, but when they take the saddle off, that's just insulting! And as for him having skin in the game and being a shareholder - his bonus equates to the MV of over 37,000,000 shares or 65% of his current holding! Where's the risk taking in that? And let me finish my rant with pointing out that I'm only referring to his bonus - he didn't deserve the other 400 000 that we paid him either!
At today's share price, a bonus of $191,000 is equivalent to 37,722,500 shares. That's effectively JP selling 65% of his current shareholding back to the company. Ponder on that, if you will JP!!
It's a week now since 'happy clappy' appeared on Proactive and dropped a few soundbites about 'imminent' news items but alas, here we are, none the wiser and at a lower share price.
We have world class assets with an incompetent board and without a clearout of said board, I don't see this SP move north except with luck.
Prop, you've nailed it there. JP throws out enough to have you wanting to have faith in him - increased interest in LCCM from a larger pool of potential investors; just about to ink a contract with consultants to have them organise a JV for Redmoor.
Problem is that he never delivers! We've gone from 1.80p to 0.4p in 12 months and if you go back further, he's brought us from 3.65p to 0.4p - we need new management who are capable of managing our assets.
If JP didn't have his snout in the trough and reward was offered to management in options rather than cash bonuses then I'm pretty confident that as a shareholder, he'd not want himself running the company!
And as for AB.............