Member Info for Pocko

"How did the previous CEO and current board of Directors achieve the valuation of Vardar Minerals Limited?"

Highlighted in bold red letters, with a highlited yellow background to further emphasise the pont:

"We are on the Valuation of Vardar"

My interpretation being, that they are on with the valuation of Vardar, probably as part of the review. Bare in mind English is not his native tongue.

No... Réponses to my questions that I submitted via email to the AGM. He replied today.

The email sent this afternoon has yet to receive a response.

I asked him to justify improved director renumeration... And why it wasn't linked to the performance of the SP

Dipped his shoulder and replied that it was decided by an independent body - No mention of course that we paid for that consultancy.

Interestingly, my question about the how the valuation of Vardar was achieved was answered with a curt and highlighted response... "We are on the valuation of Vardar"

That hit a nerve...

Just received an email from my questions put to the board at the AGM.

Even those answers haven't aged well given yesterday's RNS.. unbelievable.

It's just a thought...

They'll always land on their feet whatever the outcome.

And the conduct of the board has driven the SP to this low, which makes the company and it's private investors financially vulnerable.

Makes me wonder of it's deliberate on their part. Remember Baobab Resources?

And on that, I too have emailed the company. I don't expect a response.

There are truly no positives at the moment Roller...

Sad state of affairs.

We are neither mining, or exploring, with no plans to do either it would seem. So what is the purpose of the company?

It's become a vehicle for the enrichment of the board of directors.

How will they raise funds from private investors, assuming that's what they do?

There is now no confidence or trust in anything that they state.

Raise cash for one thing, but then do another... Duplicitous.

This might be one for the FCA and City of London Police - Fraud, theft and the misleading of investors to raise funds.

There are a whole host scenarios that won't be of benefit to private investors

A buyout? At what price? Anything above the current SP would be a premium to the market, but unpalatable to investors.

Cashburn over the next 6-months having achieved what? The last two fundraises were significant in size, detrimental to shareholder value, and the monies were specifically to get Kallak over the line (in terms of permitting).

A further fundraise, but at what price? An imminent fundraise has already been signposted in the annual results.

Share consolidation - Happens time and time again on AIM. Often sets a death spiral in motion as the newly issued shares drift down, leaving investors with even less.

I just don't see why a review of 3 projects, each with its own CEO or MD in the case of Vardar, would take 6-months. And then what?

Duplicitous behaviour on the part of Budge and Röstin. And I would not be surprised if Vardar simply gets written-off, which would be a convenient way to sweep the theft of company money under the carpet.

What did we get for £3.25m?

And it's nice that Röstin has joined the board as a fully paid Director. Another one on the gravy train - All at our expense.

Employee (Because that's what they are) costs have risen considerably in the last few years, and for what return.

Where's the missing £3.25m?

I can't see work streams continuing whilst subject of a review. Otherwise, what's the point of a review of the business and it's projects?

2023 has been written-off already.

And as of by magic... The AGM is finished. Clearly they skipped the tea and biscuits - Can't think why, as shareholders as paying.

All resolutions passed... Small details like renumeration and share options for the new CEO - Rome burns.

Reward for failure

There never was any real specific timeframes for any of the planned works, which has been my issue for sometime.

Amateurish? That's putting it mildly...

And sweep the theft of £3.25m under the carpet?

Scant disregard has been shown to shareholders to date, so I have little faith in this guy to do anything other than line his own pockets.

Nothings going on sj74... That much is apparent.