George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
As The chairman could say ... It's coming up roses .... for me at least and .... Dare say there's plenty of scope for more work and more billing this year ...and guess who signs off the costs ... you got it - yours very truly. And of course non exec Mardon - Taylor is a very agreeable guy. What can he say?
The main problem is that the company is run by a bunch of third raters which makes it so difficult to figure out what is likely to happen.
They are not investors at least not here and they are well fed - by us.
So where does it leave us ?
Still
FCA have not the least interest in AIM NOR HAS AIM the least interest in AIM.
FCA goes for the cases which may bear fruit in terms of enormous fines to justify their being.
AIM is all about money, self justification, watching their backs and keeping their fingers crossed.
It's all very well for the chairman to state that he communicates with the so called large investors.
Make no mistake it's not their money so why should they be the least bit concerned about UKOG LET ALONE INTERESTED IN ITS PERFORMANCE.
ALLEN DEE HOWARD presides over one of the WORST performing UK public companies, NOT by any means THE WORST !
In three years or so all the smaller investors have gained are MASSIVE share value declines coupled with excuse after excuse from Directors wholly out of touch with reality and wholly intent on maximising their income at investors' expense to add insult to tumultuous offence.
Is this the AMERICAN dream? Mr Howard are you asleep at the wheel or laughing at us?
Matt's consultancy company could have been a tax ' mitigation' operation for him to maximise his remuneration. HMRC concerns may have been the reason for closing down his company suddenly - so he is now a PAYE contributor and why not? UKOG pay their employees extremely well and let them pay their share of UK tax.
The chairman's statement is full of the usual bull. He might said HH problems were due to 'leaves on the line' instead of behaviour like a teenager.
Bearing in mind the costs already thrown at HH he could instead have levelled with shareholders by saying after 3 years in tenure he had to conclude much of the disaster was down to self inflicted problems.
But with typical US BULL rather like TRUMP it's still all great and it's going to be even greater!
Well Mr Chairman few bother to read the statements, even fewer trust them. In fact they raise so many questions ....
Unless you are going to face reality and make the changes so desperately needed and which are frequently referred to here and elsewhere, shareholders will face more of the same next year!
MATT CARTWRIGHT
is described as commercial director but is not held out to be a director of the company.
2019 he collected £200k as consultants fees via his consultancy company . This closed down in 2020 so the accounts report nil consultancy fees.
So it is assumed that he is treated as a non director employee for payroll and his remuneration is undisclosed.
But with his 35 years of experience he must be quite important , he also act as 'qualified person'to sign off various RNS etc. Being sufficiently independent 'as the saying goes' and expressing his views on some pretty important documents, is he not a very IMPORTANT person in UKOG, MORE IMPORTANT perhaps than Stephen but feels he should be heard but not seen ie the INVISIBLE DIRECTOR.
If the chairman reads all this stuff - he says he does, perhaps he would like to clarify Mr Cartwight's precise role and why this person is not a Director or is he??
No one can predict with ACCURACY what the outlook is!
Should this operation run of funds for whatever reason, a skilled administrator / receiver would find enough value across the board to retrieve a minimum of 1.50p.
Q59
They know that everyone is awaiting poor numbers.
Delay is possibly caused by going concern uncertainty ie cash shortage and need a funding round this month to hit going concern criteria.
Also P W transaction structure may be an audit issue and auditors need time on this one. Also other audit issues may be in play and Sanderson does not want audit qualification.
They say one month delay but there is further leeway due to Covid.
But covid is a useful excuse - bet audit completed in January so why not take advantage. It's only a game after all and who is going to complain.