Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
One of the things I have observed that held the fuel cell industry back in th 90s was owners and executives spending far too much time (and money) on paying themselves, building their profiles as clean energy gurus, constantlly re-negotiating their packages and hiring far too many "consultants" and too little time and money on good, plain solid work developing, marketing and selling fuel cell systems. I did just fine when I sold out my shares after we went public. and i didnt need to be greedy because that wasnt my motivation. Plenty of time Bond et al to be Elon Musk and pay yourselves small fortunes when AFC
I did Goatlegs in 1992, it was a fuel cell company actually! Alkalines for off-grid energy generation. The basis of the technology we developed is now in part used by AFC but the energy densities are much higher and the use of expensive catalysts much lower. I made some mistakes along the way and I also got some things right so I know :) Let's hope AFC avoid the pitfalls. Back in the 90s fuel cells were the big thing and investors jumped in with both feet and got burned so the second time around thd market is far more cautious. Also, I dont know how long youv'e been invested in this stock but Ive been "expecting very positive updates" since I first invested at launch 16 years ago at a price of 23p per share. Poor coummications and or spin gets tired after a while as you will appreciate. AFC needs to be better at communicating both with investors and the market. You may want to think about that before you start taing the p*ss out of some of these keyboard warriors. You probably know less than you think.
Hi JS, no mate , wont happen, he'll just vapourise right before the brown nitrogenous stuff hits the oscillating rotor and he'll pop up somewhere else with a great story as to why he is brilliant and needs a fat salary and....someone will pay it.
Hi JS, no mate , wont happen, he'll just vapourise right before the brown nitrogenous stuff hits the oscillating rotor and he'll pop up somewhere else with a great story as to why he is brilliant and needs a fat salary and....someone will pay it.
Maybe alt- muddlee but they need to be honest and unintimidated by upstairs - people are not stupid and they smell obfuscation a mile off. Even the geezer that left school at 16 and works a lathe, in fact, probably more than most of the MBA VPs out there (who are too busy drinking their own cool aid) has been my experience!
Hi Amusementnow, my experience has been that when magement go quite its usually bad news and evenif it isnt people will naturally asume the worst. Ive done a lot of work around change management over the last 2 years as you will understand, supply chain, inflation, home working etc etc. I always tell C suite to communicate... This is the situation we are all expierencing, (the why we need to do something different) this is WHAT we are going to do, this is HOW it will all work (the project and everyone's roles and expectations with steps and timelines) and this is what will happen if we embrace change and this is what we will face if we dont (what if I do, dont). The fact this is not happening suggest panic incompetence or simple lack of respect im afraid.
Alt-Muddle, Yep, i never sell under 80p or buy above 20p. These SP swings have been based on global or market drivers and little to nothing to do with what AFC has done/not done e.g. when Abramovich bought in the SP doubled in a few hours, I sold a massive chunk, it sunk back to 20's again with a couple of days and i bought back in and took some profit too. IIs suddenly buying up then dumping, instead of worrying about it I follow them of course, all well and good. BUT, BUT BUT, what I really want is probably what YOU want which is to sell in the pounds. The ONLY way this will happen will be if AFC sells something and creates a healthy P and L and pipeline. Apart from day traders and punters serious investors look at those fundamentals and it's not not happening hence the doldrums of teens and 20s. Cmon, you know this. These guys are coasting and making good personal income along the way. We want the same thing. Ive been around the block too many times advising company's at C suite level and coaching senior people/helping them develop linked strategies and smart goals. I've suffered too as a board director watching it go on in my own company not to recognise the inevitable, repetitive and tedious patterns. Its always a problem a poor leadership. So AFC come on!
JUST SEEN THESE MESSAGEs TODAY ON ANOTHER BOARD, NONE FROM ME...ANYONE SEE A PATTERN?
No 1Just wondering when the sales and comms teams start back after Christmas? For the avoidance of doubt I mean last Christmas.Learn to love your shareholders a bit more in 2023 AFC.
No 2 No positives here.
Cash must be almost burned by now, 117 headcount.
Early 2023 we can expect massive dilution due to a cash raise.
Still no commercial sales on the horizon.
ABB, let's assume the worst as AFC have failed on all other JV's.
Extreme E already have a new supplier for charging in 2023.
If there is anymore good news, I will be happy to share that with you all.
No 3 I think it is time for the dodgy Santa Bond with his stubbly beard and slightly suspect Australian accent to stop being shy. He needs to whip open his sack with a cheeky glint in his eye. And then pull out a stonking and life changing rns for us to wake up to in the morning.It has felt like Christmas Eve for three years now. I have almost stopped believing in the magic of Santa Bond.
Times up guys. Either you are not competent at selling or the product simply doesnt work/is uncompetitive ...which is it?
Compensation comittee should be saying: "Adam, you keep your basic salary and you will receive a bonus in cash and/or shares for hitting all your soft, existing targets like developent and MOUs etc... BUT unless the business has brought in X revenue at Y by 5 April 2024 through sales, contracts, licenses, support packages (No Adam revenue by selling more chunks of the company off doeant count ). Then you will only receive basic salary or get fired. Of course, if the tech simply is miles off commercialisation then just say so and we can sell AFC via a merger with someone who has the time and market/people/operations/branding/sales resources to get it to market. That way shareholders will have a stake in a company actually doing something." Which is it Adam?" Then see if he sticks around or runs away! Then AFC is operating from a realistic position! How about all you highly experienced "theorists"?
Lord knows but i see the employees who are probably commited and talented people as much the victims in this as the shareholders. As they say, the first part of a fish to go rotten is the head. This business needs leadership not meaky mouthed corporate speak and spin. Lets hope though.
Because on her linkedin profile she has listed one of her skills as "P and L" management. In a REAL world (as opposed to the self serving fantasy AFC gravy train, world) profit means Volume (sale - cost of sale) i.e. How much or how many did we sell, what price did we achieve and what was our cost of sale for making and selling whatever it was?
WHERES THE S*DDING PROFIT MONIKA!!!!!! It doesnt come from a magic money tree luv. And where are any smart plans or targets holding the BOD to account... or is this just an eternal toy for people who want to play business executive with shareholders and investors money?
Quite right Gitfinger (and apologies for mistaken identity) I agree that there are a class of inviduals out there who skulk around the corridors of the corporate world on fat salaries whose only real skill is sliding up the greasing pole. They take no risks, they are cushioned with salaries, they hide behind contracts and paper trails, they use other people's money and when it goes wrong they just walk away. As you said in your last comment below, the benefits to Bond are tangible and irreversible his targets are soft and intangible, he has no risk and no downside. Even if he doesnt hit his soft, pre agreed targets he still draws a large salary. At this point in AFCs evolution they should be tying executive bonuses to hard SMART targets; P and L, return on sales, cashflow, volumes, market share of wallet, number of deals, margins achieved, pipeline, even if those targets are set for 24 months to give time. BUT, I would bet that if that WAS asserted then half of them would just up and leave the gravy train. But of course, the paid non exec "experts" would lose their sinecures as well! This company needs someone with guts, commitment and integrity. AFC won't get that calibre of individual if they are looking after each other and not the company and its vision. I sense the creepy, corporate hands of self interest all over this. Ewww i think i need to throw up now.
...and yet we have made no significant sales, no discernable pipeline a terrible return on sales, no profit. Terrible SP and they are slathering Bond with money as though he is a success. This is particularly odd as Monika Biddulph states that managing P and L is one of her big skills there is no real P and L! So by her own metrics its failing and I go back to what I said before: sustainable value is created by sales. Ford sell cars, facebook, zoom etc make revenue through advertising. Others by licensing agreements. The big one is sales and thats simply not been achieved so why reward failure as demonstrated by the SP? This is not a charity or government sponsored research institute. But, it continues to be good, cold hard cash in the pocket for Bond. This is precisely the problem. We need some people with practical experience at building a business not a load of professional "experts" that never made anything in the their whole lives but earnt their money by being professional advisors. Theres no actual skin in the game for this comfortable people. Thats the problem.
...and yet we have made no significant sales, no discernable pipeline a terrible return on sales, no profit. Terrible SP and they are slathering Bond with money as though he is a success. This is particularly odd as Monika Biddulph states that managing P and L is one of her big skills there is no real P and L! So by her own metrics its failing and I go back to what I said before: sustainable value is created by sales. Ford sell cars, facebook, zoom etc make revenue through advertising. Others by licensing agreements. The big one is sales and thats simply not been achieved so why reward failure as demonstrated by the SP? This is not a charity or government sponsored research institute. But, it continues to be good, cold hard cash in the pocket for Bond. This is precisely the problem. We need some people with practical experience at building a business not a load of professional "experts" that never made anything in the their whole lives but earnt their money by being professional advisors. Theres no actual skin in the game for this comfortable people. Thats the problem.
Well, if she has real life field experience building businesses and financing them hesrelf rather than being one of those eternal non exec directors - you know PhD MBA whatever but couldnt change the tyre on a car! If she is the real deal then she will put an end to this. In any event, the Compensation Comittee should consist of more than one individaul.
Yep thats the game Gitfinger. But whats tragic is we all want to make money out of this stock and believe in its possibilities. Over and out Happy new Year. I think I lost the thread and thought you were having a go at me. Scrap last response. I think we are aligned in our thinking but definitely time to sign off!!!
Its amazing how whenever the AFC BOD are criticised the sycophants come out and personally attack to somehow deflect the conversation from the real concerns but since thats the route you wish to go I shall oblige you. I've had my own business for over 25 years GITFINGER and I funded it myself- I like to take personal responsibility - you supercilious baby! That's why I object to funding Bond's life style while he fails to perform - if that's OK by you?
Don't tell me though you're a snakeoil salesmen who talks up a brilliant story, gathers the investors then is nowhere to be seen when it all goes wrong. I bet your mum's really proud of you assuming you didnt bankrupt her! Then on to the next lot. Or maybe youre just some middle management flunky working on his allotted budget and calling himself senior vice president and spewing out lots of rubbish about "leadership" to the poor souls under you? So "Brad" or whatever your name is I can see why you are cutting AFC so much slack. Has that helped? Have we answered the core problem of whether Bond's remuneration is fair and equitable and properly motivating? Have you now got the moral high ground by insulting me or are you just a wild under-achiever in desperate need of vindication??? Now go off and suck your thumb.
this company will survive and thrive not on various rounds of fund raising but profitable sales. This has been a development company with massive opportunities "just around the corner" for long enough. So "no" you didn't answer the question but you gave Bond's rationalisation for the hard cash flowing into his bank account. If the company makes significant sales in 2023 then fine but right now we are staring at 18.5p.