RE: Write to sharesoc. I have12 Jan 2020 13:45
Dear Mark Bently and Chris Spencer Philips,
I am sure by now you have been bombarded by a number of requests from disgruntled SXX shareholders who, in my opinion, are being deliberately misrepresented by the Company CEO and the BoD. The problem that I am seeing is that time is running out and there is not one voice bringing us all together. Is sharesoc that voice? Have you been able to provide any advice, and have you set up a single source point of contact such as a WhatsApp group? BB's are good starting point; however, they are fraught with a range of opinions and trolls which often distort and dilute the message that we want to give out to the people running our company. To bring our opinion to the company’s desk, we need to be united as one and work as a team. Our company has been railroaded into a low share price ready for a pre-packed sale by a board of directors who have provided zero response to the issues being raised by the shareholders. Time and again we were assured by the CEO that past lessons with financing were learnt and that those mistakes could be harnessed to ensure that funding was successfully gained. We were told that we should have no problem getting funding especially after the review which brought the level of funding required to first production down to .6 from 2.8 billion. All that has resulted is time is now of the essence and cash is running out. Our CEO is hell bent on recommending a sale and has even had the audacity of including the predator on our website, even though a firm offer has not been made. Unfortunately, we are not aware of what efforts have been made in seeking other financing since the review was completed in November 2019. We are not being kept informed and we are being deliberately, again in my opinion, misguided. The CEO will provide his backing for the sale of our company to the apparent one and only interested party; which lo and behold is known to a number of BoD and the CEO on a personal level. Why are we not being allowed to fund the 600M USD required to de risk the project, even though, according to the potential buyer, there is no risk – probably invented by the BoD to explain away failure to achieve funding. There have been other issues in the past with what appears to be likely insider trading as the share price has risen or fallen sharply prior to an important RNS: this should be investigated further. However, the crux of the matter now is to stop the sale of the company to a company who have had apparent designs on us, slow down or mothball the project to a level where existing or new finance can sustain the company whilst the current BoD and CEO are removed in favour of people who actually care about the shareholders. To say this company has been mismanaged by an egotistical finance guru would be an understatement. We should have learnt from our mistakes in 2008, where the world was shown the true colours of the power hungry investment bankers,