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Easy to say with hindsight, just as easy for me to say if we received the tax refund in March when they believed it to be imminent the SP would be sitting a bit higher.
In the grand scheme of things, my point of view is as long as we keep producing, stay afloat until funding is secured for development of the Suni acquisition Iām happy enough to be patient as I always thought of this as a long term play
In no way am I accusing you of being part of the group, not that there is anything wrong even if you were. I personally disagree with their actions but I do not blame shareholders who are campaigning for change.
But what would you have preferred? Another raise? Iām not having a dig I am genuinely interested in your opinion.
So what was the better option? Another raise? Youād of loved that for sure, more ammo for the takeover group. Not sure if you read the corporate update but they were not relying on it - Establishment of working capital facilities from the Company's bankers in Madagascar being progressed supported by a personal guarantee being agreed to be provided from the Executive Chairman; and
Ā· Due diligence work continues with DFI's for funding the expansion of the Company's effective production at Madagascar first to 36,000tpa in the near term and then to 54,000tpa thereafter through the addition of a new 18,000 tpa module.
Iām interested to hear your opinion here as an armchair CEO, what was the right decision? It sounds like you would have supported more dilution.
I believe your points to be valid HarChris but I would point out the company has stated it needs 1mil to ramp up production, if they had received the tax refund from Madagascan government when they believed it to be āimminentā Iām sure we would be more likely to hit targets.
So as to your earlier reply saying targets are not being missed due to not receiving the tax refund, I completely disagree.
Firstly lack of open communication, I donāt know why it is so difficult to announce at least a couple of weeks in advance as to when the next set of results will be released.
Secondly the board, I agree the current situation is not ideal, also how long does it take to find a cfo?
You mention management not being able to foresee future operational issues, well if youād followed mining companies for as long as you say surely you understand these things do happen. Donāt know what use the CEO would be on the frontlines of the mines but Iām sure youāre welcome to suggest it for him. Unrelated note - Iāve seen my current employer on site twice in the last year.
Also if management who have had decades in the game are not āsmartā enough to foresee future operational issues who will be?
Some good points occasionally HarChris but I do believe they need a crystal ball to keep you on side.
Yes it is disappointing when results are not met but I donāt hold one man accountable for the weather and other issues faced (i am not an graphite expert, he is), I also donāt hold him responsible for the Madagascan government regarding the tax refund. I donāt think thatās being ignorant I believe it is being reasonable.
How I decide to invest is by looking in depth to the numbers, not opinions.
I believe judging Shishir on the next set of results to be ignorant.
Zan I completely agree with you, hopefully only to be done as a last resort to keep the company afloat, if it even comes to that. I just wanted to say in my opinion the chances of this company going under are very slim, regardless of results meeting targets with such valuable assets not currently used for production.
I also agree it did cost the company in the way they acquired the Suni assets but I do believe it was the right decision, if the company had to secure debt to purchase the Suni assets would be even more difficult to secure funding now, I think this is what a lot of angry Shareholders are looking over. He is a good businessman in a bear market.
Iād say it would be a lot easier to secure funding if the company announced it was selling off the Suni acquisition as we know itās valued in the millions. Not even worth thinking about until we see the latest results anyway.
Youāre saying we shouldnāt give Shishir time because of low SP? Well there will be a lot of graphite mining companies losing their CEO.
Shareholders seems to forget that the sale of assets is an option, they have stated it in an update. Youāve got all these de rampers and twitter experts slating the company for the last raise, it was the better option by far. Thereās always a bigger picture
Fairtrader, donāt quote me on this as I havenāt got time to double check today. Out of the 7 NED, one was Shishirās brother whoās by the sounds of things had conflict of interests, one stayed involved in an advisory role? 2 others are involved in the coup.
So yes 7 NEDās leaving does sound bad and it must be a difficult working environment but not as simple as youāre making out.
Fairtrader - ā It is all very well criticising the Group's tactics, but sometimes they are neccesary to get the word out.ā an outrageous comment, no excuse for misleading shareholders and spreading misinformation to stir up tension.
Are you unhappy with management or like Tomorrowyester, unhappy with the share price?
From my understanding Shishir has āManagedā to get this company in an enviable position, I must share this view as thatās surely why we invested. Iāve said this before, compare the company now to when it was at its highest SP. In a hell of a lot stronger position now imho
Personally if the group went for a more diplomatic approach and planned on appointing a couple more to the board instead of replacing everyone, I probably would have voted in their favour.
Instead they ran a scaremongering campaign for months, adding fuel to the fire. They are not the cause of the downward spiral but they definitely contributed to it.
They have now made themselves look to have less integrity than the current board and the most insulting thing is they were expecting us, the shareholders to fall for it and join their coup.
I for one will be requesting a meeting or at the very least a call, looking forward to my concerns being answered straight from the horses mouth. Will off course relay the information to this forum as others have kindly done before.