Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Today's RNS finally gives us some good news on trading.
It was originally supposed to be April/May, but no news. No other news or director buying, so I'm guessing the new leadership team are happy for the share price to drift and then, going by the chairman's past record, they will give themselves a massive share option package at our expense.
There was an RNS about the £6.5m write-off to exit the systems contract. Then I guess there is another hefty bill for replacing it.
From what I recall, Owl was supposed to be launched in April or May of this year, but there is no sign of it. I'm guessing its been pulled under the new management. I hop this is because they have a new strategy for the business. As others have said, the old book of business is falling away and, after the mis selling scandal, not easily open to new products. The global business is growing well, but still has a long way to go. The VVOP needs to be lifted and new products launched to even justify today's share price, as the cost base will eat away at reserves and cash flow otherwise.
So you can continue you live in cloud cuckoo land? Dimwit.
No announcements, no new appointments, nothing on VVOP, no new products, no new strategy, no director buying. My guess is that they have no good news to tell and are happy for the share price to fall. When it gets to a certain point, they will announce a huge option package for the directors at a very low exercise price, or the founder will try and buy back the company. If the board can't see value in the company, the shares will fall further until they do.
Small investor transactions have no real impact on share prices, even on most AIM stocks. There are rumours, but there are always rumours both ways for most stocks - ultimately the MMs have to make a margin and not lose their shirts. AIM is a dirty place and most PIs end up getting shafted because they get caught up in the greed/fear cycle and pay the massive spreads. But ultimately share price performance is about he quality of the management and their strategy. Being able to spot that is the only way of being consistently profitable (look at Buffett). Unfortunately, I see neither in this company right now.
No need to be rude. Just look at the share price performance and then use your brain.
Since the boardroom coup emerged, this share has lost half its value - so much for Phoenix and Schroders acting in th best interests of investors. They have also blown millions in the "coup" and cost the company time. The share price is saying there are major issues with this business. Maybe the new team don't have a plan after all? Why don't they resign and give the last lot a chance to carry on where they left off? Otherwise, this share is going to halve again and get to a price where Ogsden will offer a couple of pence to buy it out.
We are close to 7p now and no buying from the new leadership. I guess they want a lower share price so they can allot themselves some hefty share options - Sir Richard has a habit of doing this. I think Phoenix must be regretting their inaction, as they have seen the share price nearly halve.
I'm guessing the new team is of chair, non-execs and ceo is looking to churn the senior team, so expect some redundancies and new hires. I expect a bunch of very expensive management consultants will be brought in to devise a strategy for the company, which will mean everything is on hold for months. Also, they will be planning lifting of the VVOP. Wonder how many weeks the CFO will stay for? I wouldn't be surprised if at the end of this whole process, the company is actually in a worst state, as the new team have yet to articulate why they feel they should be in charge (apart from pay!).
You are indeed right - I stand corrected.
From what I read, the previous CEO's base salary was £175k plus bonuses and the new guy is on £250k plus bonuses. And this new chairman has a history of taking and granting very big bonuses.
Just read an article in today's FT - an interview wit hate new Chairman. He slates the pay of the previous CEO, while defending the even higher pay of the new CEO. The chairman is famous for awarding huge pay and bonus packages to his people at C&W. I am tempted to sell my shares, as he doesn't seem to have a strategy (apart from around remuneration).
As a shareholder, I think a number of things stink. No-one apart from Schroders want Ogston back - not ripped off customers, staff or the regulator. Only Schroders supported him - why? We were never given a reason for the coup. What do Schroders know that we don't. What will be new and different under the new team? And how much has this whole thing cost us? I have bought some shares in Schroders so I can raise this at the AGM.
Wasn't this chap part of the demise of CPP under Ogston? And then fired for his incompetence? So now he's back after temping for EY, a reformed man, with no connection to Ogston of course. I really would be amazed if the regulators cannot see through this. I look forward to the AGM - I might even attend!
The company might be making profits, but those are declining rapidly and unless they become FCA regulated again and start launching new products, they will decline into oblivion. Ultimately, Ogston now calls the shots and I fear he will run the company down and buy it back for next to nothing. How Schroders can support this is beyond belief.