Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
If you are right 4Corners, then you would think people would be buying like crazy. With Seafox having to pay 22p minimum against todays SP, people currently stand to double their investment....
If there is no takeover, whilst the timeline for the investment to 'mature' may extend, the results just published are very positive and indicate a significantly higher SP value. Either way, buying in at this price looks to be a good opportunity IMHO.
driveat15, I agree that Seafox was indeed the catalyst for the direction the Company has moved in; credit where credit is due. Fundamentally however, I feel they are a competitor and they have absolutely demonstrated that they want to own the company and they want it cheap. As a SH, I feel having them on the board is not in my best interest. Being in a position to negatively affect the SP to facilitate their takeover of the company as cheap as possible should absolutely be resisted, and having seats on the BoD goes a long way in helping them achieve that takeover. To be clear, I fully understand that all public companies are ‘for sale’. The job of the BoD and the Chairman is to ensure that ALL SH’s get fair value and resisting Seafox representation on the BoD is a key part of that IMHO.
Looks to me that Seafox is trotting out the same justification for inclusion on the BoD; the same justification that previously failed.
When they say "GMS's Board is in urgent need of further director appointments to provide the experience and know how required in order to address its recent poor performance and further deterioration of its financial position", to me they appear to be referring to the earlier performance because currently, the Company appears to be doing very well, even during the difficult COVID pandemic.
https://www.prnewswire.co.uk/news-releases/statement-by-seafox-international-limited-seafox-we-and-us--870529989.html
driveat15 yes they do! Reality is that no one is against them buying the company; they just need to be prepared to offer a fair price (and that is different for each investor). If they had offered 30/35p I think they may have been successful. Now, with the banking sorted and nothing but positive news from the new Executive Chairman and BoD, I think they will have to pay significantly more.
I feel the whole drive to get their reps on the BoD is to keep the SP low via disruption/uncertainty etc, in order to facilitate their purchase of GMS at a knockdown price. Precisely why I shall be voting 'no' to their BoD proposals and hope the majority feel the same.
"Seafox also notes that the resolutions proposed at the AGM to approve the GMS remuneration policy, remuneration report, deferred bonus plan, amendments to the LTIP, the chairman’s share award and shareholder authorities to allow share or other equity issues were also defeated by a majority vote of shareholders."
The same SH's that seem to be suspiciously aligned in their voting, so no surprise there and pretty meaningless really. I note that whilst Seafox are 'surprised' and 'disappointed' at this 'unprecedented' action, they in no way infer that such action is against the rules of 'the code', which I feel they most assuredly would if that were so. It is now incumbent upon those SH's that didn't vote, to ensure they mobilise when any subsequent vote is required, if they feel don't support a takeover by Seafox.
So far, I believe they would need to offer as a minimum, 22p if they were to get to the 75%(?) ownership required to force a sale. Indications are that current fair value is circa 32p.......
The voting was clearly suspicious; exempt Seafox, Mazrui,Horizon and the ‘unknown’ entity, there was was UNANIMOUS support from the remaining Shareholders (less 6 shares!). Having identified this activity and called for an investigation, will the EGM actually go ahead or will it be postponed until any investigation has been completed?
The new RNS is certainly a confidence boost. The really exciting aspect is that whilst EBITDA is on track and utilization is quite outstanding at over 80%, the continued savings shall go straight to the bottom line. All in all, this has been, and continues to be, very encouraging from the Executive Chairman and the current BoD's who continue to deliver.
From my perspective, rather than seeing any value in having Seafox representatives on the BOD’s, I feel it would be extremely detrimental. Seafox are a competitor and, as SH’s, have demonstrated on more than one occasion that they are happy to create instability to get what they want, at the expense of the interests of fellow SH’s. Board members are meant to be impartial, and for good reason; 2 Board members at the expense of 2 current members would give them far too much influence for my liking.
Unlikely that any investor would give unconditional support to a company; stands to reason they would want the flexibility to change their minds if circumstances change. I note that Aberforth Partners have increased their commitment to the Board which now means that shareholders accounting for 38.78% of the shareholding have declared their support of the Board and rejection of the Seafox proposal.
Better than fair I reckon. Exceeded the previous EBITDA advice, exceeded their target to reduce costs, E Class barges moved to MENA already working or mobilizing for work. For me all going in the right direction; no way I would support a takeover at 7p!!!! Need to be minimum of 30p to have any chance as far as I’m concerned.
Though not reflected in the SP, company in a much stronger position now. Board and management group stronger; huge reduction in operating costs; much better barge utilization and banking etc all agreed. Having failed at 18p, I can't see why anyone would want to sell for 7p just when it seems they are emerging from very tough times. FY 2019 results tomorrow so we'll see soon enough whether this has legs; either way 7p is something of a desultory offer IMHO.
You’d like to think that with this news, along with a number of earlier positive RNS’s regarding contract awards, that the share price will better reflect the true value of the company. Not expecting a huge surge but surly a steady rise into double digits......