Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Remember- this is a man who has been happy to sit there in his office and watch YOUR investment decline. Many others in his same situation would be cranking up the PR to keep confidence high. He is proactively avoided PR while watching you get poorer. It needs to be a very personal 'attack'.
seemingly deliberately opaque news releases, and a CEO who spends an inordinate amount of time chatting to private investors in individual calls. We hope that you will choose to engage with us and have our concerns officially recognised via resolutions in the upcoming general meeting rather than things having to be escalated which would negatively affect our holdings.
Echo Investors group
Perhaps some will think this is too harsh, but then look at how much MH is earning and to what extent this slippery eel has gone to avoid being under the magnifying glass. I think its long time for some home truths.
I represent a group of concerned private investors in Echo Energy.
I will get straight to the point regarding our concerns about the direction of the company.
1) Most, if not all of, have little confidence in Martin’s record in running Echo Energy to the standard we expect from a CEO, especially one on his current renumeration which we find hard to justify based on his record to date. We wonder if due diligence was done in his appointment and if the job was offered to outsiders, or if the BOD simply chose their colleague. Not every CFO can be a CEO, and we have seen Martin make 2 or 3 interviews in the last year which is wholly unacceptable for a company in Echo’s position with his peers making double figure appearances in the same time frame. One example which Martin would fare unfavourably with, is the very competent and PR-savvy head fo Zephyr energy who has presided over a 10-fold increase in his company’s SP over the last half of year. If Martin is not confident in appearing in public, nor confident in his knowledge of the company he heads (there have been a few examples we can give) to stand up to public forum, it may be an idea he reverts back to his original role as CFO and let someone more competent in these fields to take over as CEO- which should be selected from an open market rather than an ‘inside job’. All Martin can point to, is a list of 'achievements' which could have been achieved by any average CFO and, judging from the rumours circulating- may not be what we were made to believe. May we add, his PR absence is certainly not due to the lack of time which brings us to our second point.
2) We are concerned about the sheer amount of time he is currently spending on private conversations with various private investors which is fuelling an unprecedented rumour mill with seemingly pieces of information being drip fed causing a significant amount of confusion. Furthermore, we wonder if these are pushing the rules regarding disclosure of price-sensitive information, and what effect this would have on the SP should they be investigated by the FCA.. Even in the small cap market, this is highly irregular for a CEO to spend his time. We feel that this paints a picture of someone going to extraordinary lengths to avoid scrutiny which raises numerous red flags- cold water was poured on the recent suggestion for a ZOOM call for example.
3) We know you aware that others have raised the election of a non-executive to represent, us, the private investors to break the current shadowy cloak that covers Echo- with little public engagement, seemingly deliberately opaque news releases, and
Just sent the email-
I have raised queries about the lack of PR, and also Martins suitability as a CEO due to his lack of engagement. Perhaps it was overly harsh but I think MH has been given [perhaps naively] enough time, to prove himself despite his large and unjustified salary.
Haha. We wish.
What is this court case? Is it really over MILLIONS?
Will Phase 2 drilling be enough? Or you reckon we will need a Phase 3?
While I am here- what type of timeframe do you think we have for IAMGOLD increasing their % hold in Senala and how much money would that give us?
No JV, means more placings. We are burning through cash. Question is- do you trust Bill's ability to negotiate a good deal?
UFO has made me way more savvy regarding AIM miners. Look to see the money in bank vs drilling & running cost ratio
So the title is a bit of clickbait
I see people puzzled by the markets seemingly lukewarm attitude to good news.
This is very simple to explain
1) The average investor is more discerning than those you find on LSE. As such, they do their due diligence and look at BBG's record so far
2) Many dont want to admit, but UFO was grossly overinflated in SP last autumn/summer. Reality is still catching up with the SP (or vice versa). Again I want to remind you of what Stargazer, who was the most knowledgable BB member IMO, said. Dont expect the price to jump up again without a JV. The market has already accounted for a maiden JORC of this size, and maybe even the 2nd one at the Western Ridges.
3) BBG has not been able to prove himself as a 'businessman' yet. I dont doubt his technical skills. TBH, he looks like someone who will be eating alive in a negotiation. Dont expect the SP to hit summer levels without a JV *OR* a major advancement in one of our non-Han**** projects- obv EHs will be top of that list- i hope to say Phase 2 drilling for that one, completed before end of the year.
We are fast depleting out cash reserves- my worry is a placing that will crush the SP. BBG needs to negotiate some sort of JV that will provide us with some upfront cash- or I dont see any other way to continue drilling. I cant imagine there is much in the kitty now- especially if you know how much drill crew are paid in Oz.
BBG- get busy on that JV!
As I always say, DYOR. Dont take anything said here at face value.
GLA
@ the LINNS, are you in?
There is already a GM but im hoping to get the threshold to raise our own resolutions. This must be a give or take.
Right now, MH is on an excessive salary and is doing all the taking.
Please email your No of shares to echoinvestorsgroup@gmail.com
Have drafted an email waiting to send out once more people reply to me. Have about 30 million shares so far. The more the better.
Dont let MH pick people off one by one in private calls.
Also- at what point do these private calls- allegedly telling information that the rest of us have not been party to, constitute a breach of LSE rules? Has anyone ever tried to raise concerns with the LSE? They directed me to the FCA but i have been passed from pillar to post with no luck of an email or phone number.
Please email your No of shares to echoinvestorsgroup@gmail.com
Have drafted an email waiting to send out once more people reply to me. Have about 30 million shares so far. The more the better.
Dont let MH pick people off one by one in private calls.
Please email your No of shares to echoinvestorsgroup@gmail.com
Have drafted an email waiting to send out once more people reply to me. Have about 30 million shares so far. The more the better.
Dont let MH pick people off one by one in private calls.
Please email your No of shares to echoinvestorsgroup@gmail.com
Have drafted an email waiting to send out once more people reply to me. Have about 30 million shares so far. The more the better.
Dont let MH pick people off one by one in private calls.
I have been communicating with echo and MH for last few weeks. Looking to assess how many shares we can get together to call a general meeting. We need 5% of issued shares to call a meeting.
Hopefully i collect enough and will re-contact echo at end of the week.
Here is the email account I have created
echoinvestorsgroup@gmail.com
Has Martin actually bothered to do any interviews since last year btw? Or have I missed them? Last I can find is end of last year just before Xmas.
echoinvestorsgroup@gmail.com
Crucial next 3 months for us.
1) Maiden resource- will massively derisk us, hopefully lead to a JV which would involve some upfront cash for further drilling.
2) Assuming that EHs start this week- we should have drilling done by 6 weeks and results back in another 6 weeks.
I think if BBG fails in getting a MR for Han****, it could be curtains for the SP and, hopefully, BBGs role as CEO. We need that maiden resource and the potential money of a subsequent JV to avoid another SP-crushing placing.
I now now have investors who make up just short 6% of the shares (5% required to call a stockholders meeting) but are holding off to say how this plays out.
Btw, all those posts about inflation and Bidens infrastructure and silver price fixing etc are all nonsense 'white noise' which detracts from the reality of progress, or lack thereof, on the ground- which will ultimately be the determinant of the SP.
Wolfy, I agree.
The faith and fanaticism some people have for BBG and UFO is rather unsettling. You would think he was family or something.
In this cauldron of emotional attachment- take a step by the look at the evidence.
Stargazer said some time back, that the SP would not recover till we had a JV- it was laughed at. Its proven very true. The fact that people get excited when we hit 0.9 just shows how low the stock has become as we languished around 1.2-1.7 for so long.
I actually believe they will drill Donovan themselves eventually, the other sites- dont expect much movement any time soon.
Though with Donovan, I wonder what UFO knows that a midcap with a history of success doesnt. It may be a folly to go back in there. We could cut our losses and pass it onto someone else.
As I said a while ago, there has been no such thing as a Mexican government shut down. Mexico has been one of the more 'normal' countries in terms of lockdown and people have been going to work.
I have no problem with focusing on Oz, but it must be a clear statement of intent- rather than stringing investors along. I dont claim to be a mining expert but I think UFO does not have the resources or cash to open up another battle front in another country. Despite the claims of BBG that they are fully funded for Mexico. I suspect, in reality, that money has been diverted to firm up the DSO- which makes good commercial sense. Id rather money and time be spent on further drilling at Han**** than to start from zero with Mexico- which could turn into a dud like Donovan.
BBG has stopped using the "lockdown" excuse since I emailed UFO and revealed my communications with the Mexican government. I "spoke" to the head of the ministry himself.