It's now 4 trades dotcom, I'm sat here on the edge of my seat I've never been so excited. It's like I can feel a tsunami of cash on the way. Bring on the Boom! Show us the money. Unleash the juggernaut!!!!!!!
P.s. can someone text Brenda as I'm sure she wouldn't want to miss out.
JD - there's not a lot of love for the BOD right now and they certainly don't deserve any. Sneering justification of their self awarded bonus saw to that. They didn't even manage to submit a complete PEPR application for the only asset (Leigh Creek) that has any near term potential to get the share price back up to LTH averages.
What, exactly, is John Peters doing (apart from texting Brenda) all day every day to justify $500k? Not as much of a problem if we were doing well but there are now double the shares in issue from when I first invested and the share price is less than 1/4 of the price it was 18 months ago.
It's the BODs duty to protect the share price and shareholder value. If they're concerned they could return their bonus and/or buy some shares but will they?? Doesn't look likely does it.
We spent hundreds of thousands of dollars on Arbitration which was supposedly the cheap option and genuinely looks like we'll be lucky to get our legal fees back. All to save face or perhaps generate a headline?
Potential is all well and good but it doesn't (or shouldn't) pay bonuses.
Enjoy the sunshine :)
I'd give the bod a cereal rating of Waitrose cornflakes out of ten. Same as Aldi cornflakes but you pay more and get less.
Anyway as you say Prop focus on the positives: we have a first, nay WORLD class BOD (particularly Alan Broome - he's amazing), deftly navigating the BOD to riches abound. This time next year Rodney.
Fira, I think you're forgetting one key element. We have assembled the finest group of financial, mining and market minds in modern history. I would urge you to watch the Q&A again and drink in the opening curriculum vitae of Alan Broome. It's hard not to be impressed. Awestruck even. In fact I find myself just watching it on repeat it's just so impressive. Is there a Nobel prize for mining because Alan definitely deserves it.
Do you know, I'm actually not sure who is more super intelligent and overall amazingly stupendous. Alan Broome or DJRyan. Fortunately we have both of them to throw us imbeciles nuggets of their awe inspiring wisdom. DJ has more positions in SML than the Hokey Kokey.
Wonder if Alan Broome will arrange the JV for Redmoor or Leigh Creek. He is an expert at everything so probably will be. He negotiated an excellent deal for New Age, a brilliant deal for Brenda and some outstanding DD for Leigh Creek so here's hoping. I think that's what the bonus must have been for; other than just being all round adroit at everything.
Tomorrow is the start of another week with over half the year gone it appears we're unlikely to get anything from the major client and have spent hundreds of thousands of dollars just to find that out. What a debacle.
Leigh Creek requires further details before a license can be granted, which is very frustrating considering how much time and money has been spent there already. You would think they could at least get the information together given how critical LC is to any form of near term recovery here. What are these guys doing to justify such remuneration? Routine or not given its importance surely it's not too much to ask to get a PEPR application complete, they've certainly had enough time FFS.
No contrition about bonuses which have directly led to dilution as the coffers were drained for arbitration, bonuses, Redmoor purchase and Leigh Creek leeching experiments is disappointing.
So how are the bod going to turn this around and restore some trust and shareholder value? Leigh Creek may be the best thing since sliced bread a tsunami of cash in the making but frankly right now it's just another on-hold project that's cost us all significant shareholder value.
Over to you John, no more mistakes please.
Similar story here, I bought in at various prices that I won't bore everyone by mentioning.
What attracted me and re-enforced the SML story was the 10p options the bod set themselves (ambitious from 3p but seemed achievable), Redmoor AKA the juggernaut, then along came Leigh Creek AKA the 'tsunami of cash' and let's not forget the jewel in the crown: Brenda the major Cobre client.
Really though the main draw was that SML was headed up by internationally renowned mining guru Alan Broome and financially endowed business wizard John Peters. I mean that was the main reason I invested. What I really wanted was to find a way of just giving AB & JP my hard earned money. I had thought about keeping it but much better for these boys to carry it off in the bags you mentioned.
I wonder how that conversation would go Slurm?
Alan Broome: "Should we limit our bonuses like Slurm suggested guys?"
John Peters: lol
Alan Broome: lol
Peter Whale: lol
If they want some respect they must return the bonuses until they've actually earned them.
I don't know if you listened to the Q&A prop but Alan Broome is massively qualified, we're lucky to have him. I'm surprised he hasn't been poached to run Rio Tonto, probably only a matter of time.
John Peters is also massively qualified, he's been doing a fantastic job of maintaining and growing shareholder value, it takes a lot of effort coming up with phrases like "juggernaut" and "tsunami of cash" and he needs a rest after all those texts to Brenda.
As Peter pointed out SML is profitable, particularly for the bod, and a crack team like this is worth every penny of their bonuses. The current share price is a mistake it keeps going down in error, it's absolutely nothing to do with decisions and actions of the bod. If anything we should be paying them more.
I like the new you Fira :)
So IMO the reason this hasn't gone away is that they didn't come on and say "Ok guys, you're totally right, we f**** up and if we had our time again we'd do it differently. Mistakes were made and lessons have been learned. We'll forgo our bonuses this because while we may be in the rules to take them it's doesn't send shareholders the right message." Instead they just waffled on about how great they were and justified the bonuses with some slides.
Maybe we'll find altruistic partners for LCCM and Redmoor and we'll see 2p again, I certainly hope so, but sadly I'm no longer expecting an ROI - just hoping for my money back.
Interesting that with the immense and near immeasurable experience of Alan Broome and the supreme deal making and financial wizardry of John Peters that they were both conned by a wee wifey who kept saying "cheque's in the mail" over and over and over again. Turns out all that experience and 'skill' didn't count for anything when it might have actually been useful.