Member Info for TarryBreeks

I've hit a wall of apathy Drewky partly because most people just want a certain sp and will be off when it's reached - myself included TBF however my target price is now much lower. We, the shareholders are paying salaries for an expanded team most of whom will ultimately transfer to ARA with zero back costs to us. Our BOD have awarded themselves another salary rise this year of the back of one last year while our only source of income at Kiliwani North has been non producing for ~6 months. I doubt I could gather support for an amendment at the EGM, I've tried and will continue to try but I don't think just keeping quiet anything will change. I fully expect we will get the bare minimum of notice for the EGM and that financial results will likely be released the same day to allow for as little scrutiny as possible. All I can say is that I hope we find oil at CH1.

The figures I posted are correct I was very careful to post the total renumeration in the relevant currency - I suggest you go back and reread what I posted. None of my posts have been removed if that is what you are suggesting. I would also point out that you getting figures from 2016 and comparing them to 2017 when the BOD have just awarded themselves a new pay rise for 2018. So your 13% only relates to historical increases not the most recent increases. Either way we are paying too much given the BODs and share price performance. We are not even producing so how can ANY salary increase be justified????

Yes JODO you are quite correct but the main point is that these figures are from 2017 and do not include the most recent salary increases so $423kUSD (£325kGDP) is PRE salary increases. I'm not sure where Drewky got £285kGDP from though? We've not yet been informed what JB's new salary is. Even on his old package L'ORÉAL would ask: is he worth it? Not so far IMO there is time to turn it around (just) TICK TOCK JB TICK TOCK

I'd like to point out that you're now winging about me raising this topic again so perhaps you should "keep silence" too?

Finally I've been looking forward to the CEO doing "something good for us" since 2011 - and I'm still waiting.

This is a discussion board where people can discuss the company - since all future plans discussed on here are largely conjecture without the rubber stamp of the Tanzanian Government and now (subject to the EGM) the Zubair Corporation the one thing the BOD do have within their control is their remuneration.

You realise that BD gathered shareholder support on the SOLO BB in order to challenge their BOD. BD is just a shareholder - he doesn't have any super powers as far as I know.

So therein lies the conundrum - how am I supposed to gather any support to challenge the BOD over their remuneration if every time I raise it everyone tells me to "keep silence" or that I'm moaning and winging? Please explain that to me Lo.

Well in that case why don't you just email JB and suggest he make his salary $1m / year. No-one will challenge him after all. He'll be nudging $500k as it is (10% of the cash component of the farm-out) just on remuneration for JB.

Let's all just "keep silence".

In fact we spent $2,291,000 on "administrative expenses" in 2017 which will include salaries and that's before taking into account the expanded team and salary increases.

So *whoosh* 1/2 the farmout cash gone just on admin expenses and salaries.

I don't think it's possible to remove your own posts Drewky - which posts have been removed? They all look to be there to me http://www.lse.co.uk/ShareChat.asp?ShareTicker=AEX&thread=3E3ACAAD-B1DA-4627-B51D-507B52C1A92A&page=2

Yes cperkin and since that annual report was published in April Bhattacherjee has been paid £135k, and voted through a salary rise on top of that.

All the while we have no production from KN1 and inflated salary overheads from all the staff who will ultimately move over to ARA and a sp that has fallen to 2p.

You see plenty of other listed companies where the CEO/BOD reduce their remuneration or take it in shares.

I really can't understand why more of you aren't angry at this.

"Sadly GL many are basing their underperformance view on just one year. Just over eighteen months ago we had none of what we have now to look forward too. Back then it was an explorational pipe dream."

Not really Drewky - the under-performance is is not only one year. Just over 18 months ago we had just drilled NT2 and believed we were about to drill NT3 which, if you remember, was fully funded and FFD was to be self-funding. We also had income from Kiliwani. A year ago we were submitting the development license application. So actually we had quite a lot to look forward to. Perhaps if we had drilled NT3 as planned and hadn't used Caroil-6 again which seems to have been made on Scrapheap Challenge things would be different.

We are where we.

However given our enhanced cash burn with the expanded (now redundant) team, the loss of production at Kiliwani North, the farm-out of 67% of our share of Ruvuma I think the PRE-AGM £325k Bhattacherjee was on was quite enough. After the salary increase I wonder what his total remuneration is now?

"Now we have a clear route to monetisation within a reasonable time frame of the next eighteen months and lot's to happen in between that could further boost the market value."

I hope you're right.

"There are still the exploration pipe dreams to be had where if oil is found in commercial quantities where targeted, then the sp will explode 4QTR 18 - 1QTR 19."

Again I hope you're right.

"3D over Kiliwani Nyuni could also produce massive uplift 2019"

This is possible but I have to say I'm a bit concerned in light of the structure of the Ruvuma deal that we won't get robbed again. I would much rather have had $40m in the bank than $5m and a $35m IOU which if underspent we'll only get back from additional production. Are we charging the Zubair Corp interest on that loan?

We have 93% of Nyuni at present - how are we going to merge Nyuni and Kiliwani where we hold ~50%. I would much rather we did the seismic BEFORE we merged the licenses so we know what we have.

Finally one other thing that has been bothering me. Given our financial predicament how is it possible for the BOD to 'miss' a gas bearing zone at Kiliwani North? Honestly if that is not gross negligence then I don't know what is.

Drewky the figures are in the annual report p26: $423,000 total renumeration. http://admin.aminex-plc.com/uploadfiles/Aminex%20PLC%20Annual%20Report%202017.pdf We're not even producing and haven't been for quite some time so that renumeration is coming directly out of our cash reserves (assuming we have any left). Where did you get $325k from??

You're WAY off Apache it was £325k per annum BEFORE their recent self awarded pay rises.

See p26 of the 2017 annual report: http://admin.aminex-plc.com/uploadfiles/Aminex%20PLC%20Annual%20Report%202017.pdf

He even awarded himself a $72k bonus!!!! SERIOUSLY.

PW vox markets podcast here: https://goo.gl/1MZQyP interestingly they didn't tweet this, not sure why.

Only just had time to watch the JB proactive interview. OMG can we please stop putting Bhattacherjee in front of camera! AS - can you give some timescales on KN1 JB - bla bla bla bla AS - so when are you expecting this to happen JB - bla bla bla bla AS - so this side of Christmas?????? JB - yes yes of course AS - can you give some timescales on the Ruvuma farm out? JB - bla bla bla bla AS - so when are you expecting this to happen JB - bla bla bla bla AS - so this side of Christmas?????? JB - oh yes yes of course Also he didn't mute his phone again?! Remind me again how much he's getting paid?!

Not entirely sure it is good for Solo or us. Solo didn't raise/retain any cash from the HH deal so they still need to come up with $35m for FFD or at least enough cash to get to CH1. I don't know about anyone else but I'm pretty much done waiting. We need to get on with the drill ASAP.

Is a Nyuni & Kiliwani license 'merger' a good thing?? We hold ~50% of Kiliwani and 90% of Nyuni. How is that going to work?

I think it was in reference to acid: if acid touches it it leaches.

Great interview (as always) by JP and good to see Jonathon Trewartha in on the interview - one of the many things I really like about SML is the transparency of the team. I'm really looking forward to an update on the hunt for nickel sulphide around Hanns Camp - exciting stuff!

All we're missing now is full resumption of deliveries at Cobre and then it's full steam ahead!

Fill your boots folks!

Remind me not to come to your house for cake then Crusty ;)

#SML's Leigh Creek Copper project moving forward as planned - we are on track for production resuming next year. Today's RNS details a busy period of activity https://t.co/pEaL8nHh3g

No sign of Bucklerfern - I hope he didn't manage to close his short in time ;)