Member Info for TarryBreeks

The BOD, their action/inaction are responsible for the share price decline agame. Most posters now venting have been largely supportive of the BOD but rightly take issue over remuneration packages of $500,000 for John Peters when the shares in issue have doubled and the share price fallen 75%.

I have to say that I'm not sure I agree with the principal of the BOD buying shares with their 'bonus' in any form options/open market and neither with the idea that the BOD could return the 'bonus' in the form of a loan.

No bonus was warranted this year in any measure and I'm extremely concerned that they awarded themselves one irrespective of what has happened to the shares in issue, shareholders/company funds and the resulting share price.

If the BOD feel value has been brought in the form of Redmoor and Leigh Creek they should be prepared to work for that value to be realised for a reward and not take a cash advance at the company and shareholder's expense particularly after such a diabolical performance.

I probably need to take a break from this - the more I think about it the more angry I'm becoming.

Totally agree DV, it's scandalous, absolutely scandalous, that John Peters awarded himself an annual salary of $500k. As for Broome I agree he should go now.

A few weeks ago I was hopeful of recovering money from arbitration and getting back on track. Since then we've found out the arbitration award likely won't even recover the fees and to add insult to injury the bod have paid themselves a fortune for decimation of shareholder value. I hope this is the bottom and there are no more skeletons.

I wonder how the Manners family feel about all of this. Not great I'd imagine. I hope they also agitate for Broome's removal.

Why is the AGM in London if no shareholders can attend? Given both Peters and Broome will be flying internationally (first class?) and unlikely to be staying at the Premiere Inn is this just another shareholder funded jolly?

Given the circumstances the very least the bod could do is to make it a virtual AGM using teams or similar and open themselves up to scrutiny and unfiltered questions particularly given their self awarded (obscene) remuneration and sp decline.

If that's the case for such then what was the point of them buying it? Surely there would be easier products to include as part of a Ponzi scheme. We may never know but why magnetite and why in such large quantities?

Great post JD; explains why JD is so happy on all his interviews.

It would be easier to move on agame if the BOD were open to making themselves accountable at a virtual AGM however what has been proposed right now with a single PI representative and cherry picked questions. In light of Brenda Smith, Bonuses and Leigh Creek is a bit of a struggle to be chipper at the moment. IMO the BOD simply haven't earned their salaries let alone their self awarded bonuses.

We've been dealt some bad cards and we weren't the only one Brenda Smith conned, that's not really the issue although I would have hoped for better Due Dilligence as it's been a very expensive mistake because using the funds set aside for Redmoor and pouring them down the Leigh Creek drain we were forced to raise for Redmoor AGAIN when we shouldn't have had to! Redmoor funds should have been ring-fenced.

We are where we are but the big issue for me is the bonuses in light of all of this - totally and utterly unacceptable. A bonus is fine when things are going well - although the BOD are already paid handsomely enough IMO - however to take one this year isn't on.

I'm quite sure the BOD would be delighted if we forget this and move on but I'm not prepared to right now.

Watch this ForestBlue - https://www.youtube.com/watch?v=gc6jOdZQ-G4

Alan Broome flew to Philadelphia and met Brenda and "gave Alan a great deal of comfort".
John Peters: "We don't want to put them in a corner, screw them and make sure they pay a dollar.." - no John, we'd prefer they put us in a corner and screw us instead.

A difficult to watch if you're a LTH.

Okay DJ, you've said your piece and made it clear how you, a non-holder, feel. I imagine most LTHs, like me, are deeply unhappy with the bonus situation.

I'm sure it's cathartic for you to come on here day after day and talk your former investment down but please remember there are many who are still invested here.

Overheads are more than covered by Cobre with sales increasing 8% yoy and profits of $1.5m.

You can put a value on Redmoor or Leigh Creek if you like but it's just your opinion and stocks are largely sentiment driven. Sentiment is low here at the moment no doubt but it's not the fire sale you are making out.

Perhaps you could take a break from this board for a while since you're no invested and have made your feelings extensively and repeatedly known.

Well 20p would be amazing but you'd be surprised if you saw that.

It probably is a no brainer at this price - the trouble is that most LTH's are well underwater - even those who have managed to average down with each debacle. It would be easier to accept bad luck if we felt like we were all in it together and that the BOD were enduring the slump and period of misfortune like the rest of us. The problem for LTH's - the ones who support the company and aren't just in it for a quick trade or technical marker on a chart - is that we're NOT all in it together.

We do and quite rightly feel disgruntled that while we were enduring the BOD were siphoning off funds which should otherwise have been used to steady the ship were giving themselves a MASSIVE F*CKING BONUS! FOR WHAT EXACTLY!?

If nothing else the decision to award themselves a cash bonus (not equity you'll all notice) is crystal clear proof of their lack of judgement. I can forgive a lot and have been generally supportive of the BOD but taking a 'bonus' in the wake of this years performance is unacceptable.

I hope the BOD do read these forums and I hope they read this one and feel truly and utterly ashamed of themselves.

Personally I'd rather JP wasn't unseated and left to unload his shares onto the market. Been there and it's not pretty. Broome on the other hand has to consider his position, or we'll consider it for him.

Bonus is TOTALLY unacceptable, unless there is a massive rabbit in a hat somewhere, it should be returned to the company or considered a salary advance.

Hopefully this is the bottom and all the dirty laundry is on the table. I'm starting to feel a bit like one of Brenda Smith's investors :(

Just catching up now. Taking a bonus at all is deeply deeply inappropriate let alone one at this level. No wonder they want to limit access to the AGM.

https://www.lse.co.uk/rns/SML/results-for-the-year-ended-31-december-2019-e1u7lbajg7r3dfj.html

On a side note, given its the 21st century and were now all familiar and comfortable with zoom etc is there any reason three bod could not sleep for a virtual AGM. Many of us can't travel to London irrespective of covid-19. Given the year we've had I think we should, at least, be able to watch a recorded AGM if not a live streamed one. Technology and costs these days are minimal.

Those trades look like the hokey cokey - I wonder who would be in, out, in, out and shake it all about? Anyone we kow? ;)

Interesting article out today on Congress limiting the power of the SEC Reuters: U.S. Supreme Court sets limits on SEC's power to recover ill-gotten gains.
https://www.reuters.com/article/us-usa-court-sec/u-s-supreme-court-sets-limits-on-secs-power-to-recover-ill-gotten-gains-idUSKBN23T239?feedType=mktg&feedName=topNews&WT.mc_id=Partner-Google not sure if it has any implications for us but thought it worth sharing.

I'm also hopeful there is something in the pot, pro-rata, for SML out of this mess.

Interestingly cryptocurrencies were mentioned - perhaps time will work in our favour on that front if there are indeed cryptocurrencies and Bitcoin follows a similar trajectory to the last financial crisis.

It has been a difficult period for SML investors. To be equally fair DJ you are right on many points and arguably sold out at a price that now seems very far away. I hope if you do decide to buy in at some future point you will be paying significantly more for your shares.

I believe we will recover and that our assets are valuable and desirable. If we can continue to grow sales and support operations with Cobre and secure a JV in place at LC we will be trading significantly higher over the coming months. DD will need to be water tight on any LC JV of course!

Redmoor is the jewel though and with EVs and decarbonisation of our economies, Brexit and a need for the UK to reduce the trade deficit I think domestic mining will be a target for significant investment.

That should read maliciously mislead investors. Ultimately in my view it's about intent, are they guilty of optimism; certainly. Was this malicious? I don't believe it was.

I've already posted on here I want to see the letter of intent and that Alan Broom needs to consider his position or put his hands in his pockets.

I'm not threatening you and I don't know and have never met John Peters. I do however feel it necessary to point out you have no proof the bod "knew" she was a fraudster and they deliberately mislead investors.

I'm quite sure many investors, myself included, are questioning decisions made in the wake of these transcripts however it's very easy to be right after the fact. What's done is done. You either sell up and move on (which you already have) or stick with it. I've chosen the latter for now. Mistakes have been made and lessons have been learned.

We now own 100% of Redmoor. We have 100% of Leigh Creek. We are still cash accretive at Cobre. I'm not saying it's all sunshine and roses but it's also not the end of the world by any means.