Member Info for the_Chuz

@Argo
True, but it's usually not the case, the company has the existing shareholders money, it wants new shareholders money to grow, that means making it attractive to new shareholders not the current ones.

Current shareholders just need to be appeased.

@flowerpot
" I Can understand that chuz . Was thinking similar but I'm going to remain 100% until I see if the new machines are delivered on time."

My heart says stay 100% but my brain says we will get smacked about with the IPO and there will be a better price to buy back in on.

That being said, if I'm wrong and it rockets then its all good as I still have 50% of Isa and SIPP invested.

@Argobull

"Not selling any!"

I had too sell some I was 100% all in, but I was mulling it over last night. If PW is disconnected from the PI worls enough to not have resolution past then the disconnect between the current PIs and the upcoming IPO/dilution I think will be equally disconnected.

What's good for the company is not always good for current PIs

@600

"We will just have to wait and see on bitty but for me, ARB's fundamentals are aligned to increasing profitability. What more do I need? GL argonauts/true belivers, 600"

Just
Shareholder and company alignment
News on overdue/cancelled machine order
Details of how many shares will be issued and at what price.
A bit of clarity on Texas kit out and will there be a separate fundraiser to pay for all the machines, or will we rent space.

For all the communication that is done not alot of worthwhile info is given.

It doesn't make it a bad company just not the shinning light some think it is.

You don't need best of the best to erect a prefab building in texas, we are using consultants to establish its internal setup. You don't need best of the best to buy some machines and generate coin before the next halving.

I'm not sure what the 'best talent' brings to the party as its a really simple business model. Maybe they can bring connections to finance but that finance won't be a favour, the finance will want.thier.slice.of the pie.

I think it's clear that there isn't 100% trust in the company from the PI perspective, I think PW may of over estimated how much ' good will' there is for ARB considering its recent track record on delivery and SP.

Over the last month BTC is up 20% and ARB about 10% when it's supposed to be a leveraged play.

It's not so usual for resolutions to get passed which says to me there is a disconnect between the company and shareholders.

To make myself more comfortable I dropped half of my long and short term holding, so now just 50% of my portfolio is ARB as I think the IPO and share issue will have a bit of a downside impact so I'll buy back in with the other half after we know more.

Kev

No, maybe badly written on my part, I was trying to make the point that 72 million shares is a heck of a lot to be allocated to a share incentive scheme. The comparison was to show size of number of shares in relation to riot.

Riot has grown with dilution as that's how its done, but there's a limit to how much dilution shareholder will take.

76 million shares for an incentive scheme is allocating 20% more shares than have been issued purely for a incentive scheme, it's too much.

How ma y employees does arb have? Although these once tive shares could be used for contractors, consultants a d a myriad of other indirect employees as the 'committed' saw fit.

Get some orders delivered and show your on track before create very lucrative incentive schemes.

It was way too much at a very dilutive effect. I've tried to see how comparable. It is to other miners hence looking at riot but I can't quite unpick it.

It was greedy beyond what's been delivered, we have people employed now, who are either
1) the 'best' but they have been retained in other ways
2) not the best but will get rewarded as if they are the 'best'

If the scheme was smaller the committee would have to be a little bit more. Conservetive and selective on how they dish out free shares. At 76 million of 10 years they can be given out like sweets

Riot has 95 million shares issued for thier compete business.
We want to issue 72 million shares as an descretionary incentive scheme hmm.

At is stands today without the issue of more shares, we want to issue 20% more than our current share count to an incentive scheme so the 'best' can be paid them.

Us current shareholders would pay for it, it is how I said a while back, current shareholders are the cash-pigs, just have to time it right to not go to slaughter.

@hexam
I don't think think the company is at the right stage of its development to get the very best talent.
It's usp us that it's green, other than that it just has grand plans and some missed targets. It's a developing company and it isn't the best for delivery so to get the best talent you would have to pay way over the odds to make it attractive.

That talent would then quickly figure out it needs facilities and machines which all come at a cost, that cost will most Likely be picked up by us.

Up to 76.2 million shares to be issued at 5% per year for the next 10 years.

If I'm reading it right then 3.8 million shares to be issued each year for the next 10 years for the incentive scene.

That's actually some reasonable chunks of money for an incentive schene of a small company.

I could be reading that wrong but that's my take on a tiny bit if it.. There's lots more to read

https://argoblockchain.com/wp-content/uploads/2021/08/Argo-2021-Equity-Incentive-Plan.pdf

Res 2 that was voted down, to be honest I'd of voted it down just because its too difficult for me to read and understand ha

@hexam
"AB - I just hope it hasn't thrown a spanner in the works for the IPO (it's timing and/or attractiveness). I have a horrible feeling it does from how it was presented in the prospectus but am unsure of the process from here and just hope I'm wrong. Either way we'll soon find out."

I think it will be fine, the Down vote sits squarely on PWs shoulders though. More time should of been spent explaining it in the little you tube videos he does rather than talking other trivial points.

I presume he thought it was just a given for it all to be voted through but I do feel that existing shareholders are getting a little weary.

@hexam

I gotto admit it does look like the wrong reduction was voted down... Reading through the renumeration policy doesn't seem that bad

Up to 500k for NEDs
1 - 1 5 million for PW
100% base for EDs
https://argoblockchain.com/wp-content/uploads/2021/08/Argo-Blockchain-Remuneration-Policy.pdf

@argobull

Yes if yvey are performance related in some way then so be it but as it stood its punishing the existing shareholders unnecessarily.

I read somewhere the argo CEO & NEDs can fill thier pockets now and the existing shareholders have to wait.. "Quarter's and years".

I think of they timing was better if would of had more chance going through.. To be stagnant with a large issue of shares already about to happen and the non delivery of machines without a decent answer has weakened PW credibility a little bit.

Deliver what you say you'll deliver before asking for more funds.

People got into a hissy when I said what's good for the company is not always good for the existing shareholders but I think maybe its sinking in a little bit.

I'm even thinking of dropping around 30% of my holding because if we are.going to stagnate until the IPO and
listing then might as well sell and buy back. Obviously I then have killer fomo ha

@splatted

"Was not expecting that"

When it was proposed my first thought was "urgg no" it has to be performance linked not just given out because someone managed to keep thier job for a while. I think a good amount of others on here thought the same too.

It was not a good inclusion with its current wording, if it was critical then PW should of done a better job at explaining its needed, especially when he knows its not a normal thing for the UK. Just saying "that's the way it's done" is not a sensible approach.

Shame as I think it's a bit of a miss-footing and thr fitst(hopefully the last) of a disconnect between current shareholders and the company. Hopefully PW will put more effort into explaining things like that in the future instead of talking about football teams.

Still, not the end of the world by any stretch and I'm sure easily put right.

@kev
"I’m expecting the bland “all resolutions passed” RNS.

"We may get something spectacular this afternoon? US market is on holiday, so it might be a good time to break news"

Yea I suppose its not I’m expecting the bland “all resolutions passed” RNS.

We may get something spectacular this afternoon? US market is on holiday, so it might be a good time to break news."

Yea I suppose its not going to be anything out of the ordinary.. Didn't know the US was shut this afternoon though.

Surprised there's not been more speculation on here about outcomes to the A/EGM that's is currently underway.. Anyone here attending?

@wolf

"I think it does vampires over as well."

Yea burns um good, it's the original reason why vampires had no reflection as mirrors were silver backed so would not reflect the unpure.

Basically, you got to have at least a little bit on tap ha

@DSFlat

"So after a few beers it occurred to me that perhaps there could have been a 'buyer' for our bitcoin last month..."

As much as it would be a nice train of thought that we had a special btc sale I personally think it was just working capital to pay for nasdaq fees (6 figures) and advisory, consultant, legals plus whatever else needed paying.

But boring I know but these things don't come cheap

@cavemandave

"Robert Kitosaki(Rich Dad, Poor Dad) has a warehouse full of ammo. Apparently it’s even more profitable than his Bitcoin at the moment."

Rich dad poor dad was one of my fav books, cash flow quadrant was OK... After that though they felt a bit regurgitated.

I actually own both Cash flow board games that I'm waiting for my girls to be old enough to play.

He's a good author, although I think he's a bit prine to over embelishment

@wolf

Susan is that you?

Hahaha...