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Well, FP, I took a look at that chart and it seems to say that H B is sitting at the bottom, hopefully, of a very deep trough in that cycle with a current sp only slightly more than half of its maximum value over that period before taking into account the reduction in value due to inflation. So, it would seem to me that HB needs both a strong recovery in the economy combined with more effective company management to recover lost ground?
Dreadful performance in the last 2years. Surely have to change management and direction?
Why has Henry Boot sp drifted down so much in the past two years? What chance of recovering lost ground?
So, it is Sirius Mark2 after all? For Anglo American, read OCP. EML have neither the financial resources nor the physical capacity to emulate the solar energy supply, desalinised water supply and disposal and decarbonising ‘green’ credentials already being established by OCP. As with Sirius, the Company looks to be heading for administration, but, unlike Sirius, there will be little incentive for OCP to buy the company out for a peppercorn price. Why would they want to look after the clowns on the BoD?
Should this have been predictable? Of course it should! As a modest PI, I have only today looked at the Strategy page on the OCP website. It spells out in a few words what the Moroccan government will, quite rightly be expecting, in any new mining application. Why has it taken so long for GC and the Board to twig this?
And while none of us could have anticipated mass evacuations from Rhodes, surely we have all been aware for years of global warming, solar farm developments, decarbonisation, sustainability, water shortages, salinisation plants, environmental concern, etc. I it shouting to us every day in the just stop oil protests?
I accept my own stupidity for being caught out twice on potash exploitation but I am surprised that much bigger PIs have not picked up on this earlier!
If the permit application fails because EML have not met the standard of environmental protection clearly articulated by OCP, in the form of independent solar farm generated energy and desalinated water supply and disposal, etc., that would be a very serious indictment of the EML Board, but little consolation to the PIs whose investments will be lost.
The interview was a lost opportunity. The questions were not sufficiently penetrating and there was the contradiction between the final confident…. .but scripted in advance…..assertion of confidence that the permit would be obtained via the National committee, preceded by, shifty, nervous, evasive efforts to justify past events. Why was not asked about the dire fall in the sp and company value or the poor communications with shareholders or the huge level of discontent manifested by shareholders?
Re EML and Sirius
A recurring pattern here? History repeating itself?
Sirius. Initial funding of the project from PIs; steady stream of encouraging good news from the BoD to sustain existing investors and encourage new ones in; rising sp; BoD look after themselves with fat salaries, large blocks of shares and share options; project lurches to a halt; sp plummets: larger group, Anglo American step in to buy for a song; Bof D looked after and re-employed by AA; PIs shafted.
Emmerson: initial development of the company funded by PIs; stream of encouraging, optimistic news from the BoD leads to a rising share price, sustaining existing PIs, enticing new ones in; BoD award themselves fat salaries, large blocks of shares and share options; project lurches to a halt; larger organisation needed to complete the job…OCC?; share price plummets; EML sold for a song, PIs shafted; BoD looked after and reemployed by OCC!???
Please tell me I’m wrong….. but is not how capitalism operates in a free market economy such as ours? Its happening all over and has been doing so for years.
Look at Black Sheep brewery. Bought out of administration in a pre- admin deal ‘ a process that allows businesses to continue trading seamlessly as before with the same name but leaving hundreds of creditors, PIs and taxpayers millions out of pocket. But not the BoD , of course!
Smells have been emanating from the mists and bogs for long enough…..when will there be any change?
I can’t believe that Morocco will not develop this resource, and a solution to remaining technological issues surrounding water and pollution will be found. But, sadly, I now very much doubt that EML will be the outfit that sees this project to fruition.
Long ago, I bought into this share after reading a statement from the board, or Hayden Locke, that the company would ‘far exceed’ any regulatory requirements it had to meet. How has that turned out? All PIs have to shoulder responsibility for the investment decisions they make but directors seem able to walk away from advertising that, in a consumer context, would make them liable under the terms of the Trades Description Act.