Member Info for Timmit

petethefeet1 - ADVFN showing trades timed at 10:56:15 for 10k shares each @ 4.6p. So, they may be adjusting the entry from yesterday. Only worth £460 each so you haven't missed much...

I think that when AC joined Artemis as a London based Executive Director (and no announcement about salary reduction at PRIM) the obvious question became: “are we paying someone the same to now just work a lot less for us?” Hmmmmm. I think that started the rumblings. Also some directors have reduced Covid-19 have reduced their salaries (36 of FTSE 100 companies by August had reduced executive pay whilst arguably having a tougher job than before!) which then shines a light on those who don’t...

ABUGFREEMIND

primbrighterfuture
@
gmail
.com

It was the MMs just dropping the bid from 4.2 to 4.0 for a bit...now bid back to 4.2...

Found some items which may help investors with their other holdings as well as this one.

Some guidance from the Institute of Directors about the appointment of Non Exec Directors:

https://www.iod.com/news/navigating-brexit-for-business/articles/how-to-become-a-non-executive-director

Key points:
Under the heading "Being Independent" there are 6 items which could compromise the independence of a Non-Exec namely:
Being a former executive of the company
Having any immediate or past contractual relationship with the company
Selection by an informal process
Having share options or a pension with the company
Representing a significant shareholder
Being judged not to be independent for any other reason

Our NEDs, unfortunately, tick several of these boxes

Donald Strang
Donald Strang previously served as a Finance Director, stood in as chairman until Alastair Clayton was appointed on 30/11/2015 and then became a Non-Exec after that. He has 4.85 million Primorus options. It appears as if his selection was also by an informal process - once he had appointed a new Non-Exec Chairman and Executive Director the same announcement states that Donald Strang would continue to serve but as a Non-Exec Director. What independent challenging role could he play with directors he had appointed? What independent view could he have on the investments he had had day-to-day dealings with as an Executive Director over the previous 3 years?

I think I need to take myself into a darkened room with an ice bucket for my head because the more I think about this the angrier I'm getting. And this accountant doesn't get angry very often!

Further background info re: historic BOD pay

Year End Comments

31/12/2013 D Strang paid £50k for full-year as Finance Director
31/12/2014 D Strang paid £108k for full-year as Finance Director (additionally Chairman from 17/10/2014)
31/12/2015 D Strang paid £36k for full-year - Finance Director / Chairman until 30/11/2015, Non-Exec Director thereafter
31/12/2016 D Strang, A Clayton & J Taylor-Firth each paid £24k for full-year
31/12/2017 D Strang paid £24k for full-year as Non-Exec Director, A Clayton paid £112k for full year as Executive Director, J
Taylor-Firth paid £42k for full-year as Non-Exec Director
31/12/2018 D Strang paid £60k for full-year as Non-Exec Director, A Clayton paid £200k for full year as Executive Director, J
Taylor-Firth paid £60k for full-year as Non-Exec Director

I'm asking myself (and I suppose we're all being asked to ask ourselves..) - is the existing BOD likely to show more restraint in rewarding themselves in the future. Track record for that doesn't look good does it. Can anyone tie the yearly increases back to major benefits for shareholders because I can't?

Donald Strang is apparently our Company Secretary - normally the CoSec ensures that filings at Companies House are carried out in a timely manner. An RNS on 28/07/2020 announced a change to the Registered Office. Companies have a duty to inform Companies House within 14 DAYS (https://companieshouse.blog.gov.uk/2018/09/04/return-to-sender-your-companys-address/) . PRIM filed the change 2 days ago more than a month after telling everyone else. Who is attending to the Company Secretarial duties if not the Company Secretary?

Finally, my disappointment in the two Non-Execs extends further as they don't seem to have invested meaningfully in the company. Certainly, there are no notifiable holdings for either D Strang or J Taylor-Firth. Yes, Non-Exec Directors can invest in the Companies where they serve as Non-Execs and it's a vote of confidence in the company if they do. If they don't I tend to wonder if they view it as the Bisto Express leaving Victoria Station at 2:30 (other Gravy Trains are available....)

Just looking at one of the existing BOD members...

Donald Strang
Linkedin profile: https://www.linkedin.com/in/donald-strang-25313960/
In addition to these roles he is listed as an executive director at Gunsynd Plc and a non-exec at AfriAg Global Plc
Details as per latest companies’ accounts for his actual "day jobs" are:

Gunsynd (GUN) – Market Cap £3M - Executive Director paid £72k (also issued 8M options at 1p exercise price – this represents just under 4% of the existing share capital)
Cadence Mineral (KDNC) – Market Cap £17M – Finance Director & Company Secretary paid £120k

Now the Non exec roles...
AfriAg Global Plc (AFRI.PL on Aquis) – Market Cap £2.1M – Non Exec paid £36k
Doriemus Investments Plc (DOR on ASX) – Market Cap £1.2M – Non Exec paid £73k
Primorus Investments Plc (PRIM) – Market Cap £6M – Non Exec paid £63k (also issued 4.85M options at exercise prices of 6p and 8p – this represents about 3.5% of the existing share capital)

Summary - £192k for the day jobs and a total (just in quoted companies, there may be other private companies we don’t know about) of £172k for non-exec roles. He might have specialist knowledge in mining like Alastair but at the end of the day he is a chartered accountant and most of the quoted companies he has been involved with haven’t exactly exploded with value. Many of the investments we have recently become involved with are nothing to do with mining exploration and production. He might be a terrific bloke but I’m scratching my head as to why he’s paid £63k for 4 meetings a year and occasional contact thereafter…Maybe the CEO at AgriAg Global Plc is a good haggler to get him to do it for £36k…

Am I missing something?

https://www.standard.co.uk/business/market-report-gold-investor-primorus-under-attack-from-investors-a4543366.html

Cavendish, it depends on why you invested in PRIM.

If you wanted a play on gold that's exactly what you should have done! At least you could decide on the timing of GGP sales and top-ups.

But, if you think that PRIM is potentially worth much more than just being a big GGP shareholder you should be in PRIM. Ultimately I'm sure the GGP "gap" will narrow either through share disposal (market looks more favourably on £4M cash than £4M invested), GGP takeover (much the same effect but higher) or GGP stabilising and trading consistently...

For longer-term investors it's nice having the background assurance that, if anything at the moment, we are undervalued - yes, it means that we can't sell for a high profit but it means we bought at a better time before the market has fully woken up to the potential (if you believe the investments have that potential...)

Also, most of the usual pump and dump suspects on BBs don’t have notifiable interests...even if those 7 million shares were at an average of 3.5p that’s almost £250k. That would be extremely difficult to “dump” In this share if the intent was only short term..

oilgasgold - I suppose London Stock Exchange would be a good start - I keep forgetting the obvious! Doh!

https://www.londonstockexchange.com/news?tab=news-explorer

oilgasgold - normally Investegate but what was weird this morning is that the RNS showed up on ADVFN immediately but a few minutes later on Investegate or LSE. Thought I was going mad for a moment...:-)

Actually the 3% threshold was crossed at 4,195,000 shares but the note in box 11 shows the holdings are now 7,099,628 which is 5.08%.

Interesting day ahead i think...

And then this just over a month later...

https://www.pressreader.com/uk/daily-mail/20170628/283107069031434

That name rings a bell...

Does anyone remember Infrastrata?

That had small beginnings...
https://www.thisismoney.co.uk/money/markets/article-4497348/MARKET-REPORT-Gas-firm-Infrastrata-board-coup.html

Now showing here..

Showing up on ADVFN but not here yet...sorry format rubbish after pasting...

Person:: Adrian Richard Po****
Full name of shareholder: Wealth Nominees Ltd
Holding 4,195,000 - 3% of voting rights

TR-1: S tandard form for notification of major holdings

3. Details of person subject to the notification obligation (iv)
Name Adrian Richard Po****
City and country of registered office N/A
(if applicable)
4. Full name of shareholder(s) (if different from 3.) (v)
Name Wealth Nominees Ltd
--------------------------------------------
City and country of registered office Lancing, West Sussex
(if applicable)
--------------------------------------------
5. Date on which the threshold was 04 September 2020
crossed or reached (vi) :
--------------------------------------------
6. Date on which issuer notified (DD/MM/YYYY): 07 September 2020

7. Total positions of person(s) subject to the notification obligation
% of voting % of voting rights Total of both Total number
rights attached through financial in % (8.A + of voting rights
to shares (total instruments 8.B) of issuer (vii)
of 8. A) (total of 8.B
1 + 8.B 2)
------------------ --------------------- -------------- --------------------
Resulting situation
on the date
on which threshold
was crossed
or reached 3.00% - 3.00% 139,830,968
------------------ --------------------- -------------- --------------------
Position of N/A - N/A
previous notification
(if
applicable)
------------------ --------------------- -------------- --------------------



8. Notified details of the resulting situation on the date on which
the threshold was crossed or reached (viii)
A: Voting rights attached to shares
Class/type of Number of voting rights % of voting rights
shares (ix)
ISIN code (if
possible)
Direct Indirect Direct Indirect
(Art 9 of Directive (Art 10 of Directive (Art 9 of Directive (Art 10 of Directive
2004/109/EC) 2004/109/EC) 2004/109/EC) (DTR5.1) 2004/109/EC)
(DTR5.1) (DTR5.2.1) (DTR5