The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
It is very regretful and very insecure of some individuals here being so quick to call out “derampers” to the likes of djryan and Fira who have extensively contributed and have balanced views on this BB. Just because some posters are honest enough to give their opinion, don’t call them derampers ! If you don’t listen to people’s opinions contrary to your own and you always listen and thrive with people of your SAME opinion, you have your head buried in the sand and you never learn anything - you might even miss investment opportunities.
It’s VERY clear to me (and others) what SML’s short term is going to be in the next weeks or months.
If you continue buying or continue selling, it’s your prerogative, but don’t chastise individuals who don’t meet your approval. It’s called an opinion.
Yes it’s a complete U turn for me, but only short to mid term. I was extremely bullish the 4m would be paid in a reasonable time frame, now a have changed this view and the 4mil will be subject of litigation, time and costs - my position changed. I was overloaded here big time, but recently getting very uncomfortable with my position and have offloaded. I will sell some more, even at a small loss because I believe the market reaction to the planned strategic review is not going to be good.
If I am correct, I will buy again at even lower sp and keep for the longer term 2++ years, if I am wrong (which I doubt), then I made a loss and will likely stay out of SML investing altogether.
With the 4mil we would have 2 “strong horses” in the race + another 2 “excellent horses” in the making to be developed, instead, due to cash flow, e v e r y t h I n g s l o w s d o w n .
I don’t blame the BOD for this situation, but the accountability rests on the major secretive client which imv their business dealing are shocking, shameful and disgraceful. Apologies for the ranting but they have cost us our hard working cash. I am going to keep quite for a while now.
.......undeniably fascinating crunch time !!!!
I never thought we would be in this situation - having excellent “world class” projects and yet having to prioritise because of Mr Major Client lack of payment.
In the long term, SML is well positioned, but I believe this is time to take our positions, and mine is “alarm bells ringing”, too risky for me.
Have off loaded my interest here and continue to do so before the strategic review.
It’s ironic, on one hand we relish the thought that we now control our projects, but we are now considering third party involvement with all the implied ramifications. Prioritising (slowing down) projects due to cash flow (thanks to Major Client). I believe the sp will suffer another substantial decline at the strategic review announcement. May see you guys on the other side of the review !!!
ATB.
I have checked past RNS’s to establish since when the major client has been overdue with payment. The 11 Apr RNS says “Major Cobre client currently overdue with latest payment”, maybe it has been for longer, I cannot find anything previous.
So, we entering the 4th month of waiting for payment !!
I don’t blame the BOD for this, as I am sure they done all they can. I have been bullish about the payment eventually coming, however, the Fly in the ointment is the major client. Yes I could wait for the payment, but I now believe that sooner or later an RNS will come out and it will shock me (us). The sp will plunge even further at that point. I got annoyed when someone suggested we might get to 1p, but now I do believe it will easily happen, because I can smell a “dead rat” (major client).
There has NOT been an inkling, not a ray of hope from the major client of their good intentions to resolve this in an amicable way. SML has been bending backwards, but the major client has not been interested in taking positive steps, otherwise some payment would have already been made in good faith if they really wanted a resolution. A contract which they seem to ignore, they have forfeited agreed payment(s), there is no commitment or demonstration from the client they want to resolve this major issue. SML has done the “soft” approach for obvious reasons, but I think in the end the crunch will come, a protracted litigation process will ensue, more dilution and so on, at a time when we need cash to develop our other projects. Bad timing for us.
Words fail me to express my absolute disgust towards the major client, their business dealings have been totally shocking and shameful. Regretfully, because of their disgraceful business conduct , I had no alternative but to reduce my stake here substantially and continue to do so, as I can only see this going one way for the time being. This “secretive” major client can not be trusted. I wish I knew who this so called “major client” really is, synonymous with scum and dross.
....and I thought the 1p suggestion on a few days ago post mentioned by
Propinquity was laughable, I Do Apologise to Props. I now think this is possible, because I have watched JP video over and over and over again. I don’t like a LOT of what I hear, which we all hate. Dilution, litigation, time and costs involved, raising money, etc.
Yes, SML will be ok in 2 years, but good in 3 and even 4 years maybe. I am DEEPLY FRUSTRATED and annoyed TO SAY THE LEAST on the going’s on since May.
When the Manners Family bought into the placement at 1.40, I think it is logical they must have known and fully understood the major client issues and reasons of not paying the US$4m+ PROMPTLY. They must have felt comfortable enough to go ahead with purchase at 1.40, so I am thinking their judgment must have been on the basis the US$4m+ would eventually get paid.
A personality LOL.
Anyway I agree with dvharrison, I received a response from JP on Tuesday but too busy dealing with nonsensical posters...
I am happy to share some what I received: JP stated: There is no immediate podcast but probably once acquisition of Redmoor settled, (podcast) expected soon.
(Maintenance) There was some impact into the quarter relating to closures but I (JP) think it was minor, the rest is just variability of demand.
End
Hi thelearner,
Thanks for the summary of current situation. However, the fly in the ointment is the US$4m.
IF this was already paid, we would have a completely different scenario. In my view, it is NOT the BODs fault, anyone under the same circumstances would do the same, they trusted the timely payment and planned accordingly.
My strong view has been and is - the payment will happen.
I now suspect it is the “wording” in the legal contract that allows the major client to delay payment temporarily. nb_riley made an excellent point in the post at 09:42 which I totally agree, hence, the statements included in the latest RNS allude to payment.
Beginning of Quote
“Major Cobre client continues to express intention to pay with legal proceedings expected to commence soon should payment not be forthcoming”
“Finalisation of the claim against the major client is currently being prepared and is expected to be issued by Southern Minerals Group, LLC ("SMG") shortly, should payment not be made prior.”
“While the Board is confident that a satisfactory resolution can be reached with the major client at Cobre, we remain focussed on developing the Company's broad multi-mineral portfolio......”
End of Quote
Other than the LTHs, if anyone is contemplating starting investing in SML or increase their share, this article spells out Why Invest in SML making big strides in advancing key Projects:
Strategic Minerals to take full ownership of Redmoor
High grades at Redmoor recorded and strong sales at Cobre
Leigh Creek Copper Mine starts production