The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
That they do not yet have PLACE results is the only possible answer, the second suggestion is not even an option. Read up on the AIM rules for companies regarding price sensitive information.
Not an RNS at every stage that there is an issue, but where an issue extends significantly beyond the timescales that they themselves have provided to the market then there should be an update, otherwise we are investing blind? And regardless they are obliged to release PSI without delay...
Bumble, I'm a negative poster and don't feel that I fall into either category. To say people are being very impatient is not particularly fair given that AFC have been telling us they are on the cusp of commercialisation for years. I firmly believe Adam Bond is the wrong person to head up this company. He has mislead us in the past and I have no confidence that he would not do so again. I'm sure that you will have seen my post about the worst CEO on AIM...how can we sit back as investors and ignore all that is wrong with his stewardship of AFC??
Then perhaps they would be so good as to update the market on the issues they are facing and then we can decide for ourselves whether they are insurmountable or likely to take so long our money would be better invested elsewhere. Not an unreasonable request is it? Clearly AFC are unable to accurately predict timescales relating to anything they do and so I would like the opportunity to assess the situation for myself. Maybe if they were a bit more transparent people would find more positives in today’s RNS, but otherwise it just comes across as more of the same old jam tomorrow. Don’t know why negative posters are being criticised for feeling this way and expressing it here...
Well said!!!!
I don’t even care whether AB invests his money any more (although it would be a very positive move) but at least be honest about the company’s position with those of us who have put money in while his salary drains it out the back end!!
You’ve missed my point Bumble, if the AGM is to be a showcase event why have they left it so late to announce details of when and where it will take place? More notice gives more people the opportunity to attend...
Have to say I agree with this. If the notice of AGM wasn’t going out with the reports what excuse do they have for leaving announcing details till literally the last minute if not to make it less likely for people to attend?
10 year low!! :(
Maybe he got the hump that AB worked his magic and turned his £30k into £8k 😂
Not particularly distressed, just addressing your comment about absurdity, although seeing my remaining shareholding devalued on a near daily basis is obviously not enjoyable. But I do think it’s absurd that AB’s tenure is allowed to continue despite his terrible track record, and the more people that decide to vote with their feet the more likely the BoD will take action and bring in someone that’s fit for purpose.
ES and ET stepped down to be replaced by MHC's business development bod and legal counsel....says it all really. Why do you think Ervington/Shvidler didn't invest in the last placing if they remain interested and committed?
The Russians can't sell their shares because the price would collapse (more than it already has) before they get away even a fraction of the holding. Plus the money they invested is chump change to them and will have already been written off years ago for some kind of tax break. But as they still have a sizable percentage they put a couple of their UK-based gophers in for good measure.
The Russian representation on the board is purely lip service in my opinion, and certainly not something that reassures me all is well at AFC!
I think the Russians lost interest here once they realised Gene Lewis had led everyone up the wrong technical path for so long, hence why they didn't invest in the last round of funding. Do you think they spend any time on AFC when they have Evraz and other such interests?
And I know of at least one major shareholder who thinks AB has been a complete disaster.
Refuses to engage with shareholders and actually ignores correspondence. Doesn’t put himself about at conferences and exhibitions. Doesn’t work the city to gain institutional investors to take notifiable holdings. Can’t close deals. Doesn’t follow up to explain why previously announced relationships come to nothing. Terrible at PR. Terrible at wording announcements. Is prepared to mislead investors. Non-technical so has no ability to provide oversight for the technical team or assess whether their targets are hopelessly unrealistic. Complete inability to set realistic commercial targets for the business leading to investor sentiment being absolutely atrocious due to serial underperformance. Costs a fortune. Have I missed anything? I can’t think of a single positive reason why he shouldn’t be voted down at the upcoming AGM....
They will post the notice of AGM out with the reports. AGM must be held by 30 April (6 months after financial year end). Notice for AGM is 21 clear days plus 2 days for mailing so need to be in the post this Friday/Saturday at the latest. Cutting it fairly close...AB is probably desperate for something to come good so he doesn’t have to publish the reports with no signs of tangible progress yet again. Let’s hope whatever’s up his sleeve is better than the Ch2arge shambles or the next placing really will be at 1/2p! :(
Looks like AB will be up for election this year as he hasn’t stood past two years. Good opportunity for people to make a point with their vote. I suggest they don’t allow the chairman to vote on their behalf. AFC will announce the voting figures so be interesting to see whether AB gets the vote/support of the major shareholders.
Lol...£300k a year to mislead existing and prospective investors. We really are April fools!!
...has hit the nail on the head for me....I only remain invested in AFC now because of De Nora’s involvement and the low SP makes selling fairly pointless. There is nothing positive to be said about AFC management whatsoever. Absolutely pathetic Bond and Rennocks, well done!
They’re not overly complimentary about Adam Bond and his outlandish package either in this one. What an overpriced joke of a CEO we have...and now the Russians appear to have lost interest there’s no one on the BoD to turf him out on his ear... https://simplywall.st/stocks/gb/capital-goods/aim-afc/afc-energy-shares/news/should-you-worry-about-afc-energy-plcs-lonafc-ceo-salary-level/
I’m not disagreeing but either way it’s ambiguous wording and really doesn’t need to be, let’s hope the new PR company help tighten up on keeping messaging clear and accurate. And re ITM yes I saw that. Would be nice to get some of the action but the reporting requirements are a real pain and can be offputting if you don’t want to put in the work. I rate Graham Cooley as a CEO, puts himself about a lot and good at comms.