I posted 12/7/17 an in depth report detailing the wonderful resource that AML has and questioned if the SP was languishing because of the very poorly prepared PEA which was recently put out (a couple of years after it was first promised).
The PEA contained ridiculously high mining costs which constrained the profitability somewhat. Indeed it would seem that the mining costs would be the highest in the world.
The consensus of a number of shareholders is that these costs are unfathomable for any operation, and, in particular, for this shallow deposit which is a conventional front-end-loader tip-truck operation i.e. this should have costs at the lower end of peer company comparisons.
Shareholders in these circumstances have every right to question management’s experience and ability.
Then, out of the blue, the Board attach an attempted share grab for themselves to the expected vote on the OCP debt restructure (to be voted on Aug 11 at an EGM).
I cannot begin to express the anger that a large number of shareholders have expressed over this.
The Chairman of the Board, Paul Harris, has a consultancy arrangement with OCP the largest SH and creditor.
SH officially asked at last year’s AGM for transparency about the deal and were refused by the Board.
Apparently the ASX forced this disclosure on Dec 28, 2016.
Now this new NOM indicates that the Board is prepared to accept votes from OCP including the 2,500,000 new shares resolution to Mr Harris and each of the other Directors!
This gives OCP direct influence over the remuneration policy of Aeon which is neither appropriate nor desirable.
A similar case can be made regarding Bliss Investments and Director Ivan Wong.
It is very important that “ordinary” shareholders vote down these unfair resolutions.
IMO we should approve the first 2 resolutions regarding the OCP refinancing as this appears to be in all shareholders best interests however, we should vote a very firm 'no' to all the other resolutions giving away shares to the Board and related parties.
If you agree please pass this on to every shareholder you know and encourage them to vote accordingly.
NB Properly filled out votes must be received by end of the day, Tuesday Aug 8th and the meeting is on Friday Aug 11 at 10.00 (come along it should be fun!)...
AML Price at posting:
16.0¢ Sentiment: Buy Disclosure: Held
(20min delay)
