Fellow APG shareholders, I have zero confidence in our management team in completing this project successfully. They just cannot see the bigger picture and have been blind to it for over a decade now.
The way that they have carried out business transactions and treated shareholder views and values is absolutely appalling and once again with the way they handled the managing director situation is disgraceful.
The last major deal that they accomplished with Bergen showed just how disastrous their decision-making can be for shareholder value and the company. They issued a ridiculous number of shares for such little financial gain for APG which also lead to the company currently sitting at rock bottom with no platform to negotiate further deals.
They refused to see that the share price must recover prior to making any further deals and that any deals made at this point with this current share price will mean giving away massive chunks of the company in shares for very little financial gain. We have all seen how the money that they raise does not eventuate into project progress.
I for one do not believe that the money raised at these current levels will ever be sufficient enough to finish the plant and will mean that massive amounts of shares will be given away for no gain. Look at how many shares they have Bergen only
To end up back at square one with no progress and no money and a collapsed share price.
I think it is now imperative that shareholders invoke 249 and begin removing directors and board members as for the survival of this company. We Cannot wait while this company after decades of poor Dealmaking continues under the same direction and leadership that has led us to this disgraceful share price and position.
All we shareholders want is the promise of a plant to be competed (a promise that was made decades and decades ago) They just don’t understand and their interests do not align with this promise hence they are not the team for the job.
We should imo remove them, put a few names on the board whilst we find a suitable team
to take the lead. This will mean eliminating all expenses and salaries, getting rid of all unnecessary costs and going into hibernation. Yes the people put on will receive minimal financial benefit however they will be a temporary team awaiting full timers to take over.
