Originally posted by elphamale
'So what more should ML do?'
You're kidding right? There are a number of things that he could have done and more importantly still can do.
1. ML has had ample opportunity to at least find AVZ one cornerstone / strategic investor (if not a forward OT arrangement or bespoke financier) who was willing to invest $10-$15m with terms far less destructive than the current 20% below VWAP SPP suggests i.e. on track to be between 450-500m new shares @3.1-3.2c per share.
2. In lieu of ML's apparent failure to secure additional investment (refer Point 1)
or failure to convince NF and the BOD to agree to a much better offer (assuming that one or more were presented), perhaps he can suggest and agree to a predominantly performance based fee that replaces the exorbitant and ongoing flat monthly fee that has been / is being paid, regardless of the outcome.
Note that my thoughts are not a personal attack on ML or his credibility, I'm simply discussing smarter ways to do business in a particularly and presently challenging environment. And paying AG a flat $25,000 per month in cash at this point in time is not necessary (nor the smartest option) and certainly not in the best interests of shareholders IMO, especially given AVZ's current cashflow predicament and the Chinese apparently not yet willing to play ball.
3. If ML does not agree with point 2, then perhaps AG's facilitation fee could be converted into buying shares on market (to support the SP and instill confidence in the market) until ML is able to facilitate a successful outcome for AVZ shareholders.
4. If ML does not agree to point 2 or 3, then perhaps he could agree to take a 60% pay cut. i.e. from $25k per month to $10k per month.
5. If ML does not agree to points 2, 3 or 4, then should NF terminate AG's contract and appoint a strategic advisor who is willing to agree to a low flat fee with sizeable performance and outcome based incentives?
6. ML suggests to NF to take a 50% pay cut and / or join him in investing some of those cash payments to support the SP, emphasising to the market a higher level of confidence and commitment in the project from those dealmakers we pay the most, at least until adequate project finance has been secured.
7. If ML is unhappy with NF's performance as MD (especially if NF and the board rejected any superior offer that ML presented to him i.e. in favour of this destructive SPP without a floor) then perhaps he should actively lead a show of 'no confidence' and rally the numbers to force an EGM.
The above thoughts are IMO solution based and as a part owner of this company - albeit one of many - I'm certainly entitled to express them.
Cheers
Elpha
Here is some relevant information from company announcements. Lots of finger pointing by people here recently so people need to point their fingers in the right direction. The blood lust has been over the top and in a bewildering direction...
Airguide are Strategic Advisors. Providing services to liaise with prospective customers.
This is why there has not been any social media until recently.
ALL the MOU's were garnered through Airguide
Now if BNBT negotiations have collapsed then the company should have advised the market as to what happened. BNBT has gone deadly silent after much fanfare and has left many scratching their head as to what happened.
Airguide are not in a position to make decisions or who to sign. They are not directors or have any say in what the company does or does not do. That is solely the role of Nigel Ferguson MD and Rhett Brans
Leonard Math is the company secretary and he is responsible for the CR which Nigel would have had to sign off on. Any criticism should be directed toward Leonard or Nigel.
Nigel has done well with the drilling and full congratulations for his successful drilling program. So AVZ are now long overdue for a Mining CEO to take this forward into the next phase of development. A high profile CEO with vast mining experience from a big player is needed now IMO. Would be like a rock star which would make all and sundry sit up and say What The Heck... They got this guy involved and he can do this, this and this! Would blow any cobwebs off the table and spark interest again.
The resource is just too big to ignore and it will be mined sooner rather than later. Manono has enough lithium as the rest of ALL the hard rock plays put together. Hence why so many hitting the "destroy AVZ" button last year.
