Tribe Technology set to deliver healthy pipeline of orders from Tier-One miners. Watch the video here.
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Plymouth live covered this with a hint from EA looking minded to approve the permit. Geopolitically this is a strategic metal. Could the ceo not have achieved his remit and is now making way for the next stage in operations?
Maybe the CEO has moved on because he's had the head's up it's not happening. To me now this has become a gamble more than a investment.
I think it's about his renumeration.....
If selling his house is an indicator of a move away from TWL, he initiated that process several weeks ago, long before the public consultation was over. To sell up and move you need something to move to, like a job. There's circumstantial evidence that he may have secured another role as he's been in contract with a previous employer in Africa. A logical extension is that he put his house on the market when he'd secured an offer elsewhere. The process of finding another role must have started a while before 12th May. He could of been looking for some time (several months).
His renumeration was very low, under £5K, which to me has been a strong signal that he was brought in to set up a sale of the asset once the MPF permit was secured, like he did at Sierra Rutile; and once sold he would be paid handsomely for his efforts from the sale proceeds. For whatever reason he decided he wasn't going to wait around for a pot of gold at the end of the rainbow and has left, after 15 months. There's a hint of this in the fact that "He remains a director of the company for now, pending finalisation of his settlement agreement."...which could be interpreted as he busted his ass for 15 months for F.A. and isn't leaving till he see's something for his efforts.
So why might he want out rather than to wait for the pay day? Well if the payday was based on an award of shares (or share options) and those shares get diluted because of the CLN debt that's been taken on, and that dilution is far higher than it should be because of the multiple month delays injected by the EA, then he might have realised his pot of gold isn't going to be that big a pot, something that wasn't clear 15 months ago when he took on the role. Internal negotiations to correct for his deficient pay may have been on going for a long time (long before he started looking for work elsewhere) and may have simply broken down.
So he's decided to leave and his manner of exit is damaging. He's gone abruptly, with no notice and without comment and the timing, while the permit is still outstanding is equally bad. There are negative consequences to all parties concerned here by this type of sudden exit - share holders, the staff, the CLN holders and all the other investors, not to mention the local community which would have benefitted greatly from the project. However, I don't think the timing of his exit is malicious, to derail the project because the timing seems to be linked to the house sale, which could have occurred later in the year.
You could speculate that this is simply explained in that he may know that EA approval would not be granted so he's thrown in the towel and left. The time line to his exit does not support this, and remember the EA are minded to grant the permit.
The solution is a quick hire of someone else who can complete this project, perhaps Mark T could make a come back and take all the glory. ATB.
Croissant Shrewd comment.
It is interesting that MT re-launched his profile with his King of Tin, Vox interview recently. Whilst beneficial to a number of his endeavours,- 1SN, Godolphin X, and TUN, it served to remind people of his knowledge and intellect. Having said that, I think the interview was almost certainly setting the scene for the Mining conference coming up in Falmouth next week and for 1SN and GX, rather than a play for CEO position at TUN.
MT would be a good fit and a quick fix. Regards the Conference are you aware of any changes to the itinerary - a TUN absence??
I'm still deeply disappointed in the manner in which this has unfolded. Surely there must have been a notice period? For positions of this significance it's normally 3 or even 6 months - you can't just up sticks and leave. Where is the fiduciary duty to maximise share holder value by exiting with no notice and no comment at such a critical moment?
I wonder if the company will clarify why he went in the announcement that they are soon to make (ref Plymouth Live) "Tungsten West has started the process of appointing a permanent chief executive and expects to make an announcement soon."
ATB