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Eric,
Good afternoon. If he hasn’t already had exploratory talks with a number of JV partners / buyers, he hasn’t been doing anything for 7.5 years. What possible excuse would he have for not having a thick, active ongoing file of contacts?
This guy gets cut so much slack by long termers. He is the CEO for chr8st’s sake!! Who else should be doing the legwork?
Budge is on his feet on 12th May.
He simply has to deliver a plan for Kallak which is costed, quantifiable and with an outline timetable. A routeplan to a productive mine. Financing, active development partners all need identifying and their roles detailing.
The impact on a consistently improving shareholder value, without further dilution must be included.
If he stands up and gives the same presentation as he’s been giving for the past 5 years, he may as well stay home.
If an outfit as flimsy as Vardar can manage to blag millions out of Budge, why can’t he find similar partners to finance Kallak. After all, the company has a concession to mine Europe’s biggest unbroken body of ore, doesn’t it?
That presentation was a regurgitation of the same hypothetical, situational, pie in the sky theory Budge has churned out for years.
One thing it was not, and where Budge has continuously failed, was any hint of transactional plans. The “how” is absent.
Even now, with the much anticipated and long awaited concession in the bag, Budge is in no position to say how all this glorious potential ( in all 3 areas ) is going to add some of the tired “ added shareholder value “ he keeps trotting out.
A CEO who achieves real value, is ahead of the curve, proactive, and in charge of the company’s destiny.
Budge dabbles and skims, appearing reluctant to get his hands dirty. Anyone can chuck millions of other people’s money at all unproved Kosovan greenfield site. Stating he has respect for Vardar’s management team does not cut it for me. If they are that good, how come it’s always Beowulf funding their operation?
Budge needs a sizeable rabbit out of the hat immediately. If this is not forthcoming, how on earth will he raise the next tranche of cash, which will be required in the next few months.
His inaction and lack of direction has added to the devaluation of the company, which is horrifically reflected in the current SP.
When the ‘yes’ surprisingly arrived a month ago, I imagine investors were euphoric?
Thor is maybe smarter than you imagined. The timing and manner of the announcement was designed to wrong foot Budge. Not difficult.
Adding the vague, yet fundamental caveats strengthens the hand of the government and LKAB.
Thor has Budge over a barrel. The only sensible partner is LKAB, and they may be the only partner the minister will support, but he will support the partnership on his terms.
I don’t see Budge holding any strong cards in any negotiations.
Without agreeing to LKAB’s terms, there will be no mine, and the concession becomes worthless, as the SP already demonstrates.
Budge has mishandled the sequence of events so poorly.
With so much time to prepare, it amounts to a dereliction of duty, IMO.
And a month of silence ffs
The Company website hasn’t been touched re Kallak. Lazy.
Investors deserve much better, particularly since £1.25m of the money you invested 16 months ago ( in Kallak ) has been chucked at Kosovo. I would be seething about that alone, even without the Kallak concession.
At least investors knew what they were waiting for before the exploitation license was granted.
Without anything tangible to anticipate, the Swedes have fled in droves. I don’t blame them. Seems entirely sensible to me.
Giving Budge the license is like granting a license to kill to a man with no weapons and his hands tied behind his back
More’s the pity!
This share has always been driven by sentiment, so a more dynamic PR presence, whether from the CEO personally or a good PR company is long overdue.
With three areas in development, each needs it’s own identity to maximise impact ( on the SP )
Currently, there should be serious, professional media and investor news flow after the concession was granted.
To allow a ragbag of greenies and reindeer butchers to hold sway, without a response is crazy.
The company should be on the front foot, making the most of the significance of securing the right to mine.
I don’t want to hear any ‘ it’s not Budge’s fault ‘ nonsense.
The buck stops with him and his sitting and waiting time is over.
In a recent RNS, Budge admitted to his deficiencies in communicating with investors.
The ensuing silence demonstrates he either has no intention of eliminating his deficiencies or he has no plans to communicate.
Neither is acceptable and the SP is an honest reflection of exactly that.
Well Andy whenever changes on here is the lack of appetite for or ability to see reality.
I don't seek to be disparaging against Budge. He does a pretty good job of making himself look weak and unprepared all on his own.
Ever seen his amateurish presentations?
And the longer the silence from the CEO persists, the more I believe he was unprepared to receive the concession. Just wasn't expecting to het it!
Some past odd decisions also back up this view. Around the time of the mates rates fundraising, an extensive drilling campaign to fill in the gaps at Kallak was postponed " due to covid " according to Budge.
I never believed that.
In my opinion, he was already losing faith in Sweden ever granting a concession, yet raised money on the back of Kallak, which we now see was destined for Kosovo.
I also believe Thor wasting by the RNS last month which slammed Baylan for saying the company is welcome to do business in Sweden and Budge's caustic response of "apparently not"
Thor has responded by saying OK here's the concession, which you have zero capacity to act on without a partner or buyer.
Given that the only serious candidate for either is LKAB, Thor retains control.
Budgehas been played like a cheap fiddle.
Before he announces anything else, he should apologise to all the loyal investors who dug deep 16 months ago for being unprepared for the key piece in the Kallak jigsaw he has sat and waited for for 7.5 years.
Makes no difference what sellers are doing here, really, as the price is being driven by the trading and volumes over in Sweden.
This will continue to fall while Budge has nothing positive and tangible to announce, and I wouldn’t hold your breath for that.
Your beloved CEO has been cruelly exposed by the decision he so desperately needed, but clearly neither expected or prepared for.
I find his supine performance so inexcusable.
The positive decisions hold have triggered a rapid fire response of news and outline plans, and, most importantly evidence that your CEO is in charge of the timetable of events from here on.
All he has given you is an admission that his communication requires improvement and an admission that he has no idea why the SP has lost 60% of it's value from the peak last Tuesday.
He is dabbling in 3 projects, not in charge of any of them, and being fleeced in Kosovo. Appalling performance.
Good god!
Tells me Budge was not expecting the Kallak concession to be granted.
Also clear that a placing is no longer Anything other than necessary, but now it's urgent....
.....but at what price?
Reckless and ill timed investment.
And where are all the idiots like topsharepicks who wouldn't shut up when the SP twitched up at the start of the year? "30p before concession, then 50p week after and on to £1+" and belligerent with it. So certain of their pronouncements.
And all the people who are bewildered now jumped on his bandwagon.
Wishful thinking. And there are still people who are clinging on to the 70p dream.
It's gone - ancient, irrelevant archive material.
BEM is now not just at the mercy of a government minister the CEO has never met, but also predatory purchasers, who know the company is nothing without a huge unjection of capital, technical expertise and manpower.
BEM will be grateful for any offer, as alone, the company has zero capability of building a mine.
Eric,
I've never wavered from my view, which is that the spike to 75p over a decade ago was a pure aberration, as was last week's spike to 22p
The current SP is more realistic. Sadly, too many investors have been blinded by the aberrations, believing them to represent the true value of Kallak.
People need to forget previous highs. They are irrelevant now.
This is the reality.
A weak CEO not in charge of a situation he has not planned for adequately.
Without a JV or buyout, the next and unavoidable placing will see the SP fall much further.
Someone will buy this company for a song and the sooner the better.
Suzy2 and the like ffs wake up!
All this, well it'll be OK long term. We're already at long term and your incessant wishful thinking has led you badly astray.
I said 3 years ago the concession would struggle to get the SP over 10p because of the time elapsed and serious dilution. None of you listened. Your choice.
And you're still waffling on about Saint Kurt.
He's drooped the ball. Pure and simple. He has no relationship with te minister. Never even met him. Budge gets shafted at every turn because he's reactive
It's no good starting to decide what to do about the concession now, is it?
Too late.
Last Tuesday should have been the tipping of the first domino. But Budge hasn't got any other dominoes for last Tuesday's decision to knock over.
He has to go.
He has wasted 7 5 years and a lot of your money.