AVZ Discussion 2022

[wombat74]

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You forgot COVID . I made that prediction months ago . A Covid No Show and postponed to first quartet 2024.

 

[cruiser51]

You forgot COVID . I made that prediction months ago . A Covid No Show and postponed to first quartet 20204.

That is a very fukkin long time!

 

[Carlos Danger]

If the BOD finaaaally bring home the ML.......then they deserve that bonus !

imo

No they don't. They should only get it when first sod is turned and the caterers are on site and cooking. They are two very different things. ML and operating mine are not the same.

This grubby cash grab is starting to give me social media ideas. I hope it doesn't end up turning me against the company. That would be bad.

Simple question, do we have to vote on remuneration/bonuses during AGM?

Or is it a simple: "If you don't like it, fuck off"?

We normally have to vote for option/share packages.

There are already a shit tonne of performance rights on the table as incentive for management to get the project over the line. But these were voted on whereas the cash bonuses have already been paid sometime during the financial year. I would have loved to see the vote tally at the AGM for the BoD giving themselves more money while we are burning through cash and the stock is in suspension.

 

[BEISHA]

That's a big bloody punt the greedy pricks took

The point is that they are bonus's, what have they done to receive them above their pay? At the AGM 22 Nigel stated that if we did not receive the ML they would reduce costs. They have given themselves a bonus, like WTF

I am hoping that the bonuses paid is a sign that the ML is in hand, just not announced yet......

The addition of two extra directors with excellent credentials for the path forward adds to that " sign "

If that is not the case, then your arguments are perfectly valid.

imo

 

[geo_au]

You must be related to someone on the board... you're unwavering support of every bit of bullshit pulled by the BOD's is ridiculous

Then sell when its listed and bugger off schoolboy.

 

[BEISHA]

There are already a shit tonne of performance rights on the table as incentive for management to get the project over the line. But these were voted on whereas the cash bonuses have already been paid sometime during the financial year. I would have loved to see the vote tally at the AGM for the BoD giving themselves more money while we are burning through cash and the stock is in suspension.
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Fair call, i understand where you and others are coming from completely, i just have a feeling in my plums that their is a tangible reason why they paid themselves a bonus as conveyed in previous posts today.

If ML is not in hand by the time the upcoming AGM arrives, then thats going to be another bunsen burner moment the BOD are going to have to deal with.......

Its very simple...........ML in hand, it will be a non issue, if no ML in hand, then...

 

[tonster66]

I am hoping that the bonuses paid is a sign that the ML is in hand, just not announced yet......

The addition of two extra directors with excellent credentials for the path forward adds to that " sign "

If that is not the case, then your arguments are perfectly valid.

imo

The bonus's are for the last financial year. I hope they haven't been keeping the ML from us for that long

 

[Azzler]

I am hoping that the bonuses paid is a sign that the ML is in hand, just not announced yet......

The addition of two extra directors with excellent credentials for the path forward adds to that " sign "

If that is not the case, then your arguments are perfectly valid.

imo

Pretty much my thoughts Beisha.
I can't imagine them seriously suggesting these bonuses come AGM if we still have no ML.

 

[oxxa23]

Fair call, i understand where you and others are coming from completely, i just have a feeling in my plums that their is a tangible reason why they paid themselves a bonus as conveyed in previous posts today.

If ML is not in hand by the time the upcoming AGM arrives, then thats going to be another bunsen burner moment the BOD are going to have to deal with.......

Its very simple...........ML in hand, it will be a non issue, if no ML in hand, then...

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school boy... being real vs fanciful praise.... no worries... mate not one farken person takes you serious after you call them the best BOD on asx... you're in neverland... oh, and that's if we ever re-list and they haven't spent all the cash....

 

[wombat74]

Well to be fair that type of respect is something that would be totally up the alley of the J.V partners, Self-serving Cominiere and Dathomir. Me, Me and oh yea ME.

On reading that particular part of the financial report I wasn't exactly enthused, but they now have the AGM to explain themselves. If the ML comes in before then I personally won't question it. MMGA are looking for any chink, granted this looks like an own-goal by the BOD, but time will tell and they will no doubt be questioned about it at the AGM, although by then we may (I know) be celebrating (bottle of bubbly).

Do you remember Nigel's attitude toward questions asked at the last AGM re his involvement with AJN / Klaus ? Unless he is bearing good news I am fairly certain his response to questions re bonuses will be met with the same reply .

 

[oxxa23]

I am hoping that the bonuses paid is a sign that the ML is in hand, just not announced yet......

The addition of two extra directors with excellent credentials for the path forward adds to that " sign "

If that is not the case, then your arguments are perfectly valid.

imo

mate, that's putting the cart before the horse... what's wrong with paying them in 2024 once successful... don't get me wrong, not rocking the boat and voting against them...

 

[Azzler]

mate, that's putting the cart before the horse... what's wrong with paying them in 2024 once successful... don't get me wrong, not rocking the boat and voting against them...

You're right, 100%.
Unless they really do know it's "in the bag".
OR they plan to sell it after we get ML.

 

[BEISHA]

mate, that's putting the cart before the horse... what's wrong with paying them in 2024 once successful... don't get me wrong, not rocking the boat and voting against them...

I completely agree mate, all i am doing is keeping a open mind why they would of paid themselves a bonus when funds are on the slide and multiple court cases are on the horizon.......

Obtaining the ML is the only thing that could be plausible............otherwise its outrageous.

imo

 

[oxxa23]

I completely agree mate, all i am doing is keeping a open mind why they would of paid themselves a bonus when funds are on the slide and multiple court cases are on the horizon.......

Obtaining the ML is the only thing that could be plausible............otherwise its outrageous.

imo

Anyway, i've now argued my piece... that's enough from me... enjoy pies supporters.... I got to last year...

 

[BEISHA]

The bonus's are for the last financial year. I hope they haven't been keeping the ML from us for that long

DRC are pulling the strings, not AVZ, plus, its only 2 months into the new financial year.

Just trying to remain positive mate.

AGM will reveal all, if not prior, everyone just needs to try and chill in the mean time.

 

[JAG]

 

[Carlos Danger]

Pretty much my thoughts Beisha.
I can't imagine them seriously suggesting these bonuses come AGM if we still have no ML.

mate, that's putting the cart before the horse... what's wrong with paying them in 2024 once successful... don't get me wrong, not rocking the boat and voting against them...

I completely agree mate, all i am doing is keeping a open mind why they would of paid themselves a bonus when funds are on the slide and multiple court cases are on the horizon.......

Obtaining the ML is the only thing that could be plausible............otherwise its outrageous.

imo

Unfortunately, I can tell you there was no ML until the end of the financial year at the 30th june. And no ML until today, but hopefully it changes until the AGM. And to be honest I don’t understand the bonus payment under current circumstances.

The notes for short term incentives say no bonuses were paid during the financial year. So perhaps these are future bonuses that have just been recorded in the 22/23 financial year for accounting purposes. Not really sure how that would work for short term payments but it's possible so I'm willing to give them the benefit of the doubt for now.

Clearly there was no ML before June 8th. And I sincerely doubt there was between June 8 and June 30.

Another thing that has gone up is directors insurance

From last years AGM:

Q: Directors insurance going from 90k to 500k, why?

A: No claims against us, the rise is because we’ve developed size wise. It’ll rise further when we’re developing.

Does anyone think we have developed double size wise in the last 12 months?

How about 10x in the last 2 years?

So on top of the 2.1m we are paying them we need to pay 1m inc gst to insure them. No doubt some of the premium increases are due to rising insurance costs generally but it doesn't fill me with confidence that the insurance company sees so much risk here.

Speaking of risk there are some very alarming comments about raising capital in the going concern section. One of the main reasons I am so fucking pissed off about these pay rises and bonuses is that if we run out of cash while in suspension then the dilution needed to raise cash will not be pretty. I really don't think it is in long suffering shareholders that don't have access to their money's best interest to have potential dilution brought on quicker unnecessarily by greedy directors.

 

[Dom1974]

Guys, be mindful of Morningsuit5 on HC and Calling on Governance on X. Reckon it’s MMGA scum in disguise.

 

[BEISHA]

The notes for short term incentives say no bonuses were paid during the financial year. So perhaps these are future bonuses that have just been recorded in the 22/23 financial year for accounting purposes. Not really sure how that would work for short term payments but it's possible so I'm willing to give them the benefit of the doubt for now.

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Clearly there was no ML before June 8th. And I sincerely doubt there was between June 8 and June 30.

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Another thing that has gone up is directors insurance

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From last years AGM:

Q: Directors insurance going from 90k to 500k, why?

A: No claims against us, the rise is because we’ve developed size wise. It’ll rise further when we’re developing.

Does anyone think we have developed double size wise in the last 12 months?

How about 10x in the last 2 years?

So on top of the 2.1m we are paying them we need to pay 1m inc gst to insure them. No doubt some of the premium increases are due to rising insurance costs generally but it doesn't fill me with confidence that the insurance company sees so much risk here.

Speaking of risk there are some very alarming comments about raising capital in the going concern section. One of the main reasons I am so fucking pissed off about these pay rises and bonuses is that if we run out of cash while in suspension then the dilution needed to raise cash will not be pretty. I really don't think it is in long suffering shareholders that don't have access to their money's best interest to have potential dilution brought on quicker unnecessarily by greedy directors.

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You are a verified encyclopedia..........love your work.

 

[Penskefile]

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Now that the spring carnival has officially kicked off in Melbourne, can I have a quaddie on the following:


1st leg - Lost Brown Paper Bag
2nd leg - Spurious Claims
3rd leg - Voluntary Suspension
4th leg - Where’s the Fucking Mining Licence