Why even bother about that wanker?
AVZ Discussion 2022
- Thread starter GazDix
- Start date
kron
Regular
I asked early on in the meeting but got shut down. Not related to the Annual report apparently... Later they mentioned that Ben had spent ~246 days overseas and a lot of that time in DRC in relation to a question on their renumeration. But that's the closest of anything we heard.I guess nothing was asked about the situation on the ground with our tenement then?
Like whether or not Zijin/cominiere coacroaches are crawling all over the camp and the core samples...
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kron
Regular
Im no fan of Hoots, he fell of the rails hard but I disagree. If you can't ask questions in a room full of shareholders once a year, when would be an appropriate time?
Glad you noticed.
Well thank you Jag, great to meet up with you brother, i thought it was classic that i was having a cig across the road from where you parked initially, then when you got out of the car with your " FUCK MMGA " shirt on, i knew right there and then before we even shook hands for the first time .....that it was likely to be youI’m just gonna say one thing….
I will leave the day’s proceedings including lunch to @BEISHA to summarise
Great to catch up with DEBOSS, Hadley brothers, @EarleofBarrow ,@Roon ,@tonster66 ,@Scoota30 ,@John25 and plenty of other individuals pre AGM
Deboss gathered us all in and gave us a pep talk about the etiquette required when asking questions of the BOD or MMGA, great camaraderie !!
As i was at the booth to register my attendance, guess who was behind me ?..............Peter Huljich
Guess who was in front of me flicking his nose with his finger pretending to be on cocaine in reference to Peter Huljich?............JAG
200 strong crowd attended i reckon, BOD were emphasising decorum when asking any questions regards to resolutions ,John Clarke was in complete control of the narrative.
REMUNERATION RESOLUTION
Questions were asked about the cash bonuses and lack of cost cutting considering the balance sheet was dwindling.
In a round about way the BOD did confirm cash bonuses were awarded due to the fact Nige & Co have spent 240+ days in the DRC fighting for our cause ( way beyond the call of duty regards to being away from family etc )
Remuneration is market indexed to retain the best personnel regards to skill set and delivering outcomes for AVZ.
AVZ BOD confirmed that the 20m credit facility plus remaining cash ( 11.5m ) is sufficient to cover salaries, working capital and arbitration litigation going forward
AVZ BOD reiterated that they are eager and willing to negotiate on good terms to expedite ICC / ISCID arbitrations.
Resolution was passed in the affirmative
Resolution 2 - 17 were rejected by a large majority !!
Meaning MMGA are ...
GONE, FUCKED, FAT TAIL BETWEEN THE LEGS.........
RESOLUTION 18 - 22 ( Graeme Johnston, Dr John Clarke, Dr Casta Tungaraza, Serge Ngandu, Her Exellency Salome Sijaona were approved in the affirmative by a large majority..........
Sadly, as soon as resolution 1 - 22 were resolved, the curtains were drawn down.............meeting closed , no question time !
Apparently question time was nailed on the head because of threats of defamation litigation against AVZ BOD by MMGA plus AVZ BOD didnt want to reveal any info with the defeated Ludbrook, Carrick , Huljich still in the room........"I spie with my little eye something beginning with Xi".......springs to mind.
Anyway, that didnt deter me , so i decided to approach the BOD in person after the meeting concluded as i had alot of questions prepared and didnt want to waste a opportunity to ask.
Firstly, i introduced myself to Her Excellency Salome Sijaona, congratulated her on her appointment then asked her why she was endorsed to join the BOD, i suggested... "could it be your extensive connections within africa could lead to projects outside of Manono ? "
She replied..........YES !
I also asked what FT attitude was towards AVZ and this long drawn out fuckery.........she wasnt prepared to comment, but she did reveal that light is at the end of the tunnel...decades of corruption means the wheel slowly turns
She also revealed that DRC locals support AVZ, they appreciate the good will directed towards them in contrast to Zijin .
Locals are most impressed by the fact Nigel has learnt french so he can speak the native tongue !
I moved on to Graeme Johnston and asked whether the BOD has held one on one meetings with FT.
NO.....only via FT private advocates, however there is strong suspicion that those advocates have been complimented with brown paper bags, thus getting in the ear of FT talking negatively of AVZ in the covid period, so trust is low.
Moved on to see Nigel.
He can confirm that Cominiere is doing works on the Hydro power station, he also confirmed that Zijin is drilling holes in CDL.
All this despite the emergency injunctions preventing such action !........
Nigel not concerned, he maintains that AVZ has very strong cases against Cominiere / Zijin / DRC govt with iCC / ISCID arbitrations and every day illegal works is done, $100,000 penalties acrue, i asked how this penalty could be enacted on and he confirmed ICC has no juristiction in country, however private assets could be seized, but more importantly ,he mentions that the collective ICC / ISCID / IMF / WORLD BANK are all interconnected and the recent deliberation against DRC was damning.
World Bank suspends $1 billion worth of project funding in Congo
The World Bank has suspended funding for humanitarian and development projects in Democratic Republic of Congo worth more than $1 billion after the government dissolved the project fund without warning, the lender said.
In actuality, DRC applied for 13b from World Bank, but was only awarded 3B , minus 1B for the deliberation above.
The financial squeeze is impacting DRC
Sustained bunsen burners applied to DRC govt by the interconnected global organizations is forcing the DRC govt to come back to the negotiating table with AVZ and nothing will be concluded until conditions are agreed upon that is favourable to AVZ...........aka MOU.
Nigel stated that the defeat of MMGA today at the AGM is another pivotal moment.
The 20m credit facility another dagger in the heart of detractors whos intention from the get go, was to bleed AVZ dry financially and complete the steal, that eventuality now thwarted.
I also asked about the CATH relationship...........
Mr Pei is frustrated by the ML delays, Pei was invited to come to the DRC by AVZ and witness the road blocks first hand to garner a understanding of the delay, initially he accepted, but when he mentioned off the cuff that it could be a good opportunity to conduct a private meeting with Simon Cong ....the offer was retracted ( no shit sherlock...........shifty as fuck imo )
Cath deal is a 50 /50 proposition.......not in the bag by any stretch and i got the strong impression that there wasnt alot of concern if a break away fee was awarded either way.........
I can also confirm that AVZ bod has had discussions with FT political opponents, should FT not win re election.
Apparently one of FT opponents is scathing with FT lack of mining results as per one of his mandates( achieving better outcomes for DRC govt with chinese mining deals post Kabila , no doubt Manono gets a mention too ) and that will formulate the main argument to the locals not to re elect him..........no argument from me !
So AVZ have covered their bases in that regard.
So going forward, Nigel stated to me that he will be flying back to DRC soon and continue the good fight, looking forward to some impending ICC deliberations and continue to have open dialogue to negotiate and agree on outcomes that are favourable to AVZ and long suffering LTSH.
Not sure the MOU will be resolved before DRC elections.
More patience required but Her Exellency Salome comments.........." light at the end of the tunnel " gives me confidence that this long drawn out fuckery will result in AVZ being winners at the end.
When ?
Who the fuck knows.
imo
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Good on Nige for learning the locals language.Well thank you Jag, great to meet up with you brother, i thought it was classic that i was having a cig across the road from where you parked initially, then when you got out of the car with your " FUCK MMGA " shirt on, i knew right there and then before we even shook hands for the first time .....that it was likely to be you
Great to catch up with DEBOSS, Hadley brothers, @EarleofBarrow ,@Roon ,@tonster66 ,@Scoota30 ,@John25 and plenty of other individuals pre AGM
Deboss gathered us all in and gave us a pep talk about the etiquette required when asking questions of the BOD or MMGA, great camaraderie !!
As i was at the booth to register my attendance, guess who was behind me ?..............Peter Huljich
Guess who was in front of me flicking his noise pretending to be on cocaine in reference to Peter Huljich?............JAG
200 strong crowd attended i reckon, BOD were emphasising decorum when asking any questions regards to resolutions ,John Clarke was in complete control of the narrative.
REMUNERATION RESOLUTION
Questions were asked about the cash bonuses and lack of cost cutting considering the balance sheet was dwindling.
In a round about way the BOD did confirm cash bonuses were awarded due to the fact Nige & Co have spent 240+ days in the DRC fighting for our cause ( way beyond the call of duty regards to being away from family etc )
Remuneration is market indexed to retain the best personnel regards to skill set and delivering outcomes for AVZ.
AVZ BOD confirmed that the 20m credit facility plus remaining cash ( 11.5m ) is sufficient to cover salaries, working capital and arbitration litigation going forward
AVZ BOD reiterated that they are eager and willing to negotiate on good terms to expedite ICC / ISCID arbitrations.
Resolution was passed in the affirmative
Resolution 2 - 17 were rejected by a large majority !!
Meaning MMGA are ...
View attachment 50364
View attachment 50365
GONE, FUCKED, FAT TAIL BETWEEN THE LEGS.........
RESOLUTION 18 - 22 ( Graeme Johnston, Dr John Clarke, Dr Casta Tungaraza, Serge Ngandu, Her Exellency Salome Sijaona were approved in the affirmative by a large majority..........
Sadly, as soon as resolution 1 - 22 were resolved, the curtains were drawn down.............meeting closed , no question time !
View attachment 50366
Apparently question time was nailed on the head because of threats of defamation litigation against AVZ BOD by MMGA plus AVZ BOD didnt want to reveal any info with the defeated Ludbrook, Carrick , Huljich still in the room........"I spie with my little eye something beginning with Xi".......springs to mind.
Anyway, that didnt deter me , so i decided to approach the BOD in person after the meeting concluded as i had alot of questions prepared and didnt want to waste a opportunity to ask.
Firstly, i introduced myself to Her Excellency Salome Sijaona, congratulated her on her appointment then asked her why she was endorsed to join the BOD, i suggested... "could it be your extensive connections within africa could lead to projects outside of Manono ? "
She replied..........YES !
I also asked what FT attitude was towards AVZ and this long drawn out fuckery.........she wasnt prepared to comment, but she did reveal that light is at the end of the tunnel...decades of corruption means the wheel slowly turns
But she did reveal that DRC locals support AVZ, they appreciate the good will directed towards them in contrast to Zijin .
Locals are most impressed by the fact Nigel has learnt french so he can speak the native tongue !
I moved on to Graeme Johnston and asked whether the BOD has held one on one meetings with FT.
NO.....only via FT private advocates, however there is strong suspicion that those advocates have been complimented with brown paper bags, thus getting in the ear of FT talking negatively of AVZ in the covid period, so trust is low.
Moved on to see Nigel.
He can confirm that Cominiere is doing works on the Hydro power station, he also confirmed that Zijin is drilling holes in CDL.
All this despite the emergency injunctions preventing such action !........
Nigel not concerned, he maintains that AVZ has very strong cases against Cominiere / Zijin / DRC govt with iCC / ISCID arbitrations and every day illegal works is done, $100,000 penalties acrue, i asked how this penalty could be enacted on and he confirmed ICC has no juristiction in country, however private assets could be seized, but more importantly ,he mentions that the collective ICC / ISCID / IMF / WORLD BANK are all interconnected and the recent deliberation against DRC was damning.
World Bank suspends $1 billion worth of project funding in Congo
The World Bank has suspended funding for humanitarian and development projects in Democratic Republic of Congo worth more than $1 billion after the government dissolved the project fund without warning, the lender said.www.reuters.com
In actuality, DRC applied for 13b from World Bank, but was only awarded 3B , minus 1B for the deliberation above.
The financial squeeze is impacting DRC
Sustained bunsen burners applied to DRC govt by the interconnected global organizations is forcing the DRC govt to come back to the negotiating table with AVZ and nothing will be concluded until conditions are agreed upon that is favourable to AVZ...........aka MOU.
Nigel stated that the defeat of MMGA today at the AGM is another pivotal moment.
The 20m credit facility another dagger in the heart of detractors whos intention from the get go, was to bleed AVZ dry financially and complete the steal, that eventuality now thwarted.
I also asked about the CATH relationship...........
Mr Pei is frustrated by the ML delays, Pei was invited to come to the DRC by AVZ and witness the road blocks first hand to garner a understanding of the delay, initially he accepted, but when he mentioned off the cuff that it could be a good opportunity to conduct a private meeting with Simon Cong ....the offer was retracted ( no shit sherlock...........shifty as fuck imo )
Cath deal is a 50 /50 proposition.......not in the bag by any stretch and i got the strong impression that there wasnt alot of concern if a break away fee was awarded either way.........
I can also confirm that AVZ bod has had discussions with FT political opponents, should FT not win re election.
Apparently one of FT opponents is scathing with FT lack of mining results as per one of his mandates( achieving better outcomes for DRC govt with chinese mining deals post Kabila , no doubt Manono gets a mention too ) and that will formulate the main argument to the locals not to re elect him..........no argument from me !
So AVZ have covered their bases in that regard.
So going forward, Nigel stated to me that he will be flying back to DRC soon and continue the good fight, looking forward to some impending ICC deliberations and continue to have open dialogue to negotiate and agree on outcomes that are favourable to AVZ and long suffering LTSH.
Not sure the MOU will be resolved before DRC elections.
More patience required but Her Exellency Salome comments.........." light at the end of the tunnel " gives me confidence that this long drawn out fuckery will result in AVZ being winners at the end.
When ?
Who the fuck knows.
imo
That's worth a bonus IMO. Shows the kind of company we want to be.
So we started as being told that we aren’t allowed to record or even keep phones on.
Everyone was meant to keep their phones off which was brought into question by several phones during the session – including Michael Carrick, who’s phone kept going off
Quorum reached
It was mentioned that NF doesn’t need to give an overview because AVZ have given wide disclosure ands because we expect question ‘time’
Question from Fat tail lawyer about 20m securing facility - but they haven’t actually secured anything. Just a piece of paper subject from due diligence, and with a break fee of 1m
NF - 20m will be provided, 2.5 time multiple payment. We tried with 5 companies to negotiate, and locke in the end was ready with terms that were attractive to us with their detailed DD. Locke is committed to push through with their DD
Michael Carrick = question about breaches of the JVA. What breaches do these have and what is the purpose of dealing with 6 arbitrations and what is that going to result in
NF – prepared strategy on litigation is about getting rid of disputes as soon as possible on terms that’s fair and reasonable.
We’ll get 225 squares and get a mining licence over same based on 4 favourable results.
Dathomir have no standing, same on the in country proceedings against Grame Johnson.
The Cominere-Jin Cheng offer breached JVA on several ways including the ROFO.
Dathcom has strong prospects. Jin Cheng has no recourse to ICC. The Jin Cheng outcome will weight heavily in outcome of other international arbitrations
Michael Carrick - why did Dathcom file a relinquishment offer, and why did AJN immediately apply from this (NF shouldn’t reply). Pre-prepared answer then read out by john Clarke about MMGA. Point of order by Carrick, Clarke made claims on claims of 13359 and AJN, fat tails commentary is false. Not so well answered, but moved on.
The MoM bringing together of the tenements claims that we haven’t rescinded any rights and that everything should be together.
15775 with Manono Lithium you need to refer to the announcement that this is bullshit essentially and that ICC/ICSID will confirm our holding.
Fat Tail’s commentary doesn’t including Cominere’s transfer which doesn’t have a legal basis. These matters will be ‘ventilated’ with ICSID and its not appropriate to talk about this now. We don’t submit any transfer of this tenement from or to Cominere, this needs to be assessed through international arbitrations through which we’ve done emergency injunctions.
Its impossible for us to both hold title over this land, and the company maintains that the detractors do not hold Any title. Pursuant to ICSID and ICC
Nigel Ferguson has no knowledge of a meeting of the AJN board through which they were allegedly trying to take this area. NF thought this was only about other assets in the DRC. Within learning this about their attempt Nigel sent his resignation to the AJN board as director
Michael Carrick continued to question NF on the relinquishment of the northern tenement, CROWD GOES WILD, tells MC to sit down. Everyone was yelling at him to shut up. Chairman JC says Carrick has been disruptive. Claps from the crowd.
A Question was raised on emergency injunction not stopping Zijin or Cominere, and thus why we should expect more emergency injunctions to change things. Basically that they will push through, so what else are AVZ trying to do to try make Zijin/Cominiere not have a a ground reality.
AVZ acknowledges limited success in domestic proceedings, cant get a fair day in court. We get okay in emergency reliefs.
Cominere must not exploit indirectly or directly by ICC ruling as such ruling as the tribunal looks at it. fine of 50k and now 100k. IC vindicated AVz’s position in preventing Jin Cheng, and we have made it not confidential after AVZs call
However pointed out that this doesn’t change anything on the ground.
ICSID is the big thing as per NF. Failure to procure the ML and launch of ICSID catalyst for start of MOU which is the biggest step towards ML and. Arbitrations are necessary in protecting interests
AVZ is in a far better position by having the force of a potential adverse finding in the arbitrate proceeding giving negotiation leverage and makes the government take AVZ’s position more seriously. Trying to enforce its rights is difficult but otherwise wouldn’t be needed.
Tight timetables are being sought to deliver results, and AVZ are trying to gain an outcome at the earliest opportunity by mutual agreement. This is why we are pursuing an MoU.
AVZ has strong grounds to suspect it holds strong prospects of success on all four major issues.
Binding locke capital should give enough liquidity to go through all litigation to its conclusions, and they were the best of all 5 funders sought.
Question on what DD did they do about Locke capital’s track record in abritation. (NF shuts this one down, he just said they fund it they don’t do it, so didn’t answer (this led to a clapfrom the crowd). Poor answer somewhat but NF said he believed they were a right fit for AVZ
Question about high rate of spent and the bonuses given to the directors and managers, poor optics.
Kinda a Bullshit response given by JC about fixed remuneration about assessing rates on an annual basis and keeping the best people, making sure everyone is aligned. Attract and retain the best people. Gott a be competitive domestically and internationally. NF and Ben Cohen spent 246 days on business travel mostly in DRC so they should get a huge bonus, somehow as if they didn’t think DRC was part of the job description.
It’s in line with market practice
Follow up question from someone about 1 million of pay to NF and others, ignored essentially.
NF – as spiel about the board spending its reserves in a responsible manner. Otherwise we’d have everything gone
AVZ cannot rely on domestic proceedings and consequentially, we need ICSID and ICC. This costs money. We are cost cutting where we can
Michael Carrick – chairman didn’t answer the question about bonuses when we are in suspension. Ther answer is (JC) the same that we had said before, we’ve done renumeration plans and its fine.
Resolution 2-22: same thing happened again and again. Board not endorsing candidates.
Question: Why has the board decided not to endorse 2-9: Board looked into everyone and looked at their CV and saw if they has skills which already weren’t represented on the board.
Question from Michae Carrick: Put Proxy votes on the screen. The Lawyer shut this one down and said it’s only needed prior to the vote.
Basically nothing happened here for a while
Question: Why should we vote for ludbrook and Peter Huljich, what do you possess? Ludbroock told he wasn’t allowed to respond and there would be no questions to candidates, only to board and management, did he want to rephrase? (lauhgs)
Lots of NF smirks to the follow questions
Petere Huljish Resolution – multiple questions. Beish – why did PH resign can you comment. He resigned yes we cant after asking lawyers – zero response by management.
A question on non-disclosure, which was swatted away by ther board
Debosss - did board wannabees meet with our detractors. Peter didn’t respond, why didn’t he. laughs from NF spread around room
Is PH still chairman of Amani and exposure to Simon Cong. Yes.
NF:Yes. and second no comment. “Tough question Yanni” – we are here to get the right people on the board it’s as simple as that. Crowd - is carrick not that man as per board? “Crowd laughs:
Q = What damage did Carrick and Fat tail do to AVCZ by engaging with our detractors (No answer).
Michael Carrick gets up and talks to the crowd- says that the decisionmakers have slammed the door on AVZ board, and crowd shouts him down. JC asks to let him finish but the crowd shows him down after asking id he paid for the trip there.
JC trying to keep going, crowd shouts down and the chairman says he’s been heard and he’s being disruptive.
One shareholder gives a plaudit to the board and NF and everyone cheers and claps. Funny finish (I’ll get to my question). Then stops after giving props to board.
19-22 – endorsed members – disclosure questions
2 have been involved in quite some time, and the other know what’s requires. Then a prepared statement on disclosure and the unreliability of information
Proxy votes put up. Fat Tail failed with around 30-35%. Other directors failed with less than 10%. Renumeration is a problem as it got mor than 25% no, so that’s a problem for next year, and John Clarke nearly ousted at 56%.
Other: I feel that the board got off very lightly here. There was no question and answer session like there has been at the previous AGMs and I know that many others had a list of questions like I had to try and get some answers. A win for all for us getting rid of Fat Tail, though im sure they will come back in a different form and approach. Nonetheless, I didn’t get a great feeling that we are near to getting a resolution. I think we are far away and that this is just another step towards a hopefully positive outcome. But it was good to meet some crew, and I even met CRUISER without us ending in blows. I count it as a win.
Everyone was meant to keep their phones off which was brought into question by several phones during the session – including Michael Carrick, who’s phone kept going off
Quorum reached
It was mentioned that NF doesn’t need to give an overview because AVZ have given wide disclosure ands because we expect question ‘time’
Question from Fat tail lawyer about 20m securing facility - but they haven’t actually secured anything. Just a piece of paper subject from due diligence, and with a break fee of 1m
NF - 20m will be provided, 2.5 time multiple payment. We tried with 5 companies to negotiate, and locke in the end was ready with terms that were attractive to us with their detailed DD. Locke is committed to push through with their DD
Michael Carrick = question about breaches of the JVA. What breaches do these have and what is the purpose of dealing with 6 arbitrations and what is that going to result in
NF – prepared strategy on litigation is about getting rid of disputes as soon as possible on terms that’s fair and reasonable.
We’ll get 225 squares and get a mining licence over same based on 4 favourable results.
Dathomir have no standing, same on the in country proceedings against Grame Johnson.
The Cominere-Jin Cheng offer breached JVA on several ways including the ROFO.
Dathcom has strong prospects. Jin Cheng has no recourse to ICC. The Jin Cheng outcome will weight heavily in outcome of other international arbitrations
Michael Carrick - why did Dathcom file a relinquishment offer, and why did AJN immediately apply from this (NF shouldn’t reply). Pre-prepared answer then read out by john Clarke about MMGA. Point of order by Carrick, Clarke made claims on claims of 13359 and AJN, fat tails commentary is false. Not so well answered, but moved on.
The MoM bringing together of the tenements claims that we haven’t rescinded any rights and that everything should be together.
15775 with Manono Lithium you need to refer to the announcement that this is bullshit essentially and that ICC/ICSID will confirm our holding.
Fat Tail’s commentary doesn’t including Cominere’s transfer which doesn’t have a legal basis. These matters will be ‘ventilated’ with ICSID and its not appropriate to talk about this now. We don’t submit any transfer of this tenement from or to Cominere, this needs to be assessed through international arbitrations through which we’ve done emergency injunctions.
Its impossible for us to both hold title over this land, and the company maintains that the detractors do not hold Any title. Pursuant to ICSID and ICC
Nigel Ferguson has no knowledge of a meeting of the AJN board through which they were allegedly trying to take this area. NF thought this was only about other assets in the DRC. Within learning this about their attempt Nigel sent his resignation to the AJN board as director
Michael Carrick continued to question NF on the relinquishment of the northern tenement, CROWD GOES WILD, tells MC to sit down. Everyone was yelling at him to shut up. Chairman JC says Carrick has been disruptive. Claps from the crowd.
A Question was raised on emergency injunction not stopping Zijin or Cominere, and thus why we should expect more emergency injunctions to change things. Basically that they will push through, so what else are AVZ trying to do to try make Zijin/Cominiere not have a a ground reality.
AVZ acknowledges limited success in domestic proceedings, cant get a fair day in court. We get okay in emergency reliefs.
Cominere must not exploit indirectly or directly by ICC ruling as such ruling as the tribunal looks at it. fine of 50k and now 100k. IC vindicated AVz’s position in preventing Jin Cheng, and we have made it not confidential after AVZs call
However pointed out that this doesn’t change anything on the ground.
ICSID is the big thing as per NF. Failure to procure the ML and launch of ICSID catalyst for start of MOU which is the biggest step towards ML and. Arbitrations are necessary in protecting interests
AVZ is in a far better position by having the force of a potential adverse finding in the arbitrate proceeding giving negotiation leverage and makes the government take AVZ’s position more seriously. Trying to enforce its rights is difficult but otherwise wouldn’t be needed.
Tight timetables are being sought to deliver results, and AVZ are trying to gain an outcome at the earliest opportunity by mutual agreement. This is why we are pursuing an MoU.
AVZ has strong grounds to suspect it holds strong prospects of success on all four major issues.
Binding locke capital should give enough liquidity to go through all litigation to its conclusions, and they were the best of all 5 funders sought.
Question on what DD did they do about Locke capital’s track record in abritation. (NF shuts this one down, he just said they fund it they don’t do it, so didn’t answer (this led to a clapfrom the crowd). Poor answer somewhat but NF said he believed they were a right fit for AVZ
Question about high rate of spent and the bonuses given to the directors and managers, poor optics.
Kinda a Bullshit response given by JC about fixed remuneration about assessing rates on an annual basis and keeping the best people, making sure everyone is aligned. Attract and retain the best people. Gott a be competitive domestically and internationally. NF and Ben Cohen spent 246 days on business travel mostly in DRC so they should get a huge bonus, somehow as if they didn’t think DRC was part of the job description.
It’s in line with market practice
Follow up question from someone about 1 million of pay to NF and others, ignored essentially.
NF – as spiel about the board spending its reserves in a responsible manner. Otherwise we’d have everything gone
AVZ cannot rely on domestic proceedings and consequentially, we need ICSID and ICC. This costs money. We are cost cutting where we can
Michael Carrick – chairman didn’t answer the question about bonuses when we are in suspension. Ther answer is (JC) the same that we had said before, we’ve done renumeration plans and its fine.
Resolution 2-22: same thing happened again and again. Board not endorsing candidates.
Question: Why has the board decided not to endorse 2-9: Board looked into everyone and looked at their CV and saw if they has skills which already weren’t represented on the board.
Question from Michae Carrick: Put Proxy votes on the screen. The Lawyer shut this one down and said it’s only needed prior to the vote.
Basically nothing happened here for a while
Question: Why should we vote for ludbrook and Peter Huljich, what do you possess? Ludbroock told he wasn’t allowed to respond and there would be no questions to candidates, only to board and management, did he want to rephrase? (lauhgs)
Lots of NF smirks to the follow questions
Petere Huljish Resolution – multiple questions. Beish – why did PH resign can you comment. He resigned yes we cant after asking lawyers – zero response by management.
A question on non-disclosure, which was swatted away by ther board
Debosss - did board wannabees meet with our detractors. Peter didn’t respond, why didn’t he. laughs from NF spread around room
Is PH still chairman of Amani and exposure to Simon Cong. Yes.
NF:Yes. and second no comment. “Tough question Yanni” – we are here to get the right people on the board it’s as simple as that. Crowd - is carrick not that man as per board? “Crowd laughs:
Q = What damage did Carrick and Fat tail do to AVCZ by engaging with our detractors (No answer).
Michael Carrick gets up and talks to the crowd- says that the decisionmakers have slammed the door on AVZ board, and crowd shouts him down. JC asks to let him finish but the crowd shows him down after asking id he paid for the trip there.
JC trying to keep going, crowd shouts down and the chairman says he’s been heard and he’s being disruptive.
One shareholder gives a plaudit to the board and NF and everyone cheers and claps. Funny finish (I’ll get to my question). Then stops after giving props to board.
19-22 – endorsed members – disclosure questions
2 have been involved in quite some time, and the other know what’s requires. Then a prepared statement on disclosure and the unreliability of information
Proxy votes put up. Fat Tail failed with around 30-35%. Other directors failed with less than 10%. Renumeration is a problem as it got mor than 25% no, so that’s a problem for next year, and John Clarke nearly ousted at 56%.
Other: I feel that the board got off very lightly here. There was no question and answer session like there has been at the previous AGMs and I know that many others had a list of questions like I had to try and get some answers. A win for all for us getting rid of Fat Tail, though im sure they will come back in a different form and approach. Nonetheless, I didn’t get a great feeling that we are near to getting a resolution. I think we are far away and that this is just another step towards a hopefully positive outcome. But it was good to meet some crew, and I even met CRUISER without us ending in blows. I count it as a win.
Hoodwinked23
Observer
A good re collection of events Roon, i enjoyed our chat after the AGM concluded.
Much respect.
cheers
Very intuitive.......thats how it played out.
I did point out to you the table behind you, anyhow have a safe trip to Ernie Whoop Whoop mate.
Liked putting a face to several people.
Strange the MMGA team didn't feel like drinkies after the event, probably had to run back to the office to tell Cong they were fucked.
I hope they had a severe case of acid reflux after their chat with Cong.
White shirt, bald head, could be money bags brother.
I asked Nigel about that.......I guess nothing was asked about the situation on the ground with our tenement then?
Like whether or not Zijin/cominiere coacroaches are crawling all over the camp and the core samples...
Camp and core samples security guarded 24/7 ( 30 + security guards rotated), not sure how that expense fits in the budget, but hey, its farken secure.
Scoota30
Regular
@BEISHA & @Roon pretty well summed it up to a tee.
Unfortunately there was no Q&A session after the festivies, however, I can understand why they didn't offer the opportunity.
The 3 stooges walked out with their tail between their legs, Carrick was the only one to actually stand up tall and proud (part of me wonders if he is genuine but is just so dumb that he doesn't realise he's on the wrong side).
Nigel, John and the rest of the team handled the AGM in a very civil and cooperative way, given the circumstances.
The highlight of the day was seeing everyone come together to fight for what is right, great to put some faces to names and a very confident Nigel talking to shareholders after the AGM, take that however you will.
Unfortunately there was no Q&A session after the festivies, however, I can understand why they didn't offer the opportunity.
The 3 stooges walked out with their tail between their legs, Carrick was the only one to actually stand up tall and proud (part of me wonders if he is genuine but is just so dumb that he doesn't realise he's on the wrong side).
Nigel, John and the rest of the team handled the AGM in a very civil and cooperative way, given the circumstances.
The highlight of the day was seeing everyone come together to fight for what is right, great to put some faces to names and a very confident Nigel talking to shareholders after the AGM, take that however you will.
Nellie17
Regular
Even I had a little chuckle at that post Moneybags!The Phantom’s missus…. and yes, she does look like Nells
View attachment 50328
I know exactly what you mean
MMGA (Fat Tail) stooges these are for you
View attachment 50329
View attachment 50330
I attended the agm (now yesterday) and it was great result for the real people! Not in a good condition to post more tonight, but will follow up tomorrow,
Let's go AVZ!!
Nells xxx
Nellie17
Regular
someone's jumping at shadows
but yeah, I wondered who was getting all butt hurt with the amount of mods I got, well I didnt wonder much
On topic, Did anyone happen to ask the board roughly what percentage chance they think we have of obtaining a ML before delisting date, or perhaps roughly what percentage chance we have of appeasing the criteria needed to list before that date, and exactly what the board knows that criteria is from a governance perspective and a management perspective?
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