AVZ Discussion 2022
- Thread starter GazDix
- Start date
Chilla
Regular
The conflict is not what its worth now!What's it currently worth? I wonder if Nige would be keen to put it up as a raffle prize at the AGM, all proceeds from the raffle go towards AVZ
The conflict is what is it worth if AJN are successful in stealing the north??
That potential huge windfall for Nige conflicts with his duty and responsibility to AVZ shareholders to have no relationships or associations that have the potential to harm, damage, devalue AVZ.!!!!
Everyone will be crying foul if that happens and bitching that Nigel had a conflict of interest all along.....and talks of law suits will ensue.
Better for him and AVZ to remove the conflict immediately.
Mr Inappropriate
Regular
I can’t like this enough, @Chilla
Chilla
You make some interesting points.
NF sits on AVZ's board and gets to discuss and vote on all matters AVZ. He is also a major shareholder of AJN, which is attempting to steal AVZ's exploration ground (if recent AJN announcements are genuine).
While he must declare his interest in AJN prior to every board discussion about AJN, it is up to the board to determine on a case-by-case basis whether he is conflicted. However, this is not a transparent or efficient way to do business, and fails to remove the perception of conflict. It also has the potential to influence how board members discuss AJN on the sidelines (outside board meetings).
It would be far better for there to be no perception of mixed loyalties. The board should act on this.
Cheers
F
Rediah
Regular
In the Brisbane RS, AJN’s conflict of interest was brought up that he holds substantial percentage and he should just get rid of it.
NF looked up and after a brief pause he replied that he won’t sell it. And even if he wants to, it will take forever to sell all, as he could only sell 9000 shares a day. Then someone corrected him and said it’s 120k a day. But NF said regardless it will take time to get rid of them. (Maybe as a non executive of AJN he can’t dump it in one go).
NF stance was he has done nothing wrong and has his legal team’s backing.
NF looked up and after a brief pause he replied that he won’t sell it. And even if he wants to, it will take forever to sell all, as he could only sell 9000 shares a day. Then someone corrected him and said it’s 120k a day. But NF said regardless it will take time to get rid of them. (Maybe as a non executive of AJN he can’t dump it in one go).
NF stance was he has done nothing wrong and has his legal team’s backing.
Bray
Regular
I think one should not forget Nigel is human and just like anyone who is money driven he is going to take his personal interests over others for himself and his family.
The AJN holding seems like a security blanket.. if things go tits up he has a nice holding of another potential company/$$$
The AJN holding seems like a security blanket.. if things go tits up he has a nice holding of another potential company/$$$
DiscoDanNZ
Regular
In the Brisbane RS, AJN’s conflict of interest was brought up that he holds substantial percentage and he should just get rid of it.
NF looked up and after a brief pause he replied that he won’t sell it. And even if he wants to, it will take forever to sell all, as he could only sell 9000 shares a day. Then someone corrected him and said it’s 120k a day. But NF said regardless it will take time to get rid of them. (Maybe as a non executive of AJN he can’t dump it in one go).
NF stance was he has done nothing wrong and has his legal team’s backing.
I personally believe that NF wouldn't do anything to conflict or harm AVZ's interests however the fact that he has this interest in a competitor is going to be a cause for concern and contention until we have the northern part of the tenement in concrete and AJN is fucked off.
Prove us wrong Nigel.
From an optics point, selling seems the logical thing to do. However I don't think its that simple. There are some obvious advantages of holding 10% of a competitor is there not?
And yes there is a windfall, but people are allowed windfalls including CEO's. I think there is also the incorrect assumption here that management give any credit to these claims. Its just more bullshit flowing out from the usual suspects. I don't know if anyone else got this vibe, but they VERY clearly think that AJN is a non factor.
Lets just say that Nigel better pray that AJN is indeed NOT involved in CDL in any way.............or he wont have a job, there would be a NO CONFIDENCE motion put against the entire BOD.
It makes it very smelly when Nigel comments on the perth RS, that the northern section of CDL has MICA in it..........dont you think ?
imo
Chilla
Regular
AJN is a listed company and cant be making announcements on their exchange that are lies ..... can they?
Nigel has a Fiduciary Duty to AVZ and shareholders not to have relations or associations that could harm, damage or devalue AVZ and its assets. His 10% holding in AJN is a direct conflict of this fiduciary duty to AVZ.
Nigel receiving a windfall from AJN if they are successful will be a direct conflict with AVZ, as AVZ will lose value and be damaged at AJN expense.
Nigel only resigned from AJN on 8 May 2022.
Announcements from AJN on their exchange dated 8 Feb 2022 and 19 April 2022 would indicate that the plan to steal CDL northern section was arranged between these dates ..... whilst Nigel was still a director.
Clear Conflict imo.
Chilla
Regular
If you havent looked at the AJN announcements...here they are...make up your own minds!
8 Feb 2022
19 April 2022
11 May 2022
1 Nov 2022
8 Feb 2022
19 April 2022
11 May 2022
1 Nov 2022
Agree Chilla. The thing I care about is having an MD that is 100% aligned with AVZ shareholder interests. His MICA concentration comment about the northern section of CDL and reluctance to discuss his AJN holding is worrying. He has a nice opportunity to clarify this issue at the forthcoming AGM with us, the owners of AVZ.
Honestly I'm wishing that CDL never existed . I never paid it any attention . Something up our sleeve for a later date . I would have been long gone anyway . My guess is most SH don't give a f--k about Nigel's AJN holding . They want the ML for RD/sth CDL asap and to start trading again . Let the long suffering share holders have Nigel and his team's full commitment and concentration on securing the ML. Let little Johnny get his new bicycle first .
I cannot begin to imagine the pressure Nigel, Ben and others have had to deal with for the past 1-2 years. The constant back and forth with various DRC ministries and departments. Promises made to Nigel and AVZ taken in good faith, included in timelines only to be rescinded or thwarted by internal DRC machinations. The end result is usually a barrage of accusations and criticism about the uselessness of our MD and board. This piled on top of the incredibly complex issues they are faced with.
If Nigel’s connection to AJN is an issue there will no doubt be a reckoning at some point. Is now the time for that given all that is going on.
I personally believe that he and the board would have applied considerable thought to Nigel’s share holding of AJN and clearly do not see an issue with it.
Are there truly AVZ holders who believe this is a wider conspiracy involving our entire board, as the board clearly support Nigel at present.
Do I think it is a good look, absolutely not. However I see no value at all in advancing more conspiracy theories about AVZs MD or board at this point in time.
The clear message I have been able to glean from those who attended the roadshows is to ignore the noise. Be as discreet as possible when posting on social media so not to provide our antagonists with anything to drive the wedge in even further between Management and shareholders. For the most part those who attended the road shows seemed to be satisfied with the overall presentation at the various RSs.
The current thinking of some, that Nigel should divest his AJN shareholding or his position becomes untenable and he should be removed, to me, is just the fodder these opportunists are looking for.
Nigel was in charge when I bought in over 4 years ago. I watched, listened and read intently anything I could find out there about AVZ and Nigel before I pressed buy. Nigel’s confidence and demeanour largely influenced my decision. To me any thought of a management and Board restructure at this time would be incredibly destabilising and exactly what the opposition are looking for.
I don’t believe social media is where this extremely delicate issue should be dealt with and the company have said as much at the road shows.
This is clearly just my opinion and I am certainly not trying to tell anyone what they can and cannot post. It is just my interpretation of what the consequences may be if we continue down this path.
I am passionate about our Company and TSE. This forum has been an absolute gift in terms of maintaining my sanity during this tricky period. The robust discussion, diligent research posted by many and the lighter moments of pictures and banter is something I look forward to every day.
If you have made it to the end of this post thanks for reading.
Good luck to all and enjoy the rest of your Sunday.
If Nigel’s connection to AJN is an issue there will no doubt be a reckoning at some point. Is now the time for that given all that is going on.
I personally believe that he and the board would have applied considerable thought to Nigel’s share holding of AJN and clearly do not see an issue with it.
Are there truly AVZ holders who believe this is a wider conspiracy involving our entire board, as the board clearly support Nigel at present.
Do I think it is a good look, absolutely not. However I see no value at all in advancing more conspiracy theories about AVZs MD or board at this point in time.
The clear message I have been able to glean from those who attended the roadshows is to ignore the noise. Be as discreet as possible when posting on social media so not to provide our antagonists with anything to drive the wedge in even further between Management and shareholders. For the most part those who attended the road shows seemed to be satisfied with the overall presentation at the various RSs.
The current thinking of some, that Nigel should divest his AJN shareholding or his position becomes untenable and he should be removed, to me, is just the fodder these opportunists are looking for.
Nigel was in charge when I bought in over 4 years ago. I watched, listened and read intently anything I could find out there about AVZ and Nigel before I pressed buy. Nigel’s confidence and demeanour largely influenced my decision. To me any thought of a management and Board restructure at this time would be incredibly destabilising and exactly what the opposition are looking for.
I don’t believe social media is where this extremely delicate issue should be dealt with and the company have said as much at the road shows.
This is clearly just my opinion and I am certainly not trying to tell anyone what they can and cannot post. It is just my interpretation of what the consequences may be if we continue down this path.
I am passionate about our Company and TSE. This forum has been an absolute gift in terms of maintaining my sanity during this tricky period. The robust discussion, diligent research posted by many and the lighter moments of pictures and banter is something I look forward to every day.
If you have made it to the end of this post thanks for reading.
Good luck to all and enjoy the rest of your Sunday.
I love eating crayfish but I have to tell you it would be my worst nightmare diving down to get them!
The conflict of interest is just another layer of frustration / nuance that AVZ shareholders have had to endure regards to this extended suspension fiasco .
AVZ shareholders want clarity / answers about where things sit primarily, not being left in the dark and trying to decipher answers for ourselves.
I for one am not pointing any daggers at NIGEL or the BOD, they have done a excellent job to define the resource and get AVZ to the ML decree stage..............but what happened there after ?
How the fuck did we get to being suspended for this long instead of doing a lap of honour around the MCG or OPTUS oval ?
Questions need to be asked...............what / how / why ?
The conflict of interest is just one of many questions that needs to be asked...........not solely.
imo
JAG
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