1. 2.9k
    Posts

    until a new BOD going no where p&d machine imo dyor

  2. 2.9k
    Posts

    Lithium play Altura Mining digs in for $150m recap
    Sarah Thompson, Anthony Macdonald and Tim Boyd
    Oct 18, 2020 – 9.34pm
    Save
    Share
    Western Australian lithium miner Altura Mining is putting the finishing touches on a $150 million-plus equity raising designed to dramatically reduce the company's debt.
    It is understood Altura Mining boss James Brown and his bankers spent part of the weekend shoring up support from a handful of early institutional backers, in an effort to have the deal underwritten and ready to launch this week.

    Battery metals play Altura Mining has two brokers lined up for its mooted equity raising. Bloomberg
    Funds were told Altura Mining wanted to raise equity to reduce its hefty debt load from north of $200 million to about $30 million and ensure it was financially fit enough to ride out the period of low lithium prices.
    Its pitch is understood to have been relatively straight forward. Altura reckons its Altura Lithium project, located south of Port Hedland, is as good as any in the business thanks to its high quality ore, low cost production and shareholder approved offtake agreement.
    The group's problem, however, is a debt laden capital structure designed at a time when lithium prices and forecast prices were much higher, which has Altura in breach of its covenants and at the mercy of its lenders.
    RELATED QUOTES
    AJMAltura Mining
    $0.070.00
    1 year1 day
    Nov 19Feb 20May 20Aug 200.020.040.060.08
    Updated: Oct 19, 2020 – 7.03am. Data is 20 mins delayed.
    View AJM related articles
    While's we're yet to see numbers for the year to June 30, Altura flagged a net current asset deficit worth $179.19 million at December 31 and its directors and auditors both flagged matters relating to its ability to continue as a going concern.
    Altura has since managed to kick its debt back to August 2023, extending a $US161 million ($244 million) loan held with sharp-nosed fund managers Castlelake, CarVal, Nomura and Clearwater Capital.
    It's also been able to put out a few spot fires with a small equity raising and debt covenant waivers and a standstill, however needs a more meaningful recapitalisation to get back on stable footing.
    Boutique advisory firm Azure Capital is advising Altura Mining on its recapitalisation options, which are steaming towards a large discounted equity raising.
    Stockbrokers Canaccord Genuity and Aitken Murray Capital Partners are expected to handle the deal.
    Altura Mining shares last traded in August at 7¢ each to value the company's equity at $209 million. The group produced 46,316 wet metric tonnes of lithium concentrate in the June quarter at an average cost of $US369 a tonne.

    1 like
  3. 3.1k
    Posts

    Lab results out any day now. Green extraction process. High purity results so far. In a prime position to deliver positive announcements at the same time as a pending recovery in the lithium price. I hold and believe this will go a long way

  4. 2.9k
    Posts

    all baked in the cake LKE need a new BOD will be out of cash again and again no way they will find $US 550 mill capex imo dyor

  5. 2.9k
    Posts

    buy rumour sell fact day ??good luck worse kept secret next another cr imo

  6. 2.9k
    Posts

    sell the news imo,,good luck

  7. 2.9k
    Posts

    Firstly again well done with the purity numbers yesterday, ultimately we will see the benefits.
    As we get samples to off-takers and to Novonix we are entering a potential low news cycle over the next few months as this testing will take some time. This is a concern as the market showed us yesterday. The lingering doubts about management to make good capital management decisions and the history of non delivery of timelines act as a handbrake on the share price.
    So therefore, I believe to counteract a potential slow news cycle accompanied by cynicism about the capabilities of current BOD, it is the perfect time to bring onto the Board some fresh faces. Bringing on a Chairman with a track record of success and a Director with a commercial pedigree will take Lake to the next level free from the shackles of the past. C'mon Steve it is the missing link to get Lake positively rerated and to get fresh broker/investor support.

  8. 2.9k
    Posts

    light years away from anything ..pump and dump complete from 3 raise imo... next raise here we come??

  9. 2.9k
    Posts

    still has a 4.2 gap dyor

  10. 2.9k
    Posts

    US 540 mill capex and climbing ?? wont happen. they need another $15 mill for a dfs ...need a new board good luck

  11. 2.9k
    Posts

    ceo might of done well dumping at 5.5 cents..dyor

  12. 2.9k
    Posts

    It's true: 'dud' directors keep filling up boardrooms
    Sarah Danckert
    Sarah Danckert
    Business Courts Reporter
    October 25, 2020 — 11.00pm
    Save

    Share
    Normal text sizeLarger text sizeVery large text size
    0
    Leave a comment

    TODAY'S TOP STORIES
    LNP won't back renewed Katter push for NQ statehood
    QLD VOTES 2020
    LNP won't back renewed Katter push for NQ statehood
    Just now
    COVIDSafe app identifies just 17 contacts not found by contact tracers
    CORONAVIRUS PANDEMIC
    COVIDSafe app identifies just 17 contacts not found by contact tracers
    49 minutes ago
    More thunderstorms and showers to hit south-east Queensland
    EXTREME WEATHER
    More thunderstorms and showers to hit south-east Queensland
    'Some were upset, angry, one was crying': Fury after Australian women invasively searched in Doha
    AIR TRAVEL
    'Some were upset, angry, one was crying': Fury after Australian women invasively searched in Doha
    Investors and shareholders have long had a sneaking suspicion that a "club" exists when it comes to choosing ASX listed directors. Now it appears there is proof.

    Amid the reluctant (and limited) bloodletting at Crown Resorts' annual meeting last week, the board ructions at Boral and the looming annual meeting season, large investors are becoming increasingly fed up with the lack of talent on boards of ASX-listed companies.

    The same Davids, Peters and Johns (and a few Susans) are finding their way onto boards of major listed companies over and over again, leading to new calls from powerful advisory groups for yearly elections of directors rather than the current system in which directors stand for re-election every three years.

    Simon Mawhinney, managing director at Allan Gray, says the lack of correlation between performance and board turnover is concerning.
    Simon Mawhinney, managing director at Allan Gray, says the lack of correlation between performance and board turnover is concerning. CREDIT:LOUIE DOUVIS

    A landmark report by governance advisory group Ownership Matters has reviewed all director appointments to ASX300 companies since 2005 and found directors are frequently sourced from the same pool of directors and often are not up to the job.

    Advertisement

    While gender diversity has improved considerably — women now make up 30 per cent of board positions — the rate has flatlined. At the same time, the club effect has carried over to female board representation, meaning the same women are favoured for board roles rather than new blood.

    Ownership Matters' co-founder Dean Paatsch compiled the landmark report.
    Ownership Matters' co-founder Dean Paatsch compiled the landmark report. CREDIT:THE AGE

    The review also found that board turnover was not linked to company performance, with boards in the lowest decile — that is, the worst performers — losing only one additional director compared to much better performing companies.

    Ownership Matters co-founder Dean Paatsch says it's up to investors to pull their weight if they want more competition and greater accountability from the non-executive director labour force.

    "There is a huge performance dividend waiting for the Australian economy if we have the most competent boards possible deploying the capital of Australian investors."

    "The analysis makes a compelling case for the annual election of all public company directors in Australia. This will stop the shielding of dud directors and tighten the renewal cycle in the event of continued company underperformance."

    Simon Mawhinney, managing director of large fund manager Allan Gray, says the report shows that performance clearly doesn't affect tenure of board directors, when it should.

    "When people get really upset, somehow there's some acknowledgement of the ills of the past, but there's some view that continuity is something which shareholders should preference over a completely new and clean set of eyes, which is just incredible."

    "Who wants these people to be continuous stewards of our capital? Exit side door, move on, let's get someone who's good.

    "From a shareholder's perspective, I think there is a lot of merit in ensuring that underperforming board members who preside over poor capital allocation decisions leave the board and give those board seats to perhaps younger or more energetic members, or individuals who are more prepared to roll their sleeves up and get involved."

    Ownership Matters' report shows how the club is made and how the first board seat a director achieves is like a golden ticket to a most exclusive group.

    Louise Davidson is chief executive officer of the Australian Council of Superannuation Investors.
    Louise Davidson is chief executive officer of the Australian Council of Superannuation Investors.CREDIT:WAYNE TAYLOR

    According to Ownership Matters' research, the number of directorships increases with the time a director spends in the overall pool. It also shows that once directors have two board positions, they are even more likely to get three positions. Similarly, those with three board positions are more likely to secure a fourth.

    It found 74 per cent of the pool, or 3076 people, had one directorship and the average time in the pool was six years. Only 14 per cent of the pool have two board positions, but the second directorship blows out the time in the pool to 9.6 years. An even smaller cohort, 250 people representing six per cent of the pool, have three directorships. And just 137 lucky directors got four board positions.

    Ethical Partners investment director Nathan Parkin says the report effectively proves his long-held concerns that there is a directors "club". The former Perpetual fund manager would like to see people with more relevant industry experience rather than the same people, often with valuable legal or accounting experience, appointed to the board.

    "That small, small cohort of directors control a lot of companies in Australia and it's very much an invitation-only club."

    "We've been saying for a while that the directors are the only people that nominate new directors and they often come from within the same pool.

    "The director pool is quite small and recycled too often and this report proves that and I think that's something that has to change going forward."

    Parkin says it means that boards too often attract like-minded people, meaning that if existing board members are unlikely to challenge management, they'll look to appoint passive directors like themselves.

    Mawhinney and Parkin both agree that a way to inject new blood into boards could include shareholders becoming more involved in the nomination process.

    One of the most powerful investment advisors in the country, the Australian Council of Superannuation Investors, also wants a major shake-up of how board nominations work. ACSI advises $1.5 trillion of investment, $500 billion of which are from its Australian industry super customers while it also advises pension funds from Europe and North America. It has long had a position on yearly board elections.

    "Investors need to support companies in driving for an expansion of the director pool that delivers even higher-quality boards," says chief executive Louise Davidson.

    "Introducing new voices to the director pool will only strengthen good governance in Australian companies and in turn deliver stronger shareholder returns."

    RELATED ARTICLE
    Bill Ackman used credit protection on investment-grade and high-yield bond indexes to grab the huge profits.
    OPINION
    INVESTING
    Top investor who made $US2.6b in March rout braces for more market turbulence
    Business Briefing

  13. 2.9k
    Posts

    ASX-listed Altura Mining in receivership; $150m recap sinks
    Sarah Thompson, Anthony Macdonald and Tim Boyd
    Oct 26, 2020 – 6.47pm

    Save

    Share
    Receivers have been appointed at listed lithium play Altura Mining, throwing its $150 million recapitalisation plans into doubt.

    Altura's Pilgangoora lithium mine in Western Australia. Altura Mining

    The company filed a notice with the corporate regulator on Monday revealing that KordaMentha had been appointed as its receiver, just days before it was slated to launch the heavily discounted recap equity raising.

    Fund manager sources told this column that prior to entering receivership Altura was struggling to get support for the deal, and the terms put to potential investors on the recap proposal weren't favourable enough.

    The company was attempting to raise equity to reduce its hefty debt load from north of $200 million to about $30 million and shore up its balance sheet to ride out a period of low lithium prices.

    It is understood the receivers were appointed by Altura's loan note holders which include sharp-nosed fund managers Castlelake, CarVal, Nomura and Clearwater Capital.

    RELATED QUOTES
    AJMAltura Mining
    $0.070
    0.00

    1 year
    1 day
    Oct 19
    Mar 20
    Aug 20
    0
    0
    0

    Updated: Oct 26, 2020 – 7.38pm. Data is 20 mins delayed.
    View AJM related articles

    Advertisement
    Altura's new master, KordaMentha, has a couple of options in front of it now that's it taken the keys. However, it's sure to want to take its time to understand the situation, before pulling any triggers.

    First, it could continue down the equity raising/recap path, rework the terms and try and convince funds to tip fresh capital into the business.

    The other option would be to shop Altura to a strategic acquirer – and there's no medals for guessing where KordaMentha would turn its attention to first.

    Fund managers reckon the most likely/logical candidate to buy Altura would be Pilbara Minerals, which has a lithium project adjacent to Altura's in Pilgangoora, near Port Hedland in Western Australia.

    Not only are Pilbara Minerals' tenements right next door to Altura's but the pair also have a bit of history working together, having signed a couple of agreements in 2016 regarding how the companies could cooperate on their respective projects.

    Financing would be the issue for Pilbara Minerals, which refinanced its $US100 million project debt facility in August, with a new $US110 million debt package from BNP Paribas and the Clean Energy Finance Corporation.

    The company had $86 million in the bank as of the end of June this year.

    Pilbara Minerals declined to comment.

    Get a first look at tomorrow's headlines

  14. 2.9k
    Posts

    4.2 gap fill??? years away from anything imo hence ceo sold at 5.5 , plus millions more over last months...dyor good luck

Your browser is too old for TopStocks and not secure. Please update your browser