Not content with giving shareholder democracy a good shafting today, Ironveld (IRON) and its directors stand accused of making defamatory statements about GM Requisitioner Richard “Nobody likes me and I don’t care” Jennings who tells me that his lawyers are now working on a defamation action.
Today’s GM at Ironveld (IRON) was a farce with Chairman Giles Clarke (Rugby and Oxford so obviously a scholar and a gentleman so beyond reproach) refusing to take any questions and showing an utter contempt for democracy. There were 4 attendees.
Shareholders in Ironveld (IRON) will, thanks to Richard “nobody likes me and I do not care” Jennings of Align, soon have the chance to oust Giles Clarke and Martin Eales. The former (Rugby and Oxford, don’t you know, and thus, a terribly good chap who should not have to deal with plebs like Jennings) has accused the Align boss of bullying. Yes, a pissed off shareholder who complains must be a bully. Whatever. In the real world, it is Clarke’s own record that needs scrutiny.
It is quite clear that Ironveld Resources (IRON) is a serially underperforming AIM dog and that its management should be held to account. Since Giles Clarke took the helm its shares have plunged from 4.5p to just 0.35p. But Giles is a top fellow who went to Rugby School, then Oxford and was head of the England and Wales Cricket Board so we are not allowed to say what a crap job he is doing and how he should never be allowed to run an AIM company again. Clarke is a jolly fine fellow and anyone who says otherwise is just a smelly oik. Step forward professional northerner Richard Jennings.
The latest spat involving Richard "nobody likes me and I don't care" Jennings of Align Research, is with AIM hound, Ironveld Resources (IRON). Inexplicably, Jennings has offered Ironveld money at 1p. Even more inexplicably, Ironveld has said no, forgetting that beggars cannot be choosers. Jennings has fired off the letter below, which is, as you'd expect, forthright and menacing.
Ironveld (IRON) has followed a, 29th December 2020, 'no one watching o’clock' day results announcement with announcing the initiation of equity research on the company by Align Research – the research headed “Financing deal to unlock tremendous value at a world-class high purity iron, vanadium and titanium project in the Bushveld”. Sounds interesting – with at a current 0.675p share price, the Ironveld market cap £8.8 million...
Ironveld (IRON) has today announced results for its year ended 30th June 2020, concluding “we look forward to providing further updates in the near future”. Hmmm – releasing results on largely ‘no one watching o’clock’ days such as those this week doesn’t tend to mean good news...
Late March-announced results from Ironveld (IRON) included “your board remains confident that the company's asset, containing 27 million tons of HPI, together with significant Vanadium and Titanium content, continues to demonstrate robust economics and has a potential value many times in excess of the company's market capitalisation and balance sheet carrying value” – the market capitalisation then £2.6 million and stated net assets £21.7 million. Today a fundraising, from a £4.3 million market capitalisation with the shares having last closed at 0.65p. Surely a price competitive against that then? – and, given the stated “potential value”, even that unnecessarily dilutive?...
