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By Tom Winnifrith | Wednesday 14 March 2018
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
As you know I do not always agree with Richard Jennings of Align Research but on the matter of Pathfinder Minerals (PFP) he is spot on and I support his efforts to oust CEO Nick Trew and toff Tory MP Sir Henry Bellingham, of 3DM infamy, 100%. Jennings has published a new letter with a dire warning to anyone prepared to back Trew & Sir Hal. Perhaps the campaign slogon for comrade Jennings should be "For the many not the Trew." Maybe that needs work? Jennings writes:
I am pleased to relay that we have received a groundswell of support from jaded Pathfinder Minerals Plc shareholders over the last few weeks in relation to our plans to remove both Nick Trew and Henry Bellingham from the Board. To that end we now confirm that we will be serving an EGM requisition on the company in the very near term.
We have, separately, attempted dialogue with the Chairman of Pathfinder and the company’s Nomad WH Ireland with regards to the revelations from the company on the 26th February that, prima facie, statements put out by the Board in recent months regarding a framework agreement are in direct contrast to Pathfinder Mozambique’s (“PM SA”) position (the entity in which the licences currently reside). Indeed we have copies of the pertinent correspondence from PM (SA) and associated parties that were sent to the company in October of last year and which disputed the basis of the RNS’s put out by Trew and Bellingham in the last quarter of 2017.
Given the gravity of the situation and the position that we believe the incumbent management are in at Pathfinder we are dismayed to relay that Trew, Bellingham and the Nomad have thus far deigned to engage with us, this notwithstanding that constructive dialogue is in all Pathfinder Minerals shareholders interests.
I can further confirm that following recent extensive discussions with PM (SA) that we have received representations that they will engage with new management of Pathfinder with a view towards working in an expeditious manner towards a successful conclusion in all parties interests with regards to licences 760C and 4263C in Mozambique. We are hopeful that this would, shorn of the toxicity of current relationships, provide a clear pathway towards arriving at a speedy alternative resolution to the Court process that remains in play.
We point out that based upon the most recently published figures from Pathfinder that it appears that a new capital raising will very likely be required imminently. Given the recent collapse in the share price of the company as a consequence of the company’s RNS of 26 Feb 2018 this will be further dilutive to existing shareholders. In contrast, with our intended new management’s plans, we have received commitments from investors to invest further monies into Pathfinder at a premium to the current stock price.
We believe the choice post our EGM presentations will be clear – continued dilution with current management, the unequivocal statement by PM SA that they will not negotiate with Bellingham & Trew or, in complete contrast, a new Board structure with salaries that will be a fraction of the current Board’s, good faith representations from PM SA to engage with us and a capital injection to put the company on a firm footing at a considerable premium to the current stock price.
If you are a Pathfinder shareholder then however few shares you own I urge you to pledge them in support of Jennings by emailing him at [email protected]
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