NGC MORNING BRIEF LONG ONE DIRECTORS
Smantha Espley and Frank O'Brien-Bernini while I believe both are qualified to be board members. I would like to see them both step up to the plate and purchase shares in the company.
I am with holding my vote on these two directors. MAYBE THEY WILL GET THE MESSAGE. We need directors that align themselves with the interests of shareholders.
Cam Birge is a withhold vote for me as his area of expertise is education not business. While Cam did find much needed help in 2008 through his contacts. According to his CV he lists Ammex Gold and Wind Works Power Corp as two companies where her served on the boards and as an executive.
Don Christie owns shares in the company and is a CA/CPA long time director I will vote yes for Don.
Greg Bowes the Chairman of the Board. Greg is a person of INTEGRITY. He told me in a phone conversation in the spring of 2008 as the captain of the ship he would be the last man off the ship. Well 16 years later that statement still resonates with me and he has BEEN TRUE TO HIS WORD. I have not spoken with Greg in six years.
I RESPECT GREG AND I AM A YES VOTE.
Hugues Jaquemin as CEO and unproven to the shareholders of NGC in that position Mr Jaquemin should not be on the Board as the Board needs to evaluate his performance. If he was as effective as say the JPMorgan CEO.
AS UNPROVEN Mr. Jaquemin gets a withhold vote from me.
Additional considerations I have considered.
1 While moving the plant in Namibia was proven to be good for long term economics the Board jumped the gun dismantling the equipment and beginning the moving process. THEY DID THIS BEFORE FINANCING WAS SECURED.
2 Neograph they had an opportunity to close that with an equity financing at around 50 cents but they were holding out for a higher share price. That is squarely on the the board. HOW IS THAT WORKING OUT FOR YOU?
3 Another reason for by withhold vote for Frank O'Brien-Bernini and Cam Birge is both those directors enabled the CEO decisions to spend money like a drunken sailer. It is my understanding that Frank was recommended by Hugues to join the board. Cam on the other hand was very set on Hugues as CEO and supports his every move.
4 On a positive note the battery division does have the ability to produce BAM material.
The market for graphite is currently very poor because of the price that China is selling graphite at.
If governments do not step up with financial help there will be no successful graphite mines in North America and President Biden's flag ship initiative will fail.
Finally I do not consider other graphite miners as competitors but necessary companies to make the EV evolution work. North America likely needs NOU, NGC and 3 more graphite mines as a minimum to supply the giga factories currently being built.
I have been told that one giga factory needs about 36000 tons of BAM material yearly. Whether that is right or wrong the demand is going to be substantial.