To all shareholders in Pathfinder Minerals Plc
We can confirm that we have today served upon the BoD of Pathfinder Minerals Plc a valid EGM requisition notice.
Shareholders will shortly have a clear choice on the future of their company – almost inevitably more dilution from an incumbent Board that has not managed to bring the licence issue to a close for over 7 years now and furthermore, per the letter disclosed below from Pathfinder Mozambique SA (where the licence currently resides over both Naburi & Moebase), a clear statement that an alternate resolution to the court process with this party is not possible or, in complete contrast, new and capable directors with both a thorough understanding of the company’s history through former FD James Normand’s involvement and James Lumley (CEO of Anglo African Minerals) with deep connections and experience of dealing in Africa.
The proposed new Board have received comfort from PM SA that they will look to find an expeditious resolution to the current impasse and which would of course avoid the continued costs and uncertainty of litigation that is, at present, the only route on the table for the long suffering shareholders of PFP.
Our plan involves a modest recapitalisation (at a significant premium to the current stock price) to put the company on a firm footing, new management being paid a fraction of the current salary take of Trew in particular and their incentivisation being through a material increase in the stock price – in essence complete “alignment” with current shareholders.
We will update with a full EGM statement to be circulated in the weeks ahead. What is extremely important is that when the vote is called is that it is used. Inertia in these situations is not an option. The future of PFP is at stake and the time to act is now.
Letter from Pathfinder Minerals SA