FinnAust Mining Plc ORD 2P (LON:FAM) Managing Director Roderick McIllree caught up with DirectorsTalk for an exclusive interview to discuss the completion of the Pituffik acquisition and to clarify the share price confusion
Q1: Good to have you back again! Great results this week with the completion of the acquisition of Pituffik, can you tell us a bit about the process that we can expect from here?
A1: Look it has been a good week, it’s been a long time coming and one of the things I guess we are very conversant of the patience of the shareholder through the last 6 month period. This transaction has been complicated I guess by a number of regulatory hurdles that needed to be managed but just to have closure on the transaction before the end of the year is something that gives everyone a bit of peace I think. We’ve got the general meeting at the end of the year to ratify the issue, we have put this whole transaction to shareholders, one of the key aspects that FinnAust shareholders will notice in the future is that they will have a say in everything that we do so all of these types of transactions even though it hasn’t been completed yet. We recommend that our shareholders come along, meet me and meet the team on the 24th December at 9am, I know it’s a difficult time for many but we’d welcome any shareholders that felt compelled to come along.
Q2: There seems to be a bit of confusion regarding the share price issues, can you elaborate for shareholders?
A2: I think it’s probably more to do with the fact that we seem to have done 2 transactions at different share prices. Now, the only transaction that has actually occurred at this point in time is the £200,000 raising that is at 2p, the actual transaction to purchase the Pituffik project is subject to shareholder approval at the general meeting at the end of the years so if shareholders don’t want this to happen then they can vote against it. There seems to be some confusion that there is stock being issued I think at .6 and potentially being sold at 1.5, I can assure you that is not happening because that stock hasn’t even been issues yet so that’s probably where the confusion is coming from.
Q3: You’ve mentioned that you have a new strategy for FinnAust, something that you think will set you apart from other exploration companies, how best can shareholders understand this and communicate with you should they wish?
A3: It’s one of these things that I think in a world of just a whole heap of trees, one really needs to stand out to attract not just investor attention but capital to conduct their businesses. I have taken the view, and it’s something I’m implementing in the team at the moment, that shareholders at all times should be communicated with and if there is any shareholder that would like to speak to me directly, I have no problem with them having my company email which is rmcillree@finnaust.com or conversant to that is my direct line at work which is 020 7907 9314 and if any shareholders, at any time, want to speak to me about their company, I will make myself available.
