Chatham Rock Phosphate - CRP

[NeverQuestion]

Does anyone know who the new head of the EPA is now?

Seems like this stock is pretty much a write off now... Which is odd because I thought the government were serious about cleaning up the waterways in rural New Zealand

Clearly Less super phosphate on farmland would be better for the environment (CRP phosphate has much lower runoff and only needs to be applied once every 3 years not every year)

So they released a market announcement today with a road map on where to next!

The Chatham Rise timetable from here
November 2015 – Antipodes shareholders approve sale of assets, merger with Chatham and change of name of the merged company
December 2015 – March 2016 - Chatham completes financing programme, Antipodes and Chatham merge with the combined entity listed on the TSX.V and NZAX
March 2016 – decision made to resubmit Marine Consent Application
June 2016 – Marine Consent Application lodged
December 2016 – fast tracked decision released
June 2017 – Marine mining contract finalised and ship conversion commences
September 2019 – trial mining
January 2020 – commercial mining commences
In parallel with this Chatham will be steadily building a phosphate trading business in preparation for accepting and marketing the offtake from the Chatham Rise deposit.

[Crackity]

So they released a market announcement today with a road map on where to next!

The Chatham Rise timetable from here
November 2015 – Antipodes shareholders approve sale of assets, merger with Chatham and change of name of the merged company
December 2015 – March 2016 - Chatham completes financing programme, Antipodes and Chatham merge with the combined entity listed on the TSX.V and NZAX
March 2016 – decision made to resubmit Marine Consent Application
June 2016 – Marine Consent Application lodged
December 2016 – fast tracked decision released
June 2017 – Marine mining contract finalised and ship conversion commences
September 2019 – trial mining
January 2020 – commercial mining commences
In parallel with this Chatham will be steadily building a phosphate trading business in preparation for accepting and marketing the offtake from the Chatham Rise deposit.

they only missed a few bits from the timeline.....I have added them in below
31 Dec 2015 - management fees of 400k to C.Castle
31 Dec 2016 - management fees of 400k to C.Castle
31 Dec 2017 - management fees of 400k to to C.Castle
31 Dec 2018 - management fees of 400k to C.Castle
31 Dec 2019 - management fees of 400k to C.Castle

[Antipodean]

they only missed a few bits from the timeline.....I have added them in below
31 Dec 2015 - management fees of 400k to C.Castle
31 Dec 2016 - management fees of 400k to C.Castle
31 Dec 2017 - management fees of 400k to to C.Castle
31 Dec 2018 - management fees of 400k to C.Castle
31 Dec 2019 - management fees of 400k to C.Castle

While there have been valid concerns raised over such high payments that may or may not warrant the above, if you are going to sledge at least stay closer to the mark. His payment structure is now reduced to $60k cash annually: https://www.nzx.com/companies/CRP/announcements/268574 - and $180k worth of shares. Still glamorous compared to what holders have received.

If the 'milestones' are achieved (anyone know what they are?) those $180k shares (based on the current share price of $0.007) would translate into 25.7 million shares (per annum). That's huge - equivalent to 6.3% of the current NZX CRP at 407 odd million on issue. So while the alignment of interests with shareholders mentioned in the announcement is positive, it coincides with significant dilution which is also detrimental to the current shareholders.

[Crackity]

While there have been valid concerns raised over such high payments that may or may not warrant the above, if you are going to sledge at least stay closer to the mark. His payment structure is now reduced to $60k cash annually: https://www.nzx.com/companies/CRP/announcements/268574 - and $180k worth of shares. Still glamorous compared to what holders have received.

If the 'milestones' are achieved (anyone know what they are?) those $180k shares (based on the current share price of $0.007) would translate into 25.7 million shares (per annum). That's huge - equivalent to 6.3% of the current NZX CRP at 407 odd million on issue. So while the alignment of interests with shareholders mentioned in the announcement is positive, it coincides with significant dilution which is also detrimental to the current shareholders.

fair call Antipodean - I was working on the historical average for management fees....maybe it will be different this time round....

[blackcap]

So this company has a market cap of about $2.8m. So CC's "salaray" of $240k is almost 10% of market cap. Interesting.

[NeverQuestion]

So this company has a market cap of about $2.8m. So CC's "salaray" of $240k is almost 10% of market cap. Interesting.

Have you seen the latest?

CRP seeks more capital to ensure overseas listing


https://www.nzx.com/companies/CRP/announcements/272443

[Crackity]

Have you seen the latest?

CRP seeks more capital to ensure overseas listing


https://www.nzx.com/companies/CRP/announcements/272443

this announcement appears to be 211 days late?

[NeverQuestion]

this announcement appears to be 211 days late?

As in they should have done this sooner?

Dated 28 October 2015

[Food4Thought]

C.Castle is onto something. Always has been. Smart enough to somehow outsmart many others... I am heavily in disfavor for the historical nature of his companies operations and their intended direction. Not going to be granted the go ahead. Operation is way too risky IMO, *risky* to name a few things. Watch as your investment here disappears.

[Joshuatree]

Consultancy fees, directors' fees, management fees totaling $727,000 in 2013.

Office and travel expenses a further $283,000.

Consultancy fees to Chris Castle via AOR $669,000 in 2012 and 2013.

He tries very hard indeed!

Lots of details on past threads re the lifestyle CC has had.Will want to again of course;rinse and repeat.