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12/4/17

Lydian International (LYD.to) news

It's been a long time since this name popped up on the IKN radar, in fact you have to go back to 2015 and this post which commented on the financing deal LYD ran and the way in which, by doing so, totally it hosed its shareholders.

It would seems that IKN's opinion is shared by others. What follows is a mail intercepted by IKN last night from a source which must remain anonymous. Its author is Tim Coughlin, one of the founders of LYD and along with Peter Mullens the driving force behind the original discovery. Coughlin addresses his mail to Douglas Tobler, the current COO of LYD and from what the mail tells us, apparently LYD had floated an idea to name one of the conveyors at the Amulsar mine after Coughlin in recognition of his work. Let's see what Coughlin's opinion of that idea is and please note, one specific section has been redacted to remove names of people.

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Dear Doug,

Hayk advises that there is a proposal to name the conveyor after me (?)

Thanks, but no thanks.

I still live in a world where founders and founding shareholders are held in the highest possible regard. You, in-fact, owe your job and your outrageous salary and annual free shares to those people (although being fair-minded they would never have approved such a corruption). Yet you and your "team" in a fit of selfish panic, at the very bottom of the market (to the day), managed to effectively give the company away and erode all that hard work and all that shareholder value from what should have been an exemplary project.

(A number of people mentioned in the mail) year-on-year invested the high-risk money to move the project through its difficult early years, despise your practices. We paid for every share, you denuded them of value with what must be close to the worlds worst mine financing arrangement ever and then, in an arrangement which should have faced much closer scrutiny from the regulator, you enlist the help of your new owners to award yourselves your RSU's; free shares, every year, in a scheme voted through by the two institutions you effectively sold the project to.

I am happy for Armenia and I know that country better than any of you, but I do not agree to having my name on any installation of the bastard you are building.

до свидания и трахаться




IKN back and we particularly like the flourish of Russian at the end. Do like your humble scribe and stick it through Google Translate.