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Kalimantan Share Chat (KLG)



Share Price: 1.60Bid: 1.55Ask: 1.65Change: 0.00 (0.00%)No Movement on Kalimantan
Spread: 0.10Spread as %: 6.45%Open: 1.60High: 1.60Low: 1.60Yesterday’s Close: 1.60


Share Discussion for Kalimantan (KLG)


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Caldecott
Posts: 566
Observation
Opinion:No Opinion
Price:1.60
Freeport - Going for growth
Thu 09:07
 
Caldecott
Posts: 566
Observation
Opinion:No Opinion
Price:1.58
mfm - continued
Wed 01:57
... provide a rational defense if there is one.
Caldecott
Posts: 566
Observation
Opinion:No Opinion
Price:1.58
mfm: why?
Wed 01:57
Because so much else on this forum - especially the inane, factually incorrect one-liners - is utter drivel, including some your own misleading posts. It is hard to believe that the periodic ramping up of the share price hasn't been orchestrated in some way, as others besides myself have already pointed out. If you disagree with the factual content of any of my posts just state what is wrong instead of resorting to ad hominem remarks (always a sign that you have nothing rational to contribute).

Bitter? No. However, like many other founder investors with whom I have exchanged views, there is a sense of disappointment with this latest development, handing control over to Tigers Realm for so little. Other alternatives were available.

The record of the outgoing CEO hasn't been good. The share price has fallen by about 70% since the date he took office in April 2011. He issued misleading statements, including about the so-called "independence" of board members, momentarily blundered on the tax exempt status of the Bermuda holding company, extracted disproportionate fees, awarded himself disproportionate stock options for a part time role in a passive holding company and finally spun the "going for growth" headline when it was basically about "selling out" and failing to achieve even half the targeted capital raising, an area in which he was supposedly an expert. Whatever his aspirations may have been, the result thus far doesn't look good. There's "positive spin" and then there's "deception". A fine line to tread. Announcing KGC's VP Exploration's sister-in-law as an "independent" board member came across as an act of willful deceit - unfortunately something that colored how some investors subsequently perceived much of what has followed.

So - how optimistic are you about the ability of Tigers Realm to progress KGC? One can see that G-Resources, where Owen Hegarty is involved, has performed well at the Martabe gold mine in Sumatra. That has the financial backing of Hong Kong investors. What else do you see that points to progress at Beutong, KSK and Jelai?

The Technical Report on Beutong includes important facts that, in my opinion, should have been highlighted in the Corporate Presentation. These include specifics about the short time frame and conditions surrounding tenure at Beutong and the millions extra that would have to be paid to earn the 80% interest. The identity of the ultimate Indonesian majority owner has not been disclosed. Had the transaction been put to the KGC shareholders in General Meeting questions about all of that would have been asked. Instead KGC investors were in effect disenfranchised, KGC management going along with the fig leaf assertion by Tigers Realm that the fifty individual shareholders in Tigers Realm Metal are "not associated" - indicative of the standard of corporate governance that investors can expect going forward.

Provide a
updo
Posts: 344
Off Topic
Opinion:No Opinion
Price:1.58
Caldecott
Wed 00:53
Thanks for your post.
myfirstmillion
Posts: 64
Observation
Opinion:Strong Buy
Price:1.58
why?
Wed 00:14
Is this how you "stop the chatter" Caldecott? You've now come clean that despite negative posting for month upon month you in fact hold no shares here. You sold out several months ago yet continue to feel the need to relentlessly post in the negative when you know full well that many others still hold. That's seems very twisted and perverse to me. Bitter are we?
Caldecott
Posts: 566
Observation
Opinion:No Opinion
Price:1.58
Beutong - Technical Report
Tue 21:11
http://www.kalimantan.com/i/pdf/Technical_Report_Beutong_Project_Indonesia_20141130.pdf

Points to note include the following:

Tenure:

The Beutong Exploration IUP "suspension" expires in just over four months on 6 June 2015 - the license itself "expires" a few days later on 15 June 2015. A long list of conditions have to be satisfied before the government will issue a Production IUP. KGC management expect to be awarded the Beutong IUP Production License in April 2015, so within the next three months. In order to get to 60% and then to 80% of Beutong KGC would have to pay several millions of dollars to eventually completely buy out the Indonesian partner's 50% shares in the Singapore sub-holding company. KGC would also have to find ways to fund and to complete a bankable feasibility study. Both parties - i.e. KGC and the Indonesian partner have to agree that they wish to move the project forward. The Indonesian partner is named as PT Media Mineral Resources ("MMR"). No further details are provided concerning who owns MMR. Therefore the general business reputation and financial standing of the Indonesian partner cannot be established based on the information contained in the Technical Report.

Budget:

Tables 19 and 20 of the Technical Report set out budgets totaling over US$ 800,000 to achieve tenure extension (approx. US$ 100,000+ ) and further exploratory drilling (approx. US$ 700,000+)

Considering that KGC failed to raise the targeted US$ 3 to 5 million ( just over US$ 1 million was raised) and that management's main priority are stated to be preparing for further exploratory drilling at the BK prospect within the KSK CoW in Central Kalimantan and securing tenure at Beutong, it isn't obvious how the additional small scale exploration at the Beutong project will be funded. Another capital raising maybe, once tenure status has been established?

This seems to be another sorry story of a cash-strapped junior exploration venture making a speculative acquisition amidst uncertainties surrounding tenure and permitting at all three properties (KSK, Jelai, Beutong). The greater part of the budget will inevitably have to be spent on corporate overheads involved in maintaining the Toronto and London stock exchange listings (KGC's corporate cash overhead costs have been running at approximately US$ 600,000 per annum in the past three years).

None of this seems to have cost Tigers Realm anything much at all. It's a reshuffling and bundling together of the ownership of mining licenses branded as "going for growth". Some of Tigers Realm's overheads may be off-loaded into KGC.

It's early days but the market response on AIM has so far been ever smaller KGC share trading volume spikes within a gradually declining share price following the company's various announcements since September. No KGC shares have been traded on TSX-V for the past several days.
updo
Posts: 344
Off Topic
Opinion:No Opinion
Price:1.48
5_P
18 Jan '15
Thank you. I hope you have recouped your losses. I have never felt mine. This project was an unique and exiting challenge and money was simply a means to an end. All the best.
Caldecott
Posts: 566
Observation
Opinion:No Opinion
Price:1.53
5p
16 Jan '15
Thanks for your good wishes. I enjoyed our exchanges on this forum. I hope you make up for the loss on KGC with some super win elsewhere. I should have stopped visiting this forum once I was no longer invested. Curiosity got the better of me. However, now is probably the right time to stop the chatter. Wishing you all the best.
The_Five_Pennies
Posts: 321
Off Topic
Opinion:No Opinion
Price:1.53
caldecott and updo
15 Jan '15
Hi both. If I had held until September, I would have done well. In the scheme of things, it's only money. I made the break months earlier. On the days when I have seen news I have looked in to read your posts which IMHO have provided the best commentary on a sorry story. This morning you and updo both sounded rather fed up, so I thought I would look in to wish you both well. For you both, KLG fits into a much bigger picture and I hope you each work out the best thing to do about that. The best of health and happiness to you both.
Caldecott
Posts: 566
Observation
Opinion:No Opinion
Price:1.53
5p
15 Jan '15
Tend to agree with the_shareminator below. Very sorry to hear you lost money on KLG. I lost faith with the board some time ago. HSBC's equity trader in Singapore fluked it and got me out at the peak of the September spike (CAD 10 cents). HSBC Trustees could not be persuaded that reinvesting in the new enlarged KLG was a good idea. New Year Concert coming up on Saturday: Mozart Symphony 41 ("Jupiter"), Tchaikovsky String Serenade, Haydn Trumpet concerto, Strauss Blue Danube, Weber Invitation to the Dance (arranged by Berlioz). Rehearsals going well.





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