George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Guess that was the only way he could buy stock while in a closed period.
No one else took the 10p, director got lots of stock for a song with minimal dilution. £2.5m raised at 10p
Actually I suspect that the whole subscription is not because of an immediate need for funds (the company didn't say there was a need for funds) - but because Wickes sees value and wants to buy a large stake. He can't buy that much in the market at anything close to the quoted price, so they arranged this subscription for him. But of course they can't do it just for him as everyone would say it's unfair and possible illegal, especially if eventually it becomes clearer the comany is worth a lot more or there is a takeover etc. - so they make it open to the public but the price is put high enough above the market price that makes it unattractive to anyone without inside knowledge - then no-one can complain as they were also offered the chance to buy. Job done.
Expected a bit more from this today tbh, I get it though with suspension and uncertainty looming.
Shame they can’t raise more and buy up more of the INLZ shares in market and then use the cash saved as margin on their debt to clear uncertainty and aim to eventually use profit to buy back INL shares off market.
Holding ~50% debt / equity on the assets, there is wiggle room.
Thing not think!!!
Private investors often get shafted, so every chance that will happen here. I wonder if given there are related party issues that Wicks is on the legal hook and needs to keep the think afloat for now or he could be facing personal legal action against himself.
the BoD have more options on how to make money on a depressed share. for all we know he's just upping his stake for a cancellation and then privatisation, dumping pi's and taking ii's with them.
look at ITS and how the company continues but shiits all over the pis.
once a share gets into a distressed state it seems very easy to play the company to their own end.
gl with buying in or adding tomorrow and hope the compnay does well out of suspension.
but, as we all know, pi's are stupid and if the mms manage to push this over 10p (i honestly don't see how without sleight of hand!) then folk might start buying at a stupid 12p+ and then get caught in suspension.
horrible thing about the suspension is the result might be christmas or homeless! if the company survives and lives to fight another day i'm still not sure how £5million makes it work as a business... if it fails due to some discovery then it goes bust and the BoD can take it private and find some way to screw investors and clear the debt... it might even receive a 20p offer to buy the whole compnay (i seriously can't see even the ceo wanting to buy 23.5million unless he made £1gazillion from it in the past and sees it asa punt with chump change OR he foresees a rosy future for himself, regardless, as owner of signficant stake in the company.
it goes beyond the ken of us mortals who just run scared of going bust or seeing our money tied up for months or longer without being able to use it until something is resolved.
could go either way tomorrow but as an ignorant pi with no way of looking behind the curtain i've no idea how the rns makes any kind of sense without a liberal dose of ignorant optimism!
(but then i've taken my lumps with this one and come to terms with my losses.)
gla.
My apologies. I shall cease commenting from now on but i just hope that any readers of my previous comments were moved into selling their holdings to avoid incurring escalating losses here.
If investors weren't worried enough already they certainly will be more so now!
Further to its announcement on 23 March 2023, the Company is in advanced discussions with a view to commissioning an independent report from a professional services firm for the purpose of reviewing certain related party issues (which may or may not fall to be treated as related party transactions under the AIM Rules). The completion of such a report is a pre-condition to the finalisation of the Company's audit process which is estimated will take a number of weeks.
On 6 September 2022 the Company announced that it had appointed Lazard & Co., Limited to assist with a strategic review of the business. This process has now come to a conclusion, in relation to which Lazard has terminated its engagement.
SO they havnt "completed" the strategic review?
or did Wickes not like the answer he was getting from them, hence the fund raise.?
I know the £2b is waffle, it’s just marketing for the sales of their plots, buy the plots of us for X invest Y and you have Z at market value type stuff.
The nav at September we were told was 40p / share
If you put £50m provision / £5m cap raise against that you still got £40m of net assets, / 20p.
404x did you check out this RNS
https://www.londonstockexchange.com/news-article/INLZ/covenant-compliance-and-update/15890760
With debt at this level enterprise value rather market cap is key metric. Ignore the £2 billion figure, the company should not be putting out such a misleading number. Last audited figures go all the way back to 30 Sep 21, no visibility since then, so all investors have to go on since then is board guidance. The question becomes can we trust that?
What we do know is there are related party transactions and that they sold 2,800 plots for £9.5m. Most recent numbers given on 06/09/22 and 25/01/23 paint two very different pictures, both covering same period (eg losses increased £50m+). Lets go with their Jan figs. If nav has now dropped to £90m - presumably after that 2,800 plot giveaway - and debt is £100m you can see how they quickly cancel each other out.
the question is going to be whether the suspension will prevent the sp from rising so the sale can go through at rock bottom price. from 5p could easily get a takeover offer at 12p with no opportunity to take advantage of it or to see rival bids.
BoD won't care as they''ll get positions in new owner company with shares in parent company as a thank you for doing the deal and excluding investors from the true value.
There’s 40p nav at sept 22, even a fire sale / small cap raise its worth 20p.
It is probably being sized up in multiple board rooms as we speak.
Am i missing something? There are currently 224,000,000 shares in circulation right? And they're 5.5p a share. So that's £12-13mill give or take. To buy £2billion+ in land potential. (plus the small matter of £100mill in debt and a main contracting business that needs massive amounts of cash (and risk) of course)........but to take control of the business needs £13mill right? Let's add a 40% premium to the share price.....so that makes for a total of 8p a share.......so that's it £18mill (or just under). Is it at this point everyone realises I'm an idiot ........or is that right? And if so.......why hasn't anyone done it - you're effectively buying land at a 85% discount to it's NAV right (40p vs 5.5p or 8p if you have to entice the shareholders).
whether the company try and rvise the nominal down to 5p (no reason why they wouldn't) or offer warrants to help with the funding (still not sure what they need £5mill for, other than to reset the sp), even though they wouldn't be worth owt until the sp was higher, not sure why their owned assets, as long as not fire-sale, aren't disposed of to prove up teh sp.
dilemma is the suspension which always adds fear. without knowing what irregularities might materialise, can see only brave taking new shares with the promise of a bagging in miutes once out of suspension. or... losing another 20%.
hard to believe such a major company, with assets in the most profitable part of the UK will have problems keeping afloat.
The investigation might take a fair bit longer to conclude as it shouldn't just address the current one/s but would look back over the past 5-10 years to see whether other significant transactions were unreported etc.
Looks like this is now a non-runner as who would want to pay that price which is almost double the current SP.
Today's update of incoming funds will help keep the lights on at HQ and to fund the CEO's salary plus Wicks' monthly consultancy fees.
Management has let the company down badly so, a la THFC, should now give the man at the top the big Heave-Ho.
Its tempting to hope for better times but with the same top guy on board one can only really expect to see the same results.
Get past the current issues and I got a feeling the next years results will look much healthier (not the results sept 22 due), all it takes is one major sale or multiple smaller sales like todays and the debt soon gets cleared, refinancing will start to get costly in high rate world so imo winding down / selling off some of the assets and not forcing any new deals (unless they are opportunistic few pennies in the £ bids from others in distressed financial positions) makes most sense, it has ~50% debt to equity and smaller operations just using its own cash would make more money.
“Planned land sales still to complete were expected to contribute over £75.0m of recognised revenue and significant profitability towards the Group, however there is now a question on the legal completion date which will determine the recognition point for the relevant financial year. Some or all of these land disposals will now slip into the next financial year ending 30 September 2023 however the sale of these assets will be reviewed in light of the Strategic Review which will be focused on maximising shareholder value.”
“the Gross Development Value of Inland Homes' land bank is in excess of £2.7 billion (31 March 2022: £2.8 billion, 30 September 2021: £3billion)”
the assets they have in the landbank itself would cover all the funding issues and make a significant contribution to buying back some of the INLZ shares.
Will help with working capital requirements that's all. Gets them out from under in the short term.
And another one…
is pleased to report it has exchanged conditional contracts to sell 31 affordable homes to Eastlight Community Homes for £6.54m to be satisfied in cash on completion.