Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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I see that was the tactic. Tim and Co to blame. PH worth the money.
The only possible way that this makes any sense at all, is that positive news is very very close, why else would they do it. Let’s wait and see.
In fact why are they even talking about spending the extra money on preclinical hasn't every RNS stated that all funds are being directed at 1801, it's like they don't even know what to do with it, how about pay off RF you Muppets or keep it towards P2a or for extended working capital..
Answers?
By the removal of paying RF in "cash" from the RNS and now stating "the Company expects to settle all balances by the issuance of Subscription Shares prior to the Maturity Date" That feels like a kick in the nuts after the extra WRAP raised and to do what crack on with 1802 when they never should of stopped working on it... frustrating as f**k this share.
Let's hope we get a positive RNS soon....GLA
Hopefully you're right. I don't mean to be negative, but I'm desperate that the well-intentioned in and around the company learn from this and win out over the malefactors.
The move to Australia and the recent placing were nimble moves that give me confidence, but perhaps a little too white-knuckle for my liking. Here's to calmer waters, to unmix the metaphors.
It has been a sorry tale since PH were appointed on 29 Oct 21 when the share price was £3.20; the consolidation, which was I guess, recommended by PH was on 4 Feb 22 when the share price £1.85; the calamitous RF funding, again I guess recommended by PH, was on 3 Aug 23 when the share price £0.97p. The price then fell to £0.10p. It has been absolutely shocking.
With right advice we could have raised significant funds at £1 or more quite easily in early 2022 and that is what the broker ie PH should have been recommending at that time. This could have helped fund us through 1801 P1 and 2 and most of 1802. Why didn’t they do that?
Thank goodness long term holders have come to help out this last week or so.
Onwards and upwards from here
@Leggster, and they might be already out on nearly out … onwards and upwards in anticipation for trial results
At least we know this is the final position. Hopefully better news from here onwards, always high risk high reward, the science continues to progress. I am looking at the positives rather than the negatives. GLA
What sort of clowns are advising the BoD, and I thought we had a very experienced set of suits. Everyone knows that RF are a massive threat to the SP, why the the hell didn’t they just extend the WRAP, which was over subscribed, by another 8 million shares and get rid of these shysters (We have just given RF nearly 3 million anyway!) We have all seen what RF has done to the SP over last 6 months, and IMHO the same threat is still there. Do another WRAP at 10p and let genuine holders get involved. If the recent SP attack continues, the BoD’s judgement must be questioned.
From Chumpden and on the money.
RF have run rings around the BOD, and will continue to do so until they achieve their objective. Surely they need to be excluded as quickly as possible? A few individuals who should have known better have some questions to answer, in my opinion. It looks like incompetence, or worse.
Who ever is responsible, should be kicked out big tome. Is it Parker & the Peelers.
2.9m shares , the late trade of 1.4m yesterday could have been the forward selling . Another late trade today 350k … there were other 100k sells . They are nearly out if not done already .
It's hard to forget what they have done to so many small investors. I'll be happy to forget then when they are out of the picture.
Why can't we talk and look at the positives Forget RF
I don't understand the RF 'arrangement', and I don't really want to. The fact that nobody else seems to be sure either indicates, I think, that it is working as intended by RF, to befuddle and bamboozle. Surely TM must be feeling sick and perplexed at the way his company has been taken so quickly to the brink of destruction. And that can't have been an accident. And it seems we're not out of the woods yet.
My biggest worry for the last few years has been not that the science will fail, but that the closer we get to success, the harder it will get to avoid getting mugged. In the last few weeks exactly that looked to have come to pass. I may be wrong, but I get the impression that the creators of this project have been far too trusting, unaware of the sharks they are swimming with. I suspect that recent challenges, namely the MHRA debacle, the unnecessary consolidation, and now this punitive funding deal have been part of a concerted plan to wrest control of the assets, either to obtain them cheaply, or to put them on ice.
I had hoped that the WRAP and placing was evidence that TM had woken up and acted to save the company. That and the Australian move both struck me as pitch-perfect. I am sure he would prefer to be in the lab, but he needs to direct a small part of his considerable intellect to the dangers and complexities of financial and commercial shenanigans. I wouldn't trust anyone, especially where such enormous sums of money are involved.
RF have run rings around the BOD, and will continue to do so until they achieve their objective. Surely they need to be excluded as quickly as possible? A few individuals who should have known better have some questions to answer, in my opinion. It looks like incompetence, or worse.
Apologies for the length. I probably won't trouble this board again soon. And in the unlikely event that anyone referenced above should read this, I apologize if I am way off the mark.
I am no expert at all but can one say that RF was dumping approx 2,9 Mil shares over time and now delivers the lot and shall not being burnt? (No squeeze out)
I remember when the Riverfort deal was announced, the SP was somewhere around 100.
A well-informed poster said RF would drive it below 50, wait and see.
I thought that was a bit unlikely.
Alas, if it were only to 50!
Hi DrZ - section 5.1.2 of https://www.handbook.fca.org.uk/handbook/DTR/5/1.html says
"A person must notify the issuer of the percentage of its voting rights he holds as shareholder or holds or is deemed to hold through his direct or indirect holding of financial instruments falling within DTR 5.3.1R (1) (or a combination of such holdings) if the percentage of those voting rights:
(1)
reaches, exceeds or falls below 3%, 4%, 5%, 6%, 7%, 8%, 9%, 10% and each 1% threshold thereafter up to 100% (or in the case of a non-UK issuer on the basis of thresholds at 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75%) as a result of an acquisition or disposal of shares or financial instruments falling within DTR 5.3.1 R; or
(2)
reaches, exceeds or falls below an applicable threshold in (1) as a result of events changing the breakdown of voting rights and on the basis of information disclosed by the issuer in accordance with DTR 5.6.1 Rand DTR 5.6.1A R;
and in the case of an issuer which is not incorporated in the United Kingdom a notification under (2) must be made on the basis of equivalent events and disclosed information."
If they don't issue a TR1 then at least we'll know they've got less than 3%.
Why is there so much whining we now know RF have 2.9m of shares every one just needs to sit tight and wait for news I hold 410k shares and an average of 56p so yes im down like a lot of us. why don't you all put your efforts in to the positives as if you can't just sell up and move on. RF will do wot ever they want let them stop working about them
Elcap if that were the case, then from the initial 2 million deposit we received off them, we would have only owed them 90 odd thousand. They were given 1.9 million shares at a price of £1.02 for the first deposit, roughly £1930000 value at issue price. The selling price is being recorded and I believe its the selling price that reduces the debt, otherwise we would not have to keep issuing new shares.
In my humble opinion of course.
RF don't care about upcoming news they will dump as fast as the volume traded allows, anyone else notice the MMs switched places before the close.
If they have been gifted/ given 2,900,000 shares doesn't this take them above the 3% disclosure level (or is it 5% for aim).
A TR1 would have to be issued confirming total shares held with further disclosures for every 1% change until such point they go under 3%.
I couldn't verify disclosure levels for aim.
Any confirmation from anyone regarding AIM disclosure levels would be appreciated.
KR
ZA
This is the problem with loan shark.
They just keep coming back for more.
RF is not going anywhere just yet.
Aber if they waited till £1 they could only sell £800k worth as that is all Sareum owe them. Any shares they have over that, they have to sell with Sareum guidance, and Sareum would receive 95% of the sale value of the extra shares.
Balance owed to RF is reduced by the price they get the shares at (10p for this lot), it is irrelevant what they sell them for.
If they sell them all and then the price drops to 7p, however many share they take at 7p will be how much what SAR owe them is reduced by.
It is irrelevant as to whether they sell then at 7p or 70p. It is only the monetary value equivalent for the no. of share issued to them at whatever price they are issued.
We need to pay them off asap in my opinion.
I think we would be beter off paying them in full in cash and having another WRAP.
Elcap
Looking at it from RF's perspective I think they have two options now :
1 - Hold onto the 2.9M shares + whatever remains + all of their warrants till a SP of £1 (say) ; Then sell and they get 2.9M+ Warrants value .. but not the £800K as this will be satisfied by the share sale at £1 ... so approx £4M on a £2.3M outlay
2 - Option 2 would be to keep selling to recoup their original stake ... BUT herein lies their dilemma ... If they sell the 2.9M at 10p (say) = 290K, SAR then owe them 800-290 = approx £1/2 Million ... so lets say SAR then use the extra money from the shareholder placing (800K) pay off RF ..... RF then have really only made probably 100K in admin charges etc
So do they take 100K or hope for 2M ?
If they keep selling then my mindset switches to the darker side and other ulterior reasons behind their actions !!! and unfortunately I do not feel confident about the BOD at the moment because their comms channels still appear closed
Hopefully we will find out tomorrow but its time for the BOD to show some support for the shareholders now who have helped them out of a dark place which they put us all into due to incompetent management of the situation