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They had £1.44m at the end of February confirmed in an RNS and there was a recent podcast interview where I think they said they had £1.1m and low cash burn. Mf has repeatedly said they are cashed up to offtake, but the delays in the IML is the unknown risk element. But I wouldn't take much notice of dalt. He's the well known resident clown here.
Sorry to ask but do we know how much cash they have left to burn before they need another placing?
They are definitely sells.
Where the F is Frayne. This is plummeting. His disdain for shareholders is bordering on appalling.
I cant blame you. When I averaged down again I almost wish I had just sold. There isn't any real advantage atm in doing so for me as you say, very little out there in the market that will generate the return needed to fix this position. I am baffled by this share atm, unbelivable value once unlocked yet market has no interest. I believe this is down to Fraynes shocking management of communication. Sri Lanka appears to be falling apart yet silence from Frayne. How a country running out of petrol and rationing it doesn't affect a mining company baffles me. Even if it doesn't, he should update. You look back through his statements and realise how off track this has got without him explaining quite why.
I've recently taken some risk off here (at a loss). A number of reasons for that, but not panic. Partly to do with CMET, but mainly to do with the bear market (and the fact that I fear it has at least one more downswing left in it yet!) and the needs of my portfolio right now (simply don't have funds to average down on all holdings, so some positions have to be sliced!).
Regarding CMET specific reasons, my window of patience for the IML was the end of Q2, and we are pretty much there now. CMET have simply not left me with enough confidence that things are moving to a particular timescale with the IML, or even to a Sri Lankan/GSMB normal, to justify me continuing to hold a large position beyond my stated window of patience.
I have also reasoned, or gambled if you like, that it makes more sense to just wait for the damn IML RNS, and then buy back on the day it lands. Whilst this might involve paying a premium for the shares, will that premium be higher or lower than the current price? Obviously, it will be higher if the IML lands in a matter of days. But it will be lower if the wait for it runs into weeks, given these bear market conditions. Like I said, I don't have confidence that it will be a short wait as opposed to the longer one. Also, in the meantime, I am hoping that the exited capital is freed up, to try to recoup the losses elsewhere, although that is much easier said than done in this market.
That is my rationale and each to their own I guess. I hope for all our sakes the IML lands soon. But overall, I now feel 'happier' with a smaller position here pre IML, which is more proportionate/justifiable to me in the circumstances.
All imo and GLA in these very difficult market conditions.
The dummy buys and sells won't tell you definitely, bearing in mind that those two trades were not normal trades. As the MMs got some at 5.10p, they could sell at 5.11p to someone without loss - but I expect not to a PI on a usual trading platform. I don't know for certain, so will leave at that. We are in agreement that MF should be coming out with more info on progress and plan.
Definitely sells I'm afraid.. I did some dummy buys/sells and they were at that level. Someone exiting a large position...
Let's hope I'm wrong and it doesn't continue if it is a sell but it makes sense.
Failing on my non-posting.
Although showing as sells on LSE, it's possible/probable they are not all sells. As you know, LSE guesstimates buys and sells, and not always correctly.
Assuming all of the trades up to and including the 5.10p 300K @ 13:37:52 are sells. However, the next two are marked as "non-protected portfolio" which (from ADVFN) is "Normally a transaction of a number of stocks dealt with by one market maker at an agreed discount to the market price". So, they could be discounted 200K and 210K buys at 5.11p - by whom?
Doesn't alter that the sp is currently 5.15p and the market is looking for some reassurance.
Eeek; some big sells going on now. Hope this isn't the start of a freefall!
State institutions are shut; there are power cuts; this is market affecting and Frayne should be commenting. His podcast last week is looking even more stupid given he said everything was fine.
https://www.reuters.com/world/asia-pacific/impossible-situation-sri-lankans-struggling-petrol-2022-06-29/
That's where I am coming from, looking at their meeting pictures / infrastructure / lack of laptops I don't think folks will be working from home... At least not they way you are thinking, growing fruit and veg to feed their starving families more like !!
I think its more whether they have the infrastructure and equipment to work from home. Lets hope so
Also I don't agree that the government will be shut down for the next 2 weeks - this will be classed as essential. Maybe the political side will be closed but the office work will be in overdrive working to fix the issue at hand. Do you really think at a time like this the government will just stay home and wait it out? Sounds ridiculous even typing that.
Mainly because a lot of people have been in heavily since 15p plus...
Delays mean further placings as they run out of cash without the income from offtaking/production.
This makes recovering losses more difficult; that's the main worry!
Surprised by the sheer panic in this stock. The whole market is terrible but the issues in Sri Lanka are not new. You either brace in for it or you don't. It is clear that Sri Lanka will be focusing on foreign investment, as the country itself doesn't have enough to get by. How long this takes is unknown, obviously, however I would expect this bodes well in the short term to get things off the ground and moving. It isn't ideal having to sit tight but the opportunity at these levels is fairly compelling.
https://www.reuters.com/world/asia-pacific/crisis-hit-sri-lanka-shuts-schools-urges-work-home-save-fuel-2022-06-27/
Still no comment from Frayne; quite concerning given they are now rationing power; agencies are shut and petrol only available to essential services...
His last podcast suggested there were some minor problems, how is he unsure whether a lack of petrol might hinder any development or building work! I'm not saying he is misleading the market but he sure isn't keeping it updated when he should!
Most recent news from SL indicated government departments are effectively closed till 10th of July to conserve oil. Market reacted as we need a government agency to issue the mining permit. We don't know if we are at the beginning middle or end of that approval cycle so difficult to assess impact on our particular case. I have taken the view the risk was and is this whole process takes longer than we hope/expect but the underlying project is viable and will get built eventually therefore adding when I can to average down.
I agree with sentiments of some others that basically we've said it all, and beyond, here and for the moment the only course of action is to wait or if you can't then dump. I think you see what happens when investors adopt the latter approach it's a fire-sale.
I await fundamental price changing news.