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Couldn't agree more, been saying for years this is a mismanaged and undercapitalized operation. If the money that has been raised over the last 4 years was put in at the start it could have been successful. Still needs a lump of capital in addition to the sustaining to make it work.
I still believe there is a market in East Africa for industrial coal, but the power plant is a non starter.
"just wait and see" "now is the time to be patient" I've been here well over 10 years waiting patiently for shareholder value!!!!
Edenville need to come out from behind the silence and communicate. They need an investor presentation evening and answer our questions.
Coal is not the future, and they are burning through the cash they could use to buy another company.
Nothing but a fraud company !
The Interims Results are quite telling - the last section in the main bit (before notes) is the Consolidated Cash Flow Statement. It includes the c£3.4m we raised last year (Jan and May), c£430k payment to Lind etc.
At the end of June 2021, we had c£1.87m left. We have been losing £100k a month.
So by my very rough calculation we have c£1.3m left. That will keep the lights on this year unless we can start making significant inroads into our mining, which we can't really be doing at the moment because it's the rainy season. So where is the actual money for any tangible investments?
And do any of us think smart guys like Tony and RAB don't understand those financial figures?
The interesting point to note about our strategic investors is nowhere have I seen a TR1, so their shares are held in nominee accounts. The share price here was 35p or above for most of May. That's a quick 40% return if you wanted to trade in the background.....
As a going concern we simply don't have the time to be patient.
So much negativity why dont you just wait and see what happens ?
Well if they fall fast as you put it then it will be a buying opportunity like my prints the other day ,as I said before Tony isnt here to lose his 1m or Rab capital and im pretty sure it wasnt because of the coal!!
Yes as a long term holder its been very frustrating but now is the time to be patient in my opinion
This will fall in my opinion fast next week unless he pulls a rabbit from a hat on Monday.
Down 4% today is just the start of it, I still stick by my 22p prediction
Sausage
We have systematically failed as a business since October 2017 with an operational plan that simply doesn't work. The climate in this area has a significant bearing on our mining which means between April and November we need to be selling way above our break even target to mitigate the potential risks of the rainy season. We simply don't seem to be able to get there, we've spent well over four years trying and probably lost c£5million in the process.
There is no CPP plan - none, as it's all talk - and to get to a point where a RNS was released saying "start of power production" could be 5years plus away. Given COP26 and the fact we would need a consistent supply of coal of probably tens of thousands of tonnes every month, do we really think that will ever happen? I just can't see it.
The biggest frustration for me over the last year has been the consolidation, because it generally flattens the price volatility and makes trading down your average more difficult.
Esquimo's post earlier sort of sums up where I am - perhaps one positive is IIs still feel there is an investment case, but as I've posted before, I tend to take that with a pinch of salt given we've seen no TR1s. That says a lot about whether it's actually long term investment or a quick buck.
So, that leaves me with no current investment case for PIs if I'm honest, but then I only have myself to blame for still being here. This was one of my earliest forays into shares and I have, to my own cost, become emotionally attached to Edenville hence why even when I have sold up several times in the past I've somehow found a reason to convince myself to buy back. Therein lies a lesson.
Genuinely GLA, but unless Alastair has a warren of rabbits in his hat, I'm just not convinced.
Unless anyone wants to comment, but based on facts known as opposed to suggested, there is no reason to buy here currently?
No handover
Output not meeting targets
No acquisitions