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Out of interest we just hit 600k buys and 600k sells. dead even.
Yu could be right shed, at 12.48 there was a 141,176 code ....and its a Thursday ! :-)
Tsbs, Fair enough.
i was merely stating that at least he takes the time to respond to emails. It wasnt a statement saying hes up to the task of delivering shareholder value
Whether he’s nice and/or responsive, he has a) abysmally failed to instil confidence in the market that he can add any commercial value and b) obliterated the whatever value the market perceived it had, or think it can have. All investors need to know his plan, in particular Toral’s value-additive milestones over the next twelve months: nothing in the RNSes reveals that it will be contributing any upwards movement.
36 code, Billy Twelvetrees buying?
Thats the problem now grappa
I seriously thought about buying a chunk today at 5p , sh*t or bust :-) surely its bottomed out at the price others were keen to get at with the placing?
Trouble is thats what i have thought at every placing and every drop in the past and yet i was wrong every time now its at an all time low....again.
It will need a sustained rise to tempt most now, not a huge rise but if it could just hold its price it would be a start.
Agree Highside and yet we have blue trades. I for one not getting suckered into the averaging down. What's 5p now could easily be 4,3,2 erm 1 next year (hope not). If Toral is good then I'm holding with a little bit of praying whist I wait. If it's not good, then I'm hoping for an RTO when the money dries up.
tsbs
The value of your investment halved ? well yes maybe over the last 3 days but its down 91% over the last 3 years on an SP of 60p since the inception of Toral.
However you dress it up EUZ effectively went bust just before the consolidation, without clever manipulation of the SP it would never have been able to dilute and raise £2m a year or so ago. this time its got away with it again with a 42% discount and a book fill placing. Sorry but given the quality of the asset ( we are told) the buck has to stop somewhere and as nice as i am sure LR is...........he is failing miserably and soon there will not be a magic money tree (placing investors) left to prop this up anymore. It needs new impetuses
Hi Teaye72, thanks for emailing LR. Looking forward to your summary.
Thinking back wasn't it Dec 19 in an interview after the preliminary metallurgical results? Perhaps he meant to say "Ultra-dilutive optionality".
you have to hand it to LR, I have contacted him twice and first time he rang me to talk to me and today he replied in minutes to explain the situation. We just have to trust them I suppose but when the value of your investment halves then you have to think something isnt right
Ha ha just a theory, let's see what plays out, I have nothing against Myles other than for the underperformance of the outfit as a whole, though I do remember him mentioning the "non-dilutive optionality" that the metallurgy would give us back in Dec 2020, how did that pan out? :(
I had an email exchange this morning with LR.
Will paraphrase later as work calling.
Feel a bit better about the situation.
Shed has his teeth into something IMHO, Keep at it, it does seem odd MC was not available to comment . Maybe with the progress of the project and drilling near complete he has outlived his usefulness given his salary and the shortage of cash ?
Yes I agree Shed
AUCS
RNS like yesterdays are always dropped out of the Blue. They couldn't really say they were doing a placing or even hint at it in advance because it would collapse the SP . As someone else said, rights issues are very costly and EUZ needs to raise as much as it can as cheaply as it can.
Grappa it's not so much nervousness but irritation that we don't have the complete picture. Personally I don't think there is anything there that could torpedo the project and I'm encouraged that WAI tendered to be PFS Managers, they know everything there is to know about our conc. As I understand it their services have never been more in demand so they're hardly desperate for the work.
- On another tack I've been wondering about MC this morning, I find it curious at times like this that he never attracts any ire but he gets paid the most, it's unclear what he does and after all it was he that put his name to the 'value event' comment. I'm not deflecting any blame from LR for this situation but I did notice we didn't get the usual.... "Commenting today, Myles Campion, Executive Chairman of Europa Metals, said......" in the last two RNS's. For all I know MC works like a demon behind the scenes but when he does make an appearance there is very little enthusiasm communicated. Like I said not trying to turn fire onto Myles he has always communicated well with me I just noticed he didn't contribute to the last RNS and wonder with the LR comments about these investors being active in the industry whether we'll get a new face on the Board soon either with or without MC?
Highside makes some good point below. Similar to what I suggested earlier in the day yesterday. My worry is that Toral has not lived up to expectations . Scheds, rightly so has said on many occasions his nervousness about impurities etc. This to me is the question and what we need to ask. Where are we with Toral? Have you found issues?
Aucs - they have gone to the big shareholders who will know more than us but a rights issue is for the big companies because you need a prospectus and it would just cost too much.
If we are in talks of a sale, farm out etc it cannot be announced until it is signed off. W Ireland left EUA possibly for that very reason i.e saying the company was up for sale but the transaction was possibly years away. I am not saying this is the best option and I am not saying it will make the SP go through the roof it just seems to me that EUZ might feel that they have taken it has far has they can due to the dire share price and a sale or farm out is now the best option.
Morning all, my 2 cents. I would like to make a few point and would appreciate comment if I am totally wrong or not.
1. a few RNS's back all was still good regarding funds to get the drilling done and the necessary documents regarding the outcome and results of the drilling program.
2. out of the blue this RNS is dropped on us without any indication of the intention of raising more funds.
3. would it not have been more prudent to go to the current shareholders and lay the cards on the table and say what the current situation is and more funds are needed for specifically this and that and the other.
4. ... and you as current holders should have first option to take up more shares to raise these funds.
5. what we currently have is : we have basically been diluted by nearly 50% . There is no indication what the funds are for... the points mentioned in the RNS what the funds are for is a bunch of bla bla bla... I would have assumed any funds that where needed as this point is to get the drilling and all the studies and results to a point that we have something to work with. But, to raise funds for "Pursuing and assessing appropriate additional projects and potential transaction
opportunities" does not make sense if we do not even have a result on the basic project that was started... How aboout getting the current project over the line. Up to now the only thing about Toral that we know is that it has been drilled to a sieve!!!
things just don't make sense... my only hope is .... the II's that forked out the 1,5 mil would not have done it if there wasn't something in the making... I just don't know what to think of this business.... Please help!!! anybody!!!
Ive emailed the company as I would like some clarity, I dont understand the new refocussed stratgy
One other point crisp
"To me from the RNS, the Toral is in a place to be sold"
Does this sound like toral is in a position to be sold
The net proceeds of the Fundraising will be utilised by the Company to pursue its refocused strategy of seeking potential additional projects/transaction opportunities that could add shareholder value, to further progress and de-risk the Company's wholly owned Toral Pb, Zn & Ag Project and for the Group's general working capital purposes.
Further more if Toral was even on the cards to be sold they would have serious questions to answer about the 42% discount and the timing of the placing.
Crisp
i think the point is people here are very much aware that the £1.5m is not going to go far. however i suggest that was all they could raise for various reasons not least the limit on new issue shares. The question this throws up is if £1.5m will not go far, why are they looking for something else to buy when they haven't got funds to see this through another year.
Yes some drilling is complete but more drilling is planned as i understand it ? and day to day cost are rising with increased staff and warehousing ? The idea that we could have £1m spare to look for another project is laughable IMHO.
What LR has done is throw in to the mix the possibility that Toral is dead in the water and we need to find something else ASAP . That might not be his intention but because he hasn't said otherwise, thats the conclusion people will reach.