The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen 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.
Good to see we have a large buyer pikcing up anything below 1p. Next week last full week in October should hopefully bring some good news re license and funding.
Harry has one of the biggest deals in ethiopia ..he has to be where the deal is until it is done..thats what a proper ceo does....harry has to sign all paper work so hes got to be there..if he is not in ethiopia until deal is done he is not the right man for the job..
.
P.S. I hope you managed to reduce above the current price? At this level it seems a bargain even if we walk away from TK and just have the world class VMS in Saudi.
Sensible to reduce given the many 'misses' - still potentially a very good punt but not with money you either can't afford or need in a specific timeframe.
I do believe Harry has lost the trust of the market in general in all sorts of ways given repeated statements made regarding proximity to closing and formalities etc. He might yet do the deal but personally, I had to reassess and given there's a plethora of other opportunities out there effectively competing for your investment, had move to on. If I miss the 'big one' then so be it but fingers crossed for those that remain with their positions.
Dshox
Nice one
Announcing placing and the next day he resigns wouldn't surprise me from Harry
He ran this company to destruction and delays and lose of value.
Truly shameful
I suspect Harry will announce placing and then at the same time and the next day put out news on Hawiah to give placees a good start.
One other way of looking at it is this: Ethiopian government(s) are ingenues when it comes to opening up mining but they arent stupid. Along comes our slippery HAA and says "Look I'm the man that can open up the world for you, so lets become partners and that will attract proper financing from overseas etc..." The Ethiopians not being stupid and no doubt with some very bright chaps on board do their due diligence on the Cypriot-based sun lounger and realise that he is a perfect foil to help them understand the ABC of mine financing, how bad western capitalists behave, and the perfect character to learn lessons from whilst they accumulate knowledge of the processes etc. Meanwhile they come to realise that even his past cv doesnt do justice to his chronic inability to close a deal and his ever-elastic relationship with the truth does not go unnoticed. And now as we near the end of the dance, they suddenly start to disenegage, and dont want to dance with him any more, and then they decide actually they are bored with this endless dancing with this inept dance partner. They have learnt all the dance steps and it hasnt cost them much and its time to sweep him off the dance floor and take up with a proper partner....exit Harry with patent leather pumps slightly soiled but with his shareholders stuffed
Can you advise how many other mining companies in Ethiopia have managed to convince the Ethiopian government to become a paid up shareholder? This is the biggest reason to believe this project will proceed. To even get through the doors is hard enough but to put all this together is almost wizardry in a country like Ethiopia and to convert our $70m investment to date (including Harry emoluments) into future equity could turn out nicely. Harry has even said he is not looking to do a placing. Personally to close this funding he should do whatever it takes. . Sure we are not quite there and i am not defending Harry as he does overpromise and underdeliver but the project stacks up for all concerned. . If you remember we also Hawiah in Saudi and Kefi is listed in London and board are from Australia. You would not expect Harry to spend all his time in Ethiopia as you would be complaining he was not at AGMs or Saudi next. We have a full management team in Ethiopia on the ground who are local and frankly Harry is probably not your best local negotiator as i dont rate his Ethiopian is up to scratch or his Australian demeanor likely to win locals over :)
Excellent analysis Stock.Hopefully Harry Madoff can be extradited when the time comes..........
Simm
You said
"This is tax payers money and i hope you recognise just how difficult it is to convince s government to invest this sort of money"
No it is not difficult at all to convience goverment or anyone else to invest in DEPENDING on what was promised? some gold perhaps for them as a partner to come and go as they wish....! Yes all-out of magic happens depending what is given away behind the scene
Please also don't make it as such goverment of Ethiopia are so concern about tax payers money, lol all politics and all about who benefit to control and rule..and Gold is a good start. There is no rule of law there otherwise what is all these panics about security? Still no one arrested
Still we don't know WHEN EXACTLY this happened and how long Harry knew this?
Also can you explain to me what is a big deal of Harry being in Ethiopia? Is the CEO of the small company shouldn't be at the location permenantly ? What is harry doing playing outside in the first place?
What sort of management is this,?
Just a fair question i hope
If you go back to basics Kefi convinced the Ethiopian government to invest $20m that has largely already been spent on the TK project. This is tax payers money and i hope you recognise just how difficult it is to convince s government to invest this sort of money. While its easy to shoot down Harry to missed deadlines to get the EG on board requires a great deal of credibility to pull off. Furthermore he has done the same with all banks and investors. These people have considerable risk and have done considerable due diligence and in Harrys business acumen. remember also Kefi and its predecessor invested $70m in this project and this is recognised as pur equity contribution meaning we are ending up 70% owners. Yes there is risk but the day this financing is resolved $70m drops into our equity and given we are only £20m today you can see just accounting magic will have a multiple impact on the companies equity position. I think some people are too close to the trees as the bigger picture is far more relevant and when you do that and look at these macroeconomic forces you come away with a far greater confidence. There is massive risk, we all know that as Ethiopia has its internal woes but economically and safety compared to the Congo is not even close and so many miners work in that country in far worse conditions. Had Harry pulled this together sooner it would be too late for investors to request more security reports but Harry is in Ethiopia now and is presumably going to stay until this is across the line. GLA
dvh
You keep missing the point and keep losing money times and times again
Because you are simply can't look out of the box and unable to understand not everyone posts here has certain motives other than sharing some fair views which could have come to save your assss if you were a bit open minded about others honest views (me and others)
My history of knowing Harry and how he works and how he failed and how he become desperate and how he covers his tracks goes back at least 10 years so a big history and so lots of writing for you who seems knew and fresh and naive and not understand what is going on. (And you still don't)
Harry have nothing and he knows it but just don't know how to break the news and last desperate attempt to save the financiers which they realise what a deep hole this could be with their money and they choose to run.
Did you look at the last RNS? I still have a lot to say on that (and I will) but tell me what you think?
So many qouted lines...
The earlier RNS (before the results) was just referring to the incident as just as "security issue" then the last RNS changed it to "serious security issue" then the last RNS failed to say WHEN EXACTLY the issue raised!!!! Just says September...!! Isn't that puzzling?! Why not mention the exact DATE of the incident?
Is it not because he failed to report this to investor and that itself is illegal and can potentially put a serious doubt under what Harry choose to report or not?
Is this not a fair question?
Why not mentioning the EXACT date when this happen?
If you have nothing to hide ?
If this was a week before the results or two weeks before the results WHY not reported ?
Do you know how serious the concenquenses of this for Harry and so called management if this goes under investigation?
Yes you guess it right, potential life ban to ever hold any office and even prison and huge fine for the company
Meaning more loses to the decent shareholders
I honestly think some of you rampers have no ideas what you are genuinely doing by your misleading posts here so the reason the balance views are essential
I was actually didn't wanted to post as I felt those who are not sold and stuck had enough and not fair to them but after seeing some of the posts I had to add this posts and more to come when I feel it is a time for it.
Harry is just after his own agenda here not yours or anyone else's
A person who want to spat back at goverment to show them he can stand his grounds.. kind of BS line which they play between high schools heros
So what has he achieved out of his spating? NOTHING
'Can write a book on it'
Please do if it will keep you away from the bb boring the pants of everyone. What kind of twisted saddo spends all day criticising a company where they are not invested? zzzzzzzzzzzzz
Simm
The issue is not just security
The problem is far far bigger...
The lack of management, dishonesty, manipulating and some lies, lack of connections with local, inability to secure finance and promote confidence to both financianers and share holders, lack of respect and understanding of local issues, waste of times, delays,
.. I honestly can go on forever
Just from the last RNS there are several holes and give away I found that really worrying
You just need to look closely at the RNS and you will find the dishonestly and hiding the real issues at every corner of that RNS
TRULY unprofessional and all put together in a hurry with loads of mistakes and most importantly many controdictions..
Loads of questions should be asked from the current management and they still be unable to answer it as that is not to their benefits.
To me financiers are having a serious doubt now
The local govement promises means nothing as themselves are lucky to stay in power never mind passing off locals ... it is Kefi which should demonstrate the art of diplomacy and understanding with locals which they failed times and times again
Beside they should have thought about the security anyway and not rely on govement
List goes on
Can write a book on it
Well good to see copper top $11k a tonne, almost double 12 months ago. Hawiah is getting bigger by the day and potential profits there are enormous. The updated PFS is due this quarter and should be an interesting read. Overall Hawiah stake is of significant value that is far above todays silly market cap of £20m so while i am still confident TK is going to happen Hawiah is going to quickly come into its own trajectory. I think end of this month we will get the all clear on security and resolve the security issue in the report and then really there are no excuses to not conclude this financing.
What read was tigrayans killing christian oromians..due to religion yet again..they say tigray army raped and killed amhara christian woman..but governments dont like to mention religious killing due to ethnic cleansing
..
The minister thought there weren't any? Let's get those forces (who had been there for ages apparently) down there and sort the place out. It's civilians against each other so not directed at us.
October 19, 2021- The Ethiopian Human Rights Commission (EHRC) issued a statement cautioning that the repeated attacks on civilians in different woredas of East wollega and Horogudru zones might lead to communal violence if the government doesn’t deploy security forces ‘immediately’ and ‘permanently’.
The commission recalled its recent statement on September 24, 2021 where it urged the regional and federal security forces to collaborate in reopening closed roads and ensuring the safety of citizens. According to the statement, security heads of the Oromia region told the commission that OLF/Shane (a term used by the government to refer to Oromo Liberation Army) killed civilians in Haro town following the withdrawal of Oromia Special Forces.
“Following the killing of civilians by OLF/Shane (a term used by the government to refer to Oromo Liberation Army) in Haro town, an informally organized armed group from the area and neighboring regions launched an attack killing many civilians,” the statement read.
https://addisstandard.com/news-ehrc-warns-against-communal-violence-in-east-wollega-horoguduru-zones-calls-for-permanent-deployment-of-security-forces-immediate-assistance-to-idps/