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615,118k for me , lets see how much im up when results are out.
Staggering that an adult believes a loan agreement can be 'complex' and that is the reason for a misunderstanding. That is both absurd and wrong. I've never invested in a company that has released a statement saying a secured loan has been paid in full, only to be informed that actually it hasn't, oops, days/weeks later.
If it is 'misunderstood' then the legal team and financial entity who facilitated the loan are at fault, as is the company for not getting full clarity from the outset. DB has been telling us in RNS releases for MONTHS that the 7% rate applies and Candy agrees.
How has it taken so long to clarify the terms of a written document put together years ago? Do other companies suddenly inform their shareholders that their secured debts are 'complex' so they need time to make the issue more disasterous for shareholders?
The loan was secured against production and paid back according to what we were 'told' by the company (which was wrong). There's nothing 'complex' about it. Pay the interest, put it to bed, get back to focussing on what the company is supposed to be doing.
It's completely hammered sentiment regardless, people will now readjust their top slice target downwards due to lack of trust, I know I have.
Guys, from the actual RNS...
"This is contrary to historical assurances given by MTL Lux, including as announced on 24 January 2024 and 27 March 2024, that it agreed that the 7% interest rate would apply to its loans under the mezzanine facilities, with effect from November 2022. However, these assurances were given either on an informal basis or for a limited period only."
"However, these assurances were given either on an informal basis or for a limited period only." What does this even mean? I would take 'informal' to possibly/probably mean verbal only. 'For a limited period only' - well, what was the period? Was it even written down?
If folks want to invest their hard-earned on an outfit with this level of corporate governance then good luck to you. I'll grab a beer and some popcorn and see what happens from the sidelines
Who said the results were today? they were on the 21st in 2022 and 16th last year, so anytime in the next week. calm TF down
How is it possible that it's both watertight and up for debate? It doesn't sound watertight at all. It seems like it was an informal agreement. If MTL had it written in black and white they would surely simply dispute it.
I know it's not as ridiculous as two mates at the pub verbally agreeing, but it's not far off, either. Does not inspire faith in management - what else don't we know?
it’s clearly nonsense to suggest the loan agreement wasn’t written down or was conducted on a nod and a wink.
there are two parties in any loan agreement and all parties would need a watertight contractual agreement, indeed, this is more important for the lender than the borrower as they need to see their money back.
the nature of such agreements can be complex and clearly, there has been a misunderstanding over the complexities of some of the finer detail and this is being reviewed.
it’s an unfortunate distraction but come on folks, *** packet agreements just don’t exist when borrowing millions 😂😂
It's 3.7p to buy (6433 shares) through HL. Looks like it's still going down further but I have taken a small slice just in case the CEO informs the market and his shareholders why the company is tanking AFTER he supposedly paid back all its secured debt.
Just a thought DB, bit of 'in the interests of shareholders' and all that.
If this hits 8p-10p you'll have certainly earned your risk premium!
40% down from ATH despite good results. There must be more to it than meets the eye, shares don't just collapse for no reason. The market really doesn't like the fact that the company didn't get the terms of its loans in writing. Even an individual lending his mate money would probably get something in writing ffs. It's beyond pathetic, doesn't really matter how much money it costs because it points to a MUCH bigger issue with the company and its governance imo. And on AIM, all you really have is trust in management (or a lack thereof).
When people start using words like “bedwetters” for people who have sold out because of risk and claim to know what the share is going to be in a year you know they are delusional gamblers and you should stay clear of their toxic nonsense.
Complete and utter typical AIM share regardless of the supposed value from mining operations. Obviously DB is a Saint so the fact HE arranged a loan agreement that is 'still' ambiguous and misunderstood by everyone involved is not his fault in any way at all. It's those pesky market makers (who set the price, see the trades, process the large SELLS) that are suddenly doing this to MTL because they 'want your shares'.
Pathetic, the delusion is astounding, as is the cupping of the CEO's nutsack as he presides over a company created clown show while the major shareholder sells off chunks of his holding. The fact Candy is now asking for millions more in interest doesn't exactly align with the piffle put out in RNS releases and interviews about having his full backing does it? (Rhetorical)
This is exactly why I suggest taking profit and top slicing in companies like this. Keep a main holding and add to it if you think it has some legs in the future (nobody knows, nobody), and trade another pot taking profit (how to make money and not lose money).
This is terrible for sentiment and should've been put to bed months ago. If the interest is so trivial (as repeated on here by posters who have seen over a 30% drop in their holdings since the recent highs), why doesn't DB just put his hands up, pay it and then close the book FOREVER on this debt debacle?
Clearly all is not well, possibly/probably Candy selling down his stake again, hopefully it's nothing more than a large seller, but as always, shareholders will be the last to know (after the BoD and Candy et al have 'arranged' their finances accordingly).
Time will tell, I feel sorry for those buying in at nigh on 6p recently, they've been well and truly kicked in the teeth.
Yeah there is clearly something going on, which is why the main shareholder is selling out. That was the clue.
Bedwetters have given away their shares. good luck, i a year from now this will be 8-10p and you willl be wondering...
I don't even know the history but just this morning he's been ramping BMV.
I've been on AIM long enough to know that no fully funded miner with 100k oz pa has a market cap of 7m.
Agreed Jammin. It seems the terms of the loan repayment weren't even written on the back of a cigarette packet. Beyond amateur and almost beyond incompetent.
We had the sudden 'resignation' of David Cather last September due to corporate governance issues. Now we have the sudden drop with no RNS. Were we not supposed to have had the results by now also?
It's been a great ride but I am out. MTL is currently not passing the sniff test. I'll watch for the sidelines and wish you all the best of luck.
"Not sure he's on your mind, you're just in our faces lol." - Hit the nail on the head jammin86.
OCDO "GameStop coming to Ocado" "420-450p by Friday" - Currently 358p.
WOSG "Below £3 today?" last week, currently 387p
Deramps BMV for days, buys in, then cross ramps it on the boards of every other precious metals miner he can think of.
Just embarrassing.
Not sure he's on your mind, you're just in our faces lol.
Fully funded? Lol. Is this your first time in an AIM mining stock? If production of 100k oz is only targeted, and not already happening, you can bet your bottom dollar its not fully funded!
It's pretty embarrassing that a company worth £100m didn't get the terms of its loan agreement on paper. It suggests they are sloppy and don't pay close enough attention to the detail. Accepting a verbal agreement for a lower interest rate? Is that a joke??
Not sure RSI matters so much on penny stocks. There's more likely bad news that us pathetic PIs haven't been informed of yet
That's AIM for you I guess. Clearly bad news that hasn't been released to us yet. Always the way!
@JWBellamy
A company that isn't mining anything yet isn't really ready for investing in. It's a gamble until any value is generated, and even more until profit is reached. There is a reason why BMV has its own board
Well inside the oversold position on the RSI graph, a raging buy !!!
Absolute desperate cross-ramping BMV on every board you can think of JWBellamy
I feel something is going on. My instincts are to hold and I will continue to do so as the fundamentals with the company is fantastic. But with the significant price drop (5.8 pence to less than 4 pence) I feel other factors are at play. Is one of the major share holders selling so he can buy the company on the cheap? Or is it simply as I hope, traders cashing in on gains. I dont trust the major share holders one bit. Could they try and get the company on the cheap again? Or are we in for a nasty suprise tomorrow. I own 3 million shares and just wish I took a little profit off the table as I have been burnt so badly in the past.
I hope the major shareholders dont pull anymore suprises
Final drop to get those shares off you.. nasty MMs... hold tight
Hello Roy,
Good to hear all is good with you.
Hope you’re enjoying the sun and your garden.
Best wishes and good health to all.
CV