Roundtable Discussion; The Future of Mineral Sands. Watch the video 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.
What's your price targets here Gordon you have been spot on so far
Thanks Yuri and Qs. The quarter isn't over until the end of June. Don't suppose we will be holding our breaths though. Atb.
Glad you’re ok Gordon. I’m doing good Thankyou.
So if the June quarter is over, there’s been another failure to keep in time with objectives. There’s either going to be an update Monday or Joe meant the quarter starting in June...
Still... the GM dilution votes showed current prices so I think the clue is there that we won’t know till September?
Hi Yuri. I'm still here. Thank you for your concern. Hope you are well also.
Haven't posted for a week or so. Just felt I was repeating myself.
To me this week's rns's were complete non events.
RIM increasing their holding was entirely due to the raising which we already knew about. It was as you indicated a piddling amount compared to the tens of millions they have already ploughed in. I am guessing they need more than a hundred bagger to get close to recouping.
As for the offloading of Cooper to Armour it is a slightly better deal in that unlike Doriemus they don't need to raise cash for it to happen. Essentially, they have got rid of an asset which they got for a few shares, in exchange for between 4 and 5.5 % of Armour. They can't sell them for more than a year.
So we wait and wait for the main event. Don't think we can really blame Oilex for the current delay. It's out of their hands. As I understand it we are waiting for due diligence and regulatory approval. Can't see much point of trying to change the bod at this late stage.
What I would blame them for is taking from November 2018 to September 2019 to reach this deal. Even if it turns out they get most of the cash owed, any benefit will be negated by the cash burn over that period. And if they don't get the cash its hard to believe they couldn't have got that deal earlier.
Incidentally MrI the June quarter is not June to September, it's April to June. So who knows when? Atb. Gla.
They can adjust to the new conditions. I’m not saying that it’s all their fault.
Let me make it clear. I know that this situation is not their fault.
What the debate is, they way they are reacting to the current situation.
We’ve had to take a bite of the sh.it sandwich with current SP, it’s now their turn with cash burn.
I’ll say again, this isn’t about the situation (I know it’s not their fault). But they need to adapt and overcome to win this invisible war, which they are not doing and it’s starting to make waves.
an email has gone to soloman
lets see if he replies
Spot on Tintin.
I'm not sure what else the BOD could do - they have been a right mess around by GSPC who no doubt hoped we would go bust/away. That hasn't happened - we're in credit (by sensibly selling assets while we could) and will last as long as it takes. GSPC don't have much longer before they have to conclude the whole sorry affair.
You should talk to him yourself if you have concerns.
They are very limited what they can say in a RNS.
To really knock this on the head. All Oilex employees need to reveal their personal ESSENTIAL outgoings and any income from other employment. Then their wages will be calculated to meet said outgoings with 20% (or lower) added to it.
If they don’t accept it they can leave with immediate effect if they wish.
However if they choose to stay and ride it out, they will be back paid with added CASHBONUSES once Oilex becomes cash positive so technically they haven’t lost money.
The risk is that Oilex doesn’t turn cash positive. This will discover who has passion for Oilex and has fire in their belly for the companies survival and success. Sacrifice has to be made but the result could be very rewarding.
It would help the board if joe makes it clear that it’s not their fault?
We are driving through fog at the minute.
He needs to explain the situation fully and if his hands are tied, he needs to say this otherwise he’s going to keep being shot at.
It only costs you money if you sell.
We all did our research and none of us expected GSPC to be such crooks.
Conger
I have no choice but to wait with the £1000's these are costing me. I believed in this business and the BOD when I researched and invested. From that, this has been a load of massive pants.
I hope the FCA changes what these AIM companies are doing on Monday
Gazza, they had a date 90 days best endeavours, which is a an enforceable legal term. The legal costs of enforcement would out weight the costs of waiting and could take longer as the judge would just freeze everything.
45% holding means nothing when someone else has 55%.
If they did not raise capital and dilute they would have gone into administration as no cash...
I know you are frustrated, but we just have to wait....
we have the major in holdings in cambay, which gives us the control
The BOD should be putting a date in for sale completion and / or introduce a penalty clause if not completed
OEX are in control, but choose to do sweet F.A about it, apart from dilute, buy no shares in this company and spend our money
don't protect the BOD when they are using your money
We need a board that knows how to survive off a much lower wage packet. Anyway ranting over.
On another note...
I’m slightly concerned about Gordon’s welfare as he’s been quite quiet....
Come on conger, there’s much better ways...
I’m not a chef but I had a restaurant and my chef was crap I’d sack him and get a better one regardless if I couldn’t to a better job.
Best way to illustrate this situation is picture us buying bird seed to chuck on the lawn.
Mother bird Joe swoops down to eat the seed, then flys back to his nest to feed his board chicks.
How do you think anyone else could do better ??
What part do you not understand this is not in the BOD control?
It’s completely clear now as to why Align left. They stayed professional by not slinging poo and left us to find out for ourselves. Might be worth contacting RIM if they would agree to a board change. Combine everyone else here who wants change and we have enough fire power to wipe the board out.
We need a new board or a complete take over from another firm.
Or as Yuri says, we look at getting BOD replaced. Time is moving on, cash is getting burnt, more dilution and no appreciable progress as far as I can see and the SP reflects this.
More dilution, directors not even putting their hands in there own pockets to buy shares!!!
I am losing confidence and patience big time. I think Joe needs to give us a realistic update on where we are going from here.
I’m starting to sway towards us going down the route of kicking the board out. If they want keep doing this, let’s just derail the train and start again.
Also why aren’t any of the directors buying shares?
No confidence.
exactly yuri
you know the score here