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It’s nice to see a bounce off the 0.30.
This just needs volume and buyers.
Plenty of big news on the way. Mostly drill results at Bibemi.
Despite all the negativity around Lanstead. There is plenty to look forward to here.
Fair comment Lambinator.
No offence taken, a good rant is healthy every now and again!
I reckon so.
But at least our voices have been heard and acknowledged.
Sounds pretty logical that they are gaming it by putting in one massive order a quarter and only reporting once that's completed, as per the rules.
They wouldn't be in business long if they were doing something illegal so incredibly public. Clearly this is the loophole and it sounds like we have to accept it.
Well, if they weren't selling, would they not have just said so, rather than give that non committal response?
I have received a e-mail back from Oriole. Below is part of the message relevant for all.
“Earlier this month, we reminded Lanstead of these reporting requirement and brought the bulletin board comments (discussing FCA non-compliance) to their attention. They have confirmed that they are well aware of their obligations and that, since their first investment in 2007, they have always filed a TR-1 notification as and when one is required.
We will continue to monitor the situation closely.”
I have replied back basically saying it is Beyond comprehension. Lanstead have not sold less than 40,000,000 shares, for them not to trigger a holdings update since December.
But when they do, we’ll all see how devious these charlatans operate.
A chain is only as strong as its weakest link….
I'm a long term holder so I would also like to know the current situation with lanstead, however, I doubt they are doing anything wrong. I assume they are selling but if its one big order a tr1 is not due until that's complete.
Nothing ORR, Bob, FCA etc... can do as they are the rules.
We just have to wait, tough cookies I'm afraid.
Fact is you do not get nearly 2b shares traded, over half the issued capital, since 28th December if a major holder was not selling, we know who that major holder is.
The fact there has been no TR1 is not because they have not crossed a 1% threshold (they clearly have) is because IMO they do not want to show they have sold far more shares in short time than they usually would have done to bring the SP back from the mid .40p's range to current.
I concur with the dissenters that this information is particularly market sensitive and price sensitive, if Lanstead are now down to, lets say, 500m shares (from 1 billion) that would be extremely bullish for holders and prospective new investors as it would restrict their ability to 'control' the share price over the remaining 15 months of the deal.
The above is the reason a TR1 is so crucial and it should not be withheld any longer.
Kutzz I get that … if you are taking a longer term view, yeah you’d be mad to sell, but we sat between 0.10 and 0.14 for ages and a lot of people will be sat on ‘double bubble’ even after we have drifted back.
There are loads of traders on Aim who just buy noise, and sell into the profit. Outfits like Zak Mir’s crowd where he claims to know what’s going to happen just add to the ‘opaque’ behaviours of share prices. (On that note if you look at what he pumps, which tends to have just moved anyway, and make a note returning by “as soon as the end of next month” the outcomes don’t border any reality, they are jaw droppingly appalling). That alone will drag in a boatload of buys, out they all go … by then we are on to episode 76,934 where the whole process starts again. Nobody gives a **** what was in episode 76,931 and episode 76,932 but those people will have all exited and sway sentiment.
I have to admit (as an LTH) who’s been here 5/6 years
(?since it was around 0.30 the first time, before it went and six bagged to 1.90 the first time.. then back to 0.10) so even I have tried to sell a few when it runs out of steam like now.
For what it’s worth I bought two tranches at 29.99 this morning…
My point there are not just Lanstead’s death spiral funding dragging this around.
Hi Wonkey
This really does matter alot, not just for transparency on current updated holdings. But it forms a ‘fair & orderly’ market.
The rules are the rules. There is no grey area.
The reason why Oriole is culpable. Is it signed into the agreement with Lanstead. Therefore this falls under the CFO’s remit of responsibility. To ensure all parties conform to the law.
If Bob doesn’t sort this out, and we don’t get an updated TR1 from Lanstead before the AGM (24/6).
Then i will be voting ‘no confidence’ in him.
How can we as SH’s trust someone, to broker new deals that are in the best interests of the company.
Bob should have been on the ball months ago hounding Lanstead to pull their finger out!
Rant over (not aimed at you in all way)
Have added this morning, take advantage of the shenanigans to profit in due course.
Oriole is in an extremely good position, with a solid few years of exploration to come. I think naturally , share holders want to hope it’s Lanstead selling because it explains the share price falling.
Why would any PI’s sell at the moment? I’m not sure because most people are probably still underwater or around break even.
Lanstead selling would be the easy and obvious choice but we could be wrong.
Lambinator,
I share your frustration, but not your focus.
IF there is a breach happening here, it’s Lanstead, not Oriole.
It’s the shareholders responsibility to announce their TR1’s - the Company typically has no visibility on shareholdings (due to the nominee structures many investors use) and also no obligations to announce.
Lanstead can and will be selling I’m sure - that’s their model. But they can’t sell too much, too soon - if they did, they would have a massive exposure on any significant share price rise.
I’m not sure what volumes are trading daily, but Lanstead will just be adding a little liquidity to the stock, which probably isn’t a bad thing in the long run?
The main thing is the cash coming through to Oriole from Lanstead will continue to be positive if the sp stays at this level or above - which means the deal they did last year is looking more and more like a sensible solution to really bad markets.
I guess the balance of if it was a good or bad deal will only be clear once Lansteads contracted 2 year window is over. Until then the income is covering some costs and the BCM deal is paying the bills in Cameroon. What’s not to like?
I’d be more focused on what’s happening in their exploration projects than this distraction with Lanstead TR1’s…. When do we see results ????
DYOR and good luck all.
Tmd1987, that is interesting, it would explain quite a lot.
Fact remains that the team are working hard to prove up the resource on many fronts. I am reasonably comfortable with where we are and time will tell.
I can't find the actual rules at the moment but I'm pretty sure they only need to notify via tr1 once their order, which crosses a threshold, is complete. So if they put a massive sell order in which took a long time to compete, the tr1 is not due until the final amount.
This would explain how they could sell for weeks/months, cross multiple thresholds, and still abide by the rules.
Well Lanstead would say they abide by the rules, the reality is different, if you look at a like for like arrangement, namely ticker NNN
Lanstead were at 16.97% on 20th January 2023, see here...... https://tinyurl.com/yc6e3yub - passed through 3 x 1% positions and declared they were down to 13.99% three months later, see here .... https://tinyurl.com/5y4j2wjk
It is pretty clear there are discrepancies concerning the every 1% declaration threshold, so what happens next, are Lanstead really suggesting they have only sold 40m shares in ORR in 4 months - no way, the above example shows they do not declare at every 1%.
Their next TR1 will be VERY interesting !!
Thanks Dilby, Oriole are always good to respond.
I find it almost impossible to believe that Lanstead have sold less than 40m shares (1%) in 4 months.
Especially with all that good news and the fact we are now in Q2.
We shall see
Hi everyone, not a regular poster but often read this BB. After seeing lots of chat around the Lanstead TR1 situation I emailed the company via the contact section on their website. Not sure if anyone else has already done this but for what it’s worth the below is a response I received from the company.
“Under FCA guidelines, any shareholders holding 3% or more are required to issue TR-1 notifications whenever they cross a percentage point (up or down), and they must do so within a few days following the triggering transaction. The last TR-1 we received from Lanstead (disclosing the 20.99% you reference below) was dated 28 December 2023.
Earlier this month, following speculation on the bulletin boards, we reminded Lanstead of these reporting requirement. They confirmed that they are well aware of their obligations and that, since their first investment in 2007, they have always filed a TR-1 notification as and when one is required.
We will continue to keep a close eye on things and will update the market as soon as any further information is received.”
As far as I can see the board are well aware of the situation - just have to hope Lanstead are playing fair which is something I am Skeptical about!
AGM is confirmed on 24/6/24
Fyi to shareholders.
A friend of mine already contacted the FCA about Lanstead a few weeks ago but did not get anywhere with it.
Although we don’t like how the apples taste, there is nothing we can really do about it.
Yes, the share price could be a lot higher but then placing concerns would still be mentioned in dispatches.
Lanstead providing a TR1 would certainly be interesting. If they have sold down a lot then we know the market appetite is still decent it’s just the financing company selling.
2m a day on average would easily get absorbed , it’s Lanstead dumping decent chunks on low volume.
Integrity once lost cannot be restored.
Bob Smetton was the architect to this deal and it falls at his feet all parties adhere to the law all companies must comply with to be listed publicly.
i am getting fed up, that we as SH’s get shafted by organisations that think they can get around the rules because it doesn’t apply to them.
clock is ticking!
“To Oriole’s management,
I write this message demanding an explanation into why Lanstead have not issued an up to date TR1 notification of holdings since;
28th December RNS Number : 1119Y
Please correct me if i am wrong.
Under the Companies Act 2006
DTR 5.1.2R section 1
“Person must notify the issuer of the percentage of its voting rights he holds as shareholder or holds or is deemed to hold through his direct or indirect holding of financial instruments falling within (or a combination of such holdings) if the percentage of those voting rights:
(1) reaches, exceeds or falls below 3%, 4%, 5%, 6%, 7%, 8%, 9%, 10% and each 1% threshold thereafter up to 100%”
As under DTR 5.3.2R
“a "formal agreement" means an agreement which is binding under applicable law.”
Since terms were agreed for RNS Number : 8265H
I’d like to quote the below which is taken from Oriole’s website under corporate governance.
“All Directors, management and staff are expected to consistently apply the highest ethical standards to their conduct to ensure that the Company’s affairs and reputation are at all times maintained at the uppermost level. It does not tolerate any corrupt practices.”
It is of my belief and other shareholders. Lanstead are not adhering to the law, that all individuals / entities must adhere to.
I request Oriole make contact with Lanstead, to provide an up to date notification of holdings that they are duty bound by law to inform the market.
It is not acceptable 4 months have lapsed without any update, as this lack of transparency does not form a fair & orderly market!
What does Oriole intend to do about this issue, that many shareholders are angry about? Or do i need to contact the FCA and report a suspected breech of TR1 notification rule breaking, Lanstead may have commited.
I look forward to your reply”
Quoted below from Oriole’s website under section ‘corporate governance’
‘All Directors, management and staff are expected to consistently apply the highest ethical standards to their conduct to ensure that the Company’s affairs and reputation are at all times maintained at the uppermost level. It does not tolerate any corrupt practices.’
🤔
I can’t imagine PI’s are dumping 11m shares @ 0.30
No matter what the BoD do or say to Lanstead, they can’t force a TR1 from them.
It’s only on Lansteads ‘good’ merit that they update the market accordingly.
On average Lanstead would sell around 40m shares per month to cover the payments. This is fixed
If they have sold less of more we do not know but the average is 160m from December to April.
That should require a Tr1 to notify the market because that’s more then 1%….
I guarantee they have shifted a lot more than 160m.
Most likely as H5-0 says. 200m - 300m
The Market Maker has cut the spread to shake it and some have traded a few perhaps anticipating a wait for the lab data on the recent scrapings at Mbe.
Big picture stuff is still good a bigger plot at Mbe and positive anticipated news flow.
Have Lanstead traded a few? I have no idea but if they have they have it makes no odds to me.
No need to fill the old romper suit with the brown stuff.
This is still worth a heck of a lot more than 11m odd.
Breathe in breathe out.