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Dodge- what do you think is holding the HC completion- It is 12 months since the discussions and dd was started and 3 months or since a new road map was drawn up?
Even if you allow for the SRK report surely it would have been completed some time ago and for the Swiss bank it would have been the last ticking or unticking box action- some one needs to make the decision- yey or nay. As a borrower you need to tie it with your business plan and as they have said there are alternative lenders they are working in parallel.
You could be right but AP specifically said that SRK report was not necessary for the swiss bank. Its main purpose was to get Financial Institutions buying on the open market, a way to increase the SP and bring some Institutions on board.
I don’t know if the report has been passed among possible investors or not, it could very well be that this was the trigger for the II that took the last placement, I mean if didn’t forward sell the shares before. We will find out at some point.
IMO the Swiss Bank demanded more information, hence the SRK report. Therefore I think we need to deduct from the timescale the time that SRK were working on their report, so the time the Swiss Bank have been considering the loan is shorter than it appears on the surface.
Lets hope they can come up with some decent news to raise share price where they can get multiple value from the remaining confetti. How long can a dd take bearing in mind the swiss were passed most of the info from Mercuria. Shambolic.
Thanks isas. I must advise I've double checked my numbers and I double counted by mistake the first £592K worth, so he only actually has headroom of 900m shares/£900K worth. So I guess greater risk of the begging bowl coming out again than I previously implied by my calculations.
Thanks Piker- It's quite evident that what AP says needs to be taken with a large pinch of salt. I hope when the begging bowl come around next time, genuine shareholders stand up and demand concessions in the form of personal changes and remuneration package alterations from the bod as a price for increase in headroom.
isas, I had some time spare this afternoon so I've done a bit of an exercise to answer your question.
My calculation may be out a little bit because I've only gone back to December and I don't know what authority to issue shares AP might have had prior to the Bergen "investment", however they had at least 592 million shares available after they issued the free 68 million because those 592m were pledged to Bergen as part security for tranche 1 of the convertible security.
In January we were asked to authorise the issue of another £4.392m worth of shares at nominal value (£2m for Marange; £1m additional for Bergen & £0.8m for Rom & general working capital), thus meaning there was a total of 4.984 billion shares for AP to issue.
In addition in May we were asked to increase the number of warrants available for Mercuria or the 'Swiss Bank' by 1.75 billion to a total of 2.315b, but these of course only come into play if Mercuria decide to exercise or the bank does so if we default on paying the loan.
Since January AP has issued 3.457 billion shares, thus by my calculation he's got roughly another 1.5 billion to issue or the equivalent of £1.5 million, so he's still got some headroom. The problems arise in that theoretically he's used up all his non-Marange money, & is already issuing paper, despite the intention as stated in the 15th January RNS to fund Marange by debt & to only use the £2m worth of shares as collateral.
I too voted against previous resolutions to increase headroom, but i guess the only skill the bod here have is in manipulating and blackmailing PI's into submission and they get away with it time after time.
cannot believe its at 0.1 today lowest of all times
when will this break this sp range or enter into mid ( 0.1-0.2)
How much headroom have they got left- I am not going to vote for an increase and hopefully other shareholders don't either.
No point to consolidation
They could easily get an issue away at 0.11+
As per my post on 18 Jan 2019, this has now fallen to 0.1 as predicted. Consolidation will occur when there is substantial business operation moving forward (which mind you is in none of your interests - consolidation is not ideal). Then, if BOD are feeling friendly, they will open offer shares upon a placing too.
Finance or Consolidation & Placing by September
Maybe 1p will be here very soon, even without (positive) news. :-)))
I
so how long before the 100:1 consolidation - just to enable further tumbling of the share price that is. Followed by another issuing of shares in order to pay the corporate Christmas bonuses.