The next focusIR Investor Webinar takes places on 14th May with guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register 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.
As expected play the man not the ball. The company record is indefensible. Pointing out that the king is naked is not allowed in Gitland.
Kev,
Oldskool posts a lot but often fails to read properly what others post, he seems to believe that he who shouts loudest is right. He is rarely right.
Starterforten
“Some clarity on why ramp up to full output has been delayed from Q1 2019 to mid 2020 would also be enlightening.”
Allmineral were negligent in ordering steel. It’s in the RNS.
oldskool, Attila, I posted this.
“I do blame the CEO for giving placing warrants at 0.4p, which is a slap in the face to the loyal shareholders who bust a gut to raise the cash to exercise their 0.42p warrants and have millions at 0.6p.”
I never object to my posts being criticised, but please read and understand then first. It’s easier all round.
oldskool
“K3. You are wholly wrong. The buck does stop with MM. He most certainly signed off the .4p placing. He is the CEO. He is the main man 'funding for two mines, oh no its one' CFO.”
Read my post properly before you tell me I’m wrong, please. That is not too much to expect. I am heartily DISPLEASED with the 0.4p warrants.
“The money didnt even fund one mine did it? His fault. Dont give me the steel boll#x. That has a part to play but where was the contingency and where is the compensation? Wherever it is, and if, it is a way off me thinks.”
The late ordering of steel was THE biggest contributor to the delay and impact on cash flow, bollx, or not. The contingency is clearly laid out. Clearly, he would have preferred to have treble that figure, but he lives in the real world, not the world of make-believe, would-be mining magnets bulletin boards. He has already said there will be compensation. I have no idea whether that will be next week or next year. Neither have you,
“ He is the Fortescue man. He is responsible.”
Correct. He got us this far and he and his pals, some of them considerably wealthier than he is, own 20-25% of the company. I think they can be relied on NOT to lose their investment here.
“Likewise he can roll around in the dollars he will make if WRES comes good.”
Depending on the dollar denominations used, he will be able to have them dumped in a heap, then ski down them.
“ BlackRock....well them is the vultures watching in.”
Why did them vultures go easy on the repayment schedule? Why did they not pull the plug on Wres when the fist payment was not forthcoming?
Anyway, chill. You have no holding here!
:-))
It would also be nice to know if they have shipped any more tungsten sive last December. If not, why not.
Perhaps he will announce why the state of the art plant achieved a 3% capacity factor in the update since first ore on 17 October. Some clarity on why ramp up to full output has been delayed from Q1 2019 to mid 2020 would also be enlightening.
Dreamy
The mining conference is in London tomorrow and Thursday and I would think that MM would really want to announce something before he speaks at that conference, but time will tell.
K3, I didn’t bother replying last night as it feels like the dialogue with the deaf to be honest. I could counter each of your points but to what end. We are we’re we are and if there is a person selling a considerable amount of shares at a huge discount I feel for them and that is part of my frustration as I think there but for the Grace of some could be me. MM hasn’t played this well, doesn’t mean we wouldn’t get there but I have no doubt we could have gotten there in a far more elegant fashion without so many people losing money because they couldn’t be very long term holders.
Based on how recent the last RNS was I am not holding my breath for another one this week. Is MM supposed to be speaking at the conference this week?
Absolutely the buck for this pile of **** sits firmly and squarely on mastermans shoulders. If not the CEO then whose? Have mysterious Spanish investors got cold feet??? There is clearly a serious and underlying problem now. It’s either that masterman is simply no longer trusted by II’s and PI’s alike or that the business has truly run out of funding and it’s viability is seriously in question. Whatever it is there is a worrying and nasty smell about this now.
K3. You are wholly wrong. The buck does stop with MM. He most certainly signed off the .4p placing. He is the CEO. He is the main man 'funding for two mines, oh no its one' CFO. The money didnt even fund one mine did it? His fault. Dont give me the steel boll#x. That has a part to play but where was the contingency and where is the compensation? Wherever it is, and if, it is a way off me thinks. He is the Fortescue man. He is responsible. Likewise he can roll around in the dollars he will make if WRES comes good. BlackRock....well them is the vultures watching in.
Dreamingof
“Let’s take gold and the balls up regarding our experts and what is happening for that. This thing should have been done and dusted.”
There is one set of data, but two interpretations of the data. Nothing will change that, unless one or other party changes its professional opinions, unlikely, or we get more data, which means paying for holes in the ground.
“ We were meant to have an excellent relationship with the people who were supposed to give us the grant, but it’s late.”
No, the grant is not late. The grant is on time relative to the completion of the plant, which was a condition of the grant. The Junta has to do due diligence, which will now straddle Christmas.
“We can blame all of Wres’ misfortunes on others but the buck needs to stop with the CEO.”
You cannot blame the CEO for either of those things. Well, not with any degree of logic.
I do blame the CEO for giving placing warrants at 0.4p, which is a slap in the face to the loyal shareholders who bust a gut to raise the cash to exercise their 0.42p warrants and have millions at 0.6p.
A lot of investors are mightily hacked off with that.
Shouldn't worry.
There is no easy way to say it, we are not in a good place....it maybe that the MMs are playing withus, it maybe that there is a bad Rns about to hit us tomorrow. No one knows but one thing is for sure, we are not in a good place and MM needs to own it and show some leadership, but I fear it is too late, his lousy Rns skills ( why did he heed to mention the 2m from a possible investor, I really cant think that was a requirement under the rules), the way we have gone about the funding etc, the market have a ridiculously low opinion of us and MM is partly to blame. Even now, we are concerned about funding when we have started production on a project that was meant to be fully fund3d (even after the steel debacle) and on budget.
The derampers have every right to beat us up as we have shown nothing but an old fid, a turner pope report and the sales price for APT and lots of speculation, none of which has come to fruition.
Let’s take gold and the balls up regarding our experts and what is happening for that. This thing should have been done and dusted. We were meant to have an excellent relationship with the people who were supposed to give us the grant, but it’s late. We can blame all of Wres’ misfortunes on others but the buck needs to stop with the CEO.
So let’s hope (and I am tired of hoping as Wres keeps disappointing) that there is a final funding sorted, even if we get diluted by 30%, just put us out of our misery Masterman!