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Oh dear. It gets worse. I did say that it was all in the wording of the RNS. It is always about what is not said with MM. He specifically stated no drawn down in the last quarter, but that was over 3 weeks into the new quarter. I mentioned it but was, again, slapped down by the choir. Franny being particularly vocal. He knew he would be drawing the money when the last RNS came out. And people still trust MM, unbelievable. I feel truly sorry for those that have lost so much. Depressing to look at big losses on your screen, not good for trading/investing psychology. Not even sure if this is worth a trade now on a bounce. What would bring the bounce? Grant has gone quiet. Failing business (it is right now very much so) may warrant a fresh review of the grant. Surely Black Rock will pull the pin on this now? More debt, on debt, on debt. Monthly costs are ? And MM is paying himself how much? Debt to pay debt to pay debt, seriously? To all those talking about every sale equals a buy, yes true. However, lower priced sells and lower priced buys. Follow Warren, buy Nat Gas...MM certianly has plenty. Hold and hope continues to be order of the day for those still left. Ouch.
Kev
Yes I know mate, the fact is that as with all companies when some people sell others buy, we have lost maybe 3 or 4 long term holders, but all of their shares have been bought, and many of them by other current long term holders who are seeing these prices as a great time to reduce their averages.
As you say and I have said many times, time will tell ;)
GIT, as discussed previously, several holders have increased holdings since the results.
Time will tell how wise those decisions were.
Dreamy
Yep I do remember, and we all know it didn’t happen, but I suspect that it is more likely that he will in fact do a video call with shareholders, although I doubt he will do so until and unless there has been at least some positive news RNS’d
Ive gone back and checked the actual shares that have been traded since the day of the quarterly results, it is actually 624,376,127 which is 9.32% of the shares in issue, so, an overwhelming majority of shareholders, have like most who post on here, decided thus far at least, up hold their shares presumably because they must believe WRES will eventually come good, of course they and we could be wrong, but equally we could certainly proven to be correct.
MM has 30% of his net wealth invested in WRES, and his reputation, (which has clearly already suffered over the last year or so) he wants it to succeed, it will make him rich and restore his reputation, time will tell wether it will or not.
GIT I am tired of seeing his face and hearing his voice but if I recall it was yet another of MM’s aspirations for us to do a video session. In fact was less of a commitment than when he said he would video cameras up lol, remember that one lol lol.
Cookie
Part of the deal for black rock to provide the finance was that he had to retain the gold mate, that’s why he didn’t pursue the possible sale / joint venture that he originally told us about a few years ago, they wanted it retained as it is collateral, along with all the kit, and Regua and tarouca
Thanks GIT ,not going to sell now its virtually been dropped to its bottom line as only asset based not on production revenue, funding from government and black rock finance update which could turn it around in October so will sit this out for now .ofcoarse knowingly he's in a bit of trouble atm you would have thought he would offload his gold asset to a producer adding valuable cash to the balance sheet ,very good time to sell it imho
Quarterlies are due mid October, cookie, but we may well get other news before then, as MM has stated there will be a video call with him for shareholders, and I would be surprised if he didn’t put something out before that happens, also he needs to confirm that black rock have agreed to PIK the last quarterly interest payment, and we are of course still awaiting the grant mate.
Whens next update due anyone?
The market makers saw the results and determined quite rightly that there was a risk that the company might fail to become profitable, they dropped the SP 20% from 0.25 to 0.20 prior to the opening bell on the day the results came out.
Since then over 7 trading days, about 10% of the shares in the company circa 670 million shares have been traded, with a number of long term holders deciding to sell out at a loss, rather than take the risk of losing everything, as a result the SP has dropped further down to 0.1425.
What this tells me is that 90% of the shares that were held prior to the results are still held by the same people, and that the 10% that were traded are now held by new people (albeit that some original holders may have sold some shares and then bought them back at a lower price - I did with a small amount)
So, reality, yes this company, like any company, may fail, I know this, as does everyone else who is invested, I’ve never believed it was likely to happen, but it is more likely now than at any previous time, however it is most definitely not certain that it will fail, if it was, then every shareholder would be crazy if they weren’t selling up ASAP. The fact is that the production and shipping in the current quarter will most likely determine the viability of the company.
Now we have many large shareholders who post on this board, all are concerned at the last results, some are concerned but optimistic, some are concerned but stoic, and we have one who apparently whilst deriding any positivity, says that if the company fails he may buy it and take it private himself, this seems strange, because if you had invested 1/3 million here, but think the company will fail, why on earth would you want to buy it if it did, because if mining professionals can’t make this work, how could a layman, even a presumably very rich layman, of course I suppose that if you wanted it to fail, so that you could buy it, cheaply, the only logical reason would be if you actually believe that the company can in fact be profitable, and if that is the case it makes sense to deride any positive comments.
The fact simply is, that no one on here knows if WRES will have another poor quarter, an ok quarter, or a spectacular quarter, and therefore no one knows if we will succeed or fail, we will all have to wait and see.