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the funding condition is not met? then the assets would revert and the liabilities should have been quantified. nc would need rienbursing for holding the baby and new equity raised but a year will have passed.
I have thought about knocking on the door, but as sercher70 pointed out, it is very likely that there is nothing happening at 64 New Cavendish Street. When I saw the registered address, I thought it was a virtual office. Why would a company with a major shortage of cash, with no real need to be in an expensive location choose a prime central London address? If anybody fancies it, they can call the company on 020 7002 5356. For now, I am going to keep emailing and I urge others to do so too.
I reckon the shutters would be up anyway. This has gone from a real sparkle down to a damp squib. When down to consolidation bottom dropped out of it all. Am on a major loss here. Not worth trying to sell. Lets hope Chinese might want to buy it cheap then might get a bit back.
anybody thought of knocking on their door? their offices are in London. not difficult to find.. its the least we can do since they dont respond to our mails
I agree that what happens to us is largely based on what third parties do, but that is not to say that nothing is going to happen. As I have said all along, Nick Clarke bought the rights to Dutwa because he felt there was a deal to be de done. Coburg Group became one of our largest shareholders when everything was turning bad, because they felt a deal could be done. There are a lot of barriers to pass, but lets not forget that there is an enormous nickel project with a relatively low cost base and potentially very high margins, that the world economy is rapidly improving and so demand for metals should increase with this and that there are a lot of companies sitting on large amounts of cash (particularly Chinese companies, who are very active in Africa and aggressively buying new mining opportunities). The company without question represents a major gamble, but if that pays off the pay off to shareholders could be huge. One of my main issues at the moment is the lack of information coming out of the company. I have written to them a couple of times and received nothing back. Very poor. Also, what happened to Mogo. Are you still out there? Are you still in AFE? What are your thoughts on where we are and what will happen?
lets be realistic guys, whats the next play for this shell (cash would be too much of a compliment)? where is management? what is the strategy? our only hope is based on third parties, not the management... so we are waiting for others to make good fortune for us while we hold on to hope! until then we cant even move, we have no money what we need is a loan from somewhere and an investment strategy and a team that can take us... any ideas?
An unusually large buy just went through. Do they know something we don't? It would be useful to get some updates on what is going on. Anyone know anything?
This one looks like a dead duck. What might turn it around in H1 2014?
This has been another shocking year for us. I am hoping that somewhere in the background steps are being taken by NC and the AFE board to try and get finance for the BFS for Dutwa or at least some kind of JV / licence deal that can move things forward. Unfortunately the board have been revealing very little, leaving us P.I.'s able to do little more than speculate. I have been very disappointed by the lack of news coming out of the company. It has been several months since we have had any update regarding the recommencement of the BFS or any other material news regarding the direction that we are headed in. I wrote to AFE recently and got no reply. I will continue to write and try and establish a little more about what is happening in the background and I encourage anyone else invested in AFE to do the same. Given the recovery of the global economy and an increasingly healthy Chinese appetite for well resourced mining companies, AFE may still come good. To what extent remains so hard to say because there are so many factors at play. However, considering the pathetically low share price we have reached and remained at for some time, if Dutwa is taken forward the upside from where we are now has to be huge. For now, happy Christmas to all of you who have been following and invested in AFE. Hopefully 2014 will bring much greater things.
This is the largest volume we have had for a long time. Also up 50% on the JSE http://www.sharenet.co.za/v3/quickshare.php?scode=AEA I there must be some news out soon.
Your posts Mon tks guys already have acp/wet for some time now shouild be good in about 9months time. Will consider solg
ACP check it out FLYING today Good friendly board with helpful members Plenty of research posted at the ACP board WORTH A LOOK IMHO GL ::)
have u looked at solg my money has almost doubled in the last few weeks its still at a good price and has loads to go have a listen to the interviews on the media button its lookin good imho but do ya research before comitting
Over the last 3 years I have noticed that every time a miner company does a consolidation on shares 1 for 10 ,1 for 25 etc within about 3 weeks the new price has dropped rapidly and never ever seems to get back to the initial consolidated price. news dries up and Sp bumps along the bottom, the B of D seem to loose their way. Like Mogo and Photo most of mine are also in the doldrums ACU,PCI,POL and long gone Angel mining and PPA. I am hoping that CGNR in the next couple of year and BMR will drag me back into profit GLA
sorry for typos. Longer term are the exploration licence costs for Dutwa/Zanzui paid to the TZ Govt. but that won't matter for a 2 to 3 month period obviously.There will be a stipulation in the licence to do a certain level of work in a certain time, to avoid losing it.Which is the awkward thing.And where do Safina the JV company holding some of Dutwa still (?) come into this ?
AFE once had an office in Mozambique-shut down,a bigger one at Mwanza in Tanzania,plus of course the London office.They ran the site at Dutwa and Zanzui though I think from pictures only temporary structures were there.Most of that presumably gone or put in mothballs.Without any live projects they might almost be able to continue as a box number,doing meetings in hired premises or even at directors' houses.The registered address could be the box number ? So yes costs will be very low.For many years directors took no salaries,but never sold shares,I think that continues.The options they had are well oyut of reach now due to the drops in SP so might wxpire soon,or even be given up ? I'd say the lifetime of AFE should therefore be quite good even for only £300,000.Though some of that will be used up by overheads etc like we all have.
That is a really good question and unfortunately not one I can answer with accuracy. We were told (I believe around July) that we had enough funds to carry us through to september, at which point a share placing was done and we raised £300,000. Given that many of the previous full time directors have left the board, we have ceased all work on the BFS, we are an all round far smaller operation with one main focus, (securing funding to complete the BFS for Dutwa), I think we should have a couple of months, maybe more, before the issue of funding arises again. But, I don't know how much we have spent to date of that £300,000, how much the non-execs are being paid, how much running costs have been trimmed by etc, I still am quite hopeful, although realistic enough to know that we are fighting an uphill struggle. But, as I have said several times, I don't think the new personnel, both directors and investors, would be on board, if they didn't believe they could get this to the next stage.
it is really the very high spread which is knocking this,..of course the team is far far stronger now..by when do you think a lack of money will force the issue ? GL
I would like to think are chances are better than that. I don't believe NC, Coburg Group etc would be involved if they felt this was a long shot. That is not to say that I believe we are even near striking a deal or that we will, but that we have a good team, which we didn't before and a good chance of striking a deal for Dutwa or to get funding for completion of the BFS.
yes of course a horse you back can win lol.
old friends-yes I made equivalent big losses but managed to pull back to where I was a couple of years ago by investments elsewhere.Which isn't getting me out of the wood,as I have further quite large losses going back before that,even to 2008 lol.Anyone for RBS ? There will be probs. there if even £1 gets successfully claimed back by multiple class actions ongoing-allegedly of course.Imagine potentially how much...could it be afforded-no doubt they'd print more money ! So I keep my records there just in case...Dutwa might be pie in the sky or a moneyspinner but AFE remains now little more than like backing a horse. In the medium term I regard a crash in large shares as inevitable from peaks now. A lot of shenanigans to come lol. GL
No rns in a while. The emergence of Mark Parker, Coburg Group's investment, the new board members and Nick Clarke's involvement, represented some hope for a company that had badly lost its way. I am sure they are working tirelessly behind the scenes to secure a deal for Dutwa, which could transform the sp, but things have been quiet for some time now, so it is anyone's guess what is going on behind the scenes.