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He didn't even have the courtesy to inform the Sh's that the shares had been suspended. As soon as he realised how little money he was going to get for the Amur mine, he should have suspended trading in AMC and paid out all the money they had. I think he still has about £3 million of shareholders' money. He has a year to spend the rest of SH's money. Pretty brilliant guy, isn't he?
I lost £7400 on this total dog. Fortunately I made it all back and more with Kod.
RY has sat on his a rse and waited to do this.
It's all about pushing us into doing whats best for him.
Do his family know he steals money from pensioners ? If they do, the scum are as guilty as he is.
Well RY finally spring into action and did some work by issuing an RNS to say AMC has been suspended and that the Board had 6 months in which to organise an RTO and they failed to do so!
AGE
Another problem is that even if they agree a deal, it could take at least another 6 months after agreement for all the formalities to be completed and approved.
Thank you geng,
I've always been a supporter of ry, due his astonishing accurate drill positions early on.. in my view he is a top quality geologist.
Does he have dealmaking skills, for the ceo position over the last few years. ????? Is he the right person for that position now. ???
As you say it depends how many shareholders attend.
Did you see my post about a no fee no win firm of solicitors chasing eros for lack of info, deals not made in shareholders interests and late payments Seems you have to be very careful as a ceo !!
Corporate Mission Statement
Amur Minerals Corporation’s mission is to complete an acquisition via an RTO including shareholder approval before 8 March 2024. A short list of target organisations (including mineral resources, media and financial services sectors) having existing revenue sources are being given priority. If they are not revenue generators, the acquisition must have a defined, near term (targeting less than three years) plan to revenue generation.
Ongoing discussions are underway to allow for a final ranking of the opportunities leading to the selection of the preferred RTO.
From AMC website front page... https://amurminerals.com/
"... Completion of an RTO is a time consuming event requiring negotiations, the successful completion of all party due diligence and the subsequent shareholder approval. In anticipation of our successful sale of Kun-Manie, an RTO Identification Plan was developed by the Board in H1 2022 to enable us to get a head start on acquisition target identification. Throughout 2022 and early 2023, various evaluations and preliminary assessments of numerous international private and public companies had been identified. Geographically these have been located in Canada, the US, Scandinavia, Spain, Brazil, Peru, Chile, Ghana, Kenya, South Africa, Poland and Australia. Commodities have included potash, silica, alumina, copper, nickel, gold, silver, metallurgical coking coal, energy fuels substitutes, lithium, oil / gas and geothermal production. A total of 17 opportunities have been examined and ranked. We have ranked these using the following criteria:
Mineral commodity,
Acceptable low risk operating jurisdictions,
Business model of the RTO target,
Timeframe to revenues.
During the course of our investigation, we have also been contacted by two non-mineral resource companies. Discussions with these more financially advanced entities indicate there is potential for us to move into the Artificial Intelligence / Media or Financial Services or other sectors. Being revenue generators today, these warrant further investigation and we therefore expanded our RTO investigation of opportunities beyond mineral resource sector."
I've always thought they would come up with nothing, draw their salaries til the end and then return what's left of the capital (if any).
They've got to get through an AGM vote yet - if there is anyone still here motivated enough to give them a kicking!
Hi geng
years ago we wondered if ry would take amc to production or try to sell it, many posters referred to his age and thought he may be looking forward to retirement. What are your views on the likelihood of ry doing a deal after suspension. Or perhaps using suspension to get another 6 months salary.(no xtal ball just your thoughts!)
Is it really 6 months.. or could there be another few months while .. the paperwork.. to return monies is done.....
(important as this could shift proceeds into 2024 tax year which will complicate the div capital return with hmrc even more
thx
Btw, the 500,000 shown as a sell this morning was a buy.
Perhaps he’ll give it a thought when he gets up or maybe he’ll leave it ‘til tomorrow.How good it must be to not have a care in the world.
That salary keeps appearing in his account.
California’s the place to be eh Mr Young.
MD
Why anyone is still invested in this share is total beyond me...
Might take less than 6months, 5months 3weeks and 4 working days
Suspension tomorrow and could be another 6 months before you get your hands on the cash.
In the meantime RY has another 6 months of trough feeding!
I have no doubt they will return with an asset and I'm betting that its going to be worth more than £1.25mln.
It's a clever move to go into suspension and come back with the new asset at a higher price.
It's not unreasonable to expect the new asset could easily result in a 100/200 or more percent premium on the current price.
Good Luck to holders .
Brookie, a huge indian filmmaker eros messed shareholders about didnt meet deadlines didnt give info to shareholders, there is now a uk based no fee no win company after them. I hope this doesnt happen to ry and board. Lets hope they do have some plans, there are many investable projects available at this time.
About 2 months ago I estimated that the remaining cash was £4.5m/ 0.33p per share (as below). They may have used up another £0.1-0.2m since, but still suggests the cash is currently worth 0.3pps. Extrapolating this another 6 months, say using £0.5m, then we are still left with 0.25pps?
As before, please disagree, and this company/BoD has nearly always disappointed, but worth holding on and dare I say even buying?!
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+ they had $3.483m (£2.74m) @ Dec 22
+ they have the remainder of the mine sale proceeds of $3.3m (£2.6m) @ June 23
- Less cash burn this year (guestimate) $1m (£0.8m) @ June 23
Assume Cable FX rate=1.26
there won't be any money left in 6 months to distribute.
ry will have fiddled the lot on expenses.
new car for him
new car for the wife
new ***5 for the wife
and so on until theres nothing left........................................
RY is still taking same salary and expences as when he was creating great value through prospecting.
If still taking this may we have some info from the company.
At least the Board have one good quality which is that they are consistent in their inability to create value for shareholders and they leave everything to the last moment!
AGE
Gazzle,
I too topped up post divi. But in my heart and mind it's now written off but as I've ridden the train so long I left my holding intact.
Fingers crossed
This stick is dead. Oh well, could have been so much better but at least some got their money back via divi and profit on buy/sell!
Leaving it be
Gl all
Still a lot of buyers.
Geng,
Ive trusted in ry and board for a very long time........
if sell now there is 50percent spread !
Im really not sure how to interpret the rns as you say re risk/reward going forward, appreciate help.
Whats that usless c^