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Good update Sunlit, much appreciated.
As a Chartered Engineer the Chinese get my vote for a potentially far more lucrative and technically better proposal over the backstabbing cowboys blowing hot air over a technology that has been around for years and have plants doing similar work all over the globe.
Face it people pyrolysis is not new and as far as I can see it's all fairy stories as far as this lot are concerned, not one bit of evidence suggests they actually have anything and not one of them has any experience of it. The competition have plants all over the world including the UK, check out ReNewELP, not exactly the same process but the same outcome on Teeside.
The share price is now at an all time low under Nick Lyth. As you know, a number of long- term shareholders have been in touch with Mr Zhang to ask what his plans are for Altona for 2019, and why shareholders should vote against the resolutions to remove him and Mr Ma Chi from the Board.
Here are his reasons to remain as a director:
" 1. Altona's most valuable resource is the coal resource in Australia. Nick Lyth was trying to find a mining expert to explore around the edge of the three tenements, with shallow buried coal seams. The plan was not supported by Wintask and Sino- Aus, who are still focused on UCG technology and coal-chemical production which is very popular in China. Sino -Aus is still very supportive of UCG and is prepared to invest the $Aus 35m which it set aside in 2015 for the project.
2. Currently, we have good news, which is that Leigh Creek Energy has done UCG successfully at their site close to Arkaringa, and the production of the first syngas occurred on the 10th October 2018. It means UCG is developing under the support of the South Australia Government. Mr Zheng, from Leigh Creek Energy, has invited me to visit their demonstration on site.
3. We have to wait for the opportunity and make a breakthrough in our coal resource in Australia, because under the support of the South Australia Government, Leigh Creek Energy has completed the preliminary work of UCG, and soon they are going to the stage of commercial production. We have 7.8 bn tonnes of coal, which is suitable for the development of UCG, and if we focus our efforts on the UCG project, we may get incalculable benefits. We will enter into discussions with Tri Star Energy who hold the PELA which we require.
4. I have also made a proposal to the Board before about investing in a vanadium mine with Altona. There is a very big vanadium mine in China with very good quality of ores. Currently, the price of vanadium pentoxide is 460,000 RMB per tonne. I'm not familiar with the international price but I think it will be more than this price. I suggested the Board include this project into Altona, and I also sent documents and information to the Board. However, they did not recognise it.
5. I get the feeling that they wanted to be involved in the plastic to power ( pyrolysis) generation project. I do not recognise this project because many poisonous gases are released when processing waste plastics, including dioxin which is a big headache of environment protection organisations all over the world.
6. Both this and the new Leinad are involved with John Zorbas's company in Canada, and Leon Hogan and I do not think they are acting in the best interests of shareholders, but for themselves. I am trying to prevent this continuing."
Andy pushing ANR now too......
SHOCKING!
I haven't bothered looking. I know that they are very hot on it now. And anyone not reporting would be in serious trouble. As per the last RNS we know that Leon is still holding his 13.9% anyway as it's being put towards the proxy vote to get rid Chinese. So he hasn't sold. He's just seen £1m+ profit disappear. Zorbas is still holding as well I'm certain. We'll see what happens but I'm confident we'll see new Nomad and New direction. But hey as always you pays your money and take your chance
Investing Genius you can't be creative with Tr1s? Have you ever seen anyone prosecuted for not declaring a sale?
Investors genius, apologies if sounded like deramp, trying to tell it how I see it. The company looked so good back then and took me ages to figure out what happened To my hard earned dosh ;-(
Since Mifid was introduced in Jan 2018 you can't be creative with TR1s. Leon & Zorba were up massive amounts in ANR, now they are down and if this goes under they'll lose their investment. Its pretty valuable to have a listed vehicle so i'm punting on the fact it won't go under, they'll secure a nomad and plug another asset and take a new direction with company. This is just my views, whether right or wrong i fancy a multibagger from here. Gut feeling has served me well over the years. But good luck all, don't blame anyone for selling, its allowed me to pick a few up here. Double bottom 65-70p in play.
Lose all their money?
They were £1.4 Million up!
You think they are concerned about £125K initial investment here?
That was covered many moons ago.
Hogan held 15% of NYO that delisted, he wouldn't have lost a penny.
More down here as a punt. Average down from my stock at 200p+. If this goes under Leon / Zorbas etc lose all their money. That ain't going to happen. There is plan. GM on 14th and expect nomad to be announced with a new direction. Its the easiest company in the world to deramp, been absolute rubbish. But i suspect we'll get some action here in Jan and could be a surprise multibagger. Just my opinion.
......... Since hogan...... Etc..... The horse had bolted by then ;-( bolted before they got on board The horse (Quinfu ) paid £3,2M, helped his mates get £14M cash out of china ( via BVI and then HK banks) picked up bag wi trade secrets and said what ...... I will now sell off large chunks of company at one tenth of price to hogan and Zoroaster ?? Qinfu Zhang is no fool. IMHO
This is heading back to pre consolidation prices. Give it a few weeks.
7zzzzzzz - I don't think this is the truth. You have to remember that since Hogan, Zorbas and Lyth have had the board, Mr Zhang and Ma have only 2 votes out of 6, so they cannot win anything. The Board is only looking at "deals" whcih have connections to Zorbas/Hogan businesses (Spain and Leinad), which seem to not benefit us, the shareholders, but rather, the two of them, with some kick-back for Lyth.
We have such a huge coal asset, that we should keep this the focus. However, as Mr Zhang and his associates are the only directors on the board with experience in this sector, you can see why Lyth, etc have dumped the project.
Nothing will come of Lyth's "projects" except more dilution for shareholders, and we are wasitng 12 years of research into coal and latterly, UCG. I believe the Chinses directors, if allowed, can make this work finally
come on Guzz we all know that they will have been selling all the way through this
Sunlit
Michael Zheng took over as CEO of Altona from Chris Lambert. Michael was committed to a Coal to Liquid [CTL] operation in Arkaringa. At that time Peter Fagiano was the technical driving force and carried with him all the top drawer scientific, engineering and commercial insight. That insight came from years of work provided by Jacobs Engineering, itself being an acknowledged global EPC provider
Michael enlisted support from Qinfu Zhang and Mr Zhang stumped up £3.200,000 via his company Wintask
Shortly after that Michael Zheng was fired and Qinfu Zhang put word on street that Altona’s new direction was Coal Gasification [ fracking the coal underground]. A totally new core science !!
There were even pictures of Qinfu Zhang and a small team of his people taken at Arkaringa and published on the short-lived JV website
The point being Qinfu Zhang knew exactly what he was doing, and I feel sure that he was aware Nick Lythe was an accountant and no more
So why did Qinfu Zhang walk away from his £3,200,000 investment and hand the keys to Nick Lythe ?
Was it because he was misled by Nick Lythe ? I don’t think so
I believe he paid the money for the technical and scientific property rights that were available from the years of work during the CTL phase
Think nowadays of Trump and trade wars with China ? Intellectual Property !!
Makes sense to me. The rest of the show since Qinfu took back seat is smoke and mirrors, Pump and Dump IMHO
With sells going through at 60 by my calculations Hogan and Zorbas (assuming they still hold their full allocation) are, like the coal, underwater.
I also reckon they must be the only ones that had any chance of being in profit due to their first placing tranche.
The question is, will it bounce from these lows?
Ha, what a drop! I bet they're busy at ANR, wording out a RNS for tomorrow!
Unnerving... a lot of stock seemingly being dumped and share price collapsing... or is this good news, with Lyth and his cronies now running for the hills?!
exactly its just pure fantasy 'projects' that have come to nothing throughout 2018 evidently in news releases/ 'mou's'. they should be going for projects that the partners want to be involved with and funds guaranteed, in the right hands a $30-35m dea would go a long way in building a successful company with strong revenues. so question for Zhang is is this funding still in place and could this be a minimal dilution arrangement?.
I'd be inclined to question the move to pyrolysis given the fact we have had little to no information. I'd also question the entire "new technology" aspect they have been feeding us regarding pyrolysis, it's not new, it's certainly not exclusive. As I keep saying the entire direction NL and his cronies are heading in stinks to me.
My understanding john389 is that Mr Zhang and Mr Ma were both misled and misinformed by Lyth and his so called associates. They were certainly not appraised of the disastrous failure to secure the Petroleum Exploration License ( PEL) until too late. They have been kept in the dark as to what was really going on. Hold your fire: let's see what Mr Zhang and Mr Ma have to say. We shall know soon enough.
Why didn’t we know their strategy before now out of interest?Why has it taken till now when a vote is being organised to remove them to reveal their strategy if they have one.You would have thought their plans would have revealed it by now after the share price collapse! I can’t see which of the two options are better presently ( either they are removed or not removed)
Thank you MCAMikeB. You're quite right: we should know very soon Mr Zhang and Mr Ma's strategy for Altona for 2019 and beyond. Nick Lyth has proven to be quite useless since he took over. The Market knows this, witness the almost complete collapse in the SP and investor confidence. He has surrounded himself with chancers who know nothing about running a business and are purely in for their own selfish personal gains. Let's see the back of them.
Tomorrow I hope to be in possession of information regarding Mr Zhang’s strategy for Altona for 2019 and thereby the definite need to keep him and Mr Ma (Sino-Aus representative) on the board. I will hopefully be able to share this with the other shareholders who are asking which way they should vote. I for one, do not trust the recent “schemes” announced by the CEO and his associates, as they haven’t yet, and surely won’t, ever add up to anything.
Nyo delisted, they bailed before the event though.
Can't delist or the gravy train stops.