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Finally, from the recent RNS: As explained in the Circular, as the resolutions have been passed, it is the intention of Michael Houston, David Facey and Tim Leslie to resign as directors, subject to suitable replacements being identified. A further announcement regarding progress in respect of these board changes will be made in due course.
Waiting for the drop to 7p...
I’ve been a shareholder since 2013 and all I’ve done is throw money into a deep hole. Sure, we’ve got great quality diamonds but the problem has always been with the management of the mine. It’s gone from bad to real bad and now doesn’t exist in any recognisable form. Remember, a fish rots from the head down. Our only hope is the present cash raising exercise is successful even though it leaves small shareholders like me severely diluted. I’ve forgotten how many rights issues we’ve had since being on the Plus market but it certainly doesn’t show up the board and particularly the FD in a good light. Personally I think that at 7p it’s a good punt but only if Teichmann is more involved in everyday decision making. We can only hope.
Disruptor
You been hear for some time is the company producing diamonds on a regular basis ?
I am in with a small punt, not real put much time in to researching the potential that bluerocks mine have to offer,
Its a big drop over the last few mths,
If ever there was a meme stock………..
The sanctions imposed on the Russian diamond producer Alrosa have exacerbated a shortage of rough diamonds in the market, supporting continued strong demand
In with small amount (so far). Interesting article re diamonds in last week's MoneyWeek- "An investor's best friend- diamonds regain their sparkle". BRD with its tiny market cap and money secured can be that "best friend" in not too remote future
This will bag from these levels. Not one to hang around in but its certainly a good trade from here
I think this one is a short term money making surprise with forecast revenues almost 10x M/C and lots of 7p loan notes that need to be offered to the market at a profit for the holders. I see 15p-20p in pretty short order. I do emphasise the short term though.
Very positive forward looking statement CEO:
"The market has remained buoyant for non-Russian rough diamonds in the period under review and Kareevlei has averaged $576 a carat in the quarter, 35% up on the $428 a carat achieved during the same period last year. With the ongoing tightness of supply of rough diamonds and the expected recovery of the Chinese retail market, the outlook for the rest of the year for rough diamond prices is positive.
"With additional financing secured, we will continue to focus our efforts on optimising our mining operations at Kareevlei to benefit fully from the potential of the new plant and take advantage of what is a strong market, and I look forward to providing further updates throughout the year as the positive trajectory that we have seen in recent weeks hopefully continues throughout Q3 and into Q4."
Production update…
At 0909 this morning I received this message: You have successfully registered for BLUEROCK DIAMONDS PLC - Q2 Investor Update which will start at 14th Jul 2022 at 11:00am BST. At 0914 the Investor Update was cancelled!
This could be the quickest and easiest bag on the markets right now. Probably no future here and the board is totally contemptuous to shareholders but from a short term trading perspective it looks easy money. Buy when others are fearful.
Teichmann is doing well. When it rains they don't work for safety reasons (I am making an assumption here), the result is that Bluerock does not have diamonds to sale so it goes in financial trouble. Teichmann then loans money to pay for their own bill by taking cheap shares that result in a 51% stake. This is not fish, its just life! Then shareholders are getting played with auctions in Kinberley, Teichmann services and tons or rain. Teichmann will get a "free" diamond mine and for sure then this claim will start to be profitable.
I don’t follow that closely but feels like this company had a big opportunity and just made a mess. One example they did a placing before good news was gonna land….
Looks like it's game over here, is there actually any value left here for shareholders?
Total stitch-up.
Looks like shareholders have been screwed, unless I've read it wrong.
Hi SR. I wonder whether you have had a chance to look at the Annual Report for y/e 31/12/21.
I couldn’t help noticing that Mike Houston received fees of £79,167 v ££59,500 in the previous year and David Facey received £81,000 v £59,000. One might ask why considering the state of the company and its precarious financial situation. Nice work if you can get it.
The RNS promised the financial statements this week. Let's see if they deliver tomorrow which will be a day late as no extension appears to have been applied for. Hopefully some good news about to land. :(
SR
It's on the cards. A certain party has them by the balls.
There was an update on the 17th. Improved production but not enough to materially affect June’s tender. So 6 months poor production.
So 2nd quarter figures aren’t going to be too great (abysmal). So the required raise will be substantial. The Two hats (see twitter - 10/5 sunny photo session) will let us know at the appropriate time.
Spot on. I refer you back to my post of June 1st.
Final results for 2021 should be out tomorrow. Be very careful. There could be a suspension as well. I am convinced there is a plan to take this private on the cheap and I fear it is about to happen.
Absolutely right SR.
Do you think that there is any chance that they could find a few big stones that could transform things despite their useless money burning management.
To be in a position to be mining high quality diamonds at a time of rising prices, but still managing to raise money at such ridiculous discounts, then managing to burn through it so quickly is pathetic