Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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Some wild claims being made on the #CHAL hashtag on Twitter in the last 24 hours.
Clearly I have no idea at all if they're true or not. What I would say is that the individual in question has 'previous' when it comes to making claims about this company which turn out to be total rubbish.
Challenger also announces that it has received US$51,875
How many directors have you seen with low pay. Only Chal mark
The Directors were paid emoluments of ¡ê30k as directors' fees during the period under review (¡ê69k in 2017). In the previous year, there was a release of an existing bonus accrual that has been included in administrative expenses. Of the ¡ê30k, ¡ê10k were the director's fees for Mark Gustafson. Mr. Gustafson billed an additional ¡ê12k (2017: ¡ê19k) as management fees, booked under administrative expenses. At 31 December 2018 a total amount of ¡ê 84k (2017: ¡ê87k) was unpaid and due to Mr. Gustafson for management services and director fees. The total compensation for Mr. Gustafson in the year under review was ¡ê22k. Yes These details and the details for the other Directors can be found within the Director's remuneration report on page 20. The Directors were the key management personnel of the Group.
We can read, thanks Jetxie. You don't need to provide the 'service' of copying & pasting bits of the RNS release verbatim in a desperate attempt to stem the tide of disastrous news coming out of this company.
At a corporate level, we added another non-executive director in March 2019. We welcome George Lucan and his expertise in helping us identify and secure an appropriate project for Challenger.
Technically Insolvent,by the tune of £3.2M.
Wouldn't surprise me if. Mark doesn't call it a day here,there's no way now to get out of this mess,albeit a miracle
Net Liabilities £3.2M!!!
So for those of you who don't quite understand currently NAV stands as Negative £3.2M versus Mcap of circa Plus £400K.
WTF is Mark going to redress this.
0.05 now would be a complete gamble
Following these purchases totaling 6,000,000 Shares, Mr Gustafson now holds 10,150,000 Shares representing 4.5 per cent. of the total issued share capital of the Company.
New article out summarising the CHAL situation at TW's forbidden share site. Needless to say it's utterly damning from start to finish.
Agree with all that Dan,amazed this wasnt marked down 20/30% on open,
At 0.15 it really is a gamble now,not sure how they can raise finance,certainly not more than 10% of Mcap,as Main listed.
Convertible notes,well you need assets which Challenger doesn't have.
This was good for a few at the 0.05 level,suspect in the next few weeks those kind of levels may be achieved once again.
We know that there are three more payments to come from Dallas, totalling $156,750 (about £120k at today's exchange rate) and £25k left to come from StarSanctum. Plus whatever is left from the Dallas and StarSanctum funds received to date.
According to yesterday's results, 'cash used in operations totalled £210k' last year.
So, at the current rate of burn, this runs out of cash and is bust within the next year or so. There are no other revenue streams, no investments and no more assets to sell. Time is rapidly running on if someone is planning on pulling a rabbit out of a hat.
Thanks Marineville, normally I'm on Twitter FACTS ONLY and when I post questions like this I get terrible answers, with no honesty. I bought at the .15, so ok with current position. I'm in PCGE so share your pain with CEOs... I do think CHAL is worth a punt for new investors (sorry existing ones at higher prices), the potential upside of an RTO/tax rebate combination....a company who want keep AIM entry is quiet good. The signing off of the accounts means this is more likely...without the accounts/nomad nobody would touch it. If there is a deal waiting this would be great news.
The only plus side is that we have final results signed by nomad. Normally no results no nomad suspension and ...
I don't know anyone is surprised by this. A business which doesn't have any revenue streams is going to struggle. Now, the last bit of cash the company has is being burned through just to continue to keep the lights on. Barring some sort of miracle, it could well be game over here before long. Normally a set of results this bad would be cause for a huge drop at the open, but the share price has been so comprehensively destroyed already, it might not make any difference.
Challenger Acquisitions Ltd on Monday reported a widened annual loss in a "very difficult" year for its core investment, a ferris wheel in New York.
fair question, jf... so here's the answers:
ex holder, sold at a loss after 12 months... believed all the rns', became frighteningly knowledgeable about the company (because, by rights, it should have made a packet, exept for the secrecy behind the wheel and the ceo's manipulations)
not holding atm... though i would if i though the ceo could make a fist of it but it frustrates that he's not ceoing, at all but still drawing a salary, even if it IS deferred
i care, but only insomuch as i detest rampers trying to fool new folk into believing there's a well-defined future here...
i don't think this is shortable as the price is so low event eh tiniest move would be costly or beneficial but it's a casino share now... which is shouldn't be.
i'm pretty bloody angry at how little control the ceo has had over any of the investments but, then, i imagine the ii's are more pished as they're the ones who bought in at 30p and above...
and, finally, just annoyed that this man is still in charge of a company where he's constantly punted money on things he neither knows about or understands... he's been little more than a pi and a novice one, at that... and it's just wrong, even if he's a thorughly nice guy, which i'm sure he is.
i think i'd prefer a fraudster to an inept nice guy.
i'm sorry if you're in it still (but if you're newly in this you might actually make some cash) but anyone who's held from 2018 or earlier are really hurting and this chap's not doing anything to make up some of their losses.
hope that answers your questions...
and i'm genuinely sorry for anyone who's losing/lost money here and i'm sorry if my posts are offensive... i wouldn't say that makes them wrong, though?
Marineville, do you mind me asking are you interested because of A) you've held previously and sold at a loss B) currently holding and fed up C) just a caring person D) a shorter ?
absolutely no indication as to whether there's any capital left in the wheel to return (i'm presuming that means there isn't)... absolutely no explanation as to why lucan's 'in' - not exactly sure what 'in' means as he's not stuck any money in as there's no asset to invest in - he's literally just a name connected to the co but how desparate a situation would any company be in to have challenger looking to asset strip it?
i can only assume that gustafson is either lucan's godfather or he got bunged a few grand to put his name to the company but pretty sure if he's all that he's not fussed about the stain of challenger on his reputation.
frankly, challenger - whatever that is now, what with no employers, i'm guessing a postal head office address only or gustafson's garden shed for corporate functions - no leads, no money and lucan probably lining up to buy the company name for pennies in the pound to use in some other capacity and to the exclusion of all current pi's (only reason i can see for hm allying himself to this busted flush) i've no idea what the point of the company now is... certainly gustafson is now only another pi in this company as he contributes nothing except bad decision making.
hilarious that he bigged up his 'increase' in the company when it must have been a toss up between more shares or a bagel and a takeaway coffee. either way, his stake must just about cover exactly that... a steak, from the angus steakhouse.
think it fair to say as pish poor as 2018 was he's still glossed over a few things... like, where's ff marin nowadays? is he still with the BoD?
expact this to get murdered tomorrow but then can see some folk buying at the bottom for the next empty ramp (but god knows where that bottom will be, though).
still, i suppose, while it still has a value, it has hope... but i don't see where that hope can come from.
In terms of the financial health of the company they are actually bordering on insolvency.
They have received the cash for Dallas so suspect the balance is higher.
Maybe there'll be a saviour.
Low cash balance..you mean £29K! That was Dec 18 we’re now in April 19! Probably a quid left now..they will need to raise ASAP
The main reason I'm invested here is LUCAN....why is a successful business man bothering with this small company? Potential.....RTO/Tax rebate...can easily multi-bag on any news. Is it a gamble? YES. However so was Debenhams....