Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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What a surprise to read the latest announcement as I was eating my porridge this morning. I agree Truro Trader it reads surprisingly well and they only want another £10m to be a part of the party.
I like that the lines can be setup close to the site - presumably it's a messy process which would find difficulty in getting planning permission over here ? If only the first location wasn't in Albania where the corruption is even worse that Kosovo. Will Chris Gilbert be taking an active part greasing the politicians ?
On paper, it sounds so promising - but probably not to all those Fox shareholders like me backing a miserable investment all these years. Perhaps, for once, it will all turn out right for us ?
Well, back to my porridge. Good luck all.
We could be in for some fun with the ECO deal if Morgan Stanley is right with it’s thoughts on ‘moonshots’. In this podcast https://www.morganstanley.com/ideas/thoughts-on-the-market-thematic-investing , Ed Stanley makes the point that since 2000, only 1% of shares have accounted for 40% of the share price growth for new issues. These would include the likes of Tesla, Amazon etc. He goes on to identify his (small) selection for the future, prominent of which is the type of construction envisaged by the ECO deal.
we have little choice based on sp and being suspended anyway. there going to dilute the tune of £40 million to buy the business and have the £10 afterwards. likely the sp wont reflect this cost as the business isnt proven so unless some magic going on chris is also going to loose a lot of value.
we will probably be delisted completely and maybe come back, there is obviously a plan and probably far better than the marble business that really never went anywhere.
we are diluted in little value, i take overall this as positive, getting something from currently nothing is better, its an overall disaster as an investment but now about salavaging whatever we can gla
current shares will be diluted with the £10M raise though?
And most likely de-listed and re-listed ?
Hi all, Am i correct in thinking this means we most likely sh.t out ?
"Further to the announcement of 11 April 2022, the Company was suspended from trading on AIM on 11 April 2022 and remains so, pending either the publication of an admission document or until the proposed acquisition negotiations are terminated.
Pursuant to AIM Rule 41, if the Company's ordinary shares have been suspended from trading for a period of six months, the admission of its ordinary shares to trading on AIM will then be cancelled."
Er well yes there is a business plan! Seems a bit more ambitious than I first thought and looks good on paper! It was the appointment of Sir Mark Grant that led me to be hopeful of success. Not out of the woods by a long shot so far but wow if this takes off!!
Hi john, We might just make it here as an actual business! . Re the litigation as I've said before the fact that we've achieved a no win no fee deal means a smaller net payout but greater certainty of success. A good start to the week!
Hi TT.
I think we'd best leave it that there is 'a' business plan!
I have mentally written off any value here, as I expect you and unvrkw have. It will be usable as a capital loss if nothing else. The only hope, as we have said before, is the litigation. It's always been my view that you rarely win against a State and they will simply say sod off and that will be the end of it
Hi john, I note your suspension experience re Norseman but this one is somewhat different i think. My guess is that Norseman had little option while Fox's suspension is deliberate and has a fairly comprehensive business plan - not saying it's wonderful mind! However it does encompass a fund raise, an acquisition and a share consolidation. One month to go now.
I have been through this (unfortunately!) before. One was an bunch of hopeless (was going to use the word hapless for a bit of variation but hopeless is more apt) gold miners called Norseman Gold, who left AIM but who Barclays kept on the books for me long after I left them for iWeb. So over the years I have had statements off Barclays saying I was a shareholder, and I ignored them but still left the account sitting there just in case. Turns out Norseman morphed into an entity called Tulla on the ASX and are still alive (most probably on life support). Sadly they had a consolidation of about a million to 1 and and my holding is worth about tuppence ha'penny. But hey, can't complain, if you cant ride these things I guess you shouldn't invest in speculative shares. Mind you with the likes of Petropavlovsk, Marconi, Carillion and Sirrius in recent-ish history , can't always trust the big 'uns either.
the share will delist but still be there. my broker will hold them on the system until they are classed as written off. the slow process to complete loss of value!!
So if (when really, but I don't want to sound even more pessimistic) these lose their AIM quote in a few month time from where will we get our updates? And what if the platforms we are on don't permit the holding of unquoted shares? I assume we would need to get them in certificated form?
unvrkw
Fingers and toes crossed. Mind you that's going to be uncomfy eventually, because the wait for the court case will be months or years. And will more than likely fail, which will be end of the road. I assume the AIM listing ceases on 11th October.
One small hope and that’s some sort of cash from legal case
A fine marble quarrying and finishing company with a business model so promising that they place their salvation on a very recent start up glass fibre reinforced gypsum shed company. Of course we can all see the obvious synergy there......
For the founders of said shed company, their success in business in just the few short months of their companys existence has been infinitely more impressive than that of the entire history of Fox. You couldn't make it up, sounds like the premise of a situation comedy which would be rejected for being too far fetched and silly. We are all trapped here, like participants in an escape room. Lets hope for a miracle in the court case because that is the only tiny glimmer of hope for shareholders here. .
I get your point TT but overall the history of Fox, which lets be honest is at an end, says otherwise.
I have been in and out here for quite a few years. Having listened to him years ago this appeared to be the biggest secret on AIM. He is a salesman, plain and simple. We had the promise of bottomless quantities of Italian grade marble just sitting there, talk of contracts in prestigious Chelsea developments, the Middle East, showrooms etc etc etc. What was the reality? A business so ill considered and hopeless that we got RNSs if a £50k sale was made. As NotMuchinSales so rightly pointed out there is more turnover in a corner shop. As investors (if you can call us that) all we can do is assess the information being put out, and that was always hyped. I think calling CG nice but dim was far far nicer than calling him a liar and conman, do you not think? He was dim because, lets face it, there was never a viable business here. Don't forget that while you and I have almost certainly lost every single penny of the money that we have so stupidly put in here, the Directors have been drawing salaries and pension rights. Maybe that makes us the dim ones?
John, You are correct in that GS is sincere, and I think you may have underrated that quality. You are wrong that he is very very dim. If that were so he would not have been able to negotiate the no fee no win with Dentons which was quite complex involving certain upfront fees that were not payable by Fox. In addition Sir Mark Grant would not have become a NED - You need to read his CV as in the RNS.
Sorry TT but for me CGs main attribute is that he is sincere. He is nice but dim. Very very dim. I have zero confidence in his ability to organise the proverbial let alone a quoted company.
This is a total write off as far as I'm concerned, though that is irrelevant as none of us can sell anyway
No block sales are the problem. Processed stone appears to be selling, but not in amounts to make us any real money.
We are just hanging in there as we have been doing for the last few years. I'm not in 'terror' but it becomes increasingly important that the compo comes through in a year or two. It actually was ever thus since the Malesheva quarry was closed. We still have 3 months to relist and I think that with CG's ability to keep on swinging and the recent new NED
there is a plan which, cunning or not!, has certain merits. There is a world wide requirement for companies such as Eco-Building. Modular construction has to be a way forward.
Ouch. Similar turnover than a corner shop, but with enormous losses on top. The company IMHO only has three assets
1. The listing
2. The 195M claim
3. er, that's it
I hate the six month and then delist comments as I’ve seen and been part of that before. Whilst it feels like the takeover might throw up problems I’d now suggest letting the bod do whatever they need to assume their trying to keep the business afloat. I can’t tell what the direction nor aim is, just paragraphs of stuff about being better and bigger but no true substance to get hold of. Glad it’s suspended, there seems some effort still in there so let hope and go for self preservation and a few quid still alive. Before suspension I sliced off a few quid in the hundreds, wasn’t overall a lot and I still have a big holding but better than nothing.
Once the arbitration actually starts then it's probably a matter of days or a week or two because the outcome of that is legally binding - there is no appeal process. But it could take a couple of years or so to get it started!
PS If we win lets hope they've got some money!!!
Truro
True I guess. As you say the funding of the case should give some hope, plus I don't think that alone Fox could afford decent representation which I think you have to have when against a government. What sort of timescale do you think we are looking at?
John, It may well be that the forced closing of the Malesheva quarry is a contributory factor into making no profits? That point would seem to have some merit plus of course detrimental publicity. The people who funded the action plus of course Dentons seem to have a more positive attitude - I just hope their right!
blueril, I was thinking more of trading updates than the relisting progress. I. E. there was a trading update re processed stone last May and June is our year end. I would like to see updates on those points plus of course any news on block sales. As I've posted before I'm fairly relaxed re the relisting and any compo would give the new business a massive boost.
Again (and again, and again....): There is nothing unusual her. The Company are preparing the readmission document and capital expansion in order to reverse in Eco Building, which can be an onerous process and thus (always) takes significant time to complete. Other than commenting on Fox's legacy business, after barely 2 months since suspending the shares, I really don't know what kind of update you guys are expecting.
We'll see. As I have said before unless punitive damages are awarded the Kosovan Government has a fairly valid argument that this bunch of no hopers were unlikely to every make a profit anyway, so nothing to compensate!