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You say a letter won't do much good yet Georgia was voted 6th out of 190 countries as places to do business in. Surely this means something. I hope other shareholders have taken action. Also why do you spout these figures if you have no evidence. Why haven't you spoke to struthers rather than all your suppositions? I think it's best if you sell up if you haven't already.
Swerves, the figure is not mine but from the horse's mouth. I am under the impression the auditors insisted on the placing so accounts can be signed off as a going concern. However I am with you on this appalling situation. As your earlier post hinted l also believe this is to do with the Russian effectively controlling Georgia having an issue with RMG. I still think this will get resolved and l hope soon. btw have you not been in touch with struthers, I am sure he can tell you what the burn rate is. Also did you send off an email to the Georgian govt?
Mike has stated that 30k is the burn rate at present and at the time of the placing they had enough for 7 or 8 months. Therefore there is more than enough for another 12 months. This is more than a little frustrating though. Did you sell out swerves? You have become very negative.
it may only be 10k, but its 10k of the directors own money, why would we he do this if he didn't think there was a good chance of success?
bought in most recent placement unless they were given a heads up from BOD?
If Dir didn't buy it means they lost confidence too This could fall much more, 1.5 or 1p
Er...ahem...still waiting. Remind me again: why cannot you contain yourself for Monday? And as for your comment, Swerves, regarding no confidence in the directors due to their zero interest in buying in at such a low price: well, yes...it is rather alarming...is it not?
Why? What is happening on Monday, pray tell? Liquidation?
I applaud you, InvestingGenius...personally I do not think it would adversely effect the decision to grant the permit or not; you are only stating the blindingly obvious! Perhaps the Motley Fool crew might be interested in doing a bit of investigative research here? Might be a good case study for any future (foreign or otherwise) investors concerning Georgian governmental industrial and commerce policies. As for Georgian Mining...well, what can one say? Apart: Why go all this time without informing the shareholders of the problems if it was just a straightforward case of "conflicting bureaucracy"? That is just a complete nonsense!! And even if remotely true...what possible excuse could Georgian Mining put forward to excuse this lamentable and extended deafening silence? Answer; NONE!!!
Not sure why everyone is being so negative. If one person sends an email then i agree they'll prob disregard it. However they probably will be concerned about potential negativity in the media if say 25-50 shareholders contact the Goergian government and PM with their concerns. I know at least 25 who are in process of doing it. It was Mike's idea to try put some extra pressure on them, the good news is there is no real reason for them to reject it. Just beaucratic nonesense, which unfortunately comes with investing in these kind of countries
Well done. Of course it will help and with the sp where it is we have to act.
Well, InvestingGenius...that should certainly have them shaking in their fur-lined boots. But you are quite right of course: if this goes T*ts-up because of any "untoward complications" (ahem...) then, obviously, it would not bode well for further investment, by foreign investors anyway at the very least, into their local economies; Block Energy comes to mind regarding Georgia and investing. Shame if this turns out to be the way...it was always worth a small punt. It might even still come off!
Mike has encouraged shareholders to put pressure on Gerogian Government as well. Ministers of Economy have given it thumbs up as have the NAM. The reality is the Beauocracy is what is getting in the way. The most important thing for Georgia is foreign company's investment, in particular in the mining industry. The fear of bad publicity and media coverage negatively affecting that is certainly worth pressing.
Well done investing genius you really told him there didn't you. You've probably just sunk any chance of a permit, assuming there ever was a chance.
I've just sent this to Georgian PM and i will be chasing it hard. If all shareholders get together and put some pressure on the government they'll have to listen for fear of damaging their reputation for international investment.
"Dear Prime Minister,
I am writing to you as a shareholder of Georgian Mining, a UK listed stock who has a mining asset in Georgia. It’s been an extremely frustrating 12 months, the company has been active in Georgia for a long time yet a simple exploration permit renewal has taken an extraordinary amount of time to be granted. At this stage I’ve spoken to the CEO Mike who has informed me Georgian Mining are still yet to receive any clear indication of when/if the permit will be granted.
Georgia is a country that is actively looking to encourage foreign investment into the mining sector, what kind of image do you think this portrays? The fact that a reputable company such as Georgian Mining has had its market value trashed by over £20m because of the incompetence of the Georgian government is quite frankly unacceptable.
I expect a response on what you plan to do about this, as Prime Minister I see no reason why you can’t grant the permit given it has already been endorsed by the National Agency for Mines, and two Ministers of Economy.
It would be a shame to have to go to the media and create a publicity storm surrounding Georgia’s inability to assist companies mining in the country. This will put off and deter any international investment and certainly any other companies looking to enter the mining sector in Georgia.
I hope to hear from you soon.
Regards
"
If people on the Georgian side start buying a few when/ if they decide to give us the permit
won't take much to move from here IMO
Personally I would advise against bombarding the Georgian government with disgruntled emails . If there’s already issues with the company , getting emails from upset shareholder will do us no favours . Just let the company get on with it . That’s what they’re paid to do
Hi All,
For those interested I can confirm many GEO holders including myself are currently sending letters of request, complaint, information and general dismay as to the permit debacle.
I suggest that others here do the same and outline your own personal thoughts and the current losses you are suffering (£100k down to £10k like previous example). The PM and Govt need to be made aware of the level of discontent from as many shareholders as possible. The “threat” of negative exposure via mining / mineral media channels should get them to act. A loss of inward investment is not something they want.
http://gov.ge/index.php?lang_id=ENG&sec_id=378
The suggestion is to write a letter (word / pdf) and attach it to the autofill template.
If you do care about your money then please take 5 - 10 minutes to make contact. At best estimate there are at least 25 letters going already.
ML
Irrespective of what you think of the company right now, that was a very neat technical bounce back off 1.5. Dead cat or otherwise, this may at least find some stabilising legs for a bit due to the speed of the drop that preceded it.
What the f*ck does "Permitting Challenge" actually mean? I understand the words simply enough...but not the sentiment. Does it mean: God permitting we will overcome the challenge? Or something to that effect. Or is it just a load of nonsensical horse-shit? Hold on a minute...what the hell is that God-damned awful smell!!!??? P.s I would buy more shares in this company(?) if I thought there was even one chance in three of it surviving...which I don't.
My 100k investment is less than 10k, no point crying over spilt milk, what's done is done, god willing this will turn around! Gla lth
Don’t start us all off, Jezz.
Today my £5167.55 'investment' is worth £386.37
I hope you spent it wisely !
How the buys don’t often show up
They are alway happy to report the sells though lol