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Finally some good news.
Now we only need change from RP to RiP.
Should get an rns today then. With a bit of luck tag some extra developments in it like OTC listing.
The potential writedown in assets will be huge. The new CEO and chairman will clear the decks and blame RP
https://twitter.com/justsharesonaim/status/1170978705524613122?s=21
Hoping for good news this week from NT!
can someone point me in the direction as to how we know these investors are billionaires?
The billionaires must be thinking all their Christmases have come st once.
Yeah, though he is not retired in the official sense as he recently, 1st July, became Secretary to another company (totally unrelated to HNR). So he is still active in business.
Interesting that Mr. Davies retired when he did ay 63......
No that's not what I meant. Those were an advisory board - nothing to do with a BoD.
A BoD also comprises non-exec Directors which are registered at Companies House. They have duties under the Companies Act.
I think you'll find that RP was CEO and Chairman. Jon Davies was the Accountant (Finance Director) & Company Secretary. There were no other people on the BoD with 'legal' responsibilities under the Companies Act.
Nick worked for Cantor Fitzgerald our 'external' financial adviser and broker and would have had no control over our 'internal' finances. When Jon Davies left Nick joined to take over the BoD position of Finance Director.
I am happy to be corrected here.
I see what you mean by that now Rollin. Some culling/cost cutting going on recently.
http://highlandsnr.com/about/ . Bottom of page, not all of them.
Who are the rest of the BoD?
How many jobs have you quit MC because you didn’t like how your boss ran things? One way or another the rest of the BOD saw fit to get rid of RP and chose Nick to make amends ( unless RP genuinely resigned?) Btw I’ve quit none, just moaned and took the money.
The hope is that NT was merely a financial adviser not directly reposible for hnr accounts as a finance director! Then he can argue that he didn’t have access to the books til a few months ago and when he did he found things like hidden invoices the eventually brought RP down.......otherwise he was complicit in the shenanigans !
Nick’s first RNS in charge basically said we’re dumping everything RP was pumping. Fresh start now. Let’s hope he doesn’t disappoint too.
Spear, 50k for CBD next update ? I expect it to be less. Will guess at 10 fold that in early 2020. Researched feminised seeds this weekend and due to shortages the prices are mad and the Zoetic will have grown, literally, to 100 acres
16th Apr 2019 RNS
'Robert Price, the Company's Chairman and CEO, said: "Nick has been Highlands' financial adviser for the past four years and therefore already has a very strong working relationship with the team and our strategy.' I am not sure that fills me with confidence to be honest
Now has gone from being HNR finance director to CEO, you wonder what if anything is going to change in the way they go about doing things. He should know more than anyone else about liabilities and unexpected invoices coming in!
I presume the mystery $3m placing shortly after ED was drilled was approved by him. ( has never been a TR-1 for this and at that date it would have been a notifiable holding). After which the SP was knocked down from 30p to 10p by batches of daily rounded sells week after week and month after month. Not very encouraging!
Effectively all assets that most of us invested in have become worthless and the company has all its eggs now in one basket, no different really to a new startup business but with such a disastrous track record can they be trusted to deliver? I chose not to take the risk and put my money into Mtro because I see more chance of that doubling in price than this, each to there own dyor.
"Capital management
The Group funds its capital requirements through the issue of new shares to investors."
Ain't that the truth!
And if we really want to test the honesty of the Board then we will await to see how much of the following statement is true:
"The investments in the shares of the subsidiaries are long term holdings and supported by the underlying assets of the
subsidiaries. In the Board’s opinion, those assets and their future potential are such that no impairment provision is required against the carrying value of the investments in the subsidiaries."
The higher the impairment the bigger the lie.
Riz, Notes 10 and 11 give the net asset values of the assets carried on the balance sheet and they show the following:
Note 10 shows the carried value for East Denver at £1.4m.
Note 11 shows the carried value of all the other guff at £3.4m (including £436k of patent values)
I am inclined to view both these figures as suspect and expect them to fetch a pittance when the entire charade will be finally exposed. At which point I fully expect the cheerleaders to inform us that it is all behind us and that there is a new Yellow Brick Road.
NT quite helpfully gives a couched hint as to the possible realisable value when he says in the latest RNS:
"The cashflow and the potential capital value of the East Denver project exceeds these liabilities but it is likely that the net future capital contribution to the Company from its natural resources portfolio may be limited in the absence of any potential upside from the earlier stage projects."
We are given a further hint that the totality of the sales price may be just north of $500k when he informs us:
"It is expected that any sale of the natural resources assets will generate sufficient surplus funds (after taking into account the liabilities above) to repay the bank facility."
So roughly a £4.4m write down and loss being flagged on the carrying value of the "assets".
Fundraising anyone?
I am increasingly convinced that the financial reporting of this listed company has not been up to regulatory standards, and that is why RP had to go once the true state of the finances and viability of the projects was known. Any listed company must have accounts showing assets and liabilities. These ‘new invoices/liabilities’ requiring the draw down of £500k must have been known for sometime. Also a listed company needs to be audited by an independent auditor, have we got one?
Maybe the assets/projects were also overstated in the accounts!?
I am not an accountant, but I smell some fiddling of the books!!
IMHO.
Someone asked previously about mcap so we have 148mill shares x 4.8p share price equals mcap of 7.1million. I think the question was more about NAV net asset value; what are our assets worth. No idea on that as the company haven't produced any themselves and we don't have clear indicators to hazard a guess.
Agree with JJAL the company needs to come clean with an rns statement about everything. They have sold us lies and RP had the audacity to give him self a bonus when he wasted millions and was sat on liabilities.
What's is the better way forward of running this company for Nick T?
sat on 25 grand loss ..didnt sell and buy back as in the past .when ive sold price has went up ..plus havent got the time so keep selling and buying ..the last time it was 11 p in total went up and up ..but this time every time ive topped up it haz just dropped ..no one to blame but myself .....i cant bring myself to sell just in case it does recover ..if it gets back to mid teens ..then obviously might then sell and take the smaller loss ..but then what gamble again on a different share ...its maddening ..things looking good one minute then tits up next time