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Not in production - it was Horizonte post DFS pre finance. 3.5m-4m tonnes proven reserves. Held 26m+ shares and IIRC there were circa 1.5bn shares in issue.
Wasarunner - interesting. The company you have 2% interest in, was it in production?
"It could be a stitch up (I'm undecided - but it will all come out in the wash):"
It was so obvious that this was the next stage that was coming. Instead of owning making terrible investment decisions and taking a massive gamble when the writing was on the wall months ago, instead blame some shadowy stitch up scenarios for being the reason the gamble when down the tubes. No doubt there will be talk of a shareholder action group next.
Wasarunner - you simply called this wrong again and again, dreaming up totally unrealistic scenarios and reasons why small shareholders would be bailed out by the big boys. Its a small company with no reliable access to debt and capital and was distressed in unfavourable debt and commodity markets with Nickel unloved and a project that had clearly been badly designed. As many advised the cornerstone investors weren't interested in desperately trying to save their original investment by putting in more capital on current unfavourable terms, if they would have added more capital now, it would have been on terms highly punitive to all existing investors.
Noted about the licences being lost through admin so similar scenario but bought for $1?
I once owned around 2% of the company, with 4mt of nickel under the ground valued at $20k/t was $80bn - $1.6bn of that nickel was mine :)
It could be a stitch up (I'm undecided - but it will all come out in the wash):
- outgoing management estimate 35% cost overrun which we put in the circa $200m area
- independent review conducted by external firm, we never see the result
- La Mancha put their man at the helm, BOD ousted
- new CEO appoints company controlled/ shareholding by La Mancha (experts in gold mining?) to re-assess cost
- CTC balloons to $600m
- ex La Mancha CEO unable to find funding for the massively balooned capex
then what happens next?
- company to admin?
- bought out by (Glen? La Mancha? Orion? Glen+La Mancha+Orion?)
- creditors paid off?
- mine completed in record time with an unpublished CTC as it is now private?
The future is hypothetical, the past is known. It will be interesting to see how it plays out. If Glen or La Mancha or Orion are involved in the post restructure company then we have our answer - it was probably financeable all along. And the independent investors / PIs were taken to the cleaners.
I don't know, but we will know one day. GLA
I think this is an extraordinary scandal.
JM telling us that the scheme is on time and on budget 2 weeks before detonating the at least 35% bomb ande then walking off with his millions in to another seat - fing outrageous.
With no good news they usually pump and dump to lower price, then pump again to dump to a lower price etc...
Yup ready for a move to 60-65 soon
20Feb - dropped
28Mar - dropped
Now 13April -dropped
Note quite yet, this will do 100%
Classic dead cat bounce....
Some reasonable stakes coming in for trades! suspect this will run after lunch
Stock picking at its finest 😂😂
Sj74 goodness me you’ve got shares here and Beowulf you need help h ha ha
Fair question, and as from the start of the debacle we have been kept out of the loop as to why they sit tight. If the plug is pulled none of them can take the licenses as they will be void. Its an interesting play, as bleak as it may be at 1.3 m MCAP it is now open to mass volatility, even a 100% swing means nothing really.
Begs the question why haven’t the cornerstone investors sold? There may be the prospect of a sale / takeover and the Chinese in pole position as one BRICS country buys a key resource in another BRICS country or the yanks get in first to get ahead of the Chinese. If this was all over the plug would have been pulled. IMO and DYOR
Sj74 is a warning any thing is possible, could turn round good.
just don't gamble with money you could not afford to lose.
-Know when to take profit or check out when you invest in any stock.
Lets ne honest none of the cornerstone investors have sold, or released note to confirm, those who have sold are minnows. The MM can now play games with what's left. 04-2p my guess, doesn't change the outcome.
Real sorry for your loss, Rover.
Is is mega difficult to sell when you are under water. Psychologically is goes against your inner thoughts about losing money.
Whatever you have in your portfolio, you have to view it as Monopoly money , ie not real money, That way it doesn't feel real and you sleep at night . Join sharepickers.co.uk, with Justin Waite from vox mkts , loads of good ideas in small shares
Why is it oversold? The company has stated in the last RNS:
The Company does not believe that any of these options are likely to recover any value for the Company's shareholders.
This will move with the pump and dump crew. That is all.
We knew that this share was oversold, but I'm afraid we don't want day traders to come and pump and dump.
It will go back up gradually eventually by means of corrections.
LOL
Could go back to 2p and be totally irrelevant MCAP. The risk was priced in some time ago imo. MM will play this just like Cine!
0.48 paid there.
0.5 offer now.