Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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No idea where 19m came from. Should have been 95m. Even that was unrealistic @ 24p I agree. 74m more realistic.
My guess is that they write off some debt in exchange for adjustment in the exercise price of the warrants.
Also worth pointing out that if TF did exercise warrants this would see a cash inflow, rather than having to rely on a cash raise
Andyken, Was it you who said AR had stated no more funding required? What I heard in presentation didn't match to that. More like further funding may be required, but possibly from ii/2 investors rather than placing. Not a clear statement at all though and imv further funds are more likely than not, given overall situation and track record??
No more funding come from TW bearcast! And we all know he talks shite. He also said that iona test could lead to poeple having terminations, and that bothers him, but hes still invested here. If he doesn't like people being offered a choice he should sell.
Yes we were clearly misled by whoever said that. AR definitely did NOT say we would not require further funding. You can’t believe anyone.
Yes, whoever said it (TW did and perhaps other attendee) mis-stated the facts and left us discussing how that could be. Now back to when will it be! Not surprised TW massaged the truth, but thought I'd heard it from an attendee who posted too. Might be wrong and perhaps just TW then.
Seems were in danger of losing its perspective once again Twix.
Although I agree that AR didn't rule out funding I don't think he said it was definitely required neither nor imminent nor significant. What he did say was that the stated revenue projections and sp target of Finncap would have to be changed imminently following the AGM, that the debt/equity deal agreed with TMO would clean up the balance sheet and write off debts in process as well as act as cash injection. The net effect of this would be that any further funding would be MINOR, if required, and would come in the NEXT financial year, and be via II's being issued equity directly. As a shareholder I have to be realistic and say that we may have been hoping much for the BoD to publicly commit to never ever undertaking another fundraising but we know at least that if this happens it will be much later on, at higher levels via IIs and would be to support the new 3 year growth plan still to be revealed. That said depending on the growth it could also not be required but at the least I can await till the new growth figures/strategy is issued.
The BoD are what they are. They've consistently called the wrong play when PIs were screaming at them to settle and now want to clear their name rather than go for the obvious play and a quick sale as Sequenom did after their high profile court loss. What's worse if you compare Judge Carr's readings to the RNS issued, media reports and backroom confidences they also had a deliberate policy of misinformation these last years. To support this failed legal strategy the balance sheet was wrecked in process. The constant false reports through back channels have mis-footed me to the detriment of my trading balance here so I share your frustration.
That all said I am hopeful if the strategy outlined in the video did happen that we should be at much higher sp in the next few weeks having (a) debt forgiveness; (b) circa 20% share ownership via TMO through exercise of warrants; (c) new oncology product being supplemented by year end with new reproductive product mentioned in video; (d) new trading statement leading to revised Finncap targets. Other potentials of new 3 year plan, NHS, new contracts will supply further momentum.
I think andy's point of debt forgiveness for the revision of exercisable price of said warrants is also correct FWIW. I think the full 95m shares will be exercised though with the 20,325,204 shares @ 24.6p having their exercisable price revised. I hope that the 74,946,134 shares don't have their exercisable price changed which should mean that the floor of 12p is established and potentially up to £4m of debt is forgiven. This should then give TMO a stake in the company to launch TO down the line or prevent a TO from a 3rd party. That all said I would still be surprised how with the Directors owning 30% of shares and TMO owning 20% how they could not be obligated to make an offer for the rest of company but I'm sure they wil
Yes, not definitely needed, required or one hopes significant. What I do assume is it is not ruled out and as I said imv further funding is more likely than not. Thats all i have said and I'm happy with that view in whatever form, timescale and method it comes. I doubt we will generate revenues to make seeking further funding for expansion etc redundant. That's my realistic view. We will see in NEXT financial year and at what higher level we can secure it.The bod consistently paint a rosy view and underperform. I see no reason to expect no requirement for further funds or amend that view as more than likely. Thats all. Yes, that same consistent bod misjudgement has caused immense frustration and need for bod to recoup some credibility is yet another blow if it means wanting to run with premaitha as the primary strategy rather than seek a TO actively. Let's wait to see the new strategy, agm news and more one hopes and lets see what debt forgiveness we can secure in on what terms. Atb