We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Its just been tipped by Tom!
25 percent profit in days will do me nicely :).
this is actually moving?
Just sold off my holding. Lost a lot of money on this one. I have no faith in the company moving forward. I have abit of a possibly silly question. Seeing as I've sold my full holding, can I still take up the open offer?
You're saying that your consolidated shares will basically be worthless - how can they cut you out of that manyu? Would you mind explaining as I interpreted differently. Thanks Eric
All the details of the placing and so on are in the last RNS of 21 March 2017. Worth a read. Lol. Hope that helps.
No upside probably, as the new BOD doesn't even know which sector it will target going forward, and also because the placing equivalent is stated at 0.006p, which is a massive discount of 61.3% to the share price of 0.0155p, being the current sp at the time the deal was struck. Additionally, your existing shares will be diminished if the proposed consolidation occurs, at a ratio of 250:1. As in, for every 250 ordinary shares you now have, they will become 1 ordinary share and 249 deferred shares (which are then, in reality, absolutely worthless). You'll be left with a mere 1200 meaningful (guffaw) shares in your portfolio. It doesn't sound too good does it? I've been invested here for nearly seven years now and my average is 0.89p. Gives you an idea of how this share has only ever been a shower or crapola. Why would that change? Or shall I say, it won't change significantly enough for most long-term holders, for it to make any difference to our woes. Good money after bad? Yes, absolutely, if you have been in this any length of time. Good luck elsewhere I would say Tony. Only my opinion. Best Regards.
Got a message about this CSO. I was sitting on shares that cost me a couple of grand on a wheeze years ago, which now wouldn't buy me dinner - I'm assuming there's no upside to throwing good money after bad. Yesno? If I don't take up the consolidated offer what happens to my existing 300k shares? Do they go away? I'd be okay with them just going away. Effing annoying seeing them on my portfolio to be honest.
Large buys going through.
Will it Jib? Jesus! You heard from the FCA lately? Or shall I say, Chocolate Teapot Society?
the cash will be used to invest into Birdys other venture. disgusting!
The sp abyss has sunk beyond the gates of Hades. Lol. Certainly further than the Fisher Price drills, suitable for ages 3 and upwards.
I love being in this share - it's sunk deeper than any drill the firm has made. To get back to my average we'll need the assistance of a North Korean rocket......................or possibly...........a 250 -1 consolidation. LOL
That sounds good. I'm not taking up the Offer though, I won't give these charlatans any more money. Cheers Bans. Best wishes.
Another way of dealing with this is to just sell enough to take up the total of the open offer .... that way you get the equivalent of what your current holding would be in terms of shares but have a lump left that effectively hasn't cost anything additionally .... I see that as a potentially better option than what I've done to be honest but I really haven't decided whether to take up the offer or not so sold the lot... I'm on a frequent dealer option so it's less than a tenner dealing cost if I take it up.... GL to you too buddy....
Oh, I didn't know you could still be entitled to do that, but I suppose it matters crucially only sbout what you held on Offer deadline day. Fair enough. To be honest though, with my average, Id have to literally buy millions more, so it isn't worth it. If you've sold the entire amount of your normal holding, good on you, at least it's currently not trading at the 0.006p equivalent of the proposed placing price, but you know the risk of buying back in matey. Lol. I wish you well, whatever you decide.
Of course you need to take dealing fees into account as well ... that could mean the difference between worth doing or not....
Hi Eric - I'd talk to your broker bud.... the qualification date for the open offer (21st Mar) has been & gone... my allocation in the open offer are sitting in my account waiting for me to say yes or no..... already sold up my entire holding & can buy it back at 2/3rds of what I sold for - question is will I .....still got until the 4th Apr to decide. GL matey...
You can't sell and then take up the Offer though. Or vice-versa. You can't take up the Offer and then sell before it is implemented. As far as I'm aware anyway.
Surely it's worth selling your existing holding and taking up the offer, to get a lower price?
They've given up on all the projects. The thing is, and this is the point that annoys us long term investors, the directors were paying themselves a very pleasant remuneration for doing nothing. They basically took a tea spoon to make a few scratches, and paid themselves hundreds of thousands of pounds a year for their efforts. Remember their names, because they will will return in the not too distant future, and give their new company a very large swerve, because their only interest is lining their pockets. All those dilutions were only completed so they could continue paying themselves ridiculous amounts of money for diddly squat!
How many projects did they pursue and give up on? Fooking awful how they continued to dilute on projects with no scope.
Cheers matey. I've just today voted against the BOD's proposals. There is no evidence of a plan, only one of gaining £3 million and chasing rainbows. It may have been different had they told us which sector they were thinking of exploring. Can you imagine though, a reverse takeover of a non-producing company? How likely would the BOD then be to turn that into a producing entity? And what kind of company already in production could we get for that low amount of money? Alarm bells. I'm in agreement with you. We'll never see a return on this investment and almost all long-termers won't break even. Why throw even more money at ORE now, if we're giving it to those, or acquaintances of those, who got us in this mess in the first place? I'm keeping hold of what I've got, but I'd rather this stop in its tracks than people get fleeced for another year. I'm only sorry that the FCA has not stepped in to examine this operation further, in spite of many shareholder concerns being directed its way. Best Regards anyway and good luck for the future.
I couldn't agree more. You summed it up. More money from us to fund, well, what? Nothing. More hot air? No, I'm out of here. Years ago, when this company showed real promise, I was happy to invest, as you and others were, but we have seen the mismanagement on a grand scale cost us too much. There comes a time when you have to bite the bullet and say 'enough is enough'. I can't see how this will ever break even, let alone show a profit. Time will tell if I've made the correct decision, but I don't care anymore. It's just my thoughts on things, but I'll gain more by offsetting my losses against tax. I wish you well.
So you'll be chopping this off with the sword of Damocles. Fair enough. I'm waiting until it goes high enough that the broker's fee won't leave me over 100% down. Lol. I didn't think that would be possible, but it is. Nobody already involved here will surely be willing to give these prats more of their money. By doing this cash shell thing, it buys the management a further year of potentially doing nothing before ORE is removed from AIM. Had the BOD tried to raise the same cash, or a reasonable amount, for continuing on with a proper drilling program, then it would have been curtains much sooner, in my view. Reason being, Bird has been an abject failure and well paid for it, in spite of the disguised optimism via RNS. He has been unable to source either a JV or funding from a respectable source. He could not have asked shareholders to stump up the amount required both for a solid program and for the wage bill, without putting us almost at death's door. I mean, the discount even on this cash shell nugget is unacceptable and the risk of any drilling has evaporated! Imagine the discount should any potential risk be introduced! Lol. So, there will now be a care and maintenance situation only. No more thinking about 3D imaging, defining any extents, or the deployment of drill rigs. That suits the BOD perfectly of course. Bird has simply been unable to turn this around, despite his misleading RNS releases to the contrary. It's all been too much. Why though, can't people just be honest? "I'm crap, I'm so sorry, I'm resigning." I think we know why. Anyway, six months to find and undertake a reverse takeover, or be suspended, with a further six months to find one, or the Company be delisted. A year's grace before the final pulling of the plug then, should the new BOD do nothing whatsoever. Sounds good, with what will probably be a few million quid to enjoy (because somehow the majority of votes for the cash shell idea will be"Yes"). Oh, and of course, Bird and Slowey stepping down, yet still involved in the offer and with all those shares already. Tut tut. A wonderful recirculation of funds exercise between friends, whereas obviously, we know that Bird and Slowey don't deserve to be given any further opportunities for their own gain here. Everything, and I mean everything, has been to the detriment of shareholders. The fact we are allowed to partake in this latest and probably final proposed offer is only to soften the mighty blow of the discount placing, and, of course, so we let them do as they please with greater ease, from their perspective. In actual fact, it's a mixture of the BOD continuing to take the pi55 and masking its utter ineptitude at the same time. It's not only a disgrace, but also the cheek of it demonstrates how they are still simply treating us with absolute contempt, which is all they have ever done. Expletives, yes, I believe we are entitled.