Roundtable Discussion; The Future of Mineral Sands. Watch the video 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.
Thanks Dilby, Oriole are always good to respond.
I find it almost impossible to believe that Lanstead have sold less than 40m shares (1%) in 4 months.
Especially with all that good news and the fact we are now in Q2.
We shall see
Hi everyone, not a regular poster but often read this BB. After seeing lots of chat around the Lanstead TR1 situation I emailed the company via the contact section on their website. Not sure if anyone else has already done this but for what it’s worth the below is a response I received from the company.
“Under FCA guidelines, any shareholders holding 3% or more are required to issue TR-1 notifications whenever they cross a percentage point (up or down), and they must do so within a few days following the triggering transaction. The last TR-1 we received from Lanstead (disclosing the 20.99% you reference below) was dated 28 December 2023.
Earlier this month, following speculation on the bulletin boards, we reminded Lanstead of these reporting requirement. They confirmed that they are well aware of their obligations and that, since their first investment in 2007, they have always filed a TR-1 notification as and when one is required.
We will continue to keep a close eye on things and will update the market as soon as any further information is received.”
As far as I can see the board are well aware of the situation - just have to hope Lanstead are playing fair which is something I am Skeptical about!
AGM is confirmed on 24/6/24
Fyi to shareholders.
A friend of mine already contacted the FCA about Lanstead a few weeks ago but did not get anywhere with it.
Although we don’t like how the apples taste, there is nothing we can really do about it.
Yes, the share price could be a lot higher but then placing concerns would still be mentioned in dispatches.
Lanstead providing a TR1 would certainly be interesting. If they have sold down a lot then we know the market appetite is still decent it’s just the financing company selling.
2m a day on average would easily get absorbed , it’s Lanstead dumping decent chunks on low volume.
Integrity once lost cannot be restored.
Bob Smetton was the architect to this deal and it falls at his feet all parties adhere to the law all companies must comply with to be listed publicly.
i am getting fed up, that we as SH’s get shafted by organisations that think they can get around the rules because it doesn’t apply to them.
clock is ticking!
“To Oriole’s management,
I write this message demanding an explanation into why Lanstead have not issued an up to date TR1 notification of holdings since;
28th December RNS Number : 1119Y
Please correct me if i am wrong.
Under the Companies Act 2006
DTR 5.1.2R section 1
“Person must notify the issuer of the percentage of its voting rights he holds as shareholder or holds or is deemed to hold through his direct or indirect holding of financial instruments falling within (or a combination of such holdings) if the percentage of those voting rights:
(1) reaches, exceeds or falls below 3%, 4%, 5%, 6%, 7%, 8%, 9%, 10% and each 1% threshold thereafter up to 100%”
As under DTR 5.3.2R
“a "formal agreement" means an agreement which is binding under applicable law.”
Since terms were agreed for RNS Number : 8265H
I’d like to quote the below which is taken from Oriole’s website under corporate governance.
“All Directors, management and staff are expected to consistently apply the highest ethical standards to their conduct to ensure that the Company’s affairs and reputation are at all times maintained at the uppermost level. It does not tolerate any corrupt practices.”
It is of my belief and other shareholders. Lanstead are not adhering to the law, that all individuals / entities must adhere to.
I request Oriole make contact with Lanstead, to provide an up to date notification of holdings that they are duty bound by law to inform the market.
It is not acceptable 4 months have lapsed without any update, as this lack of transparency does not form a fair & orderly market!
What does Oriole intend to do about this issue, that many shareholders are angry about? Or do i need to contact the FCA and report a suspected breech of TR1 notification rule breaking, Lanstead may have commited.
I look forward to your reply”
Quoted below from Oriole’s website under section ‘corporate governance’
‘All Directors, management and staff are expected to consistently apply the highest ethical standards to their conduct to ensure that the Company’s affairs and reputation are at all times maintained at the uppermost level. It does not tolerate any corrupt practices.’
🤔
I can’t imagine PI’s are dumping 11m shares @ 0.30
No matter what the BoD do or say to Lanstead, they can’t force a TR1 from them.
It’s only on Lansteads ‘good’ merit that they update the market accordingly.
On average Lanstead would sell around 40m shares per month to cover the payments. This is fixed
If they have sold less of more we do not know but the average is 160m from December to April.
That should require a Tr1 to notify the market because that’s more then 1%….
I guarantee they have shifted a lot more than 160m.
Most likely as H5-0 says. 200m - 300m
The Market Maker has cut the spread to shake it and some have traded a few perhaps anticipating a wait for the lab data on the recent scrapings at Mbe.
Big picture stuff is still good a bigger plot at Mbe and positive anticipated news flow.
Have Lanstead traded a few? I have no idea but if they have they have it makes no odds to me.
No need to fill the old romper suit with the brown stuff.
This is still worth a heck of a lot more than 11m odd.
Breathe in breathe out.
I will be sending an e-mail to Oriole first and depending how they respond, will decide what actions i take next….
This is absolute criminal what is going on!
Going to town with this now
I’ll second that Lambinator.
I wonder what the contract with Lanstead actually states…
Why would Bob note they have to declare every 1% of shares sold otherwise?. Is there something in the contract that states this as well as their obligation under AIM rules. If a provision such as this was in the contract (if it wasn’t then what not and did the board really not put a clause in stopping a certain amount of shares sold in any given period!?) then they are in default. Now it would get interesting.
As investors we need and deserve clarity on this, it’s not much to ask especially from some of us LTHs with significant holdings.
Anyway I’m looking forward to next month with further results and not worried long term. Just look at those grades noted again in the RNS today.
GLA
Mbe is not being drillled yet hence the luke warm response to news. One discovery and follow up would transform everything
100% agree Hawaii50
If Bob Smetton is reading this. He better pull his finger out and crack the whip.
Or else i’m voting him out at the next AGM
It is absolutely outrageous that Lanstead have not declared their holdings since late December, firstly to correct posters who are in any doubt they announced they held 1 billion shares on 8th August and then declared they were down to 800m by 28th December (or 20.99%)
Since then nearly 2b shares (half the issued capital) have been traded and that volume has not come entirely from retail investors, so let us assume that Lanstead now have 600m or even 500m shares, it is obvious they have gone through a number of declaration targets, if that is the case what will ORR management do, remember the CFO told everyone they had to declare every 1% move, it makes him look rather silly to put it mildly, let alone inadvertently misleading the market.
Until Lanstead declare no-one has one iota where this agreement stands, their holding position is integral, if they have sold 50% of their stake (as I suspect) it will be very bullish as it reduces their selling ability over the remaining 16 months of the financing.
We can go on and on about this, I am mindful to contact the FCA but I believe ORR management should strongly remind Lanstead of their responsibilities, maybe the CFO would like to explain or revisit his earlier statement as a minimum.
In the meantime investors should take advantage of the weak share price, it was .57p back in January remember !
To be fair, the news today is speculative. So the share price was unlikely to move significantly - albeit I didn't think it would drop the sp... which is frustrating.
It is inferring that Mbe could have a larger corridor of gold than previously thought. Plus additional potential outcrops.
The rise should come on confirmation of these findings within the next couple of months.
Let's wait and see...
Can’t really blame Lansted for doing what is best for them. We should have dealt with funding requirements better.
I think today shows that Lanstead want to keep the price low. What other reason can there be to offload more shares. This is getting a bit disheartening now for LTH. Just when you think there is a glimmer of hope its taken away. 😞
It wasn't called "The Death Spiral" for nothing. Imagine the SP if there was no good news.
Doesn't help in short term, but just need patience here and we will be worth 5X current price minimum. We all agree that their assets point towards a mini GGP. We have lots of news flow in Q2 to come.
Absolute joke, but it kept the lights on. Wonder what they have left?
It’s not flying because the overhang from Lanstead.
And here comes Lanstead. Down we go. We were well warned this would happen.
There's the 1st sell went through it will go red any minute. lol
So what can be holding this share back. It should be flying now. Positive after positive RNS`s and here we still are.
Come on ORR...Let`s go go go