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Hi BB pleased you can see some positive in this situation.My fist reaction and even now is less optimistic.It all really rests on if they have got the finance in the bank and not just another 'offer'. If they really have the money they only have to transfer it to their Lesotho account maybe then the Gov't will take them seriously and negotiate. PM has implied the finance was in the bag many times but it obviously never was.I really want this to come good for all of us but given past history and market conditions it may be best to fear the worst.We need a miracle! GLA
When I first read the article, my initial reaction was rather forelorn because I focused entirely onthe minister's comments. However, after some time to think, I find that I am actually a lot happy because now I know what the current state of play is. Firstly, one way or the other, the company has communicated that they are in receipt of the funds to commence both mines. That is a major positive as following delisting, it looked like all was lost. Now we have not only funds, but $30m worth. Secondly, Mothae is still an option, be it with a very favourable wind, but it is on the table, be it now or through tender. If it goes down the tender route the company will likely have to decide to push Lemphane forward on its own for now, but at least with finance they now have a choice. Secondly, from Simon Reutters comments, it is clear that the company has worked very hard for a very long time to secure this deal. Thats not me being sensitive or understanding because the handling of this saga, has simply not been good enough. What it demonstrates though, is that interest, investment in the diamond industry is suffering on what is likely an unprecedented scale. Therefore, interest in new schemes of the nature and risk ratio of Lemphane and Mothae is extremely limited. That should one would surmise severely limit the number of parties willing to tender for Mothae. However, the question moving forward is how serious is the minister and how aware is he of the shifts in the sector. Being intrinsically connected to South Africa, Lesotho's leadership must be acutely aware of the impact the slow down in China is having on their neighbours mining sector. Furthermore, Lesotho unemployment rate is running at some 25% and is particularly high among the youth. Political unrest is well documented and the government needs their mining projects in play and the jobs that come with this to alleviate these sort of pressures. So can the minister, despite his rhetoric really afford to pass on this deal. This is Africa, so anything is possible, but one would think such a critical decision will ultimately be put before the Prime Minister, who has taken an active role in the new mining policy released last year. Lesotho is not a bg country and Mothae is deemed critical enough that it is worthy of mention when assessing the country's economic outlook, see link below. http://www.afdb.org/en/countries/southern-africa/lesotho/lesotho-economic-outlook/ Its difficult to say what the Lesotho government will decide, as who knows what other plans/strategies they have in play. However, I would much rather be where we are now with money on the table and something to bargain/negotiate for, than in the dark and wondering what in the world is happening. And finally having finance in this climate, is very strong position indeed.
Rather than texting the minister , perhaps Manduca would be better off getting on a plane , apologising for everything, and trying to sort this mess out face to face ! It's getting farcical ! And Manduca is coming across as a bit amateurish !
It is worrying to read this but hopefully it's the government playing hardball. At least in our favour, there's no one else interested in taking Mothae @ present. Regardless of what exactly is going on, I'm very disappointed in how Manduca has handled everything
They say the letter was dated the 5th which was a Tuesday. Presumably it would have a little bit of a heads up time before the deadline starts - the quote from the minister on the day the countdown started was a Monday likely the 11th. I'd guess one week from today is the end of the 10 day period. Overall sounds like we are ****ed although I have just over half a million shares worth of hope that we aren't :(
What really astounds me is the following paragraph : "The minister said he had been receiving “many text messages” from Paragon claiming to have secured more funding, but the company had not been able to transfer the funds to Lesotho." Really - is this how you verify funding requirements via text???
Thanks M100 for sharing. Absolutely agree, the market have not been given the truth and certainly PI! If the board had known the sad state of affairs then they have a legal right to disclose this as its material news. Share holder value and interest of shareholders in mind..?? @&)&";/; Only a few days to find out but it doesn't look good at all. K
This does not look good at all.It certainly paints a different picture to PM'S usual confidence and optimism. Of course it is a terrible time for commodities and markets in general,but when he first started all this things were much better, and there is no excuse.We can clearly see now why the Nomad resigned it is a disgrace how we have all been took for mugs.I think it would be a miracle now if we ever see anything from this.If we lose Lemphane we have nothing, so not even assets to divi up.At least it won't be a long drawn out death,expect the final blow soon.Such a let down.
Great find m100. Very poor all round. Can the arrogance of PM can reach no further?
10 working days from the 5th is the 19th of January so an update on the website next week?
I would not write them off just yet simple reason being we will soon know for definite if they have taken away lemphane and mothae. Says in the article 12 day deadline so surely an update on PRG website over coming days stating whether or not the minister has accepted the proof of funds.
I've written off my shares too Lizzie, this has been one very expensive lesson for me.
Although some very good snippets in the article, this sounds promising "He is right, we did delay, but only because we escalated our financial investment ambitions for Lesotho to bring two mines into production rather than just one. It took time to assemble the additional capital, which we have now done and evidenced to the minister,”"
It reads to me that PRG have the backer ready to finance both mines but they do not want to transfer all the funds into Lesotho (I dont blame them lol) but in doing so for some reason the minister does not believe them? So if the minister just acknowledged that they did infact have the funds then we would have two mines into production.........
did they not inform shareholders of this? I have written of my 100000 shares I am afraid ! what a load of cod this has turned out to be.
does not make for a good read that is for sure. So it seems PRG were infact ready to go but they did not transfer any money into lesotho........... All comes down to whether or not PRG actually do have funding ready to go as mentioned in the last RNS
This reads very bad news indeed, how did we get to this??? Where do we go from here?
Great link m100, looks like PM and PRG have managed to **** off just about everyone and their dog, talk about a cluster ****. If we lose Lemphane, we have absolutely nothing. What a very sad state of affairs.
Yes HSBC do not allow you to keep delisted shares on the online invest direct platform, they have sent me a letter stating they will send my certificates for these shares instead or they will transfer to a broker that does allow you to keep delisted shares. I also have an interactive investor account so asked them if they would take them but they do not allow delisted shows either. So to save me the hassle I will just get the certificates. If PRG does come back online it will be under a new name and listed at a new price so I am not fussed either way.
GS, I've just been in touch with HSBC and they've never heard of doing a transfer between delisted shares in an ISA and non ISA shares, although the girl, who was very helpful, did advise looking at the HMRC board for further info. So it looks like that's not an option for us. WRT my shares, I've already requested share certificates for my non ISA shares but will let my ISA shares run their course and let HSBC sort the share certificates early in Feb, just in case by some miracle PM manages to get us listed again. I agree with your comments, I certainly think PRG should be, at least, updating their website with exactly what's happening. The fact that it doesn't include their latest RNSs, doesn't bode well. GLA, I think we're gonna need it.
Regarding HSBC, I have now received confirmation that they will not hold delisted PRG shares in my Invest Direct account either (i.e. not the ISA). Effectively that means I have no choice but to request the individual share certificates and hold these personally as I don't really want to find and register with another broker who would hold such shares (at a cost as well I am sure). Given that PRG can no longer update all shareholders in one go via a RNS to the AIM, I think the least they can do is take their shareholder register and send a letter to all explaining the current position and the board's intentions. I am a shareholder in the company I work for and as such receive regular updates. It's what you have to do when you're a private company, as PRG now is. I dare say that the contributors to this board (and the ex-iii board) probably own a decent chunk of the company. Through my family's investments, I've got 550,000 shares and I know of others with more. If we work collectively, we can present our grievances and requests as a group with (I don't know) say 15% of the company. Just a thought. Guitarsolo
I'm thinking there's a lot more to this than meets the eye. Did PM stall on negotiations, knowing that, no matter what, Mothae would be handed back to the Government. It certainly makes sense to mine both Lemphane and Mothae at the same time. If anything from PRG is to be believed, when Hugo called me last year, he did say PRG had a very good working relationship with the Lesotho Government.
That is a very interesting development indeed. One must ask oneself what is the likelihood that Paragon knew that this event would take place. Because when you are struggling to find investment, you need to find every avenue possible to reduce our costs, thus minimising the investment required. If paragon were aware that this was a distinct possibility, then it would make perfectly good business sense to allow the deal to flounder. Why would you pay $6.5m for something you could get for far less. But it depends on what they knew. One strong indicator is the words used by Paragon in their December 14th RNS, which many at the time took to be arrogance. That statement it could be argued now supports the argument that they knew it was being handed back. They may be up against competition but an advantage they hold is Lemphane, because they can demonstrate that in giving PRG Mothae, the government of Lesotho likely gains Lemphane revenues also. Without Mothae perhaps in this market, there is no Lemphane. Whatever the case it is a positive outcome for the company, even if they have to compete for Mothae.
Hmmm, interesting point as I believe PRG said in a recent RNS they were looking at obtaining Mothae direct from the Lesotho Govt. I can only hope PM hasn't managed to **** off the Government, like he appears to have ****** off everybody else.