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For anyone interested, it seems Lucara have handed back Mothae to the government. It is in a presentation posted to youtube. Link on advfn prg page So prg still have a chance of getting it if they can arrange funding. Although they may now have more competition if it can be gotten cheaper.
Apart from the ongoing finance issue we also have to remember the £500k loan which was extended to 30/5/16.This was convertible to shares but with no listing that is a problem.Also have they funds to keep solvent whilst still sorting finance.I really want to believe in a happy ending here and have much at stake,but the longer it goes on the more worrying it is.At least if the markets settle a bit and sentiment particularly on China improves we may have more chance.Diamonds must be a better investment than oil surely![don't mention oil!!] I don't have many shirts left to lose! GLA.
I received an email as recent as yesterday, having followed up on my previous unanswered email prior to Christmas. It was from Hugo Philion and rather appreciatively apologised for not answering my previous mail, as the company receive many enquiries and do not have a dedicated person to deal with them. Given the position of the company at this moment, I can understand that. They are still working on the necessary funding and will update via the website when there is a material piece of news. As for the discussion regarding taking the company private, for me this argument does not hold any weight. There is simply too much risk at this stage of the development for any private investors to carry. Whilst Titanium and Paragon may believe in their resource, that is in no way the same as backing it to the hilt. And that does not even take into account this unprecedented turn in the global commodities market. I won't say that it is impossible, but it would be highly unlikely given the level of risk attributable to such a move. If the company is doing anything, it is working towards raising sufficient finance to take Lemphane to stage one. Perhaps Mothae is included too, who knows? But certainly for me the effort is in raising finance right now. Once this is achieved, they will likely weigh up the best market upon which to trade the shares. i.e. what will it costs to join and manage. A market such as AIM gives the company access to the best andmost fluid form of raising capital. An mining company in early stages of devlopment cannot nail down its costs easily. Other costs come about, and a market such as AIM allows them to easily answer these needs. It also gives Titanium a better exit strategy that they can control. Remembering that they hold a number of shares through their loans, that can be more easily converted on an established market, thus increasing their return. Something I have no doubt they planned to do further down the line once the share price could absorb it and sufficient dilution had taken place to keep them under the 30% barrier. Something I might add a two mine business could easily absorb, should it be realised.
The last e-mail I received from PRG told me to watch their website for updates. Considering they've not kept it up to date with the latest RNSs, I don't particularly hold out much hope for any updates. Personally, from what was a more optimistic view in Dec, I'm beginning to think this is now a complete write off. I really have no idea what PM was up to but you have to question his decisions. Did he want to take this into a Private Company, does he stand to profit by doing this? Will be interesting at the next AGM. I wouldn't expect him to attend, for fear of being lynched. GLA.
Thank for the tread i too have them in isa will speak with my broker tdw. I have also tried to contact prg via official website but to no avail. I am worrying wondering where we will get the info from going forward...
Same situation. Got the letter from HSBC. I am a lame guy. I hold PRG shares. Could any one suggest what are the options/possibilities, now please???
JohnnyG, I'd be interested to know what HSBC say to you. I won't be able to do anything for a couple of days so if I do follow the same path then it would be useful to know if you've been successful. Not that I actually have any shares in my trading account (they're all inside the ISA) but I could remedy that with cash at short notice. BTW, I sent an email to PRG via their website saying that imho private investors need an update, but I not had a reply. I note others have been more successful so I try and keep tabs via that. Until then, well done LSE for keeping this forum open (unlike iii who have shut theirs). Now more than ever PIs need a way to communicate and share info. Guitarsolo
Happy Tom, I might give HSBC a call and ask about that internal trade. I hold some GSK in my non ISA account, which I was going to move next tax year anyway. Thanks for the tip.
Similar situation (not HSBC). My broker will let me swap them out for some other shares which I hold outside the ISA - basically an internal trade (I have a non-isa account with them too). So in effect, I am selling them from my ISA to myself for the last advertised price, then sale money is left in the ISA and can be used to trade as normal. The HMRC ruling is that the ISA is not related to the shares, it is the input money that counts to your allowance.
Guitarsolo, I too had my PRG shares with HSBC and have just heard from them today. For my non ISA shares, I've decided to ask for share certificates today. This is a bit of a test to see if share certs will actually be issued. As for my ISA, apparently once the share certs have been issued, they are no longer in your ISA and, should they start trading again, you won't be able to transfer them back to your ISA. You'll have to wait until the new tax year (if you've used up this year's ISA allowance). I'm going to let this run its course as, come 3 Feb, I'll get share certs anyway (if issued).
Morning All, I'm new to this board but recognise a few names from the iii facility. I've been a PRG holder for quite a while and have to say to being shocked and disappointed by the events of the last quarter 2015. I am sure there are all sorts of things happening that we as private investors aren't informed about but still, I have to say the communication from PRG to its shareholders has been poor. But the reason for my post if specific to one issue. I held some of my PRG shares inside an ISA but, as expected, my holder (HSBC Direct) has now advised they can no longer do so because of the delisting. I will be sent the share certificates and will hold them in my own name outside of the ISA. Firstly, that is INFURIATING! I bought them inside the ISA specifically to protect me against potential CGT if/when the share price goes up as it should! Secondly, it means I have used my ISA allowance on shares that can no longer be held. Thank you Philip Manduca! Is anyone else in the same boat? If so, does anyone know; If the shares are re-listed can they be transferred back inside an ISA (assuming their status has not changed in the interim)? Does anyone have any advice how/where to hold the share certificates? I'm not thinking of doing anything much for now - can't anyway! Just sit and wait to see if PM and others can get their act together, get the funding (why not ask the current shareholders?), get mining and start finding those stones. Then relist? Or sell the company privately. You can't complain as a PI playing in the markets. You know it is stacked against you. But we have been trampled over without any consideration. The tax implications for folk who held shares inside an ISA for starters. Guitarsolo
Was playing up earlier thought it had been pulled.Remember if/when it goes we can continue on General chat under Paragon Diamonds Shareholders.Some posted there already.GLA
Just thought I'd see if this BB was still working.
Just found this on diamond prices,may help us a bit.Might explain why GEMD/PDL jumped over xmas.Mind you in this latest market carnage nothing good seems to last, and no doubt getting funding now will not be easy.http://www.businesswire.com/news/home/20160105005723/en/Rapaport-Press-Release-Polished-Diamond-Prices-Increase All we can do is wait here and watch our other shareS lose a fortune!!!. I will never moan about 1% interest in the bank again .It sure beats losing about 90-100% on some shares!! GLA
"Dear xxxx, Updates will be made to the website as any when there is something relevant to report. As it stands we do not have anything to report beyond the last RNS. Unfortunately the article you mentioned is erroneous we are however working hard to try to make it a reality. Kind regards, Hugo Philion"
Had
I concur with both Cenzo/Johnny as I hit the same response from PRG. "However, they are working very hard to make it a reality". Wasn't sure if I would get a response so at least there is a direct line to the company and it looks like PM is still working on the deal.. GLA K
Sadly, the news came directly from PRG, so it's confirmed as not being a true statement.
did you get an email from prg saying not true?
Yeah, just heard from PRG too. At least they're still working towards getting Mothae.
Sadly guys the news is incorrect. PRG are still working towards finalising funding and acquiring Mothae. Mothae is still available.
If the news is correct then we are looking at a new company being listed very soon at a significant amount or our shares being bought by PRG at a premium i can only assume if the statement is true that they must have closed out funding talks otherwise the minister would not allow them to get mothae. lets see
PM has taken the company back into private ownership. It is now not a listed company and we are all private investors. I think he's done it as it gives him much more freedom without the pressure of the open market controlling the value of the company which of course had a terrible effect on funding. Had the market responded to good news as it should have done and the share price had gone to 10p plus, then funding would have been easy. The market wasn't helping PRG at all. It's a distraction that is not needed or welcome. We are now all locked-in as private investors (although we are of course free to sell our share to individual private investors and of course that could include selling back to PRG). This company is far from dead in the water as many think. It's just a change in strategy.
I am sure we would soon hear if there was any definite news.But it seems unlikely it would be that quick.I think it is best not to get excited about anything we hear given all the times we have been let down.Maybe knowing he[PM] has made so many predictions/statements that never worked out he will be reluctant so say anything until an actual fact.[finance in the bank etc.] But we all need hope. GLA .
Yes it is interesting but also mentions the 3 mines expected to be in production specifically but not details of Lemphane. I would take the part about PRG having recently purchased Mothae with a pinch of salt. Seems more like old news to me but would of course love to be proved wrong.