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GS, I phoned HSBC about my share certificates 2 days ago (I asked for my certificates 3 weeks ago (I think)) and was told the whole process can take up to 6 weeks from when you request them.
The meeting is in Mothae mine.
I hope there will be food and refreshments provided...and entertainment. I want to get some value out of my 150,000 shares. If there are sandwiches and beer etc, I am going to STUFF myself full of them if there is bad news. Only if there is good news will I hold back and let Manduca eat any sandwiches.
I just got this as well. Seems unlikely to be terrible news - after all, who would invite shareholders just so they can be shouted at!! It does at least show they have some regard for us!
Well, at least there is some contact (I say "some") and talking about a "strategy for 2016" suggests they don't think they are out of business. Hmmmm. Well, I haven't received my share certificates yet from HSBC. Has anyone else? How long did it take to arrive as I only posted my instruction about 10 days ago. They are being all secret squirrel about the details of the meeting. Thou shall prove you are a shareholder and then we'll tell you where it is etc. Come on PM! What if I haven't received my certificates by then? Has anyone been told where the meeting is supposed to be so I can consider whether I have any chance of attending? If you're sworn to secrecy, can you at least say which city it is in?!! Is anyone signed up to attend? Guitarsolo
received email from "info@paragondiamonds.com" for Meeting invitation 28th February at 16.00pm .
It is true, see their website for details of the meeting.Maybe all is not lost just yet.If it was bad news surely they would not have a meeting,would just announce it.Odd day to have it on a Sunday 4pm 28th Feb. GLA
According to the other bb there is some news on PRG website detailing a shareholder meeting on 28th February. I haven't had time to look at the website yet. Could be good news? You have to contact them with proof of your holdings to be able to go to the meeting.
Hi TraderQ, probably showing my age but not familiar with WhatsApp and hence how it can be of benefit.To be honest I think the only thing that will benefit us is a Miracle!!! .The problem is any sort of action group needs to be in contact with the company, but at the moment no one is getting any response.Also as we are completely in the dark as to what is going on,so it is hard to know what we are fighting for/against.How ever awful it is, it seems all we can do is wait for news-good or bad.Best probably to prepare for bad.It is still hard to believe how we ended up in this situation,given all PM's grand talk of numerous finance deals we supposedly had in the bag!!.Disgraceful... GLA
Is it worth creating a WhatsApp Group for the PRG share holders, just in case???? Any thoughts...
Me too-nothing.I suppose because we are not listed they are no longer regulated.Whereas before they would be legally bound to inform the market of anything of significance.But if they cared anything for shareholders they should keep us informed regardless of if they have to.It is ironic that before this went bad PM was everywhere going on about diamonds/this finance deal/that finance deal and now dead silence.It seems all he said was BS anyway.You could read it they do not want to say anything until definite this time,or they are just avoiding us as it is looking bad.Either way it is a disgrace how we have been misled/treated.GLA we sure need it.
Likewise, I have emailed Hugo a couple of times since Christmas (about the various media articles) only to be met with silence.
I've emailed Hugo Philion again but radio silent... It astounds me that for all the suggestion from the board to investors updating themselves via the website that absolutely nothing has been reported one way or another! We are having to find out directly through news articles or individuals directly in contact with Lesotho officials. I'm losing the minute hope that I had as an investor in PM and the board. PM should inform his loyal investors with an update at the very least. K
I think that the 500k was to be converted into shares - not looking great for the lender now!! To be honest,- and in no sense trying to be smug here as I will have lost the thick end of £10k - I did not invest more than I could afford to lose. So, painful, bit won't affect my standard of living now, or in the future. As a general rule, you really shouldn't invest ANY money in shares that you can't afford to lose unless you're very diversified by market/sector/geography etc etc - certainly not one or a small number of AIM mining stocks. PRG could still come good I suppose, but even if it does, the experience of being an investor here should be a salient lesson to us all.
is likely bad news,but who knows.You would of thought if it was official they had lost the licence at Lemphane it would of been reported somewhere, even if not reported by the company.Maybe I am just grasping at straws.Another thing is I wonder who gave the last loan for £500k [Who latter extended the deadline] as they must surely be sweating on it. Someone said previously it was unsecured but even secured would be no good if we have no assets left!!.Maybe that loan was really from PM/Titanium as seemed very flexible.A lot more discussion on ADVFN but still no news anywhere .GLA I don't believe in miracles but unfortunately we need one!!
Totally agree HOLEEFOOK - every RNS bought more good news and all was heading up and up, until of course it suddenly went sour with no get out for anyone. That comment wasn't a jibe at you or MattTheBrave by the way. It was just a general observation as some people are stating that it was all obviously going to come to this but if that was the case no one would have put a penny in.
Hi cenzo, I actually have far more invested in this than I can afford to lose, but am just trying to prepare myself for the worst .We all must be prepared for the worst but hope/pray for the best.As you say, as long as the company exists and we have not been told it is all over there is still a chance.I am sure we all regret now being so heavily invested in this share but PM was so convincing,he made it seem there was no/very little risk.If this goes down the pan we were all badly misled and let down.GLA
Fair points MattTheBrave and HOLEEFOOK. I'm being over-optimistic I'm sure and of course nothing is certain at all. PRG may not have raised a cent in finance. But of course whilst they continue as a company then all hope is not lost. I find that the ones with the least amount of shares in PRG are the ones keenest to throw the towel in and spread negativity. Let's hope all comes good for all our sakes as no one can really afford to lose out.
cenzo, you say: "... but I'm sure PRG could raise funds to buy the equipment needed to start mining and to bankroll the work force. " Really? you're 'sure'? I honestly don't see how you can be to be honest. Nothing's sure about this stock...!
My understanding from the previous ultimatum article was the $12m had to be put in Paragon's account in Lesotho to prove they have finance to start developing the mine.I maybe wrong about that.Either way it all comes down to if they really have finance.This latest email implies they do not.As you say cenzo nothing is straightforward or clear but I must say it does not look good.I really need this to come good like we all do but it is hard to be optimistic.This total silence from PM is very worrying and suggests there is no good news.I am sure if finance was obtained we would have been told .GLA we sure need it.
All as not as clear as would appear in that response. "PARAGON was given a chance but they failed to show up" - simplifies what is really going on. I suspect the sticking point is paying $12 million in to the government consolidated fund. If PRG truly have the funds to take the two mines in to operation then I'm guessing that this is all they have, i.e. no spare $12 million to poor into a sink hole. If the Lesotho government truly want to get the mines up and running and it's people employed then surely this 'payment' could be offset against future diamond sales. Funds are scarce but I'm sure PRG could raise funds to buy the equipment needed to start mining and to bankroll the work force. That's not going to come to $29 million and won't include a $12 million down payment "Therefore, this matter has been openly published on the 'LOCAL' newspapers". Who sells a diamond mine in the local rag? The guy responding is the Information Officer from the Ministry of Mining. He's not necessarily privy to what exactly is going on. He knows about as much as we do: Found this at another site. It talks of where the proceeds from diamonds sales go - "Asked how the revenue collected from the mining industry is used, the information officer at the Ministry of Mining, Rorisang Mahlo, said the revenue goes to the government’s consolidated fund." Mmmmmm that's a nice name for it. I'm still thinking it's cat and mouse. If that $12 million 'fund' asking price is offset against future diamond sales I'd like to think the process could begin. All speculation of course but I believe hope is not lost. It's just playing the game and letting it come to a natural end. It could be a coin toss as to how it will end but if I were PRG I'd be offering to pay the $12 million at a later date based on proceeds of the mining operations.
Thanks for sharing that Johnny,as you say it sounds like more bad news and confirming what we all feared.It does not specify revoking the Lemphane but we can assume with no funds that will follow.I would like to know if PM ever intends to inform us of the current situation,or if we will just learn by some other source that it is game over.For someone who was meant to be concerned about shareholders and preserving company value, he has done a good job of destroying us.It is a disgrace how this has played out even in these hard times there were many opportunities to avoid this.We must prepare for the worst, and pray for a miracle.GLA
Good post on ADVFN that I'd thought I'd share (thanks to superg1) who emailed the Lesotho minister: Question I note recent comments from the mining minister in the Lesotho times and his anger about being misled by Paragon diamonds. A number of investors in the UK have also been caught out and the company don't reply to any communications. Can you confirm if Paragon have come up with funds as there was a deadline set as last Friday. Any information would be appreciated they seem to have misled many. Answer "Thank you very much for inquiring! The long and the short of it is that, PARAGON was given a chance but they failed to show up, as they too are struggling to start their mining operations allocated to them due to the same problem of lack of funds. Therefore, this matter has been openly been published on the local newspapers that any body who is interested in can show his expression of interest by writing a proposal to take over and buy the 75% shares that was belonging to LUCARA and come over to commence the mining operations." R. D. Mahlo (Mr.)- PRO- Mining Ministry of Mining Lesotho / LNDC, / Block-A,/ 4th Floor Contacts: Cell#: +266 6333-9349 / Office#: +266 2231-144 Basically, no funds, no show.....no hope. That fat lady is warming up. GLA.
This makes for an interesting read. It offers nothing new to us and is no more than another person's opinion but worth a read. http://www.pressreader.com/lesotho/lesotho-times/20160121/282162175225037/TextView
Maybe singing soon if the Lesotho Times deadline really means anything.Matt I tend to agree it is best to expect the worst and not get false hopes up [Even though I will be badly hit] The irony/tragedy of this is that if PM had of done a placing when the price was high[remember even touched 7p briefly last year] and with all the euphoria around the share they could have raised at least enough to get started.A greatly diluted working co would be far better than one on the verge of liquidation.It would of shown confidence to raise any additional finance.The fact he tried so hard to preserve value does make you think he cared about shareholders but it's hard to see now.We shall see.GLA