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I post as Mark10101 on ADVFN thread, I have struggled to get onto this thread recently at times, not worked out why but will post as I follow you guys here. There are some good guys on ADVFN and I have spoken to the more rational guys on the phone, several of them keep in contact with PM (sparingly) either by text messaging or emailing. We try and pool information so we have the best picture and limit wasting PM's time. All seems a nightmare ATM and so frustrating we are here but I genuingly have not given up on PM's visions, like discussed below PM's early interviews just firmed up my confidence in his arrival. I even played his August 2014 video to my wife when we delisted to help justify my position and potential large loss. In emails with PM (which I know others have had) he has laid down his reason for why we are where we are and as you would hope early investor shareholder value is one of them. Here's to a better week as the rest of my portfolio is in no better state than PRG... From October last year I have potential gone from a solid well balance portfolio to an utter mess with PRG and another holding delisted over the last few months. Both of which I expect to come back and deliver but it does not stop me from feeling in a pretty tricky spot. Let's hope for a turn around in the coming weeks but the rest of the market looks on the verge of another flash crash, let's hope it gets it out the way and we can move on.
I second that JohnnyG, thanks Confounded. It will be interestingwhat info comes out of contact with the company this week in relation to the funding being secured as quoted by Simon in the article
I for one would be most appreciative if you would continue to keep us in the picture. You're doing a better job that the PRG website ;-)
Evening Confounded, Cheers for your response. I absolutely agree about AIM as it defies all logic when it comes to the SP and news. Similarly, I invested in PRG because of the medium term potential of the company, but importantly because of the way PM articulated himself during interviews and his rationale behind his optimism. It's good to know both PM and Hugo (part of the Executive Management team) are taking time to respond directly to PI. The concern I have is that information will not be updated to their website... On your point about relisting on another market (Main) - I hope that truly is PM's plan for all our sake as why mention it in the last RNS? GL in your other investments. K
K168 it is hard to know what to share, but there is so much negativity on most boards (understandably after that article) I felt worth sharing, I have always found it very reasuring that PM responds quickly when he can (sometimes as little as 15 mins). It has been clear for a while PM faces a lot of headwinds almost to the point where I believe there are quite a few ruffled feathers in the city that actively want PM to fail. I know he will be feeling the stress we all are in this situation and my belief is we need to support him and back him until the end. Some are calling for court cases when all the evidence points towards PM doing all he can to protect our value in a terrible investment climate. Like Johny said it is quite possible PM has saved us a lot by not allowing us to sell and put into some other aim disaster. I genuingly believe if PM gets us through this phase he wants to rise above the AIM cesspit which is why it is possible that we will relist elsewhere. I do not rest easy regarding our current position but I am an optimist and why I take the time to comunicate with PM directly. Next week definately seems to hold a lot of potential for news, let's hope it is good. If all goes wrong and the article is correct the value of our holding is PM, if we have the finacing in the bank then there has to be investment opertunities out there in the coming months.
Hi all fellow holders, Cheers Con for sharing. It's great to see us PI all sharing what we know and supporting each other where we can information wise. PhilPhil - If and when PRG relist whether it is on AIM or Main Market, your broker should be able to trade a certificated holding but on an extended settlement ie T+10 as oppose to the usual T+2. The reason is the buying broker would want delivery electronically so your broker (HSBC) will during that settlement cycle 'dematerialise' your certificate into their CREST account for delivery onto the buying broker. Ie electronically. (You have to complete a 'Crest' transfer form and forward to HSBC) The process may have changed slightly but that's how I remember in the past Hope this helps K
I was on the phone to HSBC about some other shares and, in passing, just asked what I could sell my PRG shares for and they quoted 3.75p. Not too sure how you'll go about selling physical share certificates.
btw I have been doing a little digging on certficates I am getting from HSBC on the delisted paragon shares. I have never used certificates before, once I recieve the certificates and PRG did infact relist sometime this year does anyone know how you go about selling (if I wanted to)as I have no idea how they work. thanks and much apreciated if anyone can answer this
It is not over yet and if the comment is true regarding funding then all prg have to do is show to the minister that these funds are real then we are in production by summer and hopefully on a main listed exchange, going to be a very testing few weeks, make or break. Johnny what do you mean HSBC offered you 3.75p? you done a dummy sell and got qouted that before suspension?
Drinks will be on me :-)
Afternoon all.... Cheers for the update Con. Well at least now we know why the money hasn't been transfered or have an idea. I too have everything crossed. But definately feeling more positive. Don't believe the PM is out to screw us like some other boards I've seen. It's just the lack of information that has a negative effect on us all.... nature of the beast I guess. At least the bloody sun is shining here in Scotland today. And as I've said before if the PM pulls this off the someone needs to get that man drunk.... seriously drunk!
Lol mate, no need to apologise. TBH, I know people all go on about fundamentals and DYOR but I, and I'm sure alot of others, invested because of PM. With the current situation, he's clearly not on our Xmas card list but, should he pull this off, then he'll be the best thing since sliced bread. Funny thing is, on the Friday before shares were suspended, I was on the phone to HSBC and was offered. 3.75 for my shares, but said no. Had I taken it, the two companies I'd decided to invest in, one is down 80%, due to dilution and the other 25%. Ironically, PM's actions have, for the time being, protected my money.
Hi Johny, applogies for typos in last post, trouble with have children around when trying to post... Yes all are crossed and should things come good with minimal dilution and we get into production I suspect a lot of people with be writing very differently regarding PM. It still feels a bit strange we are in this position given PMs background, ability and contacts but it just shows how hard things get when the markets turn against you. We must find out more next week so let's hope things start falling into place.
Thanks for the update. I've got my fingers, legs, arms and eyes crossed for a late Xmas miracle.
Guys, I normally post on ADVFN. I have a decent holding like many who are posting in concern arm. I have been in contact with PM through a lot of this time. Mostly he replies very quickly and gives as much information as he can. Since my first email after suspension he has been awaiting the finance stated in the article with more to follow. It sounds like an excellent deal should it come off but with the markets as they are moving money is terribly difficult. My undertanding was as of Tuesday last week the Money was still to arrive but PM was being told it was imminent, however this was the case in December also. PM has remained confidence in our backers so hopefully the money did arrive last week and ready to be transfers to Lesotho. I do know also that PM was in Lesotho to meet with the minister the week before last so would tie in with the letter being received and discussed in person. I wrote to PM regarding the article when it came out and have yet to receive a reply, however my emails last Tuesday were answered promptly and in good spirit where he cover a more general monetary question I had. I am far from happy or comfortable how this has turned out so far but I do believe PM has always acted in the best interest of himself as a large shareholder and us smaller guys. Who knows how this will pan out and what the next steps will be but I suspect if we can get the money to Lesotho in the next few days, if not already there, the minister will find it very hard to find anyone as funded and committed to these two projects as PRG is. If not PM will have to decide if he wants to continue with Lesotho and whether he's take the hard negotiated funding to some of the deeply depressed Ming assets out there. I still back Pm to did us out of this mess but I feel the stress and worry as everyone does.
LOL Saxxxon, fag packets, pizza boxes and busking...........could it get any worse? Every time I read the Lesotho times article, I read something else into it. Do we have finance, did we have finance, why didn't we put the money into Lesotho, was there something of huge concern that prevented the money being transferred? I see mention about the previous Government, so was there concerns with unrest in Lesotho? So many questions but nothing from PRG, so very disappointing.
Lol JohnnyG505.... Busines plan on the back of a fag packet..... with a scaled map of both mines drawn on the inside of an old pizza box..... And we got Simon outside on the corner right now busking for finance.
"But If The Paragon Can Mine Mothae And Lemphane At The Same Time Then The PM Will Be Able To Build The Company He Seeks To Build Which Will Thrive Even In Times Of Recession Unlike Other Diamond Miners. At The End Of The Day We All Want The Same Thing. We All Want Mining To Commence Immediately At Both Mines Generating Income For Lesotho And Paragon And As A Native Of South Africa, Jobs And Infistructure For Southern Africa Especially In This Volatile Recession Climate. If Paragon Is Allowed To Mine Both Mines This Will Create Another Strong Mining Company In Lesotho Creating Strong Competition With The Likes Of Gem Diamonds Which Would Be Favourable To The Government Rather Than A Small Manopoly. Also Should A Recession Kick In Soon Other Miners Will Need To Cut Costs Firstly With Job Cuts, Paragon On The Other Hand Will Immediately Be Creating And Maintaining Jobs Ensuring Incomes For The Local Populations. And Then Obviously Investors Like Myself From South Africa Will Maintain Our Interests In A Company That Will Benefit Southern Africa. I Personally Believe, That If Paragon Has Finally Got The Money And Can Transfer It, Paragons PM And The Minister Need To Meet Face To Face In The Tradional Man To Man Format, Put Away Any Gripes, Apologise For All Misunderstandings, Offer New Assurances (Even Be It Bonuses To The Local Communities For Loss Of Income, Because Surely A Minister Who Can Organise His People Jobs And A Starting Bonus Would Become A LEGEND) And Just Get This Deal Signed So We Can Get To Busines, Create Jobs And Start Mining. Prolonging This Any Further Will Only Cost Everyone Involved An Income"
Comment found at the bottom of the article. "This article has today just been noticed by a massive chunk of Paragon Diamonds private investors and has brought to light a lot of unanswered questions regarding to what has been going on with the Mothae acquisition. When Paragons PM took charge he came with a vision of creating a new kind of Diamond company, one which would turn Paragon into a major player and protect companies value. He had 4 immediate goals.... 1) Protecting company value 2) Aquiring Mothae 3) Funding and 4) To commence mining ASAP. The way this has unfolded has left myself and many other private investors very upset but after reading this article I can understand what has happened. Funding for Lemphane was never going to be easy, but by acquiring Mothae that would have required more funding but easier to aquire due to the scope of the mining. What we as private investors were told was that new mining machinery was required to yield better quality diamonds without breaking the bigger stones so I understand why older redundant machinery was sold. The PM stated that acquiring machinery for two mines at once would be cheaper than acquiring machinery for two mines separately so we understood why he hadn't started on Lemphane straight away. What we weren't aware of was that Paragon was contractually obligated to start mining Lemphane earlier. If the Minister and Paragon had not come to an arrangement I can then understand the bad faith the Minister views Paragon with. The Minister's priority is to ensure that the countries interests are looked after and that the Basotho people are given jobs and security that this brings.... especially now that it looks like the real recession is about to hit the world. The Global markets are about to crash and anybody with a bit of sense would have known that a massive recession was on its way. Hence the reason why funding has been hard to come by. Now Paragon has had her trading suspended to protect her against hostile take overs and been delist ed due to this which the shareholders are not happy about but understand why. But what we are not happy about is how negotiations have taken place.... There seems to be some miscommunication between Paragon and the Lesotho Government. Paragon has according to the above article failed to contractually start mining Lemphane. This has meant a failure to create immediate jobs for the local Basotho people and Text messages are very unprofessional. I can understand why the Minister is upset because Paragon so far has failed to show the Minister that it is going to look after the interests of the Basotho people. I can also understand most (minus one or two things) why Paragon has done what it has. Gaining finance right now is an absolute nightmare in Europe especially for a sector that will be hard hit by a massive global recession ie: diamonds. But if the Paragon can mine Mothae and Lemphane at the same time then the PM will be able to build
I did see the reference to $30 million funding but, sadly, I simply don't believe them. Trust me, with my 500k shares, I hope I'm wrong but I find it hard to believe anything they say. All my latest comms with Hugo have not given the slightest sniff that finance has been sorted. There may be a reason for this, misinformation for potential rivals but I think it's all a sham. As for texting, well that's just simply embarrassing. I can just imagine the funding meetings. "So Mr Manduca, you want $50 million funding for your proposed diamond mines in Lesotho. So let's see your business plan and proposed income, expenditure". PM - " Yes, I have it all here on the back of this fag packet". GLA, we're gonna need a miracle.
Circa 14m shares..between us PI. Looking at the recent post just a few of us already holds circa 2m
Hi PB, I remember from studying for a Financial Qualification that Private conpanies are not required to hold AGM. However, individuals or a group of shareholders holding more 5% or more of the voting rights can request the Directors to call an AGM...
Hi BB/HF and all, I hope BB's synopsis is not too far from the mark, having alas just over a million reasons to want (and need!) a happy ending to this saga. It's a pity that we have only press reports to go by. PRG, please update the website and say SOMETHING to your stranded shareholders! In previous years there would have been an AGM about now - do shareholder meeting opportunities NOT happen in private companies? (Not having found myself holding shares in any before). For anyone not knowing, you can watch the postings from this site and others, on www.discussthemarket.com which is something to remember if LSE decide to pull the PRG board. GLA
Hi BB/HF, I admire the optimism and valid points raised. Personally, I think it's a case of too little too late and the Government has another suitor on the table - hence the tendor process for Mothae. It just doesn't make sense where the article refers to Paragon confirming they have funds by text..... At least email a copy of the bank statement with the funds to illustrate the numbers.. If you were the Government or any other person conducting a multi -million deal. Would you believe or accept this form of communication as being authentic? Happy to prove wrong in the next week or so Gl all holders K
Hi BB/HF, I admire the optimism and valid points. I'm beginning to