Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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Just to add I’ve added plenty of shares over the last week as even a crash test dummy couldn’t fail to make money by buying at 10p. 😀👍
''unless their intention is to drive the company into the ground which doesn’t make sense''.
maybe not for rf but can the same be said for 'real ****' also!? 🤔🤨
TraderMatt - not any more. The issue price is the lower of the placing price and whatever else.
Which means they may make a lot of money!
I presume if RF have 3% or more then they'll have to submit a TR1 to that effect.
Certainly some interesting scenarios, but don't RF get issued the the shares at the 5 day VWAP? Which is currently 11.49p?
£800K and the £330K issued Friday means we're probably only halfway through RF's selling debacle. But the upward trend recently does help, particularly as you mention Andy, some of the forward selling could be RF clearing the shares at a good price, because the demand is there.
Big question the next few days is how will this impact the SP? Interesting to see if this share issue to RF was timed for any particular reason.... i.e. they have 16 months to clear the debt, so why the rush? Do RF have the ability to demand the max issue each time they finish a tranche?
Yes, it's a pity we still have the chieving tunts with us. Take your pick as to whom I am referring.
It almost seems as if some people have a licence to print money while the rest of us supply the press, the ink and the paper in endless supply.
Just say F@ck you RF and F@ck you Peel Hunt if we still have them as brokers at the next AGM I hope the board point the peel hunts out so the shareholders can ask questions
GLA
Hello all. Interesting that the late trade yesterday of 1.475M shares is roughly half of what was issued to RF 2.9M shares. If it was them selling half of the new shares issued it won’t take long to hack through the last 1.5M unless of course RF were party to the placing. ??!! In which case they may be sat on many millions more sad as it to say. One thing is for sure is our Bod made an almighty balls up when they took on RF rather than looking to faithful shareholders. Will they have learned a lesson?? Hopefully, but they seem to have a penchant for poor decision making and governance throughout history. It really needs a hard faced business person to see this through with TM given terrarium leave, as couldn’t see him having the skills for garden leave. !!
Hey ho, let’s hope for the best as even a blind squirrel can find the occasional nut. 🤣🤣. Gla. Andy.
David - there was a placing fee of 4.5%, and an implementation fee of £50k when the facility was set up.
The RNS didn't say who was getting these.
I have no doubt that the dark arts were in force by RF and PH driving the SP down, it made no sense, unless they were trying to acquire SAR. It is however fortunate that they didn’t succeed, the majority of shares are in sticky mits now and I hope it stays that way.
GLA
Can I check what other options were available to SAR to repay RF ?
Does anyone know whether the introduction of Sareum to Riverfort attracted a commission payment of any magnitude. If so, has it been disclosed and which party, if any, benefited from such an introduction. I accept that a commission may not have been paid but introducers, underwriters etc all receive some payment for their work. That’s how it usually works in finance
Still it is worth RF holding newly allocated shares at least until the next update unless their intention is to drive the company into the ground which doesn’t make sense.
Looks like RF get can request new shares as soon as they run out I was really hoping either Sar would clear the outstanding with additional WRAP raised or there was some timeframe breathing space between issuing shares but seems not....
Bluedreamer - it doesn't work like that.
Since the placing price was 10p, SAR will now never get more than 10p for any new sub shares issued. (RF can try to get as much or as little as they think fit.)
Aber's scenario could still happen. However 10p is the maximum that SAR will get: if the SP slumps under 10p they will get less and more than 8m extra shares will be needed.
Thanks Bridgedogg1.
I certainly do believe that myself too, unless we get shafted that is as the holders of Shanta Gold have just been (although I'd like to think that SD and Co. are of a totally different ilk to that of the utter scumbags that sit on the SHG Board!!!!)
Good luck to you also.
Hi Potnak -- why do you say 106 Million shares once this is done ... If RF sell all now and drop the price to 9p say and then take more and sell at 5p say and so on until the 800K is paid off, we could well find the SP at 2p and total shares > 120 Million if I am not wrong .. For example
Selling the 2.9 Million now drops the price to 10p say
They take their next installment at 10p and sell them all dropping the price to 7p (say)
Then the next installment at 7p all sold dropping the price to 5P
Each time the number of shares given out grows and the price per share drops ...
That is how I read it as the 800K shares are not fixed at 10p as far as I am aware
aber i think this allocation of shares leaves sareum still owing them £800k after the allocation.
no need to pay them back till aug 25, and paying in shares hopefully at a price a lot further on than 10p.
say at £2 a share total shares given to rf to finish their 800k, 400000.
hopefully rf go bust before then, ******s.
parker really should go and the bod hang their heads in shame.
Seems to me they've taken sh offer wrap & now no consideration, back to what we were B4
FFS guys! Cross the bridge when we get to it in 2025. Why are you all hand-wringing as if it is an imminent repayment with a massive shortfall due to us hitting 1p? Let time eat into the problem and understand that cash could still be used. Jeez! Like all here I really want to see RF out or neutralised. This seems to neutralise them after Friday and I would not be surprised if some have been forward sold.
You are quite correct, Aber.
What I was saying is that the rules are now different for shares issued after the placing.
Instead of making a guaranteed approx 10% gain on anything they sell at any price, they can now (as an alternative) make any profit they can get over 10p. So with the SP at 13.75p and a healthy demand, they should be able to sell gradually for 35% profit instead.
It may well be that by committing to issuing shares by the maturity date in August 2025 it just sits as a deferred liability. To commit to cash repayment when we have so little may well require the cash to be accrued and not used. A lot should have changed by Aug 2025 including any future cash position so a cash payment could still be made under the said Terms.
Math Prof is correct, we will just keep giving RF shares until the £800k is paid. It's a sh*t show. Just chucking more dillution on top of dillution. We'll be at 106 million shares when all this is done. We were under 70 million before RF came along. As well as the 90% loss in value, That £2.5 million they lent us will have cost 40 million shares. You can't spin this any other way but appalling.
I've said before - there is a serious appetite for share at this level. Almost 12 million bought through the WRAP (with many unable to purchase through their broker). RF are no longer the threat they were. Even if they go into full 'fire-sale' mode, I don't see a problem.
(for the avoidance of doubt - I don't think the current share price is anything but a disaster. Just that the spectre of RF / lack of funding driving the company into administration has gone)
Mathsprof - I believe you are wrong here -- They can sell at any value .. even 1p ;
In a nutshell they now have 2.9M shares granted and are still owed £800K ; If they sell all 2.9M at 5p say = £145K then they will still be owed 800-145 = £655K ... they then take the next 2 mllion (say) @5p = £100K and so are then owed £555K .. etc
If they sell that 2M @1p = £20K then SAR still owe them £535K
So in a nutshell they could simply collapse the SAR share price but holding would probably be far more profitable unless the tactic is to reduce the SP for a mega hostile takeover !!!!
I am now asking myself why JR never participated in the placing at 10p and just did the salary to shares £22K option
Is he of the opinion this is going very much lower than 10p ????
If so the shareholders and HNWI have been well and truly shafted
Fingers crossed that is not the case