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Matt....PREM suffered very badly with the "deal with sharks".However it allowed me to make my first investment there recently although above .3p not below it as some did. Big difference is that PREM has three serious assets whilst with SULA the cupboard is looking increasingly bare.
spec, that's what people on the board have been saying for ages, its in their interest to short sell to knock the price down more and more so they pay less to SULA. PREM have just got rid of these sharks.
reading the subscription RNS & this struck me 'The Directors believe that a decline in the Company's share price would not result in any advantage accruing to the Investors and the Sharing Agreement allows both the Investors and the Company to benefit from future share price appreciation.' Is it me or do the investors get the same amount of shares for well below the benchmark price & therefore cheaper not constitute an advantage? For example, the investors hold �500,000 in escrow which would all be given back(minus expenses) over the length of the agreement at the benchmark SP. The shares to be purchased are 51 mill at each each interval. So buying these shares at well below the benchmark (where the SP is currently), means the investors hand over much less money for the same fixed amount of shares. Seems like a bleeding in advantage to me? I don't what's more worrying, the subscription or the highlighted statement from the RNS. God forbid someone decides to short it as well.
Shandong's nod. Something no man wants in his trouser department.
i think the iron was a worthwhile resource before the iron ore price cratered. but it then became effectively worthless, doubly so because the chinese stitched up the area. now, even if iron ore price soared again, no-one could exploit the asset without shandong's nod.
How about this; There was some iron, but not any of any grade or worth. There was no coltan. Tbat was a lie. There was no gold, at least none that could be got at in any economical sense. This all became obvious at the end of 2014. The rest is just disgusting and dishonourable, and shame on those responsible. And if you have a problem with my view do what you used to do - create a sockpuppet account to tell me how much your blood boils when you tead my posts.
"Why the Fca never took a look at this i dont know." the FCA has too few resources to chase too many problems and is not well incentivised. so problem companies (a gentle way of putting it!) like sula are just too small to bother with, imv. some interesting reflections on the board today, & some old names. i am inclined to agree that the coltan story was a very cynical and obvious lie from the start, and reddest of red flags. but that was just a desperate attempt to survive the disastrous iron ore price collapse. gl and atb to all honest and polite folks.
Not worth 1.2p per share mattwales... maybe 0.5p though or around a 10m MC...thats with the IO...and currently standing with a decent gold jorc....which they have...
VSA have this at speculative buy up to 1.2p and lots look at the current SP and think I can make money here. Quite a few broker recommendations to buy are followed by the broker selling out as a way to generate profit so not to be trusted.
Why would anybody go on a broker recommendation especially VSA (Small fry). Did they visit the site or just charge RM a lot to act as broker and then issue a "sweet note" ?
Sean, TW tipped Sula as a ten bagger based on the note from Andrew Monk at VSA suggesting 3m+ ounces of gold with the blurb being Maldini etc are investors they will never sell or flip their shares. Everyone pretty much rode on that bandwagon especially pre drill when the driller got the Maldini shares and RM spouting his gold all over the cores, gold is all over the place in interviews then results hit and they had essentially 1 good hole that wasn't thin veined.
a. how have you got that information? b. why would a geologist specialised in iron be looking at gold? c. if you are implicating they looking at the iron they already have a JORC for it no need for a geologist
...the geologist partnering John Gould is from Shandong Iron and Steel Group....hmmm deramping me thinks... Time will tell though...
Nice to hear from you Flanks glad to know you are doing well. The moral of the story is that private investors, no matter how informed, savvy and researched, can come off badly even in the best of shares - and this was definitely not one of the best.
HotPotato mate dont worry about tipping this to me, QPP and Sula were the biggest learning curves of my investing life and i have genuinely never looked back since. QPP of course is worth a movie and i was one of the biggest bulletin board morons defending it back then. Oddly enough there were two follow ups to that - the AFPO disaster where i got out at the right time with £62k profit because I had listened to Tom Winnifrith and CTAG where I knew right away it was a QPP Mark II car crash but there was a few grand to be made in the utter madness. Here though it was all just lies and delays and excuses and jam tomorrow from the start. Scum like stubbsy, CEO worshippers who would brook no criticism here, tales of lunch with Nick with winks and nods passed on, dilution after dilution, fantasies about coltan, sockpuppets popping up trying to silence me... The whole thing was rotten to the core and a scandal, one of the worst slow motion money trap quagmires i have seen on Aim. Why the Fca never took a look at this i dont know. Incidentally i noticed TW promoting this one a few months ago!!! Its a murky old world, very murky indeed.
Oddly, today I checked this board (I do every few months, hard to say goodbye after so much work a few years ago) and saw this message. I think that what I did (and which some others do do properly too) is I did not take the RNS/board opinions/google searches as 'research'. After the JORC I paid for two separate independent miners/geologists to assess the JORC (Cost me a shade over 3k for them both, which was nothing considering I had �250k locked in to SULA). They came back with valuations of nil for the iron, which to me meant that any supposed insurance underwriting my investment was gone, hence the exit. I have regained the capital loss now fortunately, but I wouldn't recommend it as a method of reducing tax on capital gains :p Personally, I do think I invested for reasonably good reasons. It would be a mistake to confuse outcome with cause. Sula was always a very speculative investment option, because it lacked income and infrastructure. For this type of investment, at the time, I will always maintain that SULA was a decent option. As always, as long as you aren't over loaded in to that type of investment then it is worth a look! I did over-invest somewhat, took a lot of cold blood to get out rather than chase the loss here, but also relieved a lot of stress! best wishes to all here.
For some reason my iOS 11 updated iPad has put � signs where there should be inverted commas...apologies
Never mind Flanks...we should all have got out when stubbsy got out lol! I can�t complain too much as I rode that initial �elephant� generated wave of hype from 1.8p to 7p and a very decent profit. I genuinely believed the story back then and left enough money in to see that profit eroded by 50% when I finally exited in the 2.5p days. I know I revisited occasionally to call this a crock of crap, but contrary to what Roy may have thought, I was never deramping to get an entry again...I just genuinely thought it was and I wanted to give Old Nick some stick. My biggest regret is not that I lost some profit, but that I ever tipped it to Seanhunter on the QPP board. I never tip anything now to anyone. ATB to all.
Given we are now under the nominal share price of 0.1p, the company can no longer issue shares below this value. Maybe that's why the driller took the option now to pre-empt the inevitable drop? If they want to raise any further money they will have to either embark on a major PR campaign (ie. Pump) to get the price above 0.1p, or we're in for another share capital re-organisation (which will require a shareholder vote).
I've sold up at a huge loss, instead of waiting a couple of years to get money back. I've decided to put all into sar and hopefully get my money back by the end of month.
Hi Pal......or can only the rampers call you that. ? This is a total disaster and was only going to turn out like this . Met RM around M&M in December 2016 and nothing has changed my mind since. The fact that the drillers have been paid 50% in cash and 50% in shares that they can dump at will, speaks volumes. 50% covers their costs and the rest is profit for the drilling company. Meaningful high grade results to date ...NONE. Just keep the faith. If you want further dilution watch for the BOD taking salaries in shares at around these levels in the New Year to include back pay !
Roy, turn the lights off on your way out mate. Game over.
I remember flanks that's going back to the Coltan days and he like MY21 and a lot of others were very keen on Sula up till that point. Since then its been nothing but disaster. What's worse is that earlier this year the broker commenting Sula has potential of 3m+ ounces of Gold which then started off the pump and dump of this management with comments of Gold is all over the cores and Gold is everywhere and on surface only to be found out at results that its not the case. The broker is just as guilty as suckering in new investors as this management has been. I'm sure the criteria for next year is the same we'll have a new shiny presentation by the end of the year then further broker coverage and plans to drill and then the investor shows and Sula may very well rise in SP but don't stay in.
Donny your the same as me, i should have sold at 0.006p but i got greasy and wanted a bit more. Now l'm paiding the price of losing possibly all my money here. Were have to wait until next year for the next drilling results.
A lot of long termers on here might remember a big investor called Flanks who posted here. When he got out, everyone should have got out. The game was up. There has been nothing but lies since and the cynical eeking out of a lifestyle AIM company of the worst kind.