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A few private investors shared that Optiva refused to accept additional funds in their broking account stating investigation/audit/scrutiny by FCA. The freeze could last a few more weeks or months. Who knows.
AkhtarShaikh wrote the following last night - Seems like it made sense for Optiva to resign and that was the only option for two reasons
1. “During the period, the Company constantly engaged with its broker, Optiva Securities Limited, and sought to address the working capital gap by exploring multiple avenues to raise capital. Despite this, no fundraise could be achieved by its brokers until December 2023. In January 2024 the Company undertook an equity placing, using up the authority reinstated in December 2023.” They weren’t able to do a fundraise
2. Due to the ongoing FCA scrutiny at Optiva, they are unable to accept any new capital from investors. So they anyway can’t help with any fundraising activity. So if the broker can’t raise funds, what’s it got to do?
The 2nd reason above is news to me that Optiva are being scrutinised by the FCA. Does anyone have anymore info on this? The word Scrutinised to me can mean they are being investigated though I havent heard this is the case. I do hope its trus as many have said for years chriatian dennis is a crook. Any information on the above would be appreciated.
156000 shares bought and 1.37 million shares sold. Nearly 10 times as many sells! It's going to get even messier over the coming days and weeks. I cannot bring myself to lower my average as my brain is telling me its going much much lower. Terrible situation. Dyor
Also just saw Isabel de Salis pr company St Brides works with VAST which did another rubbish placing today, don’t think she’s got any issues with that I’d ask her about what she actually brings to the table other than spin for rubbish placings tbh doesn’t matter to her or her friends in the new group, sure she’ll take her commish and be off to the next one! Ain’t voting for them lads
This is the worst situation we could be in thanks to shishir, puruvi, hemant and christian pennis. These 4 are to blame for this mess. They are the ones that will benefit from all this destruction. We could see 2p before this week is over ler alone three weeks from now.The sooner our lawyers get the poddars into court the better. Time is getting closer and the share price is getting lower. Dyor
Wait so is basically what people are saying that the broker Optiva left and is out for good or that they are connected to all of the proposed new people and their companies as others have pointed out they’re the brokers of too meaning they couldn’t stay on or something? Murky murky
Seems like it made sense for Optiva to resign and that was the only option for two reasons
1. “During the period, the Company constantly engaged with its broker, Optiva Securities Limited, and sought to address the working capital gap by exploring multiple avenues to raise capital. Despite this, no fundraise could be achieved by its brokers until December 2023. In January 2024 the Company undertook an equity placing, using up the authority reinstated in December 2023.” They weren’t able to do a fundraise
2. Due to the ongoing FCA scrutiny at Optiva, they are unable to accept any new capital from investors. So they anyway can’t help with any fundraising activity. So if the broker can’t raise funds, what’s it got to do?
I’m it would have been a tough call given how long Optiva has been around. But also their reputation has been dodgy tbh.
The only way forward seems like board restructuring and capital raise. Hoping that these are top priorities, else it’s all gone.
Tirupati is also a temple in India with £25bn of assets
It’s all in here Boris - https://tirupatigraphite.co.uk/pdf/TGplc-AR-March-18-compressed.pdf
You do realise in India a Rat is sacred
Saluc it does make sense if you beleive the downfall of TGR, as we know it has been engineered. Administrators come in, it only takes an agreived creditor(s) to make application and Bingo. Open season for Shishir.
Do you know what companies has he incorporated into TGR? As far as I know, his companies have benefitted from TGR by either selling them equipment or buying the graphite.
I don't think the Poddars will lose control of the mines, whatever happens with TGR. Or if they do lose the vote the new board will probably do the same thing. Either way, there is a risk us shareholders will lose.
Optiva has to be investigated. They knew this was coming. Christian Dennis was with shishir in madagascar recently posing for pictures pretending all was ok. Now we are beginning see the truth and scale of te situation. TGR are falling apart and it's all going to shishirs plan. This is not a rat jumping ship. This is a rat getting into a cruise ship to go on a holiday round the India ocean where he will later meet with shishir and the rest of the poddar phonies to divi up the spoils. We have all been had. I'm sayibg this again, the only way forward is court for the poddars. It can't come soon enough. How can they sleep at night. The Share price is DEAD.
The rats are coming out of the sewers
After he has already incorporated many of his companies into TGR and while holding a significant amount of shares, I’m sorry but it just does not make sense..
Name me one company that has benefitted from Optiva? There isn't. This whole situation is a massive scam from start to Finnish. I honestly thought Optiva would be the last to since it was them that were with the piddars from the start. They got them the 6 million IPO initially. Christian Dennis is knows in the industry as a crook. Not my words but the words of many many investors who invested in companies which optima partnered and who were left with nothing. This is a total mess now. Shocking!
Saluc, the company hasn't been taken private....yet. I'm leaning towards TGR goes into administration and the assets get bought by the Poddars and maybe the original investors (Optiva), leaving all the debts and us shareholders behind. Maybe this was the plan all along but someone had better come up with a lifeline "imminantly", rather than empty promises.
It wasn’t a conspiracy that the company was being taken private, it was a lie is no factual evidence.
Similar to the “conspiracy” that Shishir is selling himself the companies graphite on the cheap. Where is the actual evidence, he clearly denied all claims in informative response to the requisition letter.
You either believe a conspiracy that this group is able to pull everyone associated with TGR in or the common denominator is Shishir and all those associated with him are therefore cutting ties.
I'm not trying to claim I know which of the two it is but usually the most obvious answer is the true answer.
But on a more positive note HBOS Investment Fund aka Lloyds Banking Group topped up their holding to 5,542,113 up 37.1%. Over a quarter of a million now invested.
Why would the companies broker sell shares months before announcing their resignation?
Saw a post on here a few days ago questioning their involvement with the group.
At the time of the full year report they owned 3,935,283 having already sold 9.47% in last year. Why only a partial sell if you think this stock is going to tank?
Yes of course, I think you would agree there are more pressing matters at the minute though, wouldn’t you agree?
It’s seems a bit like when Shishir was forced to deny the company was being taken private, lots of noise from a select few and turns out to be no truth in it at all.
They have also reduced their holdings, down 9.4%. Reported on 31st March 2024. So this obviously been in the pipeline for a while. Not very good of the companies broker to be selling off shares before resigning.
After Isabel resigned and the share price made it's next move down to 6p and shareholders started panicking Shishir's response to many of us via email and other mediums was (paraphrasing) 'look at the photos online of us at Madagascar, Christian Dennis, Murat and I'
That was his attempt to say that the frustrated NEDs were outliers yet since Murat has resigned and so has Christan (Optiva ceo).
It's a total mess and it's looking like administration could come as soon as July if the CLN holders aren't paid.
I spent a bit of time looking at all the companies on the Optiva website that they did the ipo for, can’t see a single one which has delivered shareholders a positive return + a few are suspended / delisted. Is that how a risk here? Yes, but not a lot of data to suggest Optiva have a positive influence on the company
Battery Minerals (now Waratah) still hold their tranche 2 shares plus a few left over from tranche 1 as of their latest trading update (think late April)