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This should be a subject of the AGM hence why I have not called for Mick’s head on a platter.
I don't think the issue is paticularly that he has sold,it is the timetable of events.
As i stated it will have taken a while to sell that many shares. Would he not be obligated to repot to the market after each transaction for the purpose of transparency to the market.
How much notice did he have of the placing?
As a major share holder he will have asked to participate.
As he has not notified the company till to today that he has sold,would they have offered him many millions of discounted shares believing him to still be a significant holder?
Hybridan indicated the placing price was essentially set by major shareholders, i suspect they had no knoewledge PJ had reduced his holding. How much influence did he have re the placing price.
I think the company should instigate an enquiry into PJ's dealings here.
As i also stated he is free to sell at anytime but the correct market protocoll must be followed. on this occasion i smell a rat.
CGNR is another one. Although why he put money in there is beyond me
Johnson is nothing more than a gambler who got lucky big time ... Once. ! He made significant recent investments in THR, SRO , ECR, ROCK , LION , ARK and must be sitting on huge losses. So much so hes had to go back to work. That said hes got his own personal situation to manage like all of us and its all too easy to jump to quick conclusions.
I asked the broker Hybridan weather PJ had paticipated in the placing. They were very professional and would neither confirm or deny. I know were my money is.
I suspect what little was left of PJ's reputation is now destroyed. I once read he is known as the'Fagin of AIM'
I await Doc Hollidays assessment of these developments, but i suspect surprise won't be one of them.
There you go folks, a significant holder was feeding the market with shares thus destroying the price, as i predicted 15/10/19. Going from 5% to no discernable interest is millions of shares, which in a fairly iiiquid stock like Thor, will have taken a number of weeks to achieve.
While PJ is at liberty to sell when he wishes this has been done surupticiously, with noTR1 until all his stock is sold. This is a major reason the placing price was so low. What price he has replaced many of his shares via the placing.
Looks very dodgy to me.
historically,if you go back to 2010...thr average roughly 2 dillution cash calls per year.
so atm,we're a buy.
but in 5months time,we're a sell.
so if mollyhill or copper mountain news lands and its good news,then u know what to do
gl.
I think we are going to get diluted a few more times down the road in all honesty, its all been badly handled this year and gone in the wrong direction.
Ideally the directors should be putting some of that money back into the company and that should be a major talking point at the AGM.
Any refusal to do so then its time to replace them with some who have some faith in their own abilities and the assets Thor have in the ground.
Last financial year they actually spent more on salaries and expenses than on drilling.
Just check the results released in september.
Need a 50% cut in BOD wages
Billing has had a thousand chances and destroyed the company and you want to give him yet another chance - go tell that to the marines.
Mick has another 12months in my opinion, lets see what he can do.
Vote out Billing - put Molyhill on ice and rebuild this shattered company with assets that have market appeal. Stop the senseless dissipation of funds on more drilling of projects that after several decades no one will touch with a barge pole.
MM's doing the flippers a favour, gets them a bit of volume too.
Agreed. Placing shares need an exit route.
Dont go throwing yer money in yet...
Interesting re Pilot Mountain. Would we not be better selling this asset and concentrating on Aussie. Must worth a reasonable amount as it contains elements on USA critical metals list. Any of you money guys have any idea about a valuation?
i'm not missing the point at all m8 .all ime saying,is thor isnt in the wrong assets.
thr's main assets,copper and tungstem/molybidium are the right minerals to be in.
as for tungsten,you;ll struggle to find better goldie,with profit/capex margins,better than this one....
https://wresources.com/wp-content/uploads/2017/09/WRES-Final-Investment-Decision-Report-FINAL.pdf
but sgz is one of them
and if you want to cherry pick,palladium is probably the best performer,this year,price wise.
Wait until the next placing @ 0.1p. I remember the 1.2Billion @ 0.025p a couple of years a go.
As well as Mick geting very well paid for his efforts, i see Ray Bradley the company's 'Exploration Manager' gets in excess of 130k a year.
I think i would give up retirement for that, especially as getting results doesn't seem to be neccessary.
Also from the final results-
Executive Director Service contracts
All Directors are appointed under the terms of a Directors letter of appointment. Each appointment provides for annual fees of Australian dollars $40,000 for services as Directors inclusive of the 9.50% as a company contribution to Australian statutory superannuation scheme. The agreement allows that any services supplied by the Directors to the Company and any of its subsidiaries in excess of 2 days in any calendar month, may be invoiced to the Company at market rate, currently at A$1,000 per day for each Director other than Mr Michael Billing who is paid A$1,200 per day and Mr David Thomas who is paid A$1,500 per day.
Very Nice, no wonder the company is skint.
Trojan You are way off - I have significant iron ore holdings and iron ore is a very profitable business too. As far as I am concerned in the present environment iron ore and gold are my principal focus. Notwithstanding we have several million tonnes of barite in the NT -a critical mineral now given the USA is dependent on China -we have rare earths in the NT another critical mineral and cobalt -lithium. But nothing apart from iron compares with gold at current prices . Thor is just a lifestyle company - Molyhill has been around since Adam was a boy yet people like you still believe the spin.
its obvious that you and a few on here are goldbugs and yes,austrailias wealth is built on the mining sector.
but when its comes to profit margins,golds done well since it bounced off last years 900 oz lows
but so have many other minerals.
thor isnt in the wrong minerals,it has too many,that's the problem,so too much cashburn,
The day CGNR ever mine an oz of gold I will swim to Greenland and back . Study genuine ASX producers and exploration companies -REAL gold producers.