Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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Arise Martyn Ratcliffe maximum damage, wolf in the sheep pen indeed. Provisions really? No actual mention of trading revenue? Just impairments and losses then.
I predicted this after SAG built their stake.
- Take control of the board - check
- CEO notice to resign - check
- Take control of RNS communication/newsflow - check
- Highlight a problem(s) that requires an audit (paper losses) - check
- Restrict all newsflow - check
Now I'm not saying everything was rosy in the garden but can people not see that this business update is skewed to 11, to push Martyn's narrative. All he has to do is reduce newsflow now until the 12 months from the last time SAG purchased shares to takeover here for penny's. A real shame on our II's for allowing this to happen but there is more than likely a deal in the background to appease, as not one exited yet.
I’ve sold my last tranche this morning, the annoying thing is I nearly sold yesterday, and no, I’ll stay in. Anyway had good potential, hey ho time to move on.
Just reread my 2nd Oct 21 post.
The only change I would make now is the 5-6p to 3-4p.
Radius I think what was worse was that people and SAG's cheerleaders (they know who they are) were adamant this would not happen and voted along with SAG. Shot themselves and us in the foot. If David Lindsay was still in control the update would read very different not saying it would have been good but it could have been balanced. No actual substance to this update. What was the revenue at the end of 2021, what is the current orderbook value? Lopsided reporting... impairments, exceptions, paper losses, provisions and intangible write downs are only part of the story and just pointing to the bogeyman under the bed. If you take the update at face value TPG didn't trade in 2021 and no inclination of 2022 when we are in February.
It's disgusting what Martyn Ratcliffe is doing here and only a fool could look at what's happening and see that the only shareholders he's concerned about are that of SAG. The usual suspects will appear to defend or point blame elsewhere. This isn't kitchen sinking it's a clear intent to destroy value.
It gives me no pleasure because like no doubt the rest of us I'm sitting on a significant loss but fatoomch here goes... I told you so. Leopards don't change their spots after all.
Yes, update could have been a lot more balanced.
Sure tpg isn't in a great place due to legacy issues but what about the other parts of the business?
How's consulting going?
This update only serves SAG's agenda.
I came out earlier - and I'm grateful it was above 5p then - but even so I made horrible losses on this one and as you guys have alluded to, this bad financial position is a charade - amazing that SAG can get away with it but it looks they will play out the poor reporting to span the year from the last share purchases - so they can offer a lower price.
But I'm surprised they feel they will keep their consultants - I would have thought some, if not all of them, will be getting itchy feet unless they're contractually bound to TPG ?