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Any mention of likely timescale? I’m sure they must have indicated to lenders/financiers their plans and I’d have wanted to know the timescale if I were one of those.
Not quite bust but never seen them come back .
Wed, 25th May 2022
W Resources shares to be cancelled from AIM on Thursday
W Resources PLC - tungsten, tin and gold mining and exploration company in Spain and Portugal - Confirms shares will be cancelled from trading on the AIM market in London, effective from Thursday morning. Back in April, W Resources had cited the "unprecedented difficult financial and operating circumstances in which the company finds itself" due to the rise in energy prices. On Wednesday, the company refers to "extremely high liquid natural gas prices that placed an excessive cost burden on the La Parrilla mine in Spain with the further impact of the ongoing truck drivers dispute which caused a shortage of critical spare parts". Also in April, Grant Thornton UK LLP resigned as its nominated adviser and Alternative Resource Capital and Shard Capital as brokers.
W Resources on Wednesday repeats that it will continue to operate as a miner and hopes to relist on a stock exchange "should circumstances allow and when appropriate".
A reduction in vat in Spain this should help businesses also gas prices are coming down anyway.
Spain to cut VAT on gas to 5% from October
The Spanish government will cut value-added tax (VAT) on gas to 5% from 21% from October to reduce the impact of rising gas prices on household utility bills.
Prime Minister Pedro Sanchez told local radio station Cadena SER that the move is planned “so that our citizens’ heating bills are lower,”
The government seeks to “fairly share the costs and charges of the [Ukraine'] war”, he added.
The measure will mean a revenue loss worth about €190m per quarter, Budget Minister Maria Jesus Montero told reporters later Thursday.
EU looking to pass the above Act according to Ursula Von Der Leyen's speech last week. Tungsten will probably be on the list of critical minerals which EU would like to source domestically. Good news for WRES being a Spain/Portugal future supplier of Tungsten.
Oh that Paul.
Paul Hailes
Our CFO
Paul who?
Maybe there is a candle flickering at the end of a very dark tunnel?
;-) xx
Ponfeigh
As there’s a green box between my post and your subsequent post, and then another green box after your post, is obvious that one of the sad individuals is continuing posting either nastiness and or drivel.
None of them are worth the time of reading their posts mate.
I repeat, Good luck to all genuine WRES investors.
That's really good news g9 thank you for that l don't care how long it takes as long as it starts up again.
The ERTE scheme is available for a 12 month period.
The management team at the mine are working with external parties to provide alternative energy sources.
The management team are working on the premise that the mine will restart production.
Hope this helps
Best regards
Paul
Limper
Stalker
:-)
I am still patiently waiting and hoping that WRES will survive, time will tell.
In the meantime I wish you all well.
What's that old saying: "It ain't over till the fat lady sings".
Just sold a fund and noticed last time I sold it was 10/3/17 when among other shares bought these with proceeds .
The fund increased 45% over same time .
These as good as gone bust .
https://www.ft.com/content/49552516-0788-46a1-9c0a-d906fd8d6388
EU energy news
https://oilprice.com/Latest-Energy-News/World-News/EU-Looks-To-Intervene-In-Energy-Market-Amid-Skyrocketing-Prices.html
Oh look GUG - you answered your own question!
At some point the Spanish government will step in and the financiers will have to take a hair cut. Who knows where the SP will end up but it's still tradable. At the moment there won't be much of a book as very few will have transferred. Also there won't be much interest in buying, given current situation.
I had the same happen a few years back with Gulfsands, they moved to asset match and although it took a few auctions eventually I got over 3x the transfer price (and ended with almost 200% profit). Some big holders basically stumped up the cash reorganised debt and took most of the asset. Despite all the debt WRES has and the current energy crisis, they still have some very significant assets.
I've already written this off against CGT, as it's effectively de-listed and gone from my broking accounts, so will just wait and see what happens, anything I get will be a bonus.
No point in me cashing this in. I'd rather wait until the fat lady sings and see what happens on the off chance the bunch of muppets running this s**t show ever get it back into production. I might just make half my money back one day...maybe ...perhaps...doubtful.
Going, i think you would struggle to get near the 1p with a sizeable trade.
You don't get a mid point share price of 2.58 pence with the range quoted. How has this range been obtained?