Member Info for addicknt

You are right, Bozi. One of the fundamental tenets of the Stock Exchange is to allow all shareholders to trade whenever possible. They do not like suspensions.

FTJNY, as I much as I wish you were right, the fact is if a bid has been tabled and dd commenced, an RNS has to be released.

Eish, I understand why we embarked on the land grab, but it was not a particularly sensible strategy. As a small explorer, we were never likely to be able to finance the exploration of all the concessions. We bit off more than we could chew and it's my belief this has held us back, in as much as it has made us look a bit unfocussed. The fact we've not be able to convert any of the supposed interest in jvs has added to this lurking suspicion.
As someone pointed out the other day, we need $450m to meet our exploration commitments, and that simply ain't gonna happen.

RK, I don't believe in filtering anyone.

DBW, you know when you go away on holiday to a hot place and a mosquito keeps you awake at night, annoying the hell out of you; it buzzes around and goes into hiding every time you turn the light on. Eventually, at about 5am, you catch the thing and splodge it against the pristine white wall. That moment is coming.

Q, I've asked you before, but can you please give us just one example of a situation where a company has issued an RNS proclaiming a failed fund raise?

Bozi, I think the delay is due to the fact that we're currently around the table with our main shareholders trying to reach some form of agreement.

Bozi, much of your argument is well-reasoned and is a good overview of the situation, and I most certainly agree that all sensible opinion needs to be aired However, I'm not so sure about the more apocalyptic suggestions.
We know the company had arranged finance, either in total or partially, and were then forced to pull it following shareholder objections. Assuming those funding sources remain interested, if our backs are against the wall, the board would be forced to ignore the objectors and take what's on offer. And although this would undoubtedly cause ructions and may not be pretty, at least the company would remain solvent.

We need to be aware of developments like this ,but, as we've been told on a number of occasions, no such rulings apply to our concessions.

Eish, how do you know it was a buy? I'm not trying to put the mockers on it, but it was a late reported trade and I'm not sure when it was actually transacted and what the prevailing price at the time was.

Extraordinary! There was no reason whatsoever to remove the thread.

Fort, I certainly agree with your second paragraph. As far as the first is concerned, as you say...it's been two years and still nothing.

smick, indeed we do, but only if we continue with the current regime of not doing any exploration.

Fort, just a further point on your comment: You correctly say funding for regional exploration cannot be done via a royalty deal, which means it can only be achieved via cash from an equity raise. In turn, this supports my comment: If we have to have an equity issue it will be done at a discount to the current market (assuming we want cash now) and 15p would not be unrealistic. 50m would not seem an unrealistic requirement, thus my observation stands.
There appears to be few attractive options at the moment - if we want cash a high price will be paid.

Fort, I hope you're right but I fear it may be wishful thinking.

50m quid placing at 15p = 333.33m new shares.Pretty heavy dilution for not much cash.
This is another reason why we should sell now.

Zoros, why don't you contact Berry Street and ask them?
In the meantime, and despite the fact that over the past few days buys have exceeded sells by some margin, the market continues to hammer us for having failed to raise new funds.
Btw, I agree with Quadys last sentence, but it ain't gonna be pretty.

rcgl, very good post.

SM, ultimately they cannot prevent us from raising cash, but they can make life uncomfortable.
My fear is that if that article is correct, existing and potential new shareholders will be put off by the fact that BHP and NCM have said no.
What we would all love to know is what, if anything, BHP have suggested as an alternative to the failed fund raise structure.

Anyone who believes every word the company says is naive in the extreme. I should add this is true for all companies.
A board of directors will ALWAYS attempt to frame every snippet in as positive a light as possible. PR folk exist for a reason...unfortunately.