Member Info for addicknt

Hi Kluck, yes, I am out at the moment and will remain so until the finance issue is definitively resolved.
As you know, I believe in this project but have serious doubts about Secker and his ability to get the funds.
I sincerely hope he does, but after 5 years and having taken a serious cold bath, I want the risk removed before I press the buy button again. In the meantime, it's fingers crossed.

BBN, I agree with virtually everything you say and I most certainly wasn't bemoaning the fact you've managed to get in at these levels. Well done.
And I hope you are correct about the pricing. Sadly, however, I fear you are not.
For those investors who take an interest in our pitch, they will know full well how exposed the company is and, this will not come as a surprise to you, they will drive a very hard bargain. They don't give a flying toss about existing shareholders, specifically private investors, and will want to see their investment give them the vast majority of ownership.
What the passage of time has done here is to reduce the likely percentage which existing shareholders could have expected to keep (lets say 30/40%) to probably no more than 10%. Hence my analogy with a cash shell. Simultaneously, the debt market for this type of deal has become far more expensive and this of itself makes equity financing more difficult.
For those of us who've been here a very long time, we've always known about the dilution issue and I can't recall too many folk having a problem with it. The real problem lies with how PS went about it and the opportunities he's missed, all of which have cost shareholders dear.
This is a project that should get funding, but whether it will or not, remains to be seen. I genuinely hope it does.

L2, the assets are only worth what someone is prepared to pay.
I know I've said it before, but christ alive I wish PS had raised the cash last year whilst the iron was still hot. His argument then was at circa £100m the company was undervalued. Well, here we are one year later and it's worth £20m and the task of raising the cash is far, far more difficult and damaging to existing holders.

BBN, many good points there, however, there's no "may be" about the dilutive effect of the funding; it definitely WILL be dilutive. In fact, issuing new equity at anything close to the current prices will have the same effect as being a shareholder in a cash shell when a reverse takeover occurs. Existing holders will be left with a small rump of the company.
However, there's nothing wrong with this if you are a new shareholder buying at these levels; it's only difficult for those holding at much higher averages.

garyn, agreed. I've always been deeply suspicious of this argument and became even more so when PS used it as an excuse for the failed placing.
We all know why this has fallen from its long term price range of circa 80p. There is one reason and one reason alone; funding, or lack thereof.

hobione, if only it were that simple.

A £55k sale in relation to a nearly £700m market cap is not exactly earth shattering, is it? In fact, for a lot of people on here, it would only represent a small part of their own holdings.

Dallas, it depends when your start point was. Mine was 2014, and the mine was due to be operating in 2019.

that tweet needs to be investigated...but of course it won't be.
But I do wonder why the company couldn't have put out something yesterday afternoon. It may have stopped some people losing a fair bit of cash.

and Greatland agree a farm-in agreement.
I do wish New would stop spending their money on the wrong things.

"deals with assets of £2bn, all lined-up and ready to go"
I wonder what happened to these "deals"? And I wonder how many people bought shares in Whet as a result of this statement?
There's hardly any need to mention Williams magic calculator and the £50 per share valuations.

Okay, thanks DBW.

that yesterday someone posted a reply from Anna which stated "an update will be provided by the end of Q1".
This does not necessarily imply that the PEA will be produced; just an "update".
This seems a curious choice of words and is open to interpretation.

I'm somwhat surprised that this seems to be news. It's been discussed many times over the past months.

nickel, I'm sure you're right.
The company really needs to get some news out pdq.

And yet it still drops another .5p.
In 5 years I've never seen this share react in this way when there have been nearly 6m buys. Quite the contrary, normally it would be up about 10p. In my opinion, someone really does know what's coming.

Okay, if we accept your argument, when will a bounce occur? (presumably there are charts which will show this?) My bet is that it will only happen once funding is in place.

No disrespect ma5k, but technical analysis is wholly redundant here. This is about one thing and one thing only; have they raised the money and is it really at 10p? (okay, that's two things, but you get the picture)

Under any normal circumstances with this share, the current level of buying would have shifted the price northwards in short order. it strikes me that the market must believe the rumour.

Good heavens! I hope this isn't the case.
It's kind of difficult to believe that this share stood at circa 80p for years. Nothing has changed with regard to the asset, the failure, as has been said many times, is all down to Secker. In my opinion, the man should be sacked immediately. His failure has destroyed shareholder value and in most other circumstances a CEO would be out on his ear.