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Simms, with all this talk of 'global upsurge' and the like, you do know there isn't a mine nor even a road to a mine, and that Hapless Harry has been telling us production is 2 years away for the last... oooh... TWELVE YEARS is it?
Still here. Still watching drip-drip sells of six figure amounts as more mugs from the telegram group are topping up and someone (guess who) sells into any and all buying.
Fascinating RNS. No meaningful financials, naturally, so we're left to fill in the gaps ourselves. So here goes.
That the company is £475,000 into the £1m facility provided by 'a shareholder' tells us that it is chewing through cash at an alarming old rate. That there is headroom is meant to reassure, however without further details of the current cash burn and headroom on the various other convertible loan facilities, if there is any, there are more questions than answers from the crumbs you were thrown today in yet another spoof announcement.
This company really does seem to attract a certain type of unsophisticated investor blindly buying because, well, if they were cheap at 1.5p, they must be the sale of the century at 1p!
I maintain that there is a seller willing to meet any and all demand above about 0.65p. The price may be allowed to drift up and down on the tide, but overall the trajectory will be down, and plenty of small private investors will be left holding the baby.
Let's see, shall we?
Down 25%+ since SeagullsFan told you there would be "no selling" off the back of last Thursday's RNS disclosing, in the words of one poster, "complex financial manoeuvring".
Yet the telegram mugs keep coming, so the seller keeps selling.
None so blind as those who will not see.
More pain to come for holders next week. The overhang is nowhere near cleared yet, and it looks like the seller will be happy pulling in more mugs anywhere down to about 0.65.
BGHanson : "there’s some complex financial manoeuvring going on that i don’t fully understand"
That makes a share instantly uninvestable for me. If I can't immediately see how the operations I'm funding will throw off cash that directly comes to me as a shareholder, it's an immediate avoid.
The dealings and relationships here are so opaque, and involving a number of multi-listed entities with some colourful characters, that anything the company and executives say cannot be relied upon, as they have shown.
The Reach announcement earlier this week was a complete spoof. TM1 has next to no interest in those assets and the development of them. It is not financially material, or else it would have to be a full, regulated RNS. No finances were mentioned, just a load of guff about how exciting it is, puffed up by no doubt very expensive reports about the grades and geology, and how it is all going to be exploited oh so sustainably.
Promotion of these structures usually only has one purpose - the enrichment of the directors and related parties at the expense of, you guessed it, the private investors.
RNSs like that of 7 November, and the subsequent drip, drip selling, are a warning all PIs here should heed.
I think the FCA is already looking very closely at this, and if the RTO prospectus approval is delayed there is an obvious liquidity problem for all these entities. A problem which again sucker PIs will be whipped up to fund through the telegram group.
Don't fall for it.
The larger trades this morning all sells. Down she goes again.
Have you telegram echo chamber fools been able to work out what's going on yet?
Come on, it's been over a week since the RNS that should give you a clue.
Andy
What happens if, with the opaque related party deals and colourful chancers involved here, the FCA takes the view that it would rather have cleaner, more orderly markets and keeps kicking the TM1 -> RE1 reverse takeover prospectus into the long grass?
What then? Who is left holding the baby?
Not those drip-drip-dripping shares into the market over the last week, that's for sure.
That news item is a Reach. A marketing communication. By definition not financially material or significant. If it was significant it would be a regulated full RNS.
How much of the Leinster assets does TM1 control? Difficult to tell. We do know it controls norra lot of GBML, another opaque multi-listed related party. But what these assets actually mean in terms of TM1 shareholder value is never disclosed.
So today's news is just a spoof to sucker in mugs who don't know the difference between a regulated RNS and an unregulated Reach. Those announcements don't come cheap. Another few grand of your money spaffed writing and publishing it.
Who is selling? Have you mugs been able to work that out yet?
Those who have bought this crock, with its questionable characters and related party carve ups, on the back of a nod and a wink and a telegram link are mugs. There is no other word for them.
I will continue to point it out so those whose homework brings them here can see the other side of the rose-tinted story.
I'm not going anywhere.
I would also say that what I predicted this time last week has been borne out. Any little buys are matched with big sells, and the trajectory is unquestionably down.
We know who is buying - mugs from the telegram group, either new marks or topper-uppers believing the ongoing narrative that is being spun. But who is selling?
Re-read last Tuesday's RNS and see if you can work it out.
Believe what you like Seagull. It's too late for you, you've already fallen for it.
If I can lead one person to do their own homework around that 7 November RNS and thereby not get involved in this little related party bunco, I'll be happy.
Public markets need to be purged of the likes of Cleverly (did you see the Tingo news yesterday?) and his associates. That is the only justification I need to be posting here.
If you want a positive, ra-ra echo chamber without the bear case I suggest you stick to the telegram group, but I'll be providing some unmoderated balance here at least.
Good to see Simms still retro-fitting what he said last time to more serial non-delivery.
The last RNS said
"Progress on all fronts maintains the plan to launch... before the end of 2023."
"KEFI has working capital in place to underpin its planned runway to the intended launch of the Tulu Kapi Project finance in the coming months."
In other words, you're all in the crosshairs for a placing in the new year. Veteran Hapless Harry watchers can see it coming a mile off.
I predicted last week that any buying would be aggressively sold into. Seagull and Andy wanted you to believe there would be 'no selling'. Yet it is red here for the third day running.
So when are you fools going to wake up to what last Tuesday's RNS actually means?