Member Info for AndrewRBell

the key isn't the individual companies, it's the controlling mind behind it

neon the way this works.....companies with the same name popping up all over the globe to carry out different transactions in different places. Remember the way this works: you lend the money - up to 80% of value in a volatile stock at 3% interest for 3 years, secured against a stock transfer. It's really a repo but you dress it up as a secured loan with the legal language and put in some piffle about beneficial ownership remaining with borrower and him getting dividends. Provided he pays on time he gets stock back in 3 years. By the transfer to your nominee you give yourself legal ownership and then promise you won't short the stock (you don't need to as you can sell from an ownership position) but give yourself the right to use the stock for complicated hedging strategies - the reason why you can offer such a low interest rate, d'you see?

His complicated hedging strategy is to go out and sell the stock post haste (in case it falls below his up to 80% LTV). What if the stock goes up like a rocket over the three years, you ask?

Well, (1) he can make margin calls, and read the small print on that verrrry carefully, because he's going to drive the price down with his sales and make them, because when you fail to meet the tricksy terms he is relieved of any obligation to return your stock in 3 years (2) worst case, after three years pop up company number 235 suddenly disappears.

I feel very sorry for JT and hope they catch the villains involved. Meantime the best thing is if the management at Angus carry on doing what they are good at, which is finding oil and producing it, and if you are looking for a good timing to enter a stock when it is undervalued for technical reasons, you never know but this may be a pretty good opportunity.

contracting entity

moroccoknows I have studied this scam sub-species - in this case, Ukrainian and Chinese and Nigerian names on the website, a contacting entity formed in February with no directors/shareholders visible, one Hungarian secretary based in Poland, an 'opener' for the facility called, say, 'Fabrice', an Israeli 'closer' who then comes on the phone.......layer upon layer of camouflage, but at bottom a quite simple scam. I'd go after the brokers who opened an account without (I suggest) adequate DD, and the lawyers, and I'd try every means to prevent the brokers doing anything more. I believe I know who the brokers are but as I don't want to be sued and may be wrong I won't say.

Moroccoknows it means just under 30m left to du....I mean sell

Revoy - that's a perfect example of the low level of discourse that anonymity leads to. Why not call us?

We see a lot of inaccurate information retailed here.

For example the fake quote on Monday at 1355.

We would advise all readers here that nothing written posted by a person who chooses to remain anonymous is to be trusted.

If a person will not take personal responsibility under his own name for what he writes, there is generally a good reason for that.

We have often in the past tried to reach out to some of the most critical posters, offering them face time, a visit to our office, etc so that they could ask questions or present their comments direct. In every case that we have done so, the invitation has been ignored or refused.

Can it be that, like the Wizard of Oz, these potting shed experts do not want to be exposed in their true dimensions? Or is the reason sometimes more sinister?

Why would a sane man - for some reason they always seem to be men - sit hunched over his keyboard for endless hours and days expatiating on the demerits of a stock he does not hold, denying himself even the possibility of some personal credit should he prove to be right?

These questions only need to be asked for the answer to be evident.

So we say again: if you have questions, criticisms, concerns, come to us direct. We will never deny you a hearing and the opportunity to meet.

AB

Ha. There is a historical reason for that. The agreement was to issue us percentages of fully diluted capital. The mgmt had committed to cancel certain existing conversion rights, which they were doing slowly. And some shares were issued to the lender that took our loan out, and our interpretation. Was that our protection extended to that dilution. The initial issues of shares to us to give us our correct percentage gave us short measure. We had to put our points firmly and I'm glad to say the principles were accepted. So we could state percentage, but didn't have a final share number, at point where we announced. The number of shares will be stated in our AR and no doubt our website.

Nothing is forgotten; each issue in its time

Ok

2132 I thought the term of wtts was stated in RNS; this wd have been desirable. I will check. It has a term

2049 an extremely good q for a RGM forum

2042 might be wrong forum for this one !

Reply 2 to 2031: understood re Congo, but legally and in terms of regularity and predictability Congo has taken a step forward. There are reasons we have taken a long tome on DD - far longer than expected - and a main one is we want to plan out risk to the extent feasible. Cobalt comes from Congo (most of it in fact) , copper too. If there is a huge rich opportunity one might take limited risk. Or one might trade the opportunity on. As you say, minerals aren't always in the most developed countries. I hope we have a balance and a spread and we avoid heavy capital commitments especially in higher risk countries.

Reply to 2031: when we went in Kenya's risk not considered bad. Later it fell on the Fräser Institute table: but beware of reading too much into that, there was still v little going on in country in mineral sector and I wd suggest only a handful of respondents (with 1 or 2 long-standing issues so I think manipulated result). Kenya isn't bad; our area had a business-minded MP, so we were unlucky there for a while. Let me say it again, Kenya is in general a good place to do business

Reply to 2019: there is anti-dilution protection against all current instruments outstanding. Not future issues if any

Reply to 2004: if Kansai want to exercise warrants they would presumably have to wait until the price had risen over 20% from the price of shares at the time of issuance, and then pay the exercise price (ie for all of them £500k)

Sure.

1121 someone who unsurprisingly doesn't want to give his real name but calls himself booboobooboo