Member Info for Andygolf

So they get 200 million shares at 20p then. I suppose that was the stage 1 figure set. If my maths is correct. 50 million dollars is about £38 million and a few hundred thousand divided by 200 million shares equals 20p.

Comparing both RNSs. What is the amendment?

Where? I don’t see any.

Chilting. If they do the rights issue at 20p and the sp is at 27p then people will snap them all up. Problem being if they want to sell them straight away for an instant 30-40% profit. Maybe if they allow just the ii have the rights issue but that will make the pi feel shafted. Or can they make the issued shares not be tradable for a while. I don’t know.

A rights issue would be one way to do it. The only problem is if the sp falls below the set price of the rights issue. Where would the company set it at? The open offer of 20p for stage 1 was a miss because non shareholders at the time could buy the shares at a discount to the open offer.
Say they set the rights issue at 25p. You would want to be pretty confident that they are going to stay above 25p. If they set the rights issue well below the average sp. What is to stop the pi selling straight away and making easy money.

Dgr. I am not comparing the mines. What I am comparing is the LTH blind faith in it. You could get a transcript from that board on hotcopper and it would be the same discussions in there.

Paaa. I did genuinely top up. I was and still am a LTH. All I have said since Thursday is the Pi through dilution is paying for the extra funds needing and topping up is proving that point.

Chesh. Off course I will be buying back in. But not until the terms of the finances are sorted. I still think it’s a great story. It will be a great investment. I have de risked though.

Dgr. I am not complaining. I am discussing. Nothing I am saying is untrue. Carondean With every LTH top up, it feels as though the LTH are propping this up.

I remember a few years back a big mine was being built in South Africa. Biggest manganese mine in the world. Tshipi mine. All anticipated the day it opened. Now I know what happened to the steel industry but it was still heralded. But the sp kept dropping. Then the biggest pension firm in Holland( I think) invested big in the comapany but the sp kept dropping. Everyone thought it was in the orphan stage and it will be fine. Once the mine is built it will be worth a dollar a share. It finally opened and it kept dropping. In the end it dropped so much that the company made it private and the only way to sell shares is to find your own buyer. Everytime I hear someone say once the mine is built we will be laughing I remember the tshipi mine.

Paaa. We would overspend by billions and be years late but it would be built. Oh hang on.

Chesh.

Maybe a typo. I read it correctly but could be lost translation.
I was trying to say that I agree CF will get the mine built, but achieving that feat would not be spectacular really if it’s not within budget or time.
Any of us could get that mine built. What we probably couldn’t do is get it built in the most cost effective way. This is where CF needs to step up.

I don’t know chesh. That might mitigate it. The problem with dilution is the companies value increase but the investors who do nothing get nothing for that increase. So someone who bought say at 27p before stage 1, might have been investing in a billion pound company. After stage 1 and the sp is at 27p. The investor has made nothing but the company might be worth 1.5 billion. After the next possible dilution, for arguments sake at 27p and the sp goes to 27p. The company might now be valued at 2 billion but the investor has made nothing.
The big problem is others are making on the company increasing its value but the pi isn’t. Effectively they are paying for the mine being built. Imagine a year or two down the line and for whatever reason we need to dilute again. I know this is far far fetched but imagine it takes the company to be worth 7 billion and yet the sp is still treading water. All the die hards will be saying C.F. is still going to build the mine. He is also going to get a juicy fat bonus but at the pi’s expense yet again.
I am not to impressed that CF will get the mine built. In all honesty if they made any of us CEO tomorrow we could get the mine built. But it’s at what cost. This is where CF has to step up. He has already say prior to stage 1, that having 5 billion shares in issue is ridiculous. Well we are already close to that figure and once the bonds and Hancock from stage 1 is sorted we will easily surpass this figure. Then we have the possibility of raising a further half a billion before the banks will even consider lending.

Avocet. Of course it will matter in 2 years times. It will always matter.

Were any bonds converted when we were around the 38p the other week? If they didn’t convert at 38p are they likely to convert at 27p?

Scared of discussion I meant.

Shorts increase. Good news. Shorts decrease goods news. Share price up good news, share price down mm games. Same in every board in here. Used to be better than this in here. Now everyone is paranoid and scared of everything.

Also what needs discussing is the fact that we have to show we can raise the funds before any debt for st2 is agreed.

That’s exactly what the banks are doing. They are saying raise some money and then we will back it. They want to make both ends.

Yeah I bet he’s gutted.