Member Info for ART123

Maybe the Molopo Farms Botswana-based drill team forced him out for stitching them up by paying for part of the drill costs in shares valued at 2.25p when the share price was at around 1p. That is not the way to do business, especially after all of the pre-drill hype from POW. Maybe, bearing in mind that no hugely positive drill results have been announced so far, the conversion price should have been restructured to reflect the current share price.

Funnily I was going to post to this effect when the share issue payment was announced a few days ago but only really as a joke but blimey, he has gone already.

Paul Johnson looks and sounds alright to me. He is certainly still talking the talk.

But to be honest, when you are 99% of a company, as PJ is/was to POW, then you would only step down if your own health was a serious issue. As far as other family members are concerned it is not as if he was working in and tied to Africa, or indeed any other foreign destination, so the reason for quitting appears to be only one part of the story.

Either he has given up hope (in his own baby?) or he was ousted by the other members of the board (unlikely) or what? - maybe he just used someone else's health issue as an excuse to quit, which I'm afraid is quite poor.

What next? - maybe next he will use the same reason to sell his entire holding at a modest profit (his average is about 0.72p).

I thought PJ was gone when Boris (Johnson) was ousted. The 2 of them rose (and fell) together!!

Typical of the slimebag posters you get on shares like this one. No one posts until others have posted and then instead of facing up to the news they spend their time picking on other posters' posts.

It looks like he's cleared out before the Molopo Farms assay results appear - or rather diasppear as they are likely to be much the same as the assays from the 2020 drill - as he has been having the unsuspecting on about this non-existent discovery for a while now.

I think this should maybe have been the headline of this RNS rather than mentioned as an aside some way into it.

"As a result of and to focus on certain critical family health matters Paul Johnson is to step down as Chief Executive Officer with immediate effect and from the Board on 17 March 2023."

Saw it coming as this approach just has not worked out.

On the move - upwards!!

Misleading spread by the MM's. It's 1.6p to buy and 1.522p to sell and the spread is 1.55p to buy and 1.45p to sell. Stupid - and not encouraging buyers..........

8% up - 80% up - the size of the buys yesterday and so far today has been surprisingly large and as there are so few shares in issue - and the CEO has nearly 25% of them as well - this means that a 500,000 buy is nearly 1% of the total shares in issue.

Lordbling - clearly the poster to ignore and not sharebel!!

He's missed the bottom. The fall was yesterday. 5% up already today. More buying will happen as the price rises.

While there is a chance of this bagging, as per MEAL and MCL, then Sharebel is quite within his/her rights to promote this opportunity.

I did very nicely out of MEAL but then missed MCL altogether - and I'm still fuming over that now as their rise there was intense. Probably a less intense situation here though this could easily 2/3 bag if the selling dries up.

1.6p to buy now, 1.55p to sell.

ATB

Apart from the bag potential, the management hasn't thought this through properly. The company, which has been trading for nearly 10 years, has £40/£50M a year revenue and not that big a loss which some sharp cost-cutting could have reduced to make the company profitable.

Also as someone pointed out yesterday, with only 52 million shares in issue they could have raised enough cash to stay trading for another year or two while they cut their cost base. Getting the revenue in the first place is always the tricky bit.

Not to worry, as to be honest I'm just hoping for a quick profit before they delist.

AJMO

Look at the facts: MEAL announced they were delisting causing the share price to slump before it 3/4 bagged over the next week or so. Also MCL did the same and 4/5 bagged in one day! Will the same happen here? There's no reason why not. Besides the company has treated the shareholders disrespectfully so a quick profit at the death is one way of getting even with such behaviour.

There is a seller in there somewhere who is keeping this down at the moment because for most of yesterday and so far today there have been a lot of very nice-sized buys which without the seller will be quite enough to push this way back up by several pence per share. Just a case of waiting for the sells to dry up now before the fun begins.

AJMO.

Warning: previous rises in other delisting shares is not a guarantee of the same result here.

ATB

Despite the prompt response from BEN about the reason for MBU offloading 22 million shares, the more likely explanation was that they were about to get another 23 million from the conversion of the Loan Notes and didn't want to increase their holding by any more.

With 2 months out of the 6 months from 1st October 2022 to end of March 2023 so far with tiny sales (ie no trains) and all sorts of extra costs from HWM, to repaying Loan Notes and buying stock and Rail Holdings there certainly won't be any dividend coming this year. The Interim results showed a tiny Gross Profit (£942K) but that was before 'The Group incurred $6 million of non-cash items including depreciation, depletion and share option charge). Profits are only booked after the payment of such items, so the Interims basically showed a $5M loss.

Also the $ 7.4 Million cash as of 30th September 2022 was mainly due to the £6 Million placing 6 weeks earlier.

MBU recently sold 22 million shares, apparently as the company were quick to point out 'following demand from institutional investors' which effectively reduced the share price from around 24p to sub-20p - and yet despite this 'demand from institutional investors' the share price has stayed at or below 20p. It looks like the 'institutional investors' probably just flipped the 18p shares for a quick profit.

Now MBU have another 23 million shares that they don't really need. What are they going to offload them for - 14p??

23 million shares were issued to convert the £4.3M outstanding on the Loan Notes. Of the £4.3M outstanding £2.6M was convertible at 15p - so 17,333,333 shares - and £1.7M was convertible at 60p though that was reduced to 30p - so for 5,666,666 shares. The difference was the additional interest which was converted at both 15p and 39p.

3 TIMES AS MANY SHARES WERE ISSUED AT 15P THAN AT 30P.

I don't need an agenda - these are just facts.

With all this silence about production, trains, the 2nd HWM, etc, etc something had to break the 20p support and now that is done at 15p. Wonder where the share price is heading.

All far too cosy. The speed at which the company informed shareholders about the recent MBU sell-off was way off the lack of communication about everything else. And all this mention of a maiden dividend, a maiden dividend, a maiden dividend - which will probably be cancelled before it ever happens due to financial or production issues anyway.

The only thing that is making this investable is the very high price of Met coal - but even that could crash like the price of thermal coal at any time.

With all this silence about production, trains, the 2nd HWM, etc, etc something had to break the 20p support and now that is done at 15p. Wonder where the share price is heading.

Another RNS without a single word mention of production (the last production update was 2nd December 2022), whether the HWM is assembled and up and running yet, or of how many trains left in February (or none as the shareholders believe), or even what they intend to do when the stockpile gets so big they have to slow down production for a month or so. 2 very convenient mentions of the future dividend though!

As for the conversion of debt into new shares. MBU had recently sold 22 million shares - as the company were quick to point out 'following demand from institutional investors' - but now they have another 23 million shares.

£2.6M was converted at 15p for 17,333,333 new shares and £1.7M at 30p for 5,666,666 sharess. The £1.7M was due to be converted at 60p but rather conveniently that was quickly reduced to 30p - provided MBU converted immediately (was that before it was reduced to 15p along with the rest).

So with 3 times as many shares issued at 15p than 30p surely the share price is far more likely to go to 15p today rather than 30p.