Member Info for bandit1

Addicknt - it is difficult to watch a share drop as far and as quickly as this one has without questioning ones decision over and over again - I certainly have. As I have said on here many times, we have a lightweight CEO who appears strong technically but has relied upon advisers too much which has forced us down a blind alley with no way out, at least that how is seems at the moment. Poor communication skills can be overlooked up to a point when things are going well but at times like this, small shareholders require information at least to keep us in the game. The II's will be fully aware of what the plan is. Talking cynically, it may be that the II's have their own plan to acquire a very large chunk on the cheap therefore we don't matter a jot, which is usually the case on AIM. PI's selling out will help their cause. I sense that there have been many like you who have sold over the last few months and I have considered it but have time on my side and I do not require the capital tied up here. I do not feel that a trade sale is likely at this early stage of this project but a buy-in with major dilution is possible. The hope that I cling onto however is that Hanwa, Blackrock et al are sitting on big paper losses here too and will know that to commit more capital may be the best route for them to obtain a return on their investment. We are all in the dark presently and I just hope that this is not another AIM horror story where poor management make a pigs ear of a great asset. Additional investment from existing investors and a new CEO will give us a chance........

The apparent ' lack of concern' shown by Secker evidenced by some based on email exchanges with him should be a concern to anyone if that is indeed true and I have no reason to doubt that interpretation. Yes he will put a brace face on recent events, that is human nature but I am Indeed concerned with the current situation as I am sure, others on here are too. An increase in commodity prices would not necessarily translate to a corresponding and proportionate increase in the share price here as most will appreciate. What the market wants to hear from the CEO is a plan to raise the requisite funding to be able to hit the $420m figure and to guarantee that we do not lose the commitments given by some of the strategic investors. Why are there few buyers around sweeping up shares at this bargain basement price? In my view it is because the market wants a plan. Not rocket science so when no plan is forthcoming the market assumes there is none - price goes down! Get you act together Secker this is not the way to run a business.

Sold out here some months ago due to concerns about the CEO and lack of commas. Delighted to see that he will be exiting soon hence I have decided to reinvest here. One-offs had a big impact on bottom-line but underlying OK and debt a little down. Worth a punt at these levels now.

SOTB - You don't say! You must be a detective in real life with that sort of comment!

Our chairman, Mr Cross, rarely issues news so I have no doubt that many have wind of some positive development with one or some of or licenses and are getting in ahead of the game which is super if that is correct but it is also called insider dealing. We all know that there is no sanction on AIM or indeed rarely on the main markets so it is rife. Rest assured he will only issue an RNS if and when it is absolutely necessary for him to do so from a regulatory point of view. I look forward to hearing from him when he is ready to inform us in an official manner!

Well Cross cannot be confused with the word communicative but it does seem that some folks have heard something as there have been some decent buys today. I can live with that as long as he delivers shareholder value over time.

Thanks Addiknt and yes you are right that it is more than a little obtuse. Nothing we can do in the meantime however apart from simply waiting for more updates which will hopefully confirm that our existing strategic partners will take the place of the failed placing but that may be wishing for a bit too much at this juncture.

Well, the mind boggles addicknt if you are unclear about what he is implying from his reply. All I would say at this stage is for a Board to agree the issuance of share options at this time when the share price has been trashed is either total madness or they know that they have funding assured and can defend the issuance. I have to believe it is the latter as the institutions would have a big question mark over this sort of decision without a big RNS waiting in the wings to stop the bleeding. So, I look forward to better times ahead - boy do we need it!!

So, Secker is a technician and not a markets man so has to rely on his broker and we know that is why we are in this situation today. I wonder if they explained to him that the share price will be in free fall indefinitely because no private investors will invest even at these levels as there is no floor and therefore it is a self perpetuating problem. Strategic investors are clearly not making further commitments so market makers have a filed day and keep dropping the bid on fed up PI's selling up. Serious situation here and whilst I can sit it out it is the silence which I find unacceptable.

Hi Stroga - that is what I call a cowardly statement. I would have respected him more if he declined to answer or said that he would make a comment through the official channels to explain what he and the Board are doing to halt the destruction of shareholder value. Someone needs to explain how the markets work. If you screw up a fund raise as he did you need to reassure investors that there are various other options which will be used to raise nexpcessary funds. Are the strategic investors just waiting for the shorts to finish their work so they can take control of the company for a song with a promise that Secker has a cushy consultants role and to hire a proper CEO to resolve this situation. Blaming the market as a blanket statement does just not cut it for me I'm afraid.

Not suspended but book not open as yet. I remain of the view that we will see a fund raise RNS soon but I am probably wrong.......

Our esteemed leader is not known as one who keeps shareholders fully informed of developments is he? I do accept that this can have advantages at times however on a day with only £25,000 of value traded and £3m wiped off market cap he needs to consider whether he could put a little more effort in. Or, he will just do as he wants to..........

Degsie - I think most people on here and indeed all that have been selling since the failed placing will be acutely aware of the proven assets in the ground. Sadly, as you will know this is all academic until we can show and tell the market that we have the funds in place with which to execute and to realize the asset value in the ground. Secker will be working 24/7 on this I have no doubt and the strategic investors will be wringing their hands as they contemplate their role, if any, in supporting the company further to realize value. Until we hear about Plan B or C the price will hang around this level in my view. I am not the most patient investor but over time have realized that we PI's need to believe in the big picture i.e. proven assets as you say and II support etc, but CEO are rewarded to make things happen so will hold pro tem untill we learn more from Secker.

Shelly Marie - it would take me a few hours to write a detailed response but the short one is that the FCA approves firms to make markets in stocks but don't have the resources to micro manage every firm on price movement on every stock. Given that there are a number of market makers on every stock there's should be an element of competition to keep them honest but it often does not seem that way. Best to view AIM and the markets with a healthy degree of cynicism and learn as much as you can about what to look for. Fact is that there are a lot of people in 'the City' who know more about what is about to be announced before private investors or they have experience of how private investors are likely to act and position themselves accordingly to make money at the Expense of the less experienced or less informed! So, I always say to folks if you invest in AIM stocks expect the unexpected, trust no-one especially on these boards and rely upon official information and objective research to make your decisions. Otherwise don't invest here as it can be painful as we have all experienced over the years.

I have no doubt that there will have been a huge number of shorts opened over the last week based on sloppy management of price sensitive information and this will have exacerbated the drop. Don't expect any action from FCA who are as much use as a toothless comb. Some good news in RNS but don't expect that to get in the way of increased capital costs and no reference to HM Gov underwriting etc. Shorts will close during the day and new buyers will come in so price will rise from here but many others will just have to look at portfolio with a big gap where there used to be a nice fat paper profit. Frustrating as I also bought more yesterday on the drop like a mug.

I have no evidence to support this gut feeling but I would not be surprised to read an RNS announcing a fund raise at or around 40p. Seen it many times before and after the event it becomes apparent that those in the know have sold in advance of the announcement. Now, this may be wide of the mark but time will tell. As regards the lack of communication, It seems to me that Secker is not a front man but really smart CEO's who are perhaps lacking in that area hire a good PR/Investors relations person to ensure that shareholders are keep informed on a regular basis. What are the Board doing to fill this obvious gap if the CEO does not see it?

Tough to be positive here at the moment if, like me, you have an average of £1. Yes, the proven asset value should provide a floor but someone has been selling since the failed placing and yes some will say that the MS commodity report was bad timing, but don't forget that the company and advisers knew about it yet continued so made an error of judgment which has cost all of us, at least on paper. Not sure where the floor is but should find out soon. I think that Secker has a last chance to redeem himself and the II's will be pressing him to deliver Plan B or Plan C before the share price drops to such a level diluting the hell out of everyone! Thankfully the II's will have a big say on next steps as they will not be content with huge dilution. Looking forward to better times ahead.......

Over cornflakes this morning the market makers will have decided to drop the bid again as they did yesterday and will do every day on shares in which they make markets to collect cheap shares and increase volume as that is what makes them money. They know that there will be weak holders who will panic or there will be others who will lose patience and sell their shares which will be collected cheaply by them to sell to others for a nice margin. They know the companies they cover and they understand the psychology of spiv traders better than any of us so will use that knowledge to make money. In my view they know that there could be very big announcements here in coming weeks and months but they also know that there will be opportunities for them to drop the bid and keep collecting shares on the cheap. That is what market making is all about and they are in the unique position to call the shots. Of course there are more than just one firm making markets but they generally act " in concert" as they have read the same training manual. I am sure that we all have examples of shares which we either sold too early having believed the nonsense on bulletin boards only to regret it or we held despite the nonsense with a paper loss only to cash in at some point later. Keep your eye on the prize recognizing that this is indeed an explorer but with very good prospects and ignore the spivs as they will disappear quicker than the next RNS will drop here.

I think that Wigan is simply attempting to wind people up and create negativity. It is either that or he is incapable of reading an RNS and understanding it. Not sure which one it is but best ignore as not worth wasting your time on it.

Sadly the short funds control the price on a daily basis and until we see a major shift in sentiment which would have to be driven by a major announcement of new high value contracts or some new enhanced product development I believe that further downward pressure is inevitable. At some point I will buy back in as this will be a takeover target for some big players with deep pockets. Surprised that long funds don't write articles pointing out the similarities with ARM to balance the constant bashing we read in print.