Member Info for bcl42

Please give it a rest Sonic. You just sound like an idiot.

The problem is that if this spikes after the BOD buying in a 25% discount to the lowest SP (by a long way) and them receiving warrants at 0.8p it will show the BOD up as money grabbing opportunists who have stuck 2 fingers up at long term holders. It will also raise the question as to why the placing was required at the moment before news raised the SP. Some might even wonder if the BOD knew of impending good news and saw a potential last chance to fill their boots at 0.45p plus warrants. I am not saying they did or do.

You make a point that I also made to St. Brides and the defence is already in place. This being that the company has absolutely no idea when any third party will agree to anything whether we are talking mining licences, PPAs or whatever. Therefore these could 'drop' tomorrow, next week, next year or presumably never. This tells me that the company can have no confidence in itself and its offering and is never negotiating but holding out a begging bowl. Not a great way to be doing business in my experience.

I have spoken to the Nomad regarding the 'no plans for a placing' wording in the September 2nd RNS. I will also contact the regulator regarding this and the fact that there is no way (other than attending an Annual AGM in Dublin) of speaking to any of the BOD (unless you are one of the PI's that constantly blow smoke up their backsides). I have also spoken to St. Brides and pointed out that the warrants give out a terrible message to long suffering existing investors.

Just got back Dave. The RNS ruined the last 2 days. I think LC is a long long way from being Mother Theresa and he has more than proven over the last 5-6 years that he is actually pretty clueless.

It’s all pretty dire. I am so angry with LC and the BOD that a large part of me wants to see the company go belly up so that they lose all their money just like ordinary PI’s have done.

He will have been under huge pressure to participate in the placing. If that there is no doubt. Whilst there he did not need to fill his boots with warrants too. IMO that shows a distinct lack of morals.

Bit

I am not with you on the first but if your post JD. Please would you expand.

Pixiedust- he certainly didn’t need to award himself and the rest of the board ridiculously long and cheap warrants. That is definitely taking the pish

I have never felt so abused by anyone as I currently do by LC and the rest of the board. Apart from finally deciding to fill their boots with discounted shares from an all time low I just can’t get my head around the fact that they think it’s decent and proper to give themselves warrants at ridiculously pessimistic prices for a an unbelievable period of 3 years. Are we being told not to expect much more than 0.8p in the next 18 months and 1p in 3 years or are the BOD blatantly gifting themselves huge sums. It’s one or the other.

Captain. You are in a similar position to me regarding your shares. I take huge issue with the directors buying in at a discount of 25% off the lowest ever SP and am even more angry with them giving themselves warrants for 3 years (are we that unsure that we can hit 1p in the next 3 years) with a average price of c.0.83p. I too am likely never see most of my investment again unlike the BOD. It is the barefaced cynicism that gets me. I am absolutely fuming.

Where do I go to challenge the wording in that RNS?

On 2nd September the RNS included ‘At the date of preparing the Circular, the Board had no plans to allot New Ordinary Shares but has proposed this resolution so that it has the flexibility to do so should it be required.’ ..................5 weeks later we have a placing. IMO there is no way that the company could make that statement. At best it is disingenuous. We could dance on the head of a pin and discuss the meaning of the word ‘plans’ but one way or another there must have already been a ‘plan’ for a placing as they do not happen overnight. But LC is a great bloke.

Thanks for the reply Dave. Can’t say I am thrilled at the prospect of stretching our tiny resources over yet another project.

So it wasn’t then. I didn’t see any mention of it in the minutes either. So restricted information about how to take part in a placing. I don’t think any side comment made at an AGM counts as being made to all shareholders.

Was that information made available to all investors?

There must be rules on placings. What’s to stop LC doing a placing at 0.0000001p to all his relatives and mates? I can’t see any proper rules. It feels like ordinary PI’s (and that probably excludes a few posters on here with whom LC may have a special relationship) have been well and truly shafted. How can LC justify the BOD being able to buy at 25% discount off the all time low SP plus additional cheap share warrants over such an extended period? I really really don’t get it from a common decency point of view. I couldn’t do it. It would feel like treachery and betrayal and abuse of my position. But then I am only a mug punter with a conscience. For the record these are my personal views.

The point is that the Board have collectively said that them buying shares is not a good thing to do. All the way down from 6p to 0.6p at which point it’s suddenly become attractive at a 25% discount at 0.45p with further warrants over a ridiculously long period when they can buy even more shares on the cheap. I bought 500k this morning at 0.6p because I trusted the BOD. They stuck 2 fingers up at me and made me look like a mug punter as 0.6p is for the pleb PI’s. Did anyone on here participate? Wimbo, Yaki et al??

Did anyone here participate in the placing?