Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Judging by the state of the Company, if the announcement is in any way positive, then Easter Sunday might be an appropriate time to release it.
I suppose the one good thing if this went to litigation is that this lot have spent so much time in various Courts, getting a favourable decision may be the one thing they are good at, although it is difficult to see how a Court can resolve a dispute about who should be responsible for raising capital or how it should be raised. Clearly, there are deeper issues and the reference in the RNS to 'lack of additional sales' and 'marketing being the under performing part of the business' seems to imply that they put the fault right at the foot of the door of Shawn Helda and are either disappointed that he has offloaded a pup onto us or they consider him to be a liability (probably both) and want him gone. The most illuminating part of the RNS was the reference to 'possible restructuring options as the main creditor to Falcon Isle,' which, to my mind, implies that they are considering forcing Falcon Isle into some form of Administration, with Keras, hopefully, coming out the other side owning 100% of the Company.
From the lack of due diligence on both projects, the inability to secure a licence in Togo, the abandonment of iron ore and cobalt leases to the tribute mining fiasco and now this, it has been a shambolic performance over the last ten years by everyone concerned.
Top up their tan.
For some reason, whenever I see an RNS from this lot, I am always reminded of the film, 'The Wolf of Wall Street' and what it must have been like to be on the other end of one of Jordan Belfort's telephone calls.
What do they want another million quid for? Apart from popping back to Togo now and again to pop up their tan, they don't do anything.
Apparently, part of the last placing, from only a month ago, which was due to go towards working capital, wasn't sufficient. In the unlikely event of Togo getting the green light anytime soon, the wording of the RNS suggests that another crappy acquisition might be on the way - a 51% stake in an opium farm, perhaps?
6 Billion and counting!
Andee - It's been emotional!
Best of luck with Calidus.
You are absolutely right, and no apology needed.
Good luck to you, also.
Meant to say 'relative' success of Calidus.
Hi Chirpy - I realise it wasn't a cogent argument, I was just trying to draw the comparison between what can happen when you invest in a management that know what they are doing, rather than a poor one, that form a Company and invite people to invest in developing a project on a piece of land, which, according to some reports on here, they had no legal right to be on in the first place.
I don't have a short memory, I first invested here eight years ago, have not had the chance to average down my holding and although grateful for the the relevant success of Calidus, I am still holding at a loss.
Regardless of my difference of opinion with yourself, Pinecone and Markyess, I wish you and all shareholders as happy a Christmas as you can have in the circumstances.
Jim - next year just has to be better - Merry Christmas, mate.
I suppose, by now, everyone has heard of Greatland Gold. Back in January, their shares traded at around 2p (were sub 1p at some stage, apparently.) Today, they trade at around 35p. About seven years ago, shares in this crock traded at around 2p, have never been anywhere near that since, and now look at them.
However did I get involved with this 5.2 billion shares in issue pile of dung.
Have a very Happy Christmas everyone.
Sorry Marky, I meant another acquisition might be around the corner, not another raise.
Having raised this amount of cash now, I find it difficult to understand why they felt it necessary to re-negotiate the deal with Novo regarding the acquisition of Blue Spec, especially as they say the Company is now fully funded to production, which will, obviously, include paying for the acquisition (even though the RNS does only say the funds will contribute towards it.) What's the difference between paying for it in whole now, or paying for it in instalments, if the funds are coming from the same pile of cash available?
In the same way that the RNS regarding the last substantial raise diplomatically mentioned that the funds were for on going exploration (as does this one) and never mentioned the acquisition of Blue Spec two months later, it wouldn't be the greatest shock if a similar pattern was prevailing and another one was just around the corner.
Marky - Thanks, I hadn't seen that.
Has anyone actually seen a current Balance Sheet for Falcon Isle? Not good, I'll bet. I still find it difficult to understand why someone would be willing to give away 51% of a company that has just gone into production, for around $4.3 million (including loans to be repaid to Falcon Isle shareholders,) which can, apparently, be easily repaid from cash flow generated from profits.
Oil - Not for the first time you appear to have alluded to me as being a deramper, so I thought I would set the record straight. I think that you can tell from the limited number of posts that I am neither a trader nor a serial investor. Nearly eight years ago, shortly after I retired, I had a lump sum (£20k) which I was interested in investing in a growth Company rather than one from which I could receive an income. Unfortunately, I came across a Presentation of Ferrex by Dave Reeves and like many others I was suitably impressed and over the next couple of months I went all in and now have a holding at an average of 1.6p. Since then, throughout the years and through all the dilutions, every time Dave Reeves stated that the awarding of the licence was 'imminent,' or 'the decision was in the hands of the President' or 'he was confident it would be awarded in the coming months,' foolishly, I believed him, until my investment was so far down the pan it wasn't worthwhile taking it out and I am left with the hope of something happening here or with Calidus to get my money back.
So, I am not a deramper - I write derogatory comments about the management because I think that's what their performance deserves.
Notwithstanding all this, I always enjoyed reading your posts when you were more heavily involved with Keras and although I rate it as a rather dubious investment, I would welcome reading them again if you ever felt the need to get back in.
I have sometimes been critical of Russell Lamming in the past, but in fairness to him, despite the delay regarding the licence, I think he has achieved more in the two years since he became CEO than anything his predecessor achieved in the six or seven years before him. To be honest, I am rather surprised that Dave Reeves is held in such high regard here considering the mediocrity of his performance during his tenure as MD.
Hands up anyone who couldn't see this coming. Coronavirus may be a world wide catastrophe, but to an inept management with a deplorable record in what can only, charitably, be described as misleading statements regarding the anticipated timing of events, an absolute godsend.
As I understand it, most people unfortunate to catch the coronavirus will suffer flu like symptoms for a couple of days before making a full recovery. Anyone unfortunate to have invested at the IPO of this load of crap will have caught a cold nine years ago and still be suffering.
I have emailed Russell about the delay and he has replied, the reason is that, in the event of the share price dropping back to 0.10p, at the moment, they are having difficulty coming up with a suitable name for the next incentive scheme. They are, however, hoping to resolve the matter when they all get together at the next meaningless Calidus Presentation, which is due to be held, shortly, in Acapulco, and he will update the market as soon as investors have had the chance to stop laughing at the last bull**** RNS about the necessity to have a capital raise less than two months before a consolidation, in order to finance some futuristic capital expenditure.
Fake news? Well...…...maybe not all of it.
If the wet season lasts until March, does that mean that the mine will only be operational for nine months of the year when fully up and running?