Member Info for BeenhereB4

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?

Very possible!

The people who run Keras and Calidus did just that - only they are making sure they do get their money back.

When Russell Lamming became CEO last year, as a reward for achieving next to nothing over the previous seven years, and as a sop in case a fall guy is needed should Keras go belly up after the distribution of Calidus shares, he was awarded the option of acquiring 90 million shares at 0.36p, under the repugnant Share Appreciation Rights Scheme, 60 million, of which, have vested. In the next few weeks or months, if he is willing to stump up £216k to get another bundle of Calidus shares, he is probably in a dark room, somewhere, sitting alongside Dave Reeves and Brian Moritz, who recently converted 459k worth of loans into shares at 0.4p per share, to get another 115 million shares, trying to figure out how they can all look those investors in the eye who would have been asked to pay around 10 times that amount to get the same number of shares, all those years ago at the IPO of Ferrex.

It just goes on and on. Eight years or so on from the licence application, nearly two and a half billion shares in issue, and we are still being peddled the same old crap about the licence being 'imminent' that Dave Reeves was peddling three or four years ago. My fear is, that once the distribution of Cal shares has taken place, there will be a similarly timed announcement that the licence is unlikely to, or won't, be issued, and the Directors will try and placate shareholders that the distribution has given them a good deal in the value of Cal shares and to carry on with their investment in that Company, whilst quietly kicking Keras into touch.

Has anyone seen the sad news on the Calidus share chat site on Hot Copper?

Sympathies to his family and friends.

I submitted several questions, but there is about as much chance of them being read out as there is of Alan Shearer ever finishing a sentence without ever repeating himself.

Jim/ SBK. You are both probably right. Can't say I feel as bad about it this morning as I did last night, especially as there has been some positive movement in the sp at last and with Cheltenham starting this afternoon. Onwards and upwards!

I have been invested in this pile of tripe since 2012 and the reward for my loyalty is that my investment is currently down around 80%. On the other hand, Russell Lamming, having taken an active role in a Company which has delivered absolutely nothing in seven years, will see his utter failure rewarded by the potential to acquire 90,000,000 shares at 0.36p. As for the abdicating cowboy, having nearly diluted Keras into oblivion, he has realised that there is nothing more to be gained here and has decided it will be easier to cream off his �150k plus p.a. from Calidus. This may still come good here, especially if Calidus performs in the way in which we all hope, but you have to say, up to now, it has been a pretty dismal effort.

A few years ago, I had an old dog that liked to do nothing more than sit by the fire all day. Poke it with a stick, entice it with a treat, try and encourage it for a walk, nothing would make it stir. Reminds me very much about this dog of a share. I suppose in the next day or so we can expect another "Always a pleasure, Justin" bulls**t interview which normally follows an RNS of this nature.

Although I do not have any evidence to support it and the lack of significant trades does not seem to suggest it, my gut feeling is that the mining licence has already been awarded, and that the necessity to pass the resolutions at the meeting today may have had some bearing on it before an announcement could be made to the market. I know that Companies are supposed to release immediately any news which might have an effect on the share price but doubt if this actually happens in practice. I cannot believe that DR would have spent so much time in Togo recently on just an 'update,' nor do I think that the people from Chaffers would have been willing to come on board without something definite, rather than speculative, to entice them. Just a theory, of course, but I would not be surprised if there is an increase in the level of trading prior to an announcement late next week or early the following week.

............ expects award of the mining permit in 2015.

Sad to hear the news about Steve. I was only thinking earlier in the week that we hadn't heard from him for quite a while and I was wondering if he was still a holder here. He was a big supporter of Ferrex and his posts were usually very informative and optimistic. He will be missed.

Yes BJ, I think you are right. On reading Johnk's message again he certainly doesn't say that he received an email from Dave. Apologies Johnk. Like you say, always important to do your own research. GLA.

Interesting difference of interpretation in the emails received by Johnk and Dancy. Dave must have had a rapid change of heart one way or the other.