Member Info for BigBiteNow

they can achieve better.

Cenzo, whilst the lack of news here can lead the mind to conjur up all sorts of explanations for why we are where we are, at a time like this it is best to keep to the facts when they are available. When one reviews the rules for nominated advisers, particularly Page 9 section 19. it states that 'A nominated adviser should advise the Exchange as soon as practicable if it believes that it or an AIM company has breached the AIM Rules for Companies or these rules' and 'Where a nominated adviser ceases to act for an AIM company, it must inform AIM Regulation as soon as possible (by email) and must include with that notification the reason why it has ceased to act.' These are facts that the company would know of and it is highly unlikely that they would act in a manner that would give opportunity for them to be brought to task by the exchange. The investment that Titanium has here, although no doubt prescious to them, would not warrant a level of rule breaking, that would jeopardise their ability to carry out other businesses in the future. Furthermore, they would know Northlands responsibilities and be aware that they would be obligated to report it. Secondly, the search for a new nominated advisor, we would assume is ongoing, as it is common sense to believe that Titanium would wish to do everything in their power to preserve their investment. That being the case, one would expect, given the seriousness of not having one by 24th December, they are talking to more than one. There is no informaition available on how long an advisor needs to satisfy themselves that a company can be represented. However, given the time limit set it must be possible in 30 days. Given the requirements of role set by the exchange, it is not unreasonable to think that a minimum of 3 weeks would be required to carry out due diligence. Northland quit on 24th November, so next Tuesday is 3 weeks, so I would expect that would be the earliest we would hear anything is middle to the end of next week. Therefore, by default this will go close to the wire. In the meantime, I would add two things. It was my understanding that a company could not issue RNSs without a nomad. However, having researched this a little, I see that Sefton Resources lost their nomad on 23rd Oct and have issued 4 more RNSs. Sefton aren't expected to make a come back onto the market, however the fact remains they isssued RNSs without a nomad. Secondly, with so many futureless companies surviving on AIM through placings, with nominated advisors on board, it is difficult to conclude that PRG has no future at all. That diamond prices are under pressure is true, that funding is difficult to come by is also true, but that is the case for nearly every junior miner on AIM. That does not mean that they do not have a right to be on AIM, and therefore represented by a nominated advisor and be able to make a placing to keep the company afloat, which tells me the company still think

Well if that is true and the company hasn't reported it then it is same old same old here on the mushroom farm. That is price sensitive news end of

Strange the company did not add further comment on the price movement. It is fairly large after all.

Couldn't have written it better myself! ; ) not sure that is the reason for the big sell off, still think it's a distressed seller

http://allafrica.com/stories/201511251882.html Here you go. The ban only affects simple licenses NOT concessions. If there is a problem it is not the timber license itself. Personally I think it's a big seller who wants out and with the smallish trading in this stock, is having a large affect on the price as there aren't too many takers at the moment.

Welk from my research the licenses don't affect concessions, so not OBT. Look on africanews Mozambique and there is an article about it. Perhaps it's big Frank leaving the party. With recent announcements it's looking very cheap. I would think its investors bored of waiting, what with revenues not expected until late next year.

To be fair the Nomad only quit a week ago. Negotiations need to take place and books checked, history checked etc etc before a new Nomad can sign up. AIM give 30 days to find a new one so it must be possible to do, but I would think at least another week before we hear anything on it. Just my musings of course.

I don't believe this is becoming a dog. If anything the company may finally be starting to make the progress they promised 2 years ago. The problem I have is honesty. Belief that what they have told us is correct. If you believe them then in 12 months time this company will be making potentially £8-10m profit. That's very healthy and would push the company up towards £100m in value. And that's without the timber bonanza. But will it happen? There are still many loose sandstorm RNSs that the company has never cleared up. They have also never admitted their errors or apologized for the delays. Yes there are new people involved but will they be any different if they are with the same old crowd. I hope it comes good and the timber play comes off.. that alone is probably worth a small punt, but until there is concrete clear direction, it is likely many will stay away.

Sizeable seller here by the look of it. Starting to look very cheap

Well surely there needs to be a new nomad on board first before any news can be announced. Else who approves the RNS? I was thinking that process at best will take till the end of this week, what with due diligence involved. Funding would then follow immediately after, if secured

Yes certainly your thoughts make sense with regards to the loan, but I would have thought the company would, given the 10 day rule, look to update the market, if for nothing else other than reassurance. The announcement last Friday was for me along the same lines. They can of course stay silent and if/when the lender calls the default, then declare, but i would expect better than that, given the keenness to update the market on the loan agreement later last Friday. Otherwise its just another thing hanging over the company.

One would expect an update from the company later today on the state of play regarding the loan, particularly as barring a miracle the company will be suspended Monday

It is a shame that the share price has not been given a boost fro m the last two pieces of news. However, havinh invested here for over two years and been given the same sort of price data when I first invested, it being pineapples, tomatoes and chillies, i can see why investors may be a little wary. What this company needs to deliver is revenues. There has been far too disappointment and trust needs to be rebuilt. For instance, where are the mango plantations? There has been no update on their progress. we were told a couple of years ago they would be yielding about now, so where are they? What Obtala urgently need to do is improve their communication and update the market on what they are growing, planting etc and what they arent, otherwise its just more words on paper. yes the certificates make a big difference but we still need more clarity and then perhaps more investors would come.

Jeffa, I suppose anything is possible on AIM but the way PM has conducted himself over the last year and his constant championing of the small investor, he would be doing his reputation some harm if he then decided to cut and run. Also as i have said in an earlier post, he needs us. We take on a large percentage of the risk, we are a market in which he can later sell the £1.3m loan at 3p shares. There is too much risk in this venture for Titanium to go it alone in my view. I would say that I forgot to add earlier that Titanium took on the convertable loan note from Obtala (see RNS 27th August), which was revalued at £998,000 and is convertable at 2.75p. If there is no market then these 'loans' can only be called against the assets, which is counter productive for Titanium. The convertable loan note equates to 36m shares. The £1.3m loan for lanstead shares equates to 43.3m shares. Thats 80m shares. One would think that Titaniums strategy would be to convert these shares once the business has progressed far enough to make their inclusion accetpable to shareholders and at a time when enough dilution is in place to keep them below 30%. Titanium own 60m shares, add the 80m makes 140m. At 29.9%, thats roughly 470m shares total, meaning the shares in play would need to increase to 390m anyway, which Titanium would have expected through negotiations on funding both stages. So the strategy is there and the incentives for PM and Titanium to push this hard to get funding agreed are very high indeed because whatever the funding partner makes, in the long run Titanium will make a heck of a lot more.

In my time on AIM I have seen some strange and often unbelievable things so one must always be cautious, but if we are to be involved in this investment sphere, then we must place our faith somewhere and in doing so must base our view point on facts not scaremongering, however difficult that may be at the time. With Paragon Diamonds the unknowns make it very uncomfortable place to be at present. However, placing utter incompetence aside for one moment, because whilst possible it is most likely not the correct outcome, given the progress made over the last year, the moves made by the company under Titanium and what is at stake. The way this is playing out does not make sense unless the board have a plan we dont know about yet. The percentage owned by Titanium is significant (21.6%) but they are also exposed in the form of a £1.3m loan they made to the company to buy the lanstead shares. Whilst this must be paid on demand, it would finish the company and cost Titanium its 21.6% stake. So common sense says this wont happen. Therefore Titaniums stake is big enough to warrant a solution being found, whatever it may be. To protect these investments Titanium could easily take up a further 8%, thus remaining under the 30% threshold but adding potentially 21.5m approx shares at say 3.5p. This would equal roughly £750k, more than enough to see the company through another 6 months, maybe more. But they havent done this move yet. Why? When you strip out total incompetence, what is the reason? It must be that they want better than that, that they feel they can still achieve this without undermining their investment. So does that mean the funding is still being negotiated? Well why else prolong this situation? There must be an option that is worth chasing or a placement would already be with us and we'd be trading again. Then the arguments would be over confidence and sentiment. And given that the company has already done placements in the past, one would assume that they have such an option as a fall back. Because why wouldnt you? If the small time investors on this board can think of it then one would have to assume the board has also thought about it. Remember they did a placement in March for £130k, before 3 months later taking on the 500k loan, which it is clear now was for day to day expenses. Thats £630k in 8 months, not a significant running cost by any means. The only problem now of course is the nomad but if they demonstrated their strategy then surely convincing a new noamd would be achievable in the time frame. Even better of course would be the mysterious funding package. Whatever the case, we deserve to be updated by the end of this week. I have no problem with the suspension but some trust needs to be rebuilt here and we deserve to know what the company is trying to achieve and in what time frames.

I see this as a big positive. There must have been discussions with the lender over the current position of the financing and the company's perceived outcome. The end of May date is significant in that the company must surely expect to have revenues of a level that would allow the company to pay back the £638,000, OR a healthy enough share price to justify the lender converting at 5.22p. Secondly, it seems to me that Mr Manduca is employing every trick of the trade here to protect the share price. The continued suspension in my eyes is a convenience over a necessity. Otherwise a placing would have been declared with this loan extension. It may still come of course but it seems to me that the company at least believe it is worth employing the weekend and indeed next week, before declaring their next step. For me that is finance related over share placing. The question of course is if the financing does come, how dilutive will it be.

I keep reading about talk of shattered reputations. That's very strong wording given the reality of the situation. PM is trying to do the best deal for Titanium, which in turn is the best deal for the little guys (us). I don't believe for one minute that we are really of any real concern for PM other than he needs a stable share price and a market to tap should he need to. If there wasn't so much risk and need to spread said risk, we wouldn't even be involved in this business, it would be private. But there is and we are. . And we get to hang on to the coat tails of a billion pound business man, something I assume all of us are not. A deal will get done and one or both mines will go into production. Small investors get hung up on timeframes, but the reality is, it is about the quality of the deal. Dilution, royalties etc. And that is what PM cares about. Yes there may now be dilution for the loan and ongoing expenses (hopefully not). However that is the easy route and one PM was trying to avoid. Again for Titanium not the little guys. We just win too if he pulls it off. To avoid this and try to get a better deal only at the moment brings the risk of time, which in the long run is better to give up than ownership. Should the chance to buy mothae begin to diminish or cash flow be an issue, then naturally a placement is the fall back, but PM is clearly trying to avoid this as long as he possibly can. Likely because he has the upper hand on Mothae. Hardly a position from which small time investors can state his reputation is shattered.

Well AIM is certainly not the weak of heart. My main reassurance here is that Titanium have a big stake here and I see that as the reason they are so reluctant to simple make a placement. That is of course good for us also and partly why i am invested here. That said a placement is a legitimate back up plan to maintain the company through the funding negotiations and to pay the loan off. Not ideal but in the long run, not that big a deal. After all that is what the likes of KIBO and Firestone have done when it suits. So far here we have had only a reduction in the number of shares in issue (although titanium will no doubt convert Lanstead shares when there is sufficient dilution available later to do so). So the company is still in a very good place, albeit that the funding discussions are more difficult than first thought. It is obviously worrying that the shares are suspended but far better than watching the price disintegrate before our eyes.

market now cap £11m? Wow! If they put this deal to bed then today is a day to remember. Surely the company have got to update the market Monday