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One would think that if there were problems with the funding that this would have been announced by now, as it does the board no credit to leave it to the last minute. Or am I showing too much faith in the board. The last known message came from the finance director himself was that the deal was done and that legal due diligence was all that remained. The lenght of time to resolve is somewhat unnerving and an update would have gone a long way to strady things. What we do know is that we will know, one way or the other by Wednesday.

Yes saw that, well noticed. Next payment is due January so one would expect that Phase 2 financing is going to be presented. Perhaps a debt facility with placement then? They surely cannot pay off the additional $4.5m from the $13m they have to start up both mines can they? As always many more questions than answers

With news imminent, one would expect a reaction in the share price and volume prior to it landing, which we haven't seen yet. Whilst the company may wish to keep a lid on things, there is usually some sort of leak that leads to a few pre news buys. That's life.

One would expect that due diligence would require in the range of 4 weeks. Though I have no experience of diamond mining contracts, I have experience of multi million pound contract negotiations and this is the time scale the parties normally employ. There will after all be wording that needs to be agreed and often each party adjust this in draft then forwards it to the other for review. The lawyers then consult their client and advise etc. with diaries and other commitments, what is a relatively efficient process can be dragged, hence the 4 week time slot. As I say I have no experience of diamond contracts but it is essentially a finance contract and these are the same the world over. The RNS of 2nd Oct stated that the agreement had been reached, so assuming this news was hot off the press, that makes today the end of the 4 week period. Therefore allowing Paragon to confirm the deal next week. This would allow for final sign off and transfer of funds which in my experience would be alloted a 2 week window taking us to 13th Nov. Acru would have indicated how long they need to transfer the funds, and given that they are in finance, it may even be much shorter, but most of my clients ask for 2 weeks to move that sort of money around. This gives a week or so of play for unforeseen actions or occurrences, hence the 18th Nov date. That said Paragon may have arranged for Acru to pay the loan off direct, who knows. All my own murmurings of course, but in my view news should be released over the course of next week. But then WTFDIK.

Having now been able to read the report and review the many opinions here, I would comment as follows: This is a report generated by a company that states first and foremost it has a short position. So the report is for self gain. Fine but clear. They then state that Globo is achieving negative cash flows. My study of the latest H1 interims states 7.2m euros net cash flow. Did they just miss this? Statements are made about Grant Thornton being "vulnerable to all sorts of pressure and incentives". I can't actually believe they said that without documented proof. That is a very serious accusation against the auditor and one they will surely have to act upon. The report is an embarrassment to professional journalism and is both sensationalist and sometimes childish in its "corruption?" Type innuendo statements. You are supposedly writing a detailed report after months of investigating, with a view to cutting down a £100m plus listed company, whilst accusing its board members of crimes, and you present it like this? It is so unprofessional and indeed a disgrace even if proved true. The information presented on negative reviews, product quality and lack of proven customers is thickening at best and if standing alone would not be worth presenting. The investigation into the suppliers and satellites however (despite the amateurish presentation) is of concern and needs a thorough response from globo. That said, to state that payments are being made between these offices and Globo in order to cook the books, without presenting physical evidence, is again a very dangerous road to travel. The flow chart employed could be used in any number of accounting scenarios for any number of companies. It's hardly a new principle specific to Globo only and is very generic. But in raising this, the report once again undermines itself with throw away comments about tiny deals with Coca Cola, whilst ignoring the other long list of recognized names. Particularly when there is no actual evidence presented. All in all, yes the report raises questions, but the lawyers, auditors and directors will have a field day counter attacking some of the more deflammatory remarks, should any be proven to be falsely stated. Remarkable situation really

I have read the posts over the day from here and our sister site shall we say and would add for those that care. . . Yes the forestry divestment has great potential and yes FS has a great big slice of this company so is most likely looking for a payday. So perhaps that is a silver lining. . My problem here is trust. If any investors were to look back through the various RNSs of the last 2.5 years, they would see that they are full of broken promises. A lot has been planned but not fulfilled. On the forestry alone they promised in March 2015 that a plantation with Kishugu International was agreed. Where is the progress? Today's RNS talks about motor manual harvesting. What is that even? In the same RNS they provide details on a joint venture in Brazil. Where is an update on this? The reality is thus far, the timber concession has been massively under utilised, with managements actions bordering on total incompetence, and without any progress made. If I take you back even further to Feb 2013 then the company talked of timber flooring samples exported to Europe an suppliers. What went wrong with this? Yes I hope the new management help turn things around and bring better honesty to the process, but FS is still there, and I fear as long as he is, the company will be driving with the handbrake on.

Er am I missing something? A lot of words to tell us exactly what they have told us already, except now it's Q1 2016 not 2015! And the 2014 financials stated the extra concessions were already valued, now they say they aren't!

Lanstead

I don't like to jump in with an opinion before I have had a good chance to chew on the numbers but my first thought is that $7m convertible at 5.5p is just shy of 93m shares at $1.51 (current U.S. rate). Thats less than ITGT were getting for their $12m. This reduces to 90m should exchange revert back to $1.54. When the 63m instead shares are taken into account, it's less than 30m new shares. I like it

Catlover I am a holder here and I appreciate the debate with Quindell. He/she is entitled to their opinion as much as the rest of us. We should all do our research and discount those opinions we deem incorrect. However Quindell offers some interesting points which I personally consider worthy of discussion. I do disagree on the valuation, the figures in the latest report lend themselves to a better NPV than £18m

Hi Quindell thank you for your measured response. Agreed that the tactic was a means to soften the 98m placing. My point was that the market already knows that a 98m placing is on the cards for Lemphane, which is in affect only 35m. Something I am led to believe the current negative reports do not refer too. This in part says to me that the reports are for self gain. If they weren't then more homework would have been done on this sort of detail. Yes this was only for Lemphane but Mothae wasn't in the picture then. I would also add that Titanium made the £1.3m loan to secure these shares. Yes it's repayable and can be turned into shares later but that's only of use if the company succeeds. It also goes some way to demonstrate Manducas approach and desire and belief in this enterprise. He could just as easily made the placing with any financial risk to Titanium. To be clear, one would expect that an additional mine would mean additional dilution. How much depends on Manducas skills as a business man. But one thing is for sure he won't be taking the easy route.

I am sorry I don't post too often but follow with interest. I must disagree with your statement on share dilution Quindell. The ITGT deal involved the issuing of 98m new shares at 5.5p but was to be off set in part by the company's previous purchase of Lansteads 63m shares, which were purchased and cancelled in Nov 2014, which many appear to have forgotten. I find it remarkable that there is a belief that Manduca would turn down one finance agreement under said terms only to agree worse terms with someone else. Yes we can talk about what ifs all day long, but some things simply just don't add up, and even if ITGT have pulled out (which PRG would have to declare), the 63m shares have still been cancelled and will count against any dilution planned.

Anyone else tried to buy any shares in the last hour? For such a disappointed market, I can't pick up one share through my broker at the moment.

Agreed Ash68. Today's rise is very encouraging, as is the return of calm to the BB.

At the close?

With new board members now involved I will be watching closely the detail that is presented in this report and subsequent information, particularly the agricultural strategy. Things need to seriously improve.

What is it with these end of day sudden rises in the price too?

Having 're read the latest RNS, I notice in the notes at the bottom they still state that Lemphane production is expected to commence in 2015. I find that remarkable given that we are in Sept. Whatever the case in my opinion this is screaming buy and I fail to understand why it hasn't already moved up on the RNS, which was very positive.

Updated although reconfirmed rating out. I am starting to feel good about my investment here again. I really liked yesterday's update and so did the broker it seems

Apologies Bottmup was late here too and meaning often gets lost in wording on these forums. No offence intended. The next week particularly will be of interest in terms of price action.