Member Info for buried_treasure

"You've got me there"

OK. So please, stop tapping the keyboard and sign up for that course, yeah? Then after about five years, assuming first time passes, you may have an opinion worth typing.

"And id argue that material uncertainty has significantly diminished."

Well fortunately you do not have an audit qualification or practicing certificate, nor it would appear any idea how to read the writings of people who do.

So your opinion on such matters is about as valuable as my postman's.

This is painful.

Where would a valuation, or revaluation, of Recyclus go in the accounts of Recyclus?

Tell me exactly where that was in last year's Recyclus accounts, or failing that, where it goes in this year's Recyclus accounts?

If you can answer that, we might be able to discuss why that might be causing a delay. But you won't be able to, so this is utterly pointless.

CHAIN seriously mate, you are so far out of your depth here I suggest you go do AT LEAST a basic accounting course before commenting any further on anyone's audited accounts. At the moment you are dangerously clueless.

CHAIN

You clearly haven't got a clue.

Have a look at last year's Recyclus accounts (also filed late, incidentally) and tell me what there is in there that needs to be "revalued"? Why would such a revaluation delay the accounts?

There was a material uncertainty statement in the audit report last year. A disagreement between the auditors and the directors over whether that remains valid this year could well be the cause of the hold up.

The word was chosen deliberately, you mug.

His wife's a doctor, but he can't pronounce enema. Yeah, seems legit.

"Priced to fail" according to one of the Roast twins.

Can any of the mugs work out why that is? With friends like them, who needs enemas.

Not much of the 400M overhang cleared over the last week so this has a lot further to fall even without Atlas forward selling the next conversion. Timberrrrr!!!

Well you've learned a valuable lesson then.

Maybe "try to understand what's going on" BEFORE parting with your hard earned and enabling such hustlers next time.

If this company has made an arrangement with its creditors it needs to issue a statement to the market NOW.

And the shares should be suspended pending clarification because there is a false and disorderly market until the full facts are public.

Either that or CHAIN is talking out of his a**e on matters he knows nothing about. Again.

I raised it a couple of weeks ago. Nobody cares. Rules are for little people.

The Board have just issued 300 MILLION shares (c. 15% dilution) they had no authority for. Nobody cares. Rules are for little people.

This board are not fit to run a public lavatory, let alone a public company.

They and their mug punter shareholder list deserve each other.

Dusty : "I just concentrate on what's doing well at any given time."

Say you're a mug without saying you're a mug.

20%+ under water. I am in awe.

Did you beat the Mrs up when it went under $2 today? Seems about your level of self-discipline.

Mug.

How's your $2.40 CRML trade, Mr Hard Man? You know, the only trade you've ever called when opening it???

Odd nobody wants to discuss that ticker today.....

(Or how the board didn't actually have GM authority for that confetti blizzard last week, but what are rules for, eh?)

"It would seem Atlas cannot convert for the foreseeable and a repayment plan will be put in place. And I suspect the accrued interest has been paid."

"It would seem" you don't have a clue what you're talking about.

1. Atlas can issue a conversion notice any time they like. The board cannot issue shares without an EGM and a prospectus, but that doesn't preclude Atlas issuing the conversion notice. The ball is then in your board's court to enable the issue. It will be another event of default under the CLN agreement if they don't / won't / can't.

2. How on earth can they put a "repayment plan" in place?

a. They have no cash

b. Per the interims they are still burning it six figures per month!

There is no way Atlas will give up conversion rights against that backdrop. Liquidity through mugs like you and the rest of the telegram group with your payday top ups is the only thing reducing their exposure.

3. Remind me again how they are paying this accrued interest? With shirt buttons? There are no proceeds for the company from this 460M issue! The shares are being exchanged to wipe out director loans (notice how they put themselves at the head of the queue now the cash has run out!), adviser fees and other obligations. Or are you suggesting that the interest is included in "other obligations" and this is yet another diversion / sleight of hand by your board?

Pretty rapid reverse ferret there.

You don't really have a clue what you're talking about, do you?

THE_CHAIN

Are you really suggesting they pump out "news to support the sale" of massive amounts of placing shares to private mug punters?

That breaks so many market rules I don't know where to begin.

If they DO manage to issue 400M additional shares that is going to create a massive overhang. Not a great time to buy.

Wrong on both counts. The share authorities run from General Meeting to General Meeting, nothing to do with the tax year at all.

The directors cannot issue shares that have not been authorised by the members in General Meeting.

The other point relates to Prospectus Regulation Rules, which you would do well to read before forming an opinion on whether your board are in breach of them or otherwise finding a way round them.

Also, just looking through the formalities, the directors do not have GM authority to issue this many shares.

The AGM resolutions from 30 December authorised the directors to allot up to 504,569,000 shares, except by way of a rights issue. They issued 448,493,000 shares on 15 January.

They do not have the authority to issue a further 460,810,700 shares as announced today. The broker should have picked up on this before the RNS went out and it is surely only a matter of time before they realise their oversight and, as when the directors tried to issue shares at a discount, force them to correct the error and unwind the share issue.

What a mess.

On a serious note for a minute, that was a near 20% dilution today to keep the lights on, done in a way that gets around the Prospectus Regulation Rules.

You have to wonder when the Regulator is going to step in and draw this farce to a close.

"The liklihood [sic] is, it will be above $2.40 by end of play."

How's that working out for you?

Once again the Chief Mug here proves the old adage that a long term buy and hold is a short term trade that went wrong.

Hi-fkn-larious!!!!!