Member Info for buried_treasure

"The time frame has obviously slipped a few months..."

From 2016.

It has been a lifestyle grift for years and years. Once you see it, you can't unsee it.

Set expectations

Kick the can

Place

Revise expectations

Kick the can

Place

Revise expectations...

But we're really really very very close this time.....

Course you are, Harry.

Just following on from that, Atlas will likely be in touch with all the TM1 MMs to let them know shares are on tap at any price above 0.15. Convert at 0.1, Atlas reduce their exposure, everyone makes a turn, Happy Christmas.

At a guess, because TM1's market makers all know they already have all the shares they are ever likely to need from Atlas at 0.20. They need the ones they've placed out in the last week to be in sticky hands. Narrow the spread and shake the tree.

Btbt

As I posted on Friday evening.

"If we are into pure speculation in the absence of better information, you could be missing the fact that after being asked to do this £150K transaction for 60M shares at 0.25, they forward sold 30M at 0.4 and 30M at 0.3 on the spikes earlier in the week. That's £60K for the coke and hkrs at the institutional investor's Christmas party, and no TR-1 required."

There will only be a TR-1 if they have not sold any.

Nonsense.

Atlas can forward sell and convert into existence as many shares as the topper uppers or new buyers can mop up. Based on the conversion terms disclosed in the accounts they have until mid-January to convert CLNs at 0.1p.

LOTM

Thank you.

Feel free to drop by any time to check my homework.

The loans TM1 -> Recyclus are fascinating. Especially now the RTO of Recyclus by TM1 is off for the foreseeable.

This is the kind of situation where if it does go pop, directors are in a very difficult position personally. Any insolvency practitioner will tell you it is these types of scenario where the corporate veil is lifted and personal liability is tested. The sums involved mean enquiries are inevitable.

The auditor signing it all off will face some very awkward questions too.

LOTM

There is no NOMAD. This is main market, not AIM. A red flag in itself!

I will not be going to the AGM. I have no holding, nor have I ever had any position long or short. I have a great interest in clean public markets though. This and the other companies I post on should IMHHO not be anywhere near public markets and should be regulated out of existence for the stain they bring to the London list.

I think you maybe getting confused. CLG Capital LLC (CLG) provided the first death spiral facility in January. The principal contact at CLG was a chap by the name of Charles Ofori. They were not able to meet their commitments under the first facility, so a second death spiral with Atlas Capital Markets (ACM) was announced in March. Ofori previously worked with ACM.

CCL is Century Cobalt Ltd, a related party through Stanbury and Kemp, Directors of Technology Minerals.

CCL's pledge of shares in TM1 to enable CLG to loan amounts to Recyclus (TM1's associate) in November 2023 was the first indication that...... yeah, I'd better stop there. Some of my opinions may be actionable!

To quote the RNS, "the reason for sale was to help enable it finance [sic] any future loans to the Company, or its group or associated companies"

You're reading that as enabling the "institutional investor" to make future loans to the company.

But that makes no sense. Why would the purchase by an institution "enable future loans" by the institution to the company? HOW would it enable that? As I said earlier, think about the flow of funds. The purchase of shares from CCL is an outflow for the "institutional investor" and an inflow for CCL.

Now if "to enable future loans" was an inflow to CCL to allow CCL "in future" (like 5 minutes after settlement) to loan that money to TM1 so TM1 could put Revolut in funds to meet the payroll... then "enabling future loans", i.e. a loan from CCL to TM1, per the RNS is factually correct.

THE_CHAIN (ok, I'll try and be a bit more respectful as LOTM-13 has raised the level of discourse here)

"The simple answer is, is they think they will make money... So what are we all missing?"

If we are into pure speculation in the absence of better information, you could be missing the fact that after being asked to do this £150K transaction for 60M shares at 0.25, they forward sold 30M at 0.4 and 30M at 0.3 on the spikes earlier in the week. That's £60K for the coke and hkrs at the institutional investor's Christmas party, and no TR-1 required.

Would also explain why Atlas were only able to ship out and convert 80M earlier in the week despite the large PI pickups off the back of the Glencore announcement.

THE_CHUMP

"they haven't drawn down since June this year"

No, because per the accounts they have been in default on their obligations so presumably Atlas stopped them increasing the exposure.

I don't know how they have kept the show on the road, but yesterday's sale of an estimated £150K of shares smacks of real desperation. Needed to pay the pre-Christmas payroll? A pure guess, but in the absence of better information.....

Troajan

You say the cash burn is "around £100K a month".

Where have you got that from? The last accounts reveal that TM1 admin expenses were £2.4M for the year, and Recyclus losses were £2.8M.

Add those two together and you get over four times your £100K a month....

THE_CHUMP

The Close Brothers charge is security for an invoice discounting facility to provide a bit of cashflow to LiBatt and LiBox. Close Invoice Finance Ltd are a named beneficiary in Schedule 2. This has nothing to do with wider group financing, if it did they would have security higher up the structure.

Latino

You say they "have received $10m for selling mine last month".

No they haven't. They won't receive a cent until after 28 February, it definitely won't be $10M and nobody can be sure at this stage they will monetise much from their CRML shares at all.

The drawdowns from Atlas have been to fund TM1 and Recyclus ongoing losses. You can see from the accounts what those were for the year to 30 June 2024. There isn't much evidence that the costs have slowed any, indeed the FD confirmed on Proactive that the director remuneration is ongoing at the same rate.

Swanny27

That's the nominal value. They couldn't be converted at any lower price, it's against company law to issue shares at a discount (as they found out on an earlier occasion - the lawyers picked them up on it and they had to issue a correcting RNS).

LOTM-13

It may not even be £3.1M.

It was £3.1M net net based on the CRML 30 June share price.

There is a lock in until 28 February when everyone else who has been given shares by the CRML SPAC sees their lock in expire too, so there will likely be a rush for the exit to monetise.

What price CRML shares after 1 hour trading on 28 February? No chance of it being anything like the false market price of 30 June.

And if you read note 20 carefully, you'll see a deal they said was complete on 26 November is still conditional on things outside the company's control.

But despite me pointing that out a couple of times, the mugs here aren't interested in facts.

Mate, now you're just embarrassing yourself.

Stop guessing and typing random words. And think.

Think really hard about who now has what. Who has cash, shares, asset, liability, and if you suck your pencil really hard, risk.

Then think about your place as an equity shareholder in the line of risk and return. As an equity holder, who do you rank alongside?

The current nominal value is a floor. And I put it to you that it's got a way to fall below that to get to fair value.

Reducing ones holding is a "display of commitment".

I think that has to be the muggest of all your mug statements so far.

You're giving us all a laugh, I'll give you that.

I see we are of like mind LOTM-13.

The shafting for holders here, when it comes, is really going to make their eyes water.

If the hold risk was too racy for Atlas, imagine how brutal the new "institution" (no laughing at the back) will be when the inevitable default arrives.