Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
dogger, No your NOT finished, you will find a way
I understand, I have had serious losses, you either decide to stop trading or rebuild.
You have been unlucky with MTRO and NMC, they could and may recover eventually.
I mainly trade AIM stocks and this sort of thing is the norm, but in FTSE 100 this is rare.
I understand your pain - you have to deal with it as best you can. I treat trading money as margin and not living money and never put in more than I can afford to lose (but I occasionally still do!).
I know adzy and QT say never put in more than 2%, but you need a big portfolio to do that..
Anyway I think the fact the company is not in admin is hopeful and I think a buyer will be found. I am not sure how much shareholders will get out of it, but it should be something.
deos/dogger - please do not do anything stupid - this is share trading, you win you lose. Life goes on no matter what, you will recover, I have had significant losses and I know the feeling, if you trade shs it comes with the territory.
All is not lost with NMC, there could be value for shareholders and in time a recovery.
adzy - you were wrong both times and you aren't the only one who made great profits - no need to rub it in many will lose ****loads on this.
deos good guy adzy was deramping the nuts off this when it was going up - he was short, then he realised he was wrong and was all positive - now he's long - he is wrong again!
Sorry youre a ****!
OK adzy your always correct ;-)
This would explain why they had no clue where the shs were as they were already sold
This type of transaction usually goes on in a company that is a fraud or the director wants cash without selling down his shs - Shetty wants cash but cannot sell shs (it would have caused the loan agreement default). The fund/bank offer him say 25% of the value of those shs on the basis they can sell them if they want - they sell down from £28 quid make a killing - He is happy as he knows NMC is screwed and he gets cash out without anyone knowing or the loans being called in until it is too late. All adds up with the stalling re. Freeh - gave him another month of credibility.
adzy - they have already sold the shs
I agree jinny if it is going bust it will happen soon. if nothing next week it looks better.
I agree adzy, there is a lot to be learnt for future trading/investment and the warning signs a company is a potential fraud.
I was aware of the risks but I was fairly optimistic about NMC certainly in the shorter term and judging by the price action I was not alone.
And it's usually the scam BB's that stay open the longest - there is one still open from a fraud in 2014 - forgotten the name though!
Hi ripley - I did
Shetty and his two sidekicks seem to have raised a lot of cash from their shs. The question is what for - personal greed as they knew NMC was failing?, or more likely to prop up an indebted business? - it will come out in the wash, but this looks to be a massive fraud either way and should not have been allowed to take place in a supposedly regulated environment.
I hope there is some value for shareholders at the end of this.
So I disagree Echo this is not all or nothing
Short term the s/p depends on a discovery with Vutomi at Thorny/Mars - this looks good IMO, but there is not much downside - they have Sunland and Maibwe and the JV with VAST, all company making prospects. BOD should be getting income from the Marsfontein tailings as well
https://www.youtube.com/watch?v=1XOL3MAL31E&feature=youtu.be
I think it's a requirement of the listing to have an audit committee - NMC's has been in place since 19/3/2012 https://nmc.ae/finance/terms/audit-committee-terms-of-reference.pdf
Risk - they calculated it had increased - they were correct