Member Info for Catchingpigeons

Yes looks very much like it but given the time it's taken already - 2 years it will be since original submission back in July 2012 from memory - quite extraordinary really given the economic backdrop in Spain over recent times and the major need to boost the economy and create jobs but hey ho that's the way it must be in Spain I'm afraid - In truth today's news now explains why some wise owl had dumped 130 k shares the other day just before a news update was due and me thinking why would anyone do that with permits and financing news so close - we'll now I know - ah well we will get there one day hopefully

yep i agree that is a total joke as there is no way on earth that a pending bid from those wasters had any modicum of value in any format whatsoever - except that their original offer was as i recall circa 5.8 or 5.9p a share but that was a total non starter as the board had maintained from day one - to mark it down is laughable albeit good news for anyone wanting to top up and good luck to you as well - the point being for me its a piece of market opportunism for traders to make some easy money and sadly for us Pi's that's one of the perils of investing in Aim listed companies - total billy ollocks springs to mind

Nice one -them lot wanted knocking on the head and it needed a closure date implementing with the BOD spot on with their rationale and logic around rejecting their derisory bid - they were taking the proverbial - on the downside not even a whiff of an update on the 64 thousand dollar question but no surprises there i suppose - Seasons greetings to all u Ormonders out there and just hope something happens pretty soon and rewards all our patience .

Unbelievable Jeff !!! i just cant believe that full submission of all the appropriate documentation was dispatched by the Company by the end of July 2012 with a formal decision making process originally muted to take approx 9 mths to complete -(particularly when the economic position in spain at that time was pretty barry white to say the least - with its record unemployment levels and desperate need for jobs to kickstart an economy on its knees) and yet here we are nearly 18 months later with not so much as a jot of an update - as to why there has been such a delay - or even for what reason - as such i can only imagine it is no other than a combination of a complete and utter bureaucratic shambles- no surprises there - and a wiss poor communication programme on behalf of Ormonde - truth is this project is top drawer so hopefully it will all be worth the wait if it does eventually happen - i can only hope this is not a return of the killer Emed mining permit saga - cos that would be a turtle disaster

Keep the faith mate you have been in here far too long to lose heart at this late stage - lest we forget the Almonty bid imo came in for 2 big reasons 1) they recognised the massive potential this company can deliver on and 2) permits are almost there - but ur right it has taken a lifetime to resolve for some unknown reason - but to be honest my own understanding always was it would be the end of summer before the permits were issued ie september so the wait is nearly over i reckon

Good shout on the tungsten article - anyone reading that and seeing America not currently producing any of their own tungsten and virtually relying on imports apart from some recycling - and then knowing Ormonde have an estimated capacity of generating circa 12% of worldwide production [not including China ] from this mine -and the rising price of tungsten - it does seem a no brainer the board would reject that derisory offer out of hand - a full 12 months elapsed at the end of july 2013 since the permitting process started - so one would hope it has to be soon - lets hope so GLA

Well said mate - Couldn't agree more u have summed it up perfectly - this can only enhance our prospects and whilst it has taken an age to get this far i reckon we are very close to realising our rewards GLA

Morning Mogo hope ur well - just picking up on ur Coburg theory - lets hope it does come to fruition as that would be stuff of dreams - i gather the warrants came as part of them picking up the IFC shares but thought the warrant price option was 10.2 p by feb 2016 - either way i know they have only paid circa 115k for what the IFC paid multiple times for but they must see something in there worth taking a punt on -so i'm with u all the way mate

Its just struck me - when the RNS came out a couple of months back where it said the Company was thinking about becoming an investment shell when they had world class assets but running out of cash and yet couldn't raise a bean to save their life and worse still all kinds of things like the historical tax liabilities came to light - it just seemed completely bizarre- but they obviously knew a lot more than we Pi's did -as they were clearly negotiating the deal they have now struck -and everything suddenly makes a bit more sense but too late for most Pi's to save their Investment sadly - point being all II's have seemingly gone along with it - the Company have passed off all debts over to Blackdown, left themselves with a 10 pc interest in Dutwa, a few other assets here and there but with only 2 months of cash - so they have to believe a deal will be struck - surely ?

Good post mate- i agree with your summary entirely- interesting to see the IFC have disposed of their share holding foll the meeting but on the positive side lest we forget - the liabilities they have also disposed of have a book value of 1.4 million - which thankfully will now lie with Blackdown so at least that leaves us looking forward as opposed to over our shoulder all the time.Another small positive is the recent hike in Kibo Mining shares of which AFE hold 533k which has effectively doubled in value over the past week to circa £250k and looks to be a pretty impressive project in the making . Like ur goodself I also believe the other IIs would not simply write off their investments if they didn't think Clarke had something up his sleeve and furthermore Clarke is fully aware that if he was to keep the assets for any length of time, he is committed to spending 20 million dollars on either completing the BFS or moving the Dutwa project on considerably from where it is now - so there are some decent protections built into the agreement for all parties - my only concern is assuming nothing does happen a) before the cash runs out in circa 2-3 months time as i cant see where or who would put any more money into this - and longer term if they did somehow survive how would they comply with the reverse takeover requirement of the newly formed Investment company status within the next 12 months - Pretty scary - but for now all my hopes are resting with Clarke and am hoping he is perhaps related to Dynamo magician impossible GLA

Thank u for responding to my last post re the above prior to my holiday- much appreciated mate- just wanted ur take on something - ive just noticed in the Disposal document that Blackdown resources are in fact required to meet a funding conditionif matters were to proceed - which states they need to either incur or meet expenditure costs of up to 20 million dollars on either completing the BFS or on the development of the Dutwa assets which now explains as to why the cost of acquiring these fabulous assets is only $100k along with of course their take up of all current liabilities including the big potential tax bill from the last regime- the big question now is can or will Clarke deliver - someone must think so- otherwise it wouldn't have got this far - including all the other main shareholders including the IFC - what i also didn't know was the joint venture the Clarke family have with ex J P Morgan financier Ian Hannam who does have some pedigree in this field -so maybe this does offer some optimism that things are looking up - your thoughts would be appreciated oh wise one.GLA

evening all - something i cant get my head around - AFE have circa 700 million shares at just over 0.30 mid price giving a valuation of just over 2 million - They have just under £500k in the bank and about to receive a paltry £70k for 90% of the Tanzanian net assets which is a total joke .They also hold 550,000 shares in Kibo that are worth 2 parts of not a lot -and have 9 million shares in a private company -Elephant copper that was only worth 4 million back in 2011 so i can only assume it is a fraction of that now - so effectively that leaves us with just the remaining 10 % holding in the Blackdown Minerals shares -which to my reckoning makes us only worth about 2-3 million as it stands right now - so on what basis would we expect the shareprice to reach 2p given the perilous state of affairs they find themselves in and with the commodities market where it is right now - i very much hope ur right lads cos ive been a holder here for years- but just cant see it myself

This is my take - AFE have agreed in principle to dispose of substantially all of their Tanzanian assets ie (Dutwa Myabi Zanzui and all) along with all their liabilities (ncluding the impending tax liability) to Blackdown Resources Uk - a company that i think was only incorporated on 24/6 but which is a subsidiary of Cienega s.a.r.l owned by Nick Clarke and his family trust. In the meantime AFE have also restructured their own Group of companies and incorporated a new one - Blackdown Minerals as a subsidiary- to which all of the existing assets will be transferred prior to disposal - which is subject to both shareholder approval and agreement from the Tanzanian mining authority. If the deal proceeds AFE will retain 10 per cent of the issued share capital of Blackdown minerals and will receive $100,000 in cash and perhaps very wisely have agreed that any future disposal by the purchaser must be carried by a 91 pc vote meaning AFE will ultimately have a say in all future decisions.How they have come to this sale figure and what scope Clarke and his family trust will have, to realise anything like the true value, assuming it all goes through, is anyones guess but he has got an absolute steal

First time poster, long term holder and totally dismayed - agree with Mogo's views completely - spot on mate- just briefly looked into Nick Clarke and to be honest, if our value extraction hopes on Dutwa rest with him, the eagle probably has landed- but for him personally, he must have pulled off deal of the century ? A great little company this ruined by rank bad management