Member Info for Chauvelin

Noujay , when did you speak to them ? And what did they say ?

I called yesterday and nobody there , and I called earlier today and nobody there , and the girl at their serviced office in Mayfair said they have left for their holidays ! Their number is 0207 182 1900 .

The only entertaining element of this will be watching how PM attempts to spin this outcome after all his previous rhetoric and general bluster !!!

I think the clue to what is going on , is that if you ring the company, there is nobody at all there ! And you are told that they have all left for their holidays !! Talk about rats leaving a sinking ship !! Disgraceful , not being available to talk to shareholders at a critical time like this , in my view ! If there was any last ditch attempt to resolve this mess , you would think someone would be in the office , and not broken up early to enjoy their Xmas on the salaries we are paying for ! I expect an RNS soon , assuming they are not too tied up Xmas shopping !

Not much point getting a new nomad without the finance in place ! This BB will disappear in a week or so I expect without a listing .

It's an agreement between the company and the lender . But the lender has nothing to go for here as unsecured on anything tangible . And without a nomad we get delisted . Huge mess all round ! PM has not covered himself in glory !

I doubt they will get a nomad on board without funding in place , they will automatically be delisted I'm afraid . They will then continue to seek funding and if they get it , will then reapply for a listing in my opinion . They will also try and buy Mothae if it's still available . PM has completely messed this up by trying to finesse the whole deal too much in a difficult financing environment and run out of time , and also the patience of the previous nomad !

Barring a miracle , we will automatically be De-listed I'm afraid. Not a great Xmas present from our board ! We will get an RNS next week with the usual , still pursuing funding and Mothae , but slightly delayed line I imagine.

The likelihood of getting funding and getting a nomad on board prior to the 24th is incredibly small ! Maybe some time next year PM will be back telling everyone how clever he is again ! Let's hope Mothae is still available then !

Sam , incidentally, we have seen the complete opposite of him showing that he has the capability of obtaining funding ! I've lost count of the number of RNS statements issued re funding that have not materialised ! This debacle will drag on until well into next year probably. And we may get funding eventually, but possibly not Mothae to spend it on , just Lemphane. PM has made a complete mess of it so far !

Although he always seems to be described as a Financier , if you look at his actual cv , he is not and never has been a financier . He was a fund manager principally , and has no experience in this type of venture . This may explain why we are where we are . The overwhelming balance of probability is that we will delist , and then continue trying to raise finance , whilst reapplying for a listing on Aim . It's a massive disappointment and his breathtakingly bullish interviews are something to avoid watching again at the moment !

Sam , it's just very basic market knowledge ! Nothing very surprising or particularly interesting ! It's just how it is . Aim is becoming much stricter these days and generally trying to clean up its act , so a new nomad will definitely want to know that they are not just taking on someone else's reject , and will need comfort that they are not taking on a likely failure , so they will want to know that they have the funding before they put their credibility and general reputation on the line and assume their role as nomad. Talk to a few different brokers and ask them yourself if you are unclear on this . It is all about whether they have funding or not in my view , if they do get it , then getting a nomad will be a formality , if not then we will delist in my view .

Sam , your existing Nomad resigning is a big issue , and other nomads tend to steer well clear when that happens , or only consider taking a rejected company on , if their position has been cleaned up . That is the reality of this situation. Without the funding I doubt anyone would touch them with a barge pole basically ! Let's see . I'm sure if you rang PRG they would be happy to discuss their nomad position with you .

It's simply the reality that a NEW nomad is highly unlikely to take them on without funding in place . It's very different to a situation with an existing nomad .

It is beyond unlikely that a nomad will take them on without funding in place , in my view . But if they had funding genuinely in place , I'm sure they will have a nomad lined up by now to take them on . If they did get a nomad to take them on without finance in place and relisted without any funding it would be carnage as there would be zero confidence in their ability to secure funding. Their only chance is getting money in the next day or so .

Unfortunately, it is pretty inevitable that we will be Delisted now , due to running out of time to secure the financing , and get a nomad in place . Manduca has dramatically over promised and generally misrepresented the finance possibilities. They will have to reapply to Aim at great cost and also time , and obviously will still need to secure the finance prior to coming back to the market . It's a great shame , I had high hopes ! There is still a tiny chance however , if they can close the finance in next day or so . But having indicated for so many months that it could be any day , I'm afraid it's a bit unlikely !

Getting a new Nomad when one resigns is quite different in my view , and not the same as limping along like many other aim companies with an existing one . Any new nomad will need absolute clarity on their financial position before committing.

They won't get a new or old nomad to take them on without finance in place .

I hope he is just talking about the merits of Diamonds and not attempting to educate people on how to raise mining finance or get a Nomad on board !

They are cutting it fine on getting a new Nomad on board ! But that does seem to be the PM style .