Member Info for Chauvelin

PM will certainly be able to tell the conference about the difficulties of obtaining financing !

It's a huge relief that we are in suspension as if not we would get seriously hammered ! Let's just hope that the finance is sorted very very soon !

Would be an RNS on Monday confirming the financing is signed and sealed . However I would be perfectly happy with any time over the next week or two , as long as we stay suspended until then. . If it drags on beyond a few weeks with no news , it will be worrying !

It's definitely a good result ! Lender showing confidence, and gives breathing space to nail the finance package without being exposed to market forces . Assuming PM does nail it , we should come out of suspension absolutely flying ! It's a big relief as it would not have been pretty ! If the main finance is not sorted prior to the 26th and the lender can call a technical default, it doesn't really make any difference now they have done the new deal with them .

Lucara would not say Mothae was currently being divested in an RNS that is accurate on the day , if they had decided to retain it . So that's Greywoolfs rumour blown to pieces for a start ! So one worry out of the way at least ! Next hurdle is getting the loan sorted out by 23rd .

The price lowering was stated a while ago ,ie 6.5m down from 8.5m from memory, I doubt there are any buyers hovering in the wings for Mothae , bearing in mind the approval process from the Ministry , that took us about 4 months to obtain and any new buyer would have to go through. And I thought that Dec 31st was the deadline for Lucara to sell the mine , but it may have been moved forward in the last negotiations to tie in with the loan facility, not sure . Maybe someone else here knows ?

I agree with Quindell that we certainly won't be going bust over the 500k , it would be madness to let such a small loan effect the overall value of the company , and it would be in PMs interest to lend the money himself if necessary, to protect his credibility and reputation, and to keep the show on the road.

Assuming it does get sorted out , the suspension was definitely the right way forward . I would much rather they stay suspended than come out of suspension with just an extension on the loan and just more uncertainty. The board need to nail the whole finance package , and it has to set be in stone before they come out and expose themselves to the vagaries of the market ! So they need to do this before the 23rd basically.

There will definitely be an RNS with regard to the £500k loan by or on the 23rd as they will have to state if they are in default or not , or have agreed new terms with the lender . Obviously, it would be nice if there was an RNS stating they had closed the finance package before then . But the immediate problem is the loan repayment, if they extend the term of the loan by offering some carrot to the lender , they will probably come out of suspension then , and it will be back to waiting for the finance deal if that hasn't already been closed IMO. If they secure the finance and then come out , the sp will fly , if it's just an extension on the loan , we are back where we were , just waiting to see if PM is the class act we all hoped he was , or not !

You can bet PM won't want to be seen failing so spectacularly after taking such a bullish stance on everything! So there will be a massive effort to get the finance sorted in the next week or so , I just hope we don't have to give too much away to get it done and dusted . The dream would be for the original finance deal to simply be closed this week,or prior to any official default on the 500k loan on the 23rd . If not, PM will be seen as having over reached and over complicated the whole situation and basically tried to be too clever for his and everybody else's good ! ie talking the talk very well , but not walking the walk !

PM has through the suspension, given the company breathing space to try and close the best financing package they can , without interference to the sp . The balance of probability is that it was simply taking longer to close the legals than they anticipated, not that the funding package has been pulled or significantly changed in any way . If they had lost the financing , they would have had to say so . Let's hope a rabbit is pulled out of this hat very soon and we can get on with getting the diamonds out of the ground in short order !

I'm hoping for an RNS update on where we are at next week some time . If not , PM should at least do an interview to let everyone know what the latest is .

The current sp doesn't take the potential of Mothae into account at all , so the potential upside when PM pulls his finger out and gets the finance package closed is huge . The general market is not exactly being helpful to the sp either at the moment !

Now would seem to be a very opportune time for PM to use some of the 500k facility to buy in some shares , which is after all , the principal reason the loan was arranged for .

They have to inform the market if they buy in shares , which is what the loan was obtained for .

I agree with macaumike that the only deadline actually stated as far as I know is the 18th for the loan facility of 500k which I don't think has been utilised at all so far . Otherwise they would have to inform the market . It's certainly not unusual for these things to drag on and take more time than expected in my experience , but hopefully this will be nailed very soon and we can get going .

Volume seems to be perking up slightly in the right direction now . Whilst there is no actual deadline stated for the finance to be secured and the acquisition of the second mine , based on PMs various interviews and the last RNS , it should be nailed pretty soon , and highly likely prior to the Nov 18 date that the 500k loan is available till.

There is really nothing to say now , as it has become one of those binary situations, ie PM will either nail it or not . No middle ground any more really ! Balance of probability is that he will and the upside is phenomenal, but until he does or doesn't , we will just drift around these levels I imagine , with no real volume .

I'm confident PM will nail the finance , but would rather we don't go to the wire this time , so next week would be a huge relief ! And no doubt prompt a strong relief rally and general rerating. Any further delays post Nov 18 would be very bad news !

From memory, so may be wrong , but I thought November 18th was the deadline for the Finance and acquisition .