Member Info for CliffWeight

I just tried to get a quote for buying £20,000 and interactive could not get a quote for me.

GOOD POINTS. a thoughtful analysis. The increased volatility means the option to convert is now more valuable. Indigo win in almost all scenarios.

Time for directors and mates to buy some more shares. Else the VWAP will encourage indigo to exercise and force down the share price. Should I report indigo to FCA for market manipulation? The NAV and NPV of the mines and prospects suggest share price of 8x and >20x current value?

Anyone who buys such highly volatile share as Phoenix should read the RNS's and make sure they understand the implications. These shares are only for sophisticated investors and gamblers. Others should have sold and exited a long time ago. It was pretty obvious that directors were mopping up spare shares to stop the share price collapsing completely. As it is Indigo got 10% of the company (which is worth hundreds of millions) for $536,000. They then flipped it for a quick buck (hundred or hundreds of bucks actually) and have lots more scope to do it again. I hope the directors have plenty of firepower to buy more shares to stop this happening again.

Share price has stabilised around 3p following significant volatility (standard deviation of daily share price movements). Volumes have reduced following director purchases at 1.85p and Sebastian's at 3p. Lots of BB puffs and smears but no real volume. NPV of future cash flows is now much higher than previous mining engineer report and there will be higher recovery rates too. Current price of 3p can only be justified by 95% odds of PXC going into liquidation. Go figure folks.

PXC sentiment seems to have changed here and on ADVFN. the Phoenix is rising from the ashes and living up to its Greek name.

They get transferred to a trading account outside of the ISA/SIPP.

It would need a huge premium for a bid to success, given the NPV of the Empire Mine Project and other possible finds.

The AGM is in Derby, not London. I have written to the company asking them to make the AGM hybrid, or at least broadcast on the web so we can listen in virtually. I have not yet had a response.

My concern is that directors of RTC are making it difficult for shareholders to voice their concerns and are using the remoteness of Derby to hide from having to listen to genuine shareholders’ concerns and respond to our questions.

Now we know that if you want to buy 5% of the company you can do so for 3p a share. So this establishes a bottom price for sellers.

Very wide spreads suggest market makers fear big upward move.

Re “aA re rate of 10 to 40 x multi bag.” 44% IRRR on Empire would suggest 60p which is 15 times. Then the big hope of the sulphides beneath the pit.even a worst case scenario is a friendly takeover at 10 to 15p a discount to NAV.Huge assets here in stable country, unlike comparators like Anglo Asia Mines, etc.

BODown 8.7millon shares (1.8%).Teir shares were worth c£60 and now worth £18million.I agree they should have more skin in the game. Their failure to buy more and summer sales by 1 director sending the wrong signals, either consciously or unconsciously.

I re-read the interim statement, which showed the rate of burn. Without new funding the company would run out of cash. It is close to doing so and hence the interim funding deal.
The company needs $80m to fund developments which should have been easily achieved when the market cap was £60m, but now with he market cap at just £25m, raising $80m of debt is more difficult. Add to that the SVB and Credit Swiss disasters, which are on top of the liquidity squeeze for smaller companies and you start to see the scale of the problem. The directors cornered themselves by saying so confidently they would not need any more equity fund raises and they would do the next stages via debt funding. It is time to declare force majeure and say sorry but we need more equity as otherwise we cannot negotiate a fair deal with the funders in the current circumstances.
By the way, is there more than one potential funder or have we got ourselves in the position where we are negotiating with a single provider?
I have seen this before with Sirius Mining, who all their eggs in one basket.

Just topped up my holding with a speculative buy at 523p.

Big write up in IC this week. https://www.investorschronicle.co.uk/news/2023/03/15/a-4d-lesson-in-early-stage-investing/

Who is going to the meeting in London?

Do we have enough votes to defeat this proposal?

You cab buy at 31p and get 32.5p if the takeover is approved. Lack of arbs suggest it work get the votes.

I have received this information from Wentworth about their shareholder base.

Wentworth has approximately 750 shareholders who hold certificated shares, the majority of whom are individual holders and a further 150 shareholders who hold via nominee in CREST. There will also be many more who hold their shares through execution platforms, for example Hargreaves Lansdown hold 7.7m shares.

FROM THE ABOVE I CONCLUDE....Hargreaves hold 7.7 million shares = about 4%. Since Hargreaves have about 40% market share of the platforms market, so if that % applies to Wentworth, that would suggest individual investors own about 10% of Wentworth, (plus the holders in certificated form and Crest of about 900 people).

If individuals own an average of £10k worth of Wentworth the nominee accounts would represent 770 investors; if Av is £5k, then 1500 shareholders.

As the Special Resolution requires 75% of those voting to vote in favour, the role of Hargreaves and other nominees in this task over is crucial. Has anyone requested the register of interests, as this would be worth looking at to see who holds the shares via nominees and for contacting them to vote?

I have emailed and sent linked in message to the Chairman saying we think he should negotiate a higher offer.

Offer doc says documentation for the court hearing for the scheme of arrangement will be sent out in January. I do not know what the long stop date is, nor the current level of acceptances. (25% on Dec 6). Does anyone else know?

Can you give me a ring please on 07712793114? Be good to catch up. I have added my shares to your spreadsheet.

I wrote to the Chair Tim Bush suggesting he seek a higher offer and he has replied to me as follows.

Thank you for your email. As to your request that we ask M&P for a higher offer, it should be noted that the board has already successfully negotiated a material increase to the value of M&P’s original offer. In addition, in case of interest, please find attached a letter that the board has recently sent to a group of Wentworth shareholders which provides a summary of the rationale for recommending the M&P offer. Kind regards Tim

https://www.sharesoc.org/wp-content/uploads/2023/01/221230-Wentworth-Response-to-Shareholder-Letter-vf-003_Redacted.pdf