The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
….of one or more of them….ffs….sorry
….of the last fundraise…not land..
Unfortunately Pocko, that’s true. We should perhaps not only look at the poor uptake of the land fundraise at 2.06p, but the previous one at 3.16p, where demand was much stronger and the sp held above the discount price. People last time were obviously more wary, given the company’s inertia since the 3.16p raise, so this current offering, considering that we haven’t progressed well in the meantime, and the fact that the Primary Bid platform was a shambolic way to raise the cash, it’s hard to see why anyone would show their support, even at 0.61p and precisely because it’s that bad it is 0.61p, a massive discount to the last fundraise, with nothing concrete yet established to generate revenue via any of the projects, including the sale thereof of one of more of them.
If shareholders wish to add more shares, then surely buying on the open market is much less of a hassle and less frustrating.
Morning Pocko. Difficult to disagree with that. As you mentioned, if they weren’t salaried but paid in shares only, would the sp be so dire? Nah!
Well said SJ. That is indeed how it is, on the face of it. I do believe Kurt tried and was bothered but maybe was surprisingly ousted, for whatever reason we still don’t know. Bizarrely, it has taken many months to find a supposedly suitable candidate to head Jokkmokk Iron, even though their identity is yet to be revealed, but Ed was in situ as quick as a flash really, following Kurt’s shock departure. It’s made me wonder anyway.
But wondering is a waste of time. The reality is that the sp speaks for itself and how things have been ‘allowed’ to go, perhaps Sweden aside.
Morning all.
Given the terms of this fundraise, yes, it is difficult to find any positives for existing shareholders. Sure, the money will keep us going for a little bit longer, but to back the company time and time again with these raises, only to see the sp corrode each time (barring spikes), without any production on the horizon still, it’s time to say ‘no’. Supporting BEM, unless we’ve only traded, it hasn’t and certainly isn’t paying off.
We are keeping Vardar going while crucifying ourselves financially to do so, and it has yet to discover anything that can be commercially exploited. In Finland, all we seem to do is renew a licence for a preferred plot of land in the Giga area. Progress has been alarmingly bad, in the jurisdictions that haven’t got a Court ruling pending.
So at this point, I’m not certain how this can be turned around. Only for the chosen few perhaps. I’m not sure if it was Oaktree that mentioned this, but if we are confident of a positive outcome with the Government case v Sami, why not hold off and raise the majority of funds following that verdict?
It all beggars belief and smells a bit rotten, in my opinion.
And then there’s Christopher Davies, still in the background, who has been an ever-present throughout this entire debacle and who worked with Ed many years ago. Next thing we know, Ed is our new boss. An incompetent one, as is now evident.
Yes, well. I don’t have the answers, only more questions. It’s now tedious.
You said that already. Buy at 0.5p and sell at 1p. At least you must be convinced that it’ll pop up to a penny. That’s positive. Lol.
Yes, seems like it. The shambles continues, and that includes the Swedish system or lack thereof. I can’t imagine anyone wanting to attempt to set up a business in this country. Unless they’ve found out a way to attain their own immortality. The wait, oh the wait!
Knowing our luck we’ll get Dopey.
Pocko, Oaktree and Tak, good to hear from you. Decent thoughts about what’s occurring here.
Best wishes all.
Agreed SJ. It needn’t have happened like this. Bowie ensured that it did. He is ultimately responsible, yet seemingly irresponsible.
I won’t post as much today, but might pop on tonight, to see what has occurred at our meeting in Sweden this afternoon.
Morning all.
Yes, I think we are all agreed, in that Kallak is the only real proven asset, as it’s the only one to be of commercial mineable value.
What a terrible day.
Have a good evening all.
The dilution is the problem. It is masked by these A shares and proposed capital raise below our nominal value level. It could be worth a fortune altogether, but then divide it amongst the amount of ordinary shares in issue and it looks like a different situation for us. Court decision being a positive outcome then we must pray that the sp responds. But Ed has decided to try and raise a lot of money now, at a derisory price, rather than perhaps staggering it to raise again on the babb back of the Court ruling.
I’m just musing but also suffering from acute brain fog.
Thank goodness today is over with and the markets have closed.
Not sure how to value Vardar especially, as nothing commercially exploitable has yet been found. Still early stage but it always seems to be.
I don’t know Sooz.
I don’t want to quarrel either. Maybe there will be a sale lined up already for Vardar, or why would we need to get the 100% when we already have a controlling interest? But see below. Lol.
Pocko, you’ve made some great points today, unfortunately going private would be easier if we own all projects, barring the sale of any or all of the three project companies.
Yes, Bowie is supposed to be our representative, but based on this proposed capital raise alone, I’m sure that Rod, Jane and Freddy could have done it better.
Suzy, then I’m wrong and you are disappointed. I’ll leave it at that, but I was going off how you usually respond.
I don’t believe it’s easy to fathom what’s going on here. We have this world-class asset, the largest unmined, top quality deposit of iron in Europe, we’ve been granted a mining concession when it hadn’t happened previously for any new potential mine or related conpany for 12 years or more, and yet we are left raising money at 0.61p, 39% below our nominal value amount of a penny. So how does one equate to the other? What aren’t we being told?
Something absolutely stinks about it all Suzy, in my opinion that is.
The only glimmer may be that we will now own 100% of all project areas, so flogging the lot would be easier.
If we think about it, in spite of our asset base, we couldn’t raise the funds last time either, and 2.06p seems joyous at this point, although at the time it was another 40% discount which many of us believed was disgusting. So very poor even since then and look at it now.
Suzy, in my opinion, this morning you were trying to stir the pot again before reading the RNS releases. You are automatically cynical of Pocko’s posts, which isn’t always the correct approach. Today’s news is a shambles. It’s difficult to remain positive.