Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Anyway, as I was saying on Friday before I was so rudely interupted, it seems the whole of GFG is up the swanny - defaulting like no-one's business. Poot old Greensill out byt the tune of ÂŁ 5bn. No wonder they have gone under. https://www.ft.com/content/db5bc46a-57cc-4c7d-a6fe-47f5a59412d4
Trouble is with the rampers with other interests is that they automatically respond when genuine holders talk of trouble at mill.
Question is, what happens to GFG and all the other parts of it now? There ain't no Faraday cage around SAE on this one. This could take the whole lot away. Someone will want some of their money back. Hana must be so thankful that they didn't put their ÂŁ200m to this. Failing company that can't pay its debts, no planning permission, possible withdrawal from incineration schemes from Welsh govt. This now has nothing - to zero within weeks. Pity the rampers went off crying to the moderator about Couts when he was telling everyone that the USP had no chance. We might have been able to learn something and some people would have saved a lot of money.That's not you changing your stance is it OHarry? You have been ramping this for so long now. Seems he was right all along.
Are we now going to have to hear all your 'I knew this would happen' deramping now OHarry when we all know the exact oppostie was true. You called it wrong OHarry, as did all of the people who registered and logged on only to post just the once and say how 'wonderful' your posts were. Unusual thing to happen, but you seem to attract them OH - can't think how that may be, oh unless...
What do you think Myles might make of it Harry?
You are correct FastShow. The Gupta link and his default on loans is of real concern and is the rationale for the collapse in share price. When that is combined with the non-award of planning permission, I am surprised this is not closer to 10p.
The whole reason for the link up with Gupta (as you so rightly stated) was to provide the steelworks with cheap electricity. Now there may be no steelworks on top of no planning permission. SAE is in trouble no doubt, at least the Power Station, but maybe it will drag down the rest. The sp was 37p when Gupta took over - look at it now.
No point listening to others try to get you into a row there FastShow. They provide broker and NOMAD marketing communications as independent and objective and try to convince they are doing 'research'. In December and January they spent weeksâ ramping the planning permission decision as a done deal and pulled out just before the bad news dropped.
They say they did that on 'good authority' but have been unable to say which 'good authority'.
You see, when they are asked about their great knowledge and 'research' they have no answers. It is more than likely all made up.
1) You said you are blocking me
2) You wrote a post that named me and made a deliberately mendacious accusation.
Unusual behaviour.
I am in here Chaseable.
Not negative, no. Realistic about the Uskmouth power station. I havenât said anything about the subsea water turbines which I think are great. I love âem and want a lot more. Big fingers crossed about government support, through whatever means is available, in the future.
I hope the Uskmouth station doesnât kill off the Meygen and other turbine projects.
SIMEC is part of GFAlliance. https://www.gfgalliance.com/about-us/
GFAlliance are having trouble repaying loans https://www.bbc.co.uk/news/business-56250732 and also having trouble renegotiating loans with other lenders who are now cutting talks short âBrookfield walks away from Sanjeev Gupta loan talksâ https://www.ft.com/content/33bf4c21-5cda-46a3-ac20-9c408d429456
SIMEC made a framework deal with Hana, S Korea in the RNS 2020 August. The Uskmouth station conversion is projected to cost something around ÂŁ 200m. The framework deal was, and this is important, for a proposed loan facility to SIMEC of up to ÂŁ 170m. We have no idea how much progress was made but must assume that nothing has yet been drawn down (should Hana have actually agreed to the deal after their DD). We know that the exclusivity of the deal lapsed last month in February (six months from August).
The questions are pretty straightforward and obvious â not negative, just obvious.
What happened to the loan facility beyond the framework?
Will any lender lend anything to Gupta / GFAlliance given that their default on the Greensill loan?
Greensill may have to declare bankruptcy over this, so the answer may be obvious. Any future loans will attract risk-premiums on interest and the putting of collateral which we donât have, with the exception of Meygen. Brookfield has already shown the level of interest it has in dealing with Gupta.
What happens if other creditors pull the plug on GFAlliance?
What happens if the Welsh govt. say no to planning permission? What happens is they boing it back to the Council?
Will it be a blessing in disguise if it goes no further?
Why is the âexhibitionâ of the proposed Uskmouth station still headed by a director who is on the way out? Why havenât SAE promoted the new man at the helm, Reid/Bell?
Why do the pictures look like those of a birdwatcher on a walk in South Wales?
Correct. Hana Financial Investment Co., Ltd ("HFI"). I called it Hana in my posts today for those who do not what is going on.
The RNS August 2020 says that the there was only a framework agreement and that hurdles needed to be overcome that are Uskmouth dependent. Nothing since.
SAE are owned by a person who has other operations that cannot repay loans.
SAE has been bounced upstairs on planning permission becasue of complaints from environmental lobbies.
If SAE can borrow the money (less likely than before) and get planning permission and go through the not inconsiderable hoops of gaining an environmental permit, then they might start construction. How many years down the road if ever?
This is looking bad. Owner is a bad creditor; no indication that Hana will come forward with full amount; interest rates on upward trajectory; planning permission may well refused; environmental permit may well be refused.
Good to see you Harry. It seems your 'friends' are about at exactly the same time as you. Well I never.
I wonder when they will let the market know about the state of the funding arrangment with Hana... perhaps the rapid falls in share price are because someone knows, or suspects.
Harry, you are good at knowing such things somehow. Could you ask your 'good authority' if he thinks the framework agreement with Hana will go forward given the revelations about Gupta? Failing that, you could revert to your usual modus operandi and just make something up.
Not quite so confident about the share as you were the other week then? You did your about face just before the bad news dropped didn't you? Still no-one is the wiser quite on whose 'good authority' you had it that the planning permission (permit is fine). You have said who your 'good authority' wasn't, but haven't quite managed to say who it was. Whoever they are, it was such lucky timing for you to be told just as the news dropped. Phew!! ;-)
That isn't important anyway - it is clear what is going on with you. Much more important is the funding arrangement for the USP.
No planning permission, no environmental permit and probably no funding. Bob Hope.
Impressive. Two defences of OT and his other self within minutes. Fishy I'd say. Must be a coincidence you were both looking in at the same time I posted and hold such affection for OT and OH.
There is some good news today. Gupta's financing agreements have seen the light of day and his creditworthiness has been given a size 10 DM right in the gonads.
In August Cornelius said "This agreement [loan facility] with Hana reflects the high level of international interest our world-leading conversion project has and we believe that this is a stepping stone to further conversion opportunities across Asia and indeed globally."
The RNS in August 2020 said "The agreement is subject to a number of conditions precedent including HFI completing its due diligence on the Uskmouth Power conversion project, and agreeing satisfactory transaction documentation."
The Hana agreement was thankfully only a framework and dependent on progress of Uskmouth (which is going nowhere). Hana or any other lender will be wary of lending any money to Gupta enterprises in the future including SAE.
Hopefully the USP is now dead in the estuary and will become just a historical aberration of a truly green minded company.
Regretfully, I don't think they will bite the bullet so easily and let it go.
Silent, you seem to have stopped all of your OriginalHarry style 'research' about the permits and likelihood of them being granted? Why is that? You had all the links and everything.
Has anyone seen OriginalHarry or OldTramp recently? Just like on CLON, it as if they are ghosts - just turn up for a good old rampathon together and then sell out just before the inevitable crash.
OH and OT were not modest in how brilliant their research was during the ramp. It is a shame such a clever indiviual no longer posts their 'research' findings. Last we heard was that OH knew that the permit would not go ahead (from an authoritative source) which is why he sold out just before the bad news dropped.
I thought something was up because of the level of frenzied ramping OH and OT (as well as a good few 'one post only' accounts) did on the Monday.
Well, since their very successful ramp and sell-out, the share price has fallen 30% qith nothing to look forward to.
He made a few mistakes this time though, especially when he ended up writing to one of the two (OH ot OT) whilst logged in as the same name. Also OT never did explain why he started a conversation with a poster called Bolgas when that person has never posted on here.
What a tangled web we weave when first we practice to deceive.
That is a surprise there Noisy. You clearly keep an eye on the board to have replied to my comment so quickly and also you were posting on this board at the time when the first link was posted to the 'report' that was full of so many inaccuracies.
It was Celery who posted the link on 13th January - "Myles McNulty Summary13 Jan 2021 23:32 'Some late night reading!'
https://aimchaos.files.wordpress.com/2021/01/simec-atlantis-energy-introductory-note-1.pdf"
Not only that, but Celery referred to the article on 14th January - "there is no questioning how effective the circular business model is when reading Myles' review."
Later on, OriginalOldHarry referred to the bogus report when he wrote - "there was a report a few weeks back by an investor on Twitter who referred to the CEO as Graham Bell." That was one of the mistakes when the author of the report wrote about Graham Bell (an ex-UK sportsman) instead of Graham Reid (the new CEO of Simec).
I am so surprised you missed Celery's link to the first report and OriginalHarry's talk about it later.
It must be a coincidence that you replied to my post so quickly with another link from the same web domain as the original but had no idea about the original, its promotion on this board and the subsequent comment.
Amazing coincidence.
That was a really fast reply Noisy. Must have touched a nerve somehwere.
Pointing me to a different, updated report, is not of course the same as pointing me to the original report that was first put out in January on the link I gave.
The one posted in January was full of the inaccuracies mentioned and showed the author(s) did not know the name of the company, the name of the CEO or the date.
You have updated it there Noisy and now point to a different web address pretending the first one did not exist.
Why did you do that? I have the 'original' that Celery/you pointed to in January right in front of me.
Interesting comment there Celery. You write as if you are a long term poster on this board but you yourself have only posted a few times. Interestingly, until just now all your posts have been ramping posts of the nature you donât seem to like anymore. Why that change of heart Celery?
For those who have missed Celeryâs games here are a few priceless moments:
Oct 2020 âI'm amazed by the value of these shares considering the groundwork that has been made by them within the industry.â
Oct 2020: âTopped up yesterday, gutted I didn't wait a day!â
Dec 2020: âwish i had funds available to top up my holding right nowâ
Dec 2020: âArms & legs for me - topped up this morning on the open after reading the RNS updates!â
And my favourite:
Jan 2021: Myles McNulty Summary - âSome late night reading!
https://aimchaos.files.wordpress.com/2021/01/simec-atlantis-energy-introductory-note-1.pdfâ
The pdf has been taken down now, but it was a false report about SIMEC written by someone pretending to be in the know. There were dates wrong, names wrong and fantastical predictions. Pure hype from a full-time ramper.
First anyone heard of it? From Celery of course.
How come you are distancing yourself from all the ramping that went on Dec and January when you were part of it Celery? Is it because the sp is on a one way trip to the basement and you have made your ramping gains?
I see you are now saying buy on the dips. Good advice, but it suggests you sold out on the high just after your months of ramping. Using your words, you were playing your own games for âshort-term monetary gain.â
Was it you that wrote the bogus âMyles McNulty reportâ Celery?
Not as bewildered as me Strangy83.
I saw that bloke ramp up and up on the UPS and suddenly state he was out. I has sold on suspicion he was talking nonsense and was lucky.
Now OHS is back talking about some company or other somehwere with a vague link to pellets that a UPS might use to burn if it can get any planning permission or satisfies stringent environmental stipulations. OHS clutching at straws (which he will talk about as a great potential fuel no doubt).
Meanwhile back on the ranch, the core business of tidal wave energy generation is moving ahead. That is really good.
I am sure someone said Graham Reid was brought in because the old bloke was bad at gettin the UPS up and running.
Not a bad failure rate for Graham Reid so far if that is true - 100%.
I wonder if it crossed Reid's mind or Wheelhouse's mind to thank the old bloke for all the years of work he put in to getting tidal off the ground (as it were).
You are right PotentF. I was with CLON at one point and OriginalH was on there posting every other second aided and abetted by.... guess who?
Yep, you've got it - OldTramp. Now they are here.
Just like on this board, those two names spent ages talking to each other ramping up and pretending they were different people. They have done the same elsewhere.
It doesn't surprise me at all that he spent a few weeks here of hard ramping and managed to sell out just after a rally but before the bad news landed today. In fact, it was his frenzied ramping in Monday that led me to sell almost as soon as I bought this share.
Not saying I didn't profit from this, because I did. But you are right in your assessment of that person.
I am confused because yesterday everyone said that the planning application was going to be rubber-stamped today. One person talked about planning only being the first hurdle before the bigger hurdles of environmental approval. They were shouted down and photos of the agenda and decision of the council were linked on here.
Everyone was wrong because there has not even been approval of planning permission. This is looking really bad.
I am pleased I took a lot of profit after a day. All those promoting posts in the last two days just didn't smell rigtht. People posting the result of a meeting yet to be held was just darn right dodgy.
This is just hype. This company is going nowhere. I will add when it falls to a proper price for the risk. Nobody on here ever said planning permission might not be granted. Wow. This is terrible a news today with just more uncertainty.
Thank you for this post SPQ. It seems as though you are aware what is going on. I have learned a l lot.
So all the noise is about planning permission only and not a fait accompli? There is still a chance it won't be built?
I thought from what everyoune was saying on here that SAE had already got environmental permission.
As I said, you have to be really careful about what you read in places like this.
I was lucky today then! I must have caught a spike on rumour at the right moment. I hope the maxim about sell on news insn't true later in the week if planning permission is granted as people are saying it will be.
Thanks for the information there OriginalH. I will steer clear of people who write bogus and fraudulent reports. Thanks for the tip-off. I wouldn't want to be associated with illegal activities whether I am Graham Bell or anyone else. Nor would you I am sure OriginalH.
CLON was a bit of a nightmare you are right. I am so pleased I stayed clear. I normally like to read what posters are saying at the time and make my decision. Amazing what you can find out about from what posters say. It is not so easy here because you all seem to know each other so well.
Peased I didn't buy in. It doesn't matter how some people dress it up, a placing is a placing and from what someone said today it is a punt on a technology nobody has bought yet.
I will watch but I am steering clear. This looks bad.
Thank you for that OriginalH. Your writing and explanations are so clear and helpful. Meticulous grammar.
I hope things don't go wrong like here like hey did with CLON. You probably don't know about them
That article looks like really good news. That new person looks on the ball too.
My lucky day it seems. Couldn't have timed it much better.
Still it is only an article with nothing official.
Oh I see, there aren't any orders.
Why didn't someone say that is the reason for the share price falling so much?