Member Info for fireheart1

Thanks. Is anyone apart from Profitseeker going to the EGM?

Did anyone workout what was the reason for the SP hike the other day?

NIce to see the 20% rise on a 1.2M volume.. Did I miss something today (just checked prices since 8am check)??

Not been about to much been working hard.. When 577M shares get purchased for 1.5p (approx) (and note the AGU news did not state the actual price Cyrus are paying, only x amount of shares per $1000, and then in the depth of the RNS the exchage rate was given...) I do expect the price to drop, if only for a short time.. If AGU were optimistic of the price not dropping when the Cyrus deal goes in then they would have just stated the price.. We may have to suffer the short term pain of this deal, but if I did not think AGU will come through and return this stock to a nice stock with nice returns I would not be in it.. I will personal not be attending the EGM, 1) too busy working at the moment, 2) sometimes the more info you have on a stock can make you analyse the info too much and your decision will be changed. I feel I know as much as I want to and am happy to hold long term, and will purchase more when the time is right.

Your responce sounds very simular to mine, were 2 other people cc in the reply by any chance?

Have been in contact with AGU. Currently AGU have authorisation to have a share capital of up to 1,000,000,000 (EGM last October), this new general meeting will give them authorisation to increase that to 2,000,000,000 if required. They hope not to go over 1,000,000,000 share capital but if the finance for BA is not forthcoming then they will have to. (The plan is to use the cash generated from the gold mine and finance circa $60M to fund BA, but as above if the finance is not forthcomming it will be a bigger share capital and more dilution, hence the ability to have a share cap of 2 billion).. More thought is required for this now, in my eyes. If the finance deal is done, then Ok looks good. If it is not, then a very big share cap, and in my eyes 100% chance of the consolidation of the shares as mentioned by AGU previously.

I'm wondering if the first RNS for the EGM had a mistake? Saying 1Billion shares in issue and the B shares, then the quote below from the letter sent to the shareholders saying 2 Billion shares in issue and the 1 b share, one is not right as Cyrus is being issued 577M shares.. Or the RNS was intended to be read in way not to say 2 billion shares? From the RNS: At the General Meeting the following resolutions (the "Resolutions") will be proposed to: 1. approve the issue of the Loan Notes, grant the Directors authority under section 80 of the Companies Act 1985 (the "Act") to allot relevant securities upon conversion of the Loan Notes and disapply the statutory pre-emption rights in relation thereto; 2. increase the share capital of the Company by the creation of 1,000,000,000 new Ordinary Shares and the B Share; http://www.londonstockexchange.com/exchange/prices-and-news/news/market-news/market-news-detail.html?announcementId=10138883 And then from the circular to shareholders: That article 3 of the articles of association of the Company be amended as a result of the increase of the share capital of the Company, in substitution for and to the exclusion of the existing article 3 as follows: “3. The Company’s authorised share capital is £20,000,001 divided into 2,000,000,000 ordinary shares of 1 penny each and oneB Share of £1.00” http://www.angusandross.com/files/Circular%20to%20Shareholders%200408

One thing that I didn't understand fully: That article 3 of the articles of association of the Company be amended as a result of the increase of the share capital of the Company, in substitution for and to the exclusion of the existing article 3 as follows: “3. The Company’s authorised share capital is £20,000,001 divided into 2,000,000,000 ordinary shares of 1 penny each and one B Share of £1.00” I thought there was going to be 1B shares? Not 2B as noted above?? Think it's time for an email to AGU on this... You can read it fully here: http://www.angusandross.com/files/Circular%20to%20Shareholders%20040809.pdf

2.3 Timothy Daffern is employed by the Company as Director of Mining and Exploration pursuant to the terms of a service agreement dated 25 May 2008. His employment by the Company began in May 2008 and is terminable by the Company or Mr Daffern on not less than 6 months’ notice in writing. Mr Daffern is entitled to a salary of £80,000 per year, reviewable annually and was entitled to a performance related bonus of a minimum of £20,000 payable during the first year of employment. He is also entitled to a pension contribution of 15% of his salary, death in service benefit, private medical insurance and permanent health insurance. Mr Daffern has agreed to the suspension of the payment of his pension contribution until such time as the Company has sufficient cash resources to pay his contractual entitlement.

2.2 Paul Williams is employed by the Company as Finance Director, pursuant to the terms of a service agreement dated 2 July 2007. His employment by the Company began on 29 November 2004 and is terminable by the Company on 12 months written notice or by Mr Williams on 6 months’ written notice. Mr Williams is employed for 3 days a week and is entitled to a salary of £67,000 per year pro rata, reviewable annually. He is also entitled to a pension contribution of 15% of his salary, death in service benefit, private medical insurance (up to 31 July 2009) and permanent health insurance. Mr Williams has agreed to accept a reduction in his salary to £33,500 pro rata per annum and the suspension of the payment of his pension contribution until such time as the Company has sufficient cash resources to pay his contractual entitlement.

Now that I'm back from my hols, i'm on the research path again, and catching up on the AGU RNS. Found the detailed doc on the AGU website, this is good for the AGU directors showing they are acting in the manner in relation to the status of the current company: Service Agreements 2.1 Nicholas Hall is employed by the Company as Chief Executive Officer, pursuant to the terms of a service agreement dated 21 November 2007. His employment with the Company began on 24 September 2007 and is terminable by the Company or Mr Hall on not less than 6 months’ notice in writing. Mr Hall is entitled to a salary of £80,000 per year, reviewable annually. He is also entitled to a pension contribution of 15% of his salary, death in service benefit, private medical insurance and permanent health insurance. Mr Hall has agreed to accept a reduction in his salary to £40,000 per annum and the suspension of the payment of his pension contribution until such time as the Company has sufficient cash resources to pay his contractual entitlement.

to be honest, if this is the only route forward then yes it has to be, 1B shares in issue is not as nice as we thought with regards to the deal, and this makes sence the consoludation that was planned. Even so i still like the company, posts saying the board are not up to the task, well in my mind they have secured the future of the company, which is the main point, and saved cash by moving the listed office (put in the postcode on goggle earth and zoom in to see how they have saved) and remember a bank has done the due dill on the $50M required to bring the BA mine to operation (would like to know the country of origin for the bank, suspect nordic). Would i buy more of these? Yes i would and when they drop to approx 1.5p after the new issue (my prediction) i will make some rather large purchases...

i did note as well the exact exchange rate was noted in the rns, so we can now see the price the 577M shares are being purchased for, i'll let you do the math, but hint it's below current sp...

the day it was first announced the price dropped from 3.5p to 1.75p, so that was the drop you were expecting?

have had a quick read as on holiday and had a few jars... Not 100% on the 1,000,000,000 shares created, thought they were adding another 577M shares? Or is it current share cap + cyrus issue + seda issue = 1 billion share cap?? Need to read again when back and in the right frame of mind..

From emails with AGU it seems that they have been misinformed on the time frame for this process, and are waiting on this so are as frustrated as we are... Agree it's making AGU look stupid, but they are in limbo until they can say something.. At the end of the Cryus are the ones with the cash, so as far as they are concerned it will happen when they are ready and all boxes ticked......

http://moneyam.uk-wire.com/cgi-bin/articles/200907290700074421W.html

7am this morning, just to say the shares as previously said are listed for AFREN as from today.. No new news..

Dropping back a bit?

Afternoon, Not sure on that one, I was waiting for the GM and Cyrus issue to be done..