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Hi extrader, the issue of not mentioning the value of the options exercised, or Hanno investing shareholder money in his brother's company :)

CF, if the options are exercised at nil it means the holder has paid nothing for circa 500k shares. So no money to nccl's coffers, but an opportunity for the holder to sell them at profit now or in future. Now I'd like to believe they were 10p+ options and the holder has exercised them ahead of a stratospheric rise. But I highly doubt this is the case. I would also think Hanno to have the good sense to mention in the rns if indeed this was the case. Even if they were the cheaper 5p options it would be worth mentioning. But nothing. So with my reality hat on I'd say they're the nil value options. And no money to us.

As to the reason why the holder has exercised now, well it could be because the @ss is going to fall out of the company. Or they're preparing to sell on the next bull run. As a holder of a fairly significant chunk of shares I'm hoping the latter, as we all know how quickly this company moves with some solid news. It's just we haven't had any solid news since the JDA landed. I held 1.5m shares @ an average of 6p before the JDA and sold at an average of 8.5p so know the potential here. I sold out completely when Hanno started raising cash for his brother's company. And to make things worse he didn't respect PIs enough to extend the chance to participate in any of the capital raises since. So no I don't trust Hanno as far as I could throw him. But if he delivers on the main project, which is why I'm invested here, I couldn't care less if he later starts playing with his brother in the solar space. Don't get me wrong, it has potential as a business venture, but once the main project is delivered I'm out (hopefully bought out at circa 20p).

Reality is we're still a high risk / high reward company. But our risks are slowly being reduced (very slowly for LT PIs), and the rewards still remain substantial (even with the tens of millions extra shares in circulation since JDA). Hanno needs to deliver the main project and back off putting any more of our money in his brother's company until this has been achieved. Time for Hanno to step up.

Ah, I see you have that dream as well. Scary how much this promises, and yet it always feels the stuff of dreams. I've def. been here too long.

Hi extrader, appreciate the thoughts below. The comment from Trahar does bother me a little though. t sounds to me like Shard could drip feed shares into the market to be picked up by PIs given he mentioned weekly volumes, rather than a preferred (rose tinted) view they're discreetly placing large blocks with unnamed but critically important investors who may or may not be Chinese and Congolese.

Guys they could be exercised (at nil) to drop into the mkt for immediate cash because things aren't moving as hoped. Depends whether you're wearing rose tinted glasses I suppose. I'm disappointed that Hanno hasn't thought to put the exercise price in the rns. Another rookie error.

I'll pull back on my views of Hanno and his wasting shareholder money on his brother's exploits when he finally starts delivering the big pieces of news for the only project that matters. There's a few news items now pushed into H2, but the most important is the tariff, which has already slipped considerably - up to 6 months from the last update. He needs to deliver absolutely everything else in the next month or so for me to trust the guy is capable of getting it done. He has the Term sheet, EPC, and historical audit to come back with in the coming weeks. The new timetable will only have a negative effect on the SP as our African friends will undoubtedly extend everything, and will serve to remind shareholders that we're reliant on quite unreliable local parties. So if he has any common sense at all the new timetable will be delivered alongside something like the term sheet (or more news items), so investors can see that other important workstreams are being ticked off and it's just a matter of a little more time for our local partners to get their **** together and approve the all important tariff. The tariff unlocks all the other major milestones leading to FC like the PPA etc

Before anyone calls me a de-ramper I'm still cautiously buying under 3.5p - the latest purchase being 125k this morning.

If shorts were closing fast the SP wouldn't be dropping like a stone

Surely they should (would) mention the exercise price especially if it's at a premium to the current SP and represents a good chunk of cash added to the bank. I remember years ago we were getting excited about the loan conversions at 10p while waiting for the JDA to land. It had a +ve effect on the SP so not sure why they wouldn't release such information. It's not like it isn't important. Hanno really does need to lift his game.

Exercised for how much...?

CF, I would hope that Hanno is going to deliver the EPC contract and the historical cost audit in the coming weeks as well. These were targeted for June and have nothing to do with EDM so there was no reason for them to be delayed further. But first the shareholder term sheet, which was 'weeks away' over 2 weeks ago so one would reasonably expect it to land in the coming days. I'm hoping he delivers this alongside the new timetable so we don't get smashed by the inevitable 'longer than expected' news courtesy of EDM. Will see I suppose. Incredible entry point for news investors (providing Hanno delivers some +ve news in the coming weeks).

It's very simple to explain CF, my lack of confidence in the Chinese State and African officials is overcome by my desire to make money. This is a high risk / high reward stock.

I agree with you the recent articles are positive for the company. But we're still operating in Africa. And we're still reliant on the Chinese. And therein lies the reason for our 3.4p share price (alongside the issue of tens of millions of shares for Hanno to invest in his brother's company). As I keep saying, Hanno needs to step up and deliver.

Also cannot say that I'm comfortable with us relying on the Chinese state. We were in bed with another Chinese company prior to CMEC so let's not get ahead of ourselves. And let's not even go near their recent actions with Covid, Hong Kong, Taiwan, South China Sea... If they pay up then great, but my trust of the Chinese state is about as high as my trust in African gov.t officials.

Thanks CF. Yes these articles certainly make me feel a little more comfortable that our project hasn't gone off the rails. Having said that we're unfortunately working in a f@cked up continent, which is rife with corruption so I'm never going to be all that comfortable with additional unexplained delays, and deviations from what everyone thought was an agreed timetable. I'd be a whole lot more comfortable with our project being mentioned alongside the gas fired station and the piddling solar project that seem to keep coming up.

It's the same project they've approved previously, except they're now in receipt of a lower tariff for god's sake. As I@ve said, China should hurry up and grease some dirty hands and let us get on with it. It's not like this project isn't good for their economy and society as a whole. I think we're now looking at second half 2021 for FC. That's of course relying on no more left-field, bull**** delays to an amended timetable. When they release that news it had better be with something positive otherwise Hanno will be raising again at 2p in 6 months time. Or he could go and ask his brother for our money back. Let's see if we get some of the promised news in the coming month. They should be delivering everything except the agreed tariff according to the last interview. Time to step up Hanno.

Certainly hope so CF. Interesting that Hanno didn't specify the new EDM chairman as the reason why studies that could have / should have been completed in the past couple of years were now being asked for... I'm hoping this is indeed the case as I'm definitely over-exposed in this stock at the moment. I've now got 2.65m shares thanks to today's opportunity to pick up shares at 3.34p (125k buy was mine). My comment about Hanno the other day focusing all efforts on getting the main project to FC still stand. I sold out previously when he started his little side venture with his brother's company at our expense. I have no issue with this as a long-term direction, but only after they've realised the full value of the main project. His brother would have waited, and we'd have a lot more money up our sleeve (and less dilution) if he didn't commit to this venture. Time for Hanno to step up and deliver!

Apologies Feeks, patience is certainly a virtue you possess if you've been here for 10 years. I don't like thinking about how much money I'd have if I had the balls to trade this stock in the 4 years I've been here. You'd be a millionaire if you did the same.

I agree this is a long-term hold. What frustrates me is the continual posturing that something is being done, without any evidence of what they're actually doing. The EPP has become a joke. Remember years ago when we were expecting the studies to be released...? And the ridiculous numbers being thrown around by some overly optimistic investors...? They still haven't released anything of note regarding the EPP, and still being incredibly vague as to what has been done as per this rns. I'd rather that just come and say Ziop is for sale and see where that leads them. No point trying to force Chinese hands with powder puff floating port ideas and EPPs. They haven't worked. Say we're for sale and force them to respond.

Feeks, clearly you haven't been here for years like some of us. They've been 'planning' the EPP for over 2 years and have released f'all on what thy've achieved to date. And that's the small scale 'easy' route to market.

I don't think they've been anything other than trying to negotiate a reasonable price with their only sanctioned buyer, the Chinese. And when they've been offered nothing for the project they've come up with left-field plans to develop the site with EPPs and floating ports. If the Chinese are unwilling to offer a reasonable sum, then ZIOP need to start breaking down the roadblocks at an ROC level so they can sell the project to the wider market.

Oh forgot to mention how disappointed I am with the 'progress' over the past year. Damp squib comes to mind. Wording of rns also very poor. Having said that AT could probably get the job of Donald Trump's speech writer given his use of positive adjectives describing f'all.

Doesn't matter if the whole Glen board changes if ROC are saying you can only sell to the Chinese, and the Chinese are offering peanuts. Major debt traps and promises of SEZs etc provide a huge amount of leverage, especially if you're dealing corrupt officials in an African backwater. It's also why they cannot do sealed bids - ROC are blocking at China's behest.

If the Chinese are willing to pay a reasonable price this will be sold. Clearly they're not at this stage, hence left-field floating ports etc. When they come up with a reasonable bid, the two-bit officials will be greased, and everything will fall into place. There's no way Glen aren't sellers given current circumstances - IO bull market, Aus / Sino relationship breakdown, Covid etc. Plus they've stated their willingness to sell projects to pay down debt. Best not to look in their direction.

If they don't provide an update this month and use Covid as their reasoning it will be incredibly damaging to the sp. It shows a complete lack of regard for investors, and they won't have delivered any of the news related to COIDIC that has been promised for months now. It will be an opportunity for some cheap shares though so if you have the spare cash and the cojones you could pick them up sub-5p. Will see I suppose.

Thanks extrader. Do you think the bod would care if intermediaries are snapping up the shares. Surely that would show a willingness to make an offer on the project...?

Another angle (putting on my conspiracy theorist hat) is this could be allowing some dodgy Congolese officials onto the share register. If ROC are the main blocker to the sale of the project then allowing some corrupt gov.t officials to greatly benefit from the sale of the project would make sense. Will be interesting to see where this takes us, if anywhere.

It's time you stood up. The market is watching and there's been far too much disappointment from nccl for any more slip-ups and bull**** excuses not to be severely punished. We're back near 3p - what does that say about confidence levels...? You need to get on top of whatever is happening with the Moz gov.t and China, and start leading this company to FC. The reasons for the delay make zero sense so if you're not going to be honest with the market you need to get whatever is happening behind the scenes sorted. And stop f@cking about with our money and your brother's project. We're not here to support your family and you. We're here for the coal power project and I want my 2.5m shares focused on that being completed. Sort it out.