Member Info for G_G_G

i'm doing my best here ss :)

as for some other posts here yesterday.

7veronic, it's little wonder a f@ckwit like you has no care for what has happened to everyone here when you have such a p!ssy little shareholding. having a phone call with an incompetent ceo who lies as he breathes is going to do what? the plan here is to get as many posters as possible to send him this ultimatum. to just sit back and take it is gutless. i'd rather start the fight. and take it as far as possible if he tries, once again, to f@ck us over.

john27, i understand you are just the go-between. and i have thanked, and commended you for that numerous times. but, you are also the pi representative, and you must recognise both the mistakes, mistruths, and misdirection employed here for years. if you encourage pis on discord, and even better relay the message yourself, then we have a greater chance of influencing what is already shaping up to be the 'easy option' for baay to take i.e. f@ck us over even more. a barrage of emails at the very least will get his attention and reinforce just how many livelihoods his actions have negatively impacted.

as for why the raise would take place, who gives a ****. it could be for anything. the end result is we'll be diluted into oblivion to allow others to come in and enjoy the returns we were promised. secondly, why on earth would you trust what he is saying about how the raise proceeds will be employed? he told us we didn't need a raise on multiple occasions. then it turns out we needed a massive raise, but withheld the fact that it was the only way we'd get the loan. the duplicity of the man is extraordinary, so to say 'it's for debt repayment' is probably untrue anyway. finally, you have spoken about how directors buyig in would 'be a good sign for the future'. are you f@cking serious? directors who didn't participate in any of the previous raises at 20.5p and 16p. who haven't purchased shares as our company value has spiralled from £100m just 12 months ago to £30m. and you think them finally putting their hands in their pockets after our wealth has been wiped to enjoy a share price near all time lows, bottomed by pure senior mgt incompetence, is a good thing...? i'd want them crucified alongside baay if they do such a thing. it would be even more disgusting than what has transpired to date. i serisously wonder how you are coming to these conclusions of 16-17p after casc 5 and a f@cked casc 4 well, when we have 20% raise that is the cause of the share price demise. let alone 'ripping off the plaster' being a good thing. or our overpaid, bloated senior mgt team who have delivered nothing other than failures, to finally put their hands int heir pockets at a back-breaking raise at these levels.

txpir@touchstoneexploration.com

paul.baay@touchstoneexploration.com

guys, this is the simple, uncompromising message we need to send to paul baay and investor relations - emails above.

the entire point of this request is to hold management to account for their catastrophic failures, and the issues have only gotten worse. we need to flood their inbox so they understand we are unified, and we will act.

there are no excuses for the ongoing level of incompetence displayed by a ceo who is highly remunerated relative to our tiny market cap, and who leads a bloated board of directors. the sheer number of mind-boggling corporate f@ck ups, from the failed trin acquisition to the six-month central asset calamity, is almost inconceivable. they have proven themselves to be untruthful, less than transparent, and monumentally incompetent.

if calamity baay takes the easy road with another dilutive solution, he must be held accountable. the consequences of further dilution are it will crystallise your losses for years to come. it means new investors get in cheap, and long-term shareholders who funded all the mistakes get completely f@cked over again. the sp will rebound to 18p with it removed and casc 4&5 coming online at just 20mmcf. the same production but with a raise of 20% more shares issued at 12p will keep the share price below 16p for over a year. he must understand the only acceptable outcome is a non-dilutive solution. if we want to accelerate production later, we can raise capital in the 20p range, and not at the bottom.

the manner in which this crisis has been managed is astounding and appalling. this is not just bad business, it's a complete lack of regard for the shareholders who financed this company, and his salary. the deliberate failure to share material information is an unforgivable breach of trust.

if baay proceeds with dilution, it will signal two things: (1) that the 'close relationship' with our bank is yet more b@ll**** and they do not trust him to deliver, and (2) that the $17.5 million raised already (with millions in attached fees) was simply not enough due to poor execution.

if management pursues any form of dilutive solution, they need to realise that an egm for a vote of no confidence in the ceo and chairman will be pursued. i imagine we'd have the full support of the poor b@stards done by baay for $5m at 20.5p as well.

happy to hear your thoughts on the content of the email. most importantly, i'd like you to confirm that you have sent the email. just your moniker, and shareholding number will do.

...Cont...

To avoid this outcome, and to begin the essential process of regaining market trust, the only acceptable solutions for satisfying the remaining loan terms are non-dilutive:

1. Loan Covenant Amendment: Leveraging the strong relationship with the banking partner (as previously stated by management on numerous occassins) to successfully negotiate the removal of the requirement for the additional capital funds.

2. Non-Dilutive Financing: Employing a non-dilutive financial solution, such as a Reserves-Based Lending (RBL) facility or Off-take agreements, instead of a dilutive solution such as an equity raise, debenture, or farm-out of core assets.

Shareholders deserve a management team that places the preservation of shareholder value above the easiest corporate option. Further dilution near the current 11.5-12p valuation is simply unacceptable.

I expect a substantive response regarding management's plan to protect shareholder capital and address the critical corporate governance issues outlined above.

Sincerely,

Dear Mr. Baay and Investor Relations Team,

I am writing as a concerned, long-holding shareholder of Touchstone Exploration Inc. to address the persistent erosion of shareholder wealth and, specifically, the recent contemplation of a further dilutive capital raise related to the Central Bank loan agreement.

My communication is professional, direct, and intended to underscore the deep level of investor dissatisfaction.

1. Shareholder Value Erosion and Accountability

The destruction of shareholder value over the past two years - over 80% in 24 months and over 60% in the last 12 months - cannot be dismissed solely as exploration risk. As an established producer with high-quality assets, the primary driver of this decline has been repeated corporate execution and communication failures.

This magnitude of wealth destruction demands that the Board and senior management address the core governance and execution issues that have undermined market confidence.

2. Failure of Execution and Disclosure Concerns

The market has witnessed a series of profound corporate missteps:

- TRIN Acquisition: The failure of the acquisition to close, regardless of the precise legal reason, points directly to a corporate oversight failure in ensuring the legal terms were watertight and fully secured prior to market disclosure.

- Central Asset Financing: The protracted, six-month failure to close the Central asset acquisition was followed by a poorly managed capital raise. The subsequent failure to receive the majority of the committed funds, led by a less-than-reputable bookrunner, severely damaged credibility. Crucially, the market was not informed of two material, market-sensitive facts:

1. The loan’s dependency on a capital raise being executed in 2025.

2. The true required capital amount being greater than the original raise price.

This was compounded by a lack of candour during an investor presentation where a direct question regarding the loan's dependency on the raise was deliberately avoided, with management instead intimating the capital raise was a self-determined move for production expansion. This pattern of delayed, inaccurate disclosure and avoidance raises serious concerns regarding the fulfillment of fiduciary duties to keep all investors informed of material information.

3. Path Forward and Conditional Shareholder Action

I must formally communicate that if the company proceeds with a further dilutive capital raise at this stage, a move that would effectively crystallize losses for long-term investors, I will be compelled to lend my support to an Extraordinary General Meeting (EGM) with the express purpose of holding a vote of no confidence in senior management positions, including the CEO and Chairman.

Cont...

John, again, please don't think my anger is directed at you. You seem like a really nice bloke who is doing his best for shareholders and his own investment by engaging with TXP management. But you must agree that waiting for Baay to potentially f@ck us over with a raise is all but permitting him to do so. He has made so many mistakes and cost us all so much money that we cannot give him a chance to put a massive nail in our coffin. PIs have been propping this company up for years. And they have paid an incredible price already. But it also means PIs have a major holding in this company. And even if we cannot force his removal, it will be an immense source of professional embarrassment for him if an EGM is called on the back of another massive dilution event.

Deep down, you must know that what I'm saying will happen to the sp with another 20% raise. People are selling 500k share blocks in the mid-11's at the moment. What does that say will happen with another raise? And getting another 20mmcf from Casc 4 & 5 is not going to make a jot of difference with it still hanging around our necks.

Email to follow tomorrow. I'm open to having it edited as the board sees fit. Once complete, if all posters and Discord members send it in the coming days, with their shareholdings, then we'll know the message is loud and clear.

Regardless of our differences on this board, my one and only desire is for our wealth to be protected. Baay has options at his disposal that will achieve this aim. He has often talked about their good relationship with our banking partners. It's time for him to get one thing right this year and ensure whatever happens is not going to dilute or limit our ownership in these great assets any further. No more excuses from him or the bod.

John, I'm saying that PB needs to understand that dealing us the dilution card will mean his lifestyle job is at risk. In other words, he should remove it from the pack if he wants to keep getting his $800k remuneration, or the way we play the hand he deals us is to have him removed from post.

It should not even be considered, given the sp destruction his incompetence and deceitfulness have caused. And what was all the b@llocks he was saying about speaking to the bank to get it removed? He is on record saying this. So why all of a sudden is the banking covenant unable to be changed with our 'trusted banking partner'?

You started by saying 'I had a straight answer from PB yesterday', which is infuriatingly ironic given where things stand and why. Where was the straight answer when investors asked whether the raise was part of the loan terms? Why did he dodge the question? And then misdirect? Also, wasn't it you who sent him an email with the exact same question? What was his reply? If it was someone else, then please speak up, because I can recall people debating on here whether it was required, and the answer from one poster was No from communication with Baay.

I'm also quite stunned that you're even suggesting PIs need to 'rip the plaster off', or 'play the cards we're dealt', after everything that has occurred. The only thing worse would be that 'we need to suck it up'. He has cost us £70m in 12 months!!! And saying 16-17p after Casc 4 & 5 is nothing but wishful thinking. It simply won't happen, so let's not go into a fantasy land of false hope and 'we just have to wait'. No-one is going to pay 16 or 17p with a raise hanging over our heads. They will if it's removed.

Finally, in the 10kboepd statement you mention Q4 - do you mean Q4 2026? Because that's how long it will take. Zero chance of it being before-hand. Except the sp will be 20% less than what it would be if he gets the loan terms removed for the exact same level of production. Not to mention we will still have to rely on them drilling 4x wells in Central without issues to get near 10kboepd. Wells that Shell for whatever reason didn't drill with all that spare capacity. Yet Calamity Baay and his team, who used the wrong drilling mud, have found all this wasted resource...?

I'll provide wording for investors who have had enough to forward to Calamity Baay and IR tomorrow. I'm happy to keep a record of people who have sent it. Just your monikers and share holding will suffice. The company must keep a record of these emails and share count.

Baay needs to hear loud and clear that us paying for his f@ck ups again, with even further dilution, is not an option.

john27, you have got to be kidding me...? with all due respect, you need to use your open line of communication to tell calamity baay that pis will push for an egm if he goes down an equity raise route. this would cripple the share price for years. and the very fact that you've stated we'll get back to 16-17p post casc 4/5 is absolute fantasy. this will only happen with the raise component being removed, or satisfied with a non-dilutive instrument. otherwise, the market will price us at the very same level as they will know a raise is coming. this isn't rocket science; it's the most basic understanding of what happens in these scenarios, except it will be too late if he does the raise.

as for a farm out - a farm out of what exactly? do you mean he's going to sell the family farm for peanuts to fix the mess he created? f/o's are normally negotiated by the farminee agreeing to pay for development, and not just handing over money to a first-rate muppet like baay. a reserve-based loan, or offtake agreement, would be the only way to avoid dilution and satisfy the terms. but you haven't mentioned these, why...?

the fact that the bank is still insisting on the amount speaks volumes in itself. or are they? perhaps we need the money because baay has blown it all? and as for 'ripping off the plaster', at what point will you acknowledge the plaster is baay and he needs to be removed? i couldn't give two ****s if he's a nice bloke. he has been remunerated at $800k per year to destroy £70m of our money in the past year alone. you get to over £100m of shareholder wealth in less than 2 years. and you are talking as though we should just deal with our losses, which he alone is responsible for incurring through some of the most incompetent decision-making that i have ever witnessed for a company with our assets? a monkey with a magic 8 ball could have done a better job.

i'm going to look into how an egm can be called next week. i'll post an email here that can be sent to calamity baay by anyone who refuses to allow baay to solidify their losses for years to come via another placing because baay cannot find a solution to the monumental mess he has created. a raise or any sort of dilutive instrument at this level, and he needs to go. simple as that. he would resign if he had any self-respect or personal honour. john, i hope that you will also deliver the message given with the years you have spent being b@ll****ted by baay, and the significant losses you have incurred.

expecting that we will simply roll over on this, after everything that has happened, should not even be an option.

Ali, I think the only issues for Casc 5 could be in hook-up or poor flowrates. I personally don't expect flowrates to be an issue due to the significant payzone they intersected.

Casc 4 everyone knows my thoughts on. Anything above 5mmcf would be great, and unexpected for me. Big issue here is 30mmcf from both Casc 4 & 5 would give us a much stronger hand in pushing for the $7.3m raise to be waived. Always something with Calamity Baay.

The sp has been hammered and tied to 11.5-12.5p because of the threat of a raise. It just happens to be an mcap of circa £30m, which makes a nice number for £6m in capital and fees, or 20% dilution. That's my concern - the f@cker is already planning to execute it, and why the sp is stuck at this level. Let's hope I'm wrong.

ss, i keep saying that casc 4 is not the major issue. yes, it has been shockingly amateurish for the 'biggest on-shore o&g company in trin' who claim to have deep experience and expertise in exploiting trin o&g resources.

the major issue is a raise or some sort of dilutive instrument happening at this share price level. we knew about casc 4 being a mess, and the sp was still over 20p. after we heard the 20.5p funds hadn't arrived, the sp was still near 20p. the issue was the loan terms baay withheld from the market, and the fact that we were being forced to find an even greater amount than the original failed 20.5p fundraise. this is why the sp had both its legs broken. if he raises again down here, it will effectively break its back.

let's assume that casc 5 comes online at 15mmcf and casc 4 isn't a write-off and will land at 5mmcf. that's an extra 3-3.5kboepd. casc 4 is going to be ****, he has already said it, it's just that you need to put on some 'baay bull**** glasses' for it to be clear. but q4 will be 50% better than q3. still nowhere near as good as it could have been, but at least a bottom has been found and barring any issues with central production will gradually increase over 2026.

what baay needs to hear from pis is that dilution via a raise or otherwise at this level is completely unacceptable. and that the $7.3m must be waived. he can then read between the lines that we'll band together for an egm, which will also allow shareholders to address the misdirection and delays/omission of market-sensitive information that has occurred more than once in the past few months. i have no idea what he does to earn his remuneration, but everything he has touched at a corporate level has been an unmitigated disaster. we have lost £70m of value since the trin farce on the back of corporate ****shows. at the very least, he can fix the final part of the mess he created and get back 1/3rd of those losses. if he doesn't, well it points to our finances being in trouble from all the money he has wasted. i'd estimate that we've paid somewhere in the order of $5-10m in fees for the trin and recent fundraise failures. that's an extraordinary waste of capital that has still left us £70m worse off. mind-boggling that anyone would defend the guy.

if he raises or dilutes again, that's the reason for an egm, because it will destroy the sp for years.

Edo, I think 50p is very much the low point, which we briefly touched once in the past 6 years. We bounced off 6-year lows today, and the last time that happened was very briefly, and before we got the H1 results, which were reasonable.

Either way, if mgt can find the time to go to all these industry events, they can find the time needed to communicate with their shareholders. And if there isn't something sinister going on with a lowball bid, well, if you're Kestrel you'd be even more angry with their lack of investor communication than we are.

Unhooked, you;'e correct about the accounting figures, but so is Lukee. There was also debt repayment in H1. This will obviously continue in H2, but that's hardly a bad thing. Based on the combined H1 repayment, BBs not occurring again, and improved Adj EBITDA I would expect they can knock another $10m from the debt pile relatively easily.

The macro is a point, however, to say their balance sheet is stretched is a stretch in itself. They'll have $80m Net Debt at year end. They're profitable. They've hit rock bottom with Adj EBITDA in H1 and non-recurring costs. So one would expect they'll have an EBITDA:Net Debt ratio of less than 1 sometime in H2 next year based on marginally improving performance in 2026 to $65-70m Adj EBITDA, and continued debt repayment at $10-15m per half-year.

Mgt simply need to get out and start filling in gaps that have spooked the market - gaps they have created by their loose guidance and information vacuum on the most important commercial factors at play - Search and Comparison. If the weakness is a profit warning, they will be crucified. But if it's something more sinister, like accommodating for a t/o with a connected party, well that would be unforgivable.

Edo is probably correct in his appraisal, and today's share price is a gift. But you just never know with TIG and AIM.

Johno, it's not a twist. And I'm acutely aware it has taken 10 months to drill just 2 wells, one of which was slated to start in Q4 last year, if you recall. Another one of Baay's fantasy statements to the market.

As for Casc 5, we've been told by all the O&G experts here that it takes 2 weeks to hook up and test. When Baay gave us his 'broken drill string' RNS on the 29th September, he said Casc 5 hook-up and testing would commence immediately. So either the O&G experts are wrong. Or Casc 5 should be reported at the very latest on Monday, which would be 3 weeks. More than happy to be wrong on this btw.

I'm glad you agree with the other statements, Johno. I don't wish to get into fights with other long-suffering shareholders who have been impacted by Baay's incompetence and lack of candour. But the facts are the facts here. And the long list of things he has said (or not said), and not delivered, is eye-watering. You've been hit harder than me, although you would appear to have more wealth to absorb it. I have a young family, and this was meant to be a safe £100k profit. Instead, I'm down by the same amount, and I'm one of the lucky ones to have an average near 18p, albeit with 1.5m shares.

I'm going to share some email copy that PIs can forward to Baay that states that, as long holding / suffering private investors, any sort of raise post this year's share price destruction and corporate missteps must not go ahead. Shareholders were not made aware of the loan terms, when this was material information that should have been shared with the market. And, that his sole focus should be on removing the remaining $7.3m funding required under the loan terms or finding a non-dilutive way to address it, given this is clearly the source of on-going share price weakness. I think if he gets the same email from a range of investors, it will help cement what MUST be done.

If this one thing can be achieved, we will be back above 16p in an instant. And each successful well will provide ongoing share price strength back to the 20.5p raise level, even with the 16p holders offloading some of their shares. But if a dilutive instrument is employed this year, well, no-one will make a profit here for a very, very long time. Except for the lucky ones who get to buy 20% of the company for 11-12p. This is what always happens when a huge bargain basement raise is done and confetti has been printed on the way down. The total number of shares in issue effectively hold back investment for an age. And the improved commercials with each well are diluted by the massive increase in share count. So you get hit twice. It really MUST NOT happen.

Ifsix, I don't think that's anywhere near enough to wipe 20% off the share price. Not even remotely near enough.

Another thing about a derisory bid, which in my head would come in between 75-80p to halt a riot, is that they could delay the release of results, just like last time. This could conveniently disguise the fact that the business is in good shape before the bid is voted on. I find it difficult to see how we won't get to at least $55m Adj EBITDA based on the H1 results and update. But that's hardly a reason for the sp to crater 20%. They'd still be profitable. Debt would be paid down another $10m. All major costs absorbed with the re-structure. New business wins for DIS coming online. Comparison already embedded in all major markets and scaling. Search bottomed and building.

So I just don't see it as performance related. If it's a major holder selling down, like Slater, then mgt should acknowledge that as a reason when providing an update. It would at least provide the market with a reason. But they should also use debt repayment funds to buy their shares. Even keep them in treasury to raise capital later if they wish.

The whole thing is beyond bizarre. But one thing's for sure, mgt need to stop talking at industry jollies and start talking to their shareholders.

Sturm, my commitment is to have Calamity Baay removed from post. Or would you rather I make up stories about how his leadership and decision making are not the reasons for the share price destruction? You have someone here willing to sell volume in the mid 11's prior to us finding out about Casc 5, which is meant to be good news, but now appears to be late. Who knows what dog ate my homework excuse we'll get if Casc 5 hook-up and flow rates have issues as well. This is the only well they have managed to drill without major problems all year.

Before Calamity Baay sprang the last-minute bucket-shop raise falling over with d@dgy brothers, the share price was double the current. And when he sprang the loan terms on us, from leftfield, the share price was 20p. At this point, we already knew about the muppet show at Casc 4. So 50% was wiped off the share price (£30m of shareholder wealth) by his ineptitude and deceit. And then of course you can go back 12 months for the same muppet show with TRIN, when the share price was more than triple current.

So to say the destruction of £70m of shareholder wealth in 12 months, our wealth, isn't down to the incompetence and mistruths from Baay beggars belief. That's why he needs to be removed. And I'll keep posting until ret@rds like SS and Zero get to the point they will say the same thing and be supportive of an EGM being called to remove him from post should a raise go through. Some folks here haven't quite worked out that it's the potential 20% raise which is the primary cause of the sp being in the 11's (5-year lows), and not the wrong drill mud or a drill string breaking. And they clearly cannot get their heads around what it will do to the sp for years to come. It will be the final nail in the coffin for long-term shareholders, which is why it's critical to ensure Baay knows it must not happen.

The thing is, he already knows it's the cause of our woes (and his doing), but it's still hanging from our necks. So if it goes ahead, it will point to the fact that we actually need the money. Like we did the 16p debenture and 20% dilution. Remember, he was saying everything could be funded from cashflow, but then we find out we cannot even finish Casc 4 & 5 without a massive chunk of capital at 16p, and that's after the 20.5p raise. I simply cannot get over how gullible some people happen to be when the track record of his incompetence and lies is so blatantly obvious and incredibly long.

We need Casc 5 at a minimum of 15mmcf, and the remaining raise tombstone taken from around OUR necks.

BB, I think the biggest concern is how quiet the mgt team have been. They're happy to travel around the world with their senior leaders doing keynote speeches and having canapes with other industry folk, but not happy to update the market on the 'guesswork' guidance they provided 8 months ago...? The H1 update was fine, but they didn't definitely say they would hit their numbers. And the market clearly needs to know more about the Comparison scale-up and Search turnaround. We are now half-way through H2 with just 11 weeks to go in the financial year. They should have an idea of where things stand by now.

If we get a profit warning later today or Monday, then we'll know it's insider information that has been leaked to the market, again.

Or, there's manipulation happening to get a d@dgy bid away. But the only way this can happen is if Kestrel has something to gain long-term from a t/o. So, something along the lines of them being able to maintain their ownership in the private entity. I just cannot see how Kestrel would not be on the phone, telling mgt they need to reassure the market. Their p/f would be in a 'critical condition' with this sp, which is why we know it's not them selling...unless it's part of a d@dgy take private deal...

For mgt to be content with this happening due to an information vacuum of their making is shockingly poor executive leadership. BUT, if they are staying silent to allow a derisory bid to drop from a Kestrel-led consortium, well, I can't quite put into words what that will be. One thing's for sure, and that's something d@dgy is definitely afoot.

i didn't see it as a criticism dunder. quite the opposite.

hopefully calamity baay provides an update tomorrow on casc 5 and not one similar to the last half dozen we have received since the beginning of the year. the useless freeloader has run out of road on b@ll**** excuses. and remember folks, if he raises down here we're all f@cked until 2027.

We almost broke a 5-year low today. Low volume granted. But manipulation like this wouldn't be happening if we had more understanding of Search and Comparison performance, and how we are tracking against guidance.

If something bad is going on behind the scenes, like a profit warning, then mgt will be forced to release a statement tomorrow given the sp movement yesterday and today. Kestrel selling down would make no sense given they couldn't shift anything significant anyway. Same goes for all holders above 3%. Anyway, let's see what tomorrow brings. I won't be surprised if it puts on 10%.

Either way the decomm costs are not the reason why Baay wasted over 6 months closing a deal with a last minute failed raise with a bucket shop that he then failed to notify the market about, and the fact it was attached alongside more funding to the loan terms. We got to this conversation because Highland was trying to explain a scenario where the whole mess was created, and Baay was a victim of timing and circumstance. I was saying there's no world in which that can be explained other than by unbelievable incompetence and the withholding of material information.

Either way, does anyone know if Calamity Baay is ghosting John27 again? Surely Casc 5 flow rates would be available by now. It's never a good sign when he goes quiet.

Kestrel would be far better doing a deal with TIG directly if they need to offload shares. It would be pointless for them to go via the market when there is no liquidity, and they'd be driving down the price to a horrible state.

StraightAim, my biggest concern isn't a profit warning as I cannot see how it will be any worse than $55m given they reached $25m without contribution from Comparison scaling, RSOC scale-up, and new DIS account wins.

My biggest concern is Kestrel and another entity are manipulating the share price for a derisory t/o. If they team up with another fund and get one or two other major investors on board, they would have a chance of forcing through something shockingly bad like 75p. It's over 40% premium to the current closing price, so sounds great, when in reality it would effectively be stealing the company from smaller investors.

Bottom line, mgt need to update the market on progress with Search and Comparison. It's absolutely not ok for investors who have been smashed this year to be left wondering and guessing whether they will hit the finger-in-the-air guidance they provided 8 months ago. Less time attending and speaking at industry jollies and more time speaking to investors.

Lukee, I am more concerned this is all about Kestrel teaming up with another fund to take us private for pennies on the pound. I was in Shanta Gold when a NED teamed up with mgt to take the company over for a fraction of its value. Complete sham that shafted long term holders just as the company started had cleared all debt and was throwing off decent profits. It would now be worth 5-10x what it was years ago.

It's absolutely low volume manipulation, but to what end? Who benefits? Kestrel are the only ones that could do this and get away with a derisory t/o. It would also help them recover losses they have incurred across the board. It's why I'm looking to Kestrel being the source and beneficiary of the sp getting taken down. It happened in SHG and i3e before they got t/o offers. Mgt being given cushy jobs in the take private will go along with anything so long as their bread is buttered, just like at SHG.

I've sent an email to IR, which is almost pointless as it is never acknowledged. The sp capitulation on no news certainly warrants board level attention. I f@cking hate AIM companies.