Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Ma2brw
Many thanks we are of like minds. I intend to apply a lot of pressure next week as what has happened is a disgrace . By the way, I am not getting a response from the Company or Shore Capital. Undoubtedly they have a problem
Ojay
It really doesn’t matter what is going on behind the scenes. The fact is we are victims of criminality. It is blindingly obvious and I am resolute to expose this which I am sure is in the long term intertest of shareholders. We cannot and will not turn a blind eye to what has happened.
The closing share price of Petro Matad’s shares on the day of the exploitation licence RNS (Wednesday 7 July) was 7.60p. On the following trading, the closing share price was 7.05p (8 July) and 7.20p (9 July).
The very significant slide in the share price started on Monday 12 July, down 0.85p (12%) to 6.35p, followed by a further fall of 0.90p (14%) to 5.45p on 13 July, and closed at 4.90p on 14 July. The fundraising at 3.50p was announced after hours on that day.
Clearly, the fundraising was being worked upon soon after the exploitation licence was granted – hence Mike Buck’s silence – and certainly during the two days when the share price slid from 7.2p to the placing price – a discount of over 50%.
That the share price fell so dramatically while the placing was being worked upon by the advisers and brokers must surely attract the attention of the London Stock Exchange for a leak and possible criminality. Selling at over 7p and covering a short position at 3.5p must have looked irresistible!
The fundraising should be annulled - if that is legally possible. The company should find replacements for the Nomad and Broker and Mike Buck should resign.
I believe the new shares were admitted on 28 March (to be checked). Also, completion of the CLN is expected to take place around three weeks after Admission.
A few more days before I am expecting announcement of his appointment
It is now 7 weeks since the last operations update and only 5 weeks to 31 March. The final days of Q1 may be significant as thereafter the 2021 operations plan could be adversely affected. It is evident from the 5 January update that there were a number of hurdles to cross. At that time, PM had requested the Ministry of Mining and Heavy Industry to appoint auditors to review the Plan of Development. Nothing has been heard of this since so that it is unlikely therefore that the Plan of Development has been submitted to MRPAM and to MRPC for final approval. Moreover, PM and MRPAM have to mutually agree the Exploitation Area, for which the application includes the Gazelle prospect. Presumably the cost recovery also has to be addressed and the quantum agreed.
I have no doubt that PM continues to comply with the LSE disclosure obligations and is appropriately advised by the company’s Nomad. There clearly has been nothing requiring an RNS since 5 January, and while this remains the case, the company should remain silent. In fact, if there are sensitive discussions going on it could be counterproductive (even damaging) to make public announcements simply to satisfy frustrated posters particularly those who think they know the disclosure rules & regulations.