Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
@Alavib I think you are a little confuse with how placing is done and what CB said, so first as CB mentioned in last interview (which is also exactly what I estimated and wrote in previous posts prior the interview), the placing proposed to him by the broker - he has no idea whom the actual investors are - they are the broker's clients. Second, when he mentioned placing was a mistake, he means the way it was done and the timing - however - note that while this is now water under the bridge, it does puts ECR in a MUCH stronger position, in fact, 50% more available cash and steam than before the placing. So bottom line, while was a mistake at the time, we also gain a strong position and benefits for the future.
If finding high grade (which I believe we will) and a JV (which I also believe) it can potentially go much higher than 10p (but to have all that will take some time).
All the needless commotion in here is because a 'surprise' placing took place 2 weeks ago and a mix bag results from first few holes. Company has almost 6M in the banks and SP is in oversold territory. if nothing major happens market will repair itself quicker than many thinks.
I never look at technicals with those micro cap companies, it's a scare game, it can drop further but likelihood is that when small fish finishes panic sell, big fish will collect shares off the ground in larger quantities and give it a push. fundamentals are more important than technicals.
@Loch - reading your posts you keep repeating you feel deceived, you decided to sell - I'm happy for you, I hope you do well in the future. You did also interpreted my last post as I was calling investors pathetic where in fact I have not, all I wrote is that in my opinion, judging and concluding someone's life long reputation based on what happened over a short period with the SP was pathetic (attempt).
@Loch - all the points you mention leads to one thing - recent communication inconsistency. I share the opinion things could have been done better. (multiple positive interviews, posting visible gold (building expectations), followed by (relatively long) silence, followed up by a surprise placing, followed up by some more silence and today results that I believe were not that bad for first results, but partially because of the expectation and partially the silence in combination with 'quick rich' nature of some hyper short term investors led to the exaggerated selling of today.
About Craig's reputation - need to put things into perspective here:
1. The few contributors/investors in this forum and on twitter whom are darkening the CEO - luckily they are the very small minority of share holders and no major/big investors pays attention
2. Deciding the overall reputation (of one of the most reputable people in the industry) only because one is not happy from 3 month SP performance and stream of information is pathetic
When we progresses - this moment in the history of ECR will be nothing more then negligible
@Loch - I disagree, never deceived anyone, bad communication that some interpret wrongly.
I believe the placing wasn't planned but rather he received a late offer and decided to grab it. I have mentioned before "fully funded" doesn't mean declining a decent offer if such arises. in hindsight, looking at today's price the placing was a blessing, I for once feel comfort to know we have almost 6m in the banks and our own rig.
Disagree with you there Loch, improvements in communication could and should be made, I think you are taking this to the extreme, company is well and sound, fundamentals have not changed, we progressed a bit today with a mixed bag of drilling results. It will turn quicker than you think and once it does - negativity will subside.
Bit of a disaster today that is not necessarily all related just to the results but as many other expressed, the hype and expectation buildup some investors (me included) had over the past few months created the illusion 24k gold bars just lying under ground.
Back to fundamentals - share is oversold - very low risk at these prices by only looking at the financials - so an easy strong buy for me (added today, and a bit upset - yesterday as well)
@Angoose - I think that none of the questions raised so far touches the main concern of most investors here - communication. I would suggest to try and submit (sorry - no twitter) something along those lines:
Over the past few month while ECR was busy drilling, some investors felt regular communication and updates (formal or casual) was missing / inconsistent, can you please clarify and set expectations as for the nature and expected intervals for future communication?
That is a fantastic response PaulGF and to add one very important item is the negotiating leverage of those companies, essentially down on their knees if/when a proposal ever arrives. We can afford to be patient and wait for the right deals at the right time.
How on earth anyone here with 0 inside information is able to assume he/she is in a better position than the CEO to make a decision is beyond me. Just reminding - ECR already turned down 2 JV proposals because Craig thought the offers were not attractive enough, pretty sure he has not lost his mind since.
Being upset is fine and understandable but calling others idiots only because some thinks different then you is not. look, what you are writing is not facts, it's only what you believe is/was the case with this placing, so let me tell you something - you are wrong, and probably so do I, but what I think is much simpler - back when the SP was high 3p there was no offer - otherwise, try to think - why would Craig decide to accept this now? the one thing in common he and us have is the growth and success of ECR...
"Fully funded" - doesn't mean declining a decent opportunity if such arises - business is dynamic, risks and opportunities comes and goes, if CEO decided this would be a good move for the business at the time the opportunity came, I trust him to make the call more than anyone else, and I am quite sure he factored in that existing share holders may be unhappy in the very short term. For the long term business growth though this placing will be negligible, extra 2M in the bank provides a much better cushion as well as a much stronger hand when negotiating JV and future exploration plans.