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Hi Orion, thank-you very much for your knowledgable and interesting contribution, its appreciated.
As a matter of interest Re Gervaise Heddle have heard any rumours of where his next corporate stop may be?
Regards Greengrass
15 billion + shares traded in the last 2 days. EGHOS have taken 1.8 billion, proably forward sold. The price drop is now Pi's panic selling.
Can't understand anyone having a go a Lion, all they are doing is stating the facts that are available to anyone who care's to read the RNS's.
Any ire any one feels should be towards the incompetent who got into bed for such an appaling deal with a fund that are essentially loan sharks.
Interesting. What's the betting a dicounted placing is been rapidly arranged to give the offside MM a exit route ?
Take the emotion out of how you vote ,if the conditional placing fails then company will proably follow and we will all have lost our total investment.
I believe that with a bit more time,the assets are good enough to increase value from these dire levels.
Good Morning Folks, I have also received a reply from Mick this morning,in which he states-
'Please note that Paul Johnson did not participate in the placing and I firmly believe had no prior knowledge of the placing prior to the bookbuild'
He also states that he believes someone approached regarding the placement has talked or traded and the company is trying to find out who.
He makes a really good point by saying-
'I am familiar with placings on the ASX where practice is for a trading halt during the bookbuild period. This is a good mechanism to prevent this type of behaviour, however it is not available for AIM.'
a1m, not sure that Hybridan are complicit. I got the sense that they are very frustrated with the whole process and are somewhat bemused by the lack of a deal. They only took Thor on a few months ago ,getting involved because of what they saw as value in the assets.
A1m, my understanding from Hybridan regarding the placing was originally it was to be at .30 but there were not enough takers. If i understand correctly,it was a very guared conversation, significnt shareholdres were asked at what price they would participate. The indication was that without the placing at whatever price it was lights out. The situation it seems was desperate.
At that time it would seem that there was no official notice that Paul Johnson was not still the second largest shareholder.
The main problem to me is the total lack of disclosure and tranparency from PJ.
I have emailed the company suggesting they investigate PJ's dealings. If there is nothing to hide it shouldn't be a problem.
I don't think the issue is paticularly that he has sold,it is the timetable of events.
As i stated it will have taken a while to sell that many shares. Would he not be obligated to repot to the market after each transaction for the purpose of transparency to the market.
How much notice did he have of the placing?
As a major share holder he will have asked to participate.
As he has not notified the company till to today that he has sold,would they have offered him many millions of discounted shares believing him to still be a significant holder?
Hybridan indicated the placing price was essentially set by major shareholders, i suspect they had no knoewledge PJ had reduced his holding. How much influence did he have re the placing price.
I think the company should instigate an enquiry into PJ's dealings here.
As i also stated he is free to sell at anytime but the correct market protocoll must be followed. on this occasion i smell a rat.
I asked the broker Hybridan weather PJ had paticipated in the placing. They were very professional and would neither confirm or deny. I know were my money is.
I suspect what little was left of PJ's reputation is now destroyed. I once read he is known as the'Fagin of AIM'
I await Doc Hollidays assessment of these developments, but i suspect surprise won't be one of them.
There you go folks, a significant holder was feeding the market with shares thus destroying the price, as i predicted 15/10/19. Going from 5% to no discernable interest is millions of shares, which in a fairly iiiquid stock like Thor, will have taken a number of weeks to achieve.
While PJ is at liberty to sell when he wishes this has been done surupticiously, with noTR1 until all his stock is sold. This is a major reason the placing price was so low. What price he has replaced many of his shares via the placing.
Looks very dodgy to me.
Interesting re Pilot Mountain. Would we not be better selling this asset and concentrating on Aussie. Must worth a reasonable amount as it contains elements on USA critical metals list. Any of you money guys have any idea about a valuation?
As well as Mick geting very well paid for his efforts, i see Ray Bradley the company's 'Exploration Manager' gets in excess of 130k a year.
I think i would give up retirement for that, especially as getting results doesn't seem to be neccessary.
Also from the final results-
Executive Director Service contracts
All Directors are appointed under the terms of a Directors letter of appointment. Each appointment provides for annual fees of Australian dollars $40,000 for services as Directors inclusive of the 9.50% as a company contribution to Australian statutory superannuation scheme. The agreement allows that any services supplied by the Directors to the Company and any of its subsidiaries in excess of 2 days in any calendar month, may be invoiced to the Company at market rate, currently at A$1,000 per day for each Director other than Mr Michael Billing who is paid A$1,200 per day and Mr David Thomas who is paid A$1,500 per day.
Very Nice, no wonder the company is skint.
Orion 10, that's a hell of an interview. When can you start?
During the last 24 hours i have had a number of e-mail and phone conversations with people connected to the company,including Mick. My conclusions are as follows:-
1 There is genuine disbelief that a deal for Molyhill has not been struck.
2 The original placing was for .30 but there was a reluctence from approached parties to participte.
3 There is belief in the assets.
4 A change of management may/will be needed to realise the value of said assets.
5 Years of over promising and under achieving has seriously undermined confidence, which i guess we all know.
I think with the right management team this can be significantly turned round. I would like to see MTR take over the reins, while some commentators vilify them they seem to be decent deal makers and as a bonus they have the backing of Sprott.
We need action ASAP because as has been pointed out 500k isn't going to last long.
P.S. my reply e-mail from Mick was sadly, in my opinion, very underwhelming.
FCA Tweet 'Don't let a scammer enjoy your retirement. Find out how to protect yourself from pension scams.'
Reaction to this from Andrew Neal on Twitter-
Does that include weak CEO’s who capitulate to new brokers who trash the SP with ‘we want a lower placing price’ & create speculation forcing an RNS to further weakening the SP = short position covered
Roll on Nov AGM to remove old guard with no balls who’ve destroyed LTH.
I wonder who he's refering too?
Why would the company want the price to tank to facilitate a placing, it doesn't make sense? If you want to raise a million quid you're going to have to issue twice as many shares at .30 as you would at .60 thus diluting everyone's holdings more, including the directors.
As to evidence of a leak, hardly going to be in the public domain. Who would know about ithe raise? How about the broker and those who have been approached to participate. One person tells another and starts the domino effect,Mm's would get wind of it very quickly and i doubt they would hesitate in benefitting.
A similar thing happened in ROCK a couple of weeks ago,trading at .60, sudden fall to .35 and lol and behold placing at .30 a few days later.
a1m, i believe the company did the correct thing in releasing the RNs, someone in the know has clearly used this inside information to their advantage,at least now we all have some knowledge of the situation.
Paul Johnson is a serial ramper of the stocks he holds via his Twitter page. He holds 39,575,000 Thor shares yet has not commented on the price fall or the sitution for a significant amount of time. If you held shares that every tenth of a penny movement changed the value of your holding by the best part of 40K wouln't you maybe mention it? His mate Andrew Neal who also claims to be share holder, has also been very quiet. Strange don't you think?
As a balance while PJ ramps his interests with nauseating regularity, he does generally put his money where is mouth is.
Alf, i suspect a deal has not been done because Mick has been unrealistic in his expectations. It's a tough market and compromises have to be made.
At least the fund raising will remove some of the uncertanty, i hope it's for a decent amount, not just a few quid to pay salarys.
I don't want to see the paraites, Noveum, YA etc involved.
No shock here ,it was inevitable. What can we glean from this ?
The usual city gobs**es in the know have forward sold with the help of their mates the MM's, also in the know. If thats not insider trading i'm not sure what is. This effectivley mean the placing price will be lower meaning more shares will have to issued to raise the requisite amount.
It possibly also indicates any deal is not close,if it was we wouldn't need to raise.
I hope that MTR invest heavily in the placing, i will certainly see that as a vote of confidence.