Member Info for GreenWolf

Well, it's an update, so need to be thankful for small mercies.

norrab - I bet that post gets reported!

I don't think we can read too much into it to be fair. The 5 May RNS states our intention was to pay cash and given we'd just placed c8m new shares I can't see us having a huge appetite for issuing another c1m.

As you say Teaye, the relationship isn't quite what it was given the issues we had around Lind's demand to settle the loan so I suspect we pushed the cash settlement a bit too. Not having a CLF around our neck is a positive move.

But, no other updates, or are they keeping those under wraps to settle the nerves a bit when we get our 2020 results. They won't look good.

Agreed. Today's RNS is nothing more than confirmation of what we already know from the placing announcement.

But it's good news to pay off Lind and I'll look forward to the charge that's sitting against us at Companies House being satisfied over the coming days.

It's the problem of a decent sized placing at a discount. Those shares have to be worked through and at 25p a shot and c40% dilution, we were always going to struggle to hold the share price.

We were 38p on 5th May when they announced the placing and it looks today as though we've dropped through at least one of our support levels. That's not normally a good sign, but AIM doesn't always play out that way.

We just need some really positive news, ideally reasonably quickly.

Honesty and integrity indeed - from my perspective I said, at least twice, yesterday that I didn't report any posts and my word is my bond.

I find it amazing how many posts from yesterday have now gone. What is the person reporting them worried about? They have clearly made a big fuss to admin and spent a lot of time doing so.

You're right aerial - only the LSE team really know who it is / they are.

Agreed aerial - almost as daft as saying we've never lost a penny as a company.

aerial - I doubt our tangible assets are valued anywhere near what we have spent. We raised almost £3m alone last month.
What do we actually have?

We don't own the land - we have a licence to mine it. That's an intangible asset and therefore only valued at what someone would pay for it.

In reality, without RCPP we've demonstarted that the smal scale mining doesn't work, so we have a business that makes a loss. I don't see that as hugely attractive to buyers, but happy to be proved worng. It will be interesting to see where Kibo get with their disposal and what value is returned to shareholders.

Why do you say that us selling seems ever more likely?

As shareholders we can't have it both ways - either coal is the future or it isn't.

Kibo's announcement today brings a whole new light onto our existence in our current form. Kibo clearly see no future in coal mining. What do they know that our BoD either doesn't or they aren't telling us?

We need an update on our strategy.

Kibo clearly see no future in it though?
I do wonder whether there is so little margin in smaller scale coal mining in Africa that it's not seen as a viable long term business by Kibo?

There's an interesting line in the Kibo RNS
"Shifting the Company's primary focus to renewable energy projects will provide the Company with the opportunity to develop projects with much smaller CAPEX requirements and with a significantly shorter route to revenue generation that is associated with much less risk and access to a far wider and cheaper array of non-dilutive funding options"

In reality our business model was always built on the RCPP, which currently has no funding or timeline. We need a huge Capex investment to get to a point where we might be feeding a power plant adjacent to our mining activities.

Small scale mining like we are doing isn't profitable enough. We've demonstrated that.

So coal is dead then?

Surely clean sustainable energy is the future?

Although Southend is hardly Vegas

We keep the terms as they were from bigeye when we first started - winner nominates the charity that gets all the donations. Esquimo seemed to understand it the same way as I did.

There are 9.9million shares that need to be traded through the market. They won't dump them all in as the price would collapse, they'll drip feed them. But it's about 40% dilution, so there has to be an impact on the share price at some point.

As things stand I can't even sell 1 share. Not sure about anyone else?

I'm also very interested in seeing the TR1s over the coming weeks - I'm still not certain all our current "major shareholders" have individual TR1s - which means they probably hold them through a nominee account (Barclays, Spreadex etc). That in itself hides any trading activities.

So what's the point?
That was certainly bigeye's original intention back in April.

aerial - we each name a charity and a date and whoever is closest to the date wins and everyone else donates £10 to that person's charity? Yes?

Although only esquimo (and me) paid to my charity last time.

esquimo - I think you stuck to the closest wins and thanks for that donation.
Not sure anyone else did!

Are the charity terms like last time then - closest to the date wins, unless its me?!
We need to try and hold a sensible price over the coming days. We have 10 million shares to churn - that's some dilution again. It would be better if we had a bit more info on our strategic diversification plans but I suspect that will come after the churn.
I feel a trading opportunity coming. GLA