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I did wonder if you were on about that. I don't actually see what progress has been made there since the RNS and placing of 5 May 2021.....apart from blowing Tony's £1m.....hopefully you're not being spun another PR yarn.
Re: volume of buys - I cant say I've noticed that personally, but happy to understand your facts. It's pretty much impossible to tell from the Buy Sell postings, even via the London Stock Exchange data. Additionally Spreadex have increased their holding, so their activity over the last few months will certainly have impacted volumes. And the VWAP, which has a habit of masking what's really going on in the background.....
I've probably been here far too long to see the green shoots though Teaye. It's been endless failure in all honesty and given we've got next to nowhere since start of washed coal production in October 2017 (approaching six years.....), it doesnt fill me with particular positivity that we're looking at investing more money in coal. Didn't we talk about diversification at some point?
Good weekend and, as usual, GLA.
Go on Teaye.
It can't be market sensitive info being released to you by our company, as that would be illegal.
Perhaps cut and past the relevant paragraph from the publicly released RNS and post that, with no other comment.....
The book of excuses was written by Rufus, refined by Alistair and we're now on version 3.....
As long time sufferers here Esquimo, we generally know that no news isn't good news.
We can but hope, eh?
The washer isn't a problem - it's designed to handle up to 10k tonnes per month.
The issue is the stockpiled coal was too wet, so couldn't be processed.
I wish our BoD would stop talking about needing an additional washer and just get on with getting our day to day operations more aligned to a professional company, as opposed to a half bit outfit that seemingly doesn't understand some of the fundamentals of running an open pit mining operation.
We operate in an area that has annual issues with heavy rainfall. Coal that is too wet can't be properly processed and certainly cant be sold on. It doesn't take a rocket scientist to work out what they should be doing.
No change in the bid though?
Looks like the offer has just moved up and widened the spread. Those round number of shares trades (yesterday 20k and today 25 / 50k) always worry me when they are clearly sells.
I'm not getting too excited just yet but as usual GLA and have a good weekend.
Browns - likewise.
Reasonably positive update this morning, albeit limited. Some definite green shoots in terms of production numbers.
Onwards and upwards? GLA
Esquimo - there probably is good demand for our coal but this is the big issue we face (4 May 2022 RNS) -
"The Company continues to see growing demand for its coal, at increasingly favourable prices, with a number of buyers keen to enter into offtake agreements upon confirmation of stable production and surety of supply from operations"
Upon confirmation of.....surety of supply. We can't give that the way things are.
So all this bluster from the BoD about new contacts, possible sale agreements etc etc is all, well, nonsense. If we cant guarantee supply, then interest is limited. And that leads to stockpiling of ROM or fines which then, when it rains, become too wet to wash.
"Have I missed anything?" - Thursday's positivity....!
Only joking Sausage, you know that.
No, you've covered off a fair few things there.
In just under 4months, our BoD has singlehandedly managed to halve our MCap. That is one heck of an achievement.
There are no other TR1s post 6th December except for Spreadex, Cantor and RAB.
So where is his holding post 6th December acquisition?
Where's John Story's TR1? Tony Buckingham?
I've said several times that there is no reason to have any confidence in so called major shareholders in these AIM stocks. None. And I wouldn't advocate buying, selling or holding based upon information which is sketchy at best.
Absolutely Bullish - I have my Edenville shares in different places. I've never quite got to a reporting threshold but I have been close on a couple of, potentially stupid, occasions in the past.
But I dont recall seeing TR1s against all these major shareholders. Maybe I missed them?
I was genuinely interested in your views given your background as a market maker at two brokers and a city man with forty plus years experience. It seems very cloak and daggers to me.
So why is it missing from our website Bullish? That's my question. I know it was in the RNS - I quoted that RNS in my post.
So why isn't it shown here.....
https://edenville-energy.com/share-structure/
The major shareholders list on the AIM Rule 26 part of our website suggests all are nominee holding accounts. They probably have next to no commercial exposure and it's predominantly on behalf of PIs.
And there's interesting discrepancies between our RNS of 6 Dec 2022 and the Shareholder list on the website. I've also found it quite difficult to reconcile our actual numbers with the annual CS01 filed at Companies House (last one in November) which has a list of all shareholders in section D2.
It's why I always take the talk of major shareholders in AIM Shares with a pinch of salt, because it can be very misleading.
Yesterday's RNS was really poor - look how the market has reacted.
No progress - none - and if anything we seem to be going backwards. It is truly shocking.
Talk of a second washer is pie in the sky - why do we need it until we get to 10,000t per month? Why has the BoD suddenly dropped the bombshell about anomalies between our operations and the requisite requirements in the licence?
Or are they simply warming us up for another placing......
I've been here a very long time, since the start. Yes, I may have sold out a few times and bought back in, but I've been part of that whole journey.
And at the moment it stinks.
A really, really poor RNS.
The second item about our mining licence concerns me - where has that massive risk just appeared from?
Perhaps there is life in the old dog yet. GLA
Placing more like - how long will that £400k from December last us? Four months? The £180k from Environ (if we ever get that paid back....) covers us for a couple of months tops. And then there's a few '000 of legal costs bolted into our P&L at the moment. I suspect cash is very, very tight.
We're due some sort of update on Upendo shortly
"Edenville is advised that the courts in Tanzania will address at a hearing in February 2023 the Company's claim for the reversal of the transfer of Upendo Group Ltd.'s 10% economic interest in the local joint venture, which holds the licences governing the Rukwa project, to a 10% direct holding on the principal production licence. A further update will be provided in due course. Based on legal advice received, the Company confirms that the claim is being robustly defended."
I default back to my views a few weeks back - the talk of a second wash plant is either coming from a BoD out of their depth or a BoD taking investors for fools.
GLA
Que sera, sera Sausage.
But what worries me more is the Bid price of that sell this morning - 6.30p?!!
Why talk about a second wash plant when we have been told the one we have will allow us to get to c10,000t per month? We can't even get to 2,000t. The current net profit suggests we would break even as operators at c4,000t per month. Why don't we just concentrate on getting to 5,000t before we even look at considering a second wash plant.
There are a lot of things starting to make no sense now. That worries me, as it either means the new BoD are out of their depth (again) or they are taking us for fools.
We actually need some honest statements from the BoD around what is really constraining our mining tonnage, because all we're getting is excuse after excuse after excuse. And they know it, as does the market. GLA
Sausage - we've all been telling ourselves that the next RNS would be a game changer for years.
There has to be an underlying problem with the mining that they simply aren't telling us. We have struggled to get to any level of economies of scale since 9th October 2017.
Perhaps there's a reason 270+ million tonnes of coal has simply been left in the ground since the 1920's and 30's.....
The fundamental issue for me is what is actually stopping them getting to upwards of 5,000t per month.
If you believe their talk and our RNSs, we have the equipment and resources in place to do it.
So, why can't we achieve it? We've changed BoD, management personnel etc etc etc and still pretty much the same.
What is actually going wrong, or is that a question too far that they really don't want to answer while they're taking their salaries?
It is continued smoke and mirrors - that's how it comes across - and that's why the market has little confidence in us as a company.