Member Info for GreenWolf

Page - noted - but I'd like to see where a JV partner has bought into a company and followed your example of "back" valuation. It's not how it works in reality. The P&L gives you decent base valuation of company against tangible and non-tangible assets. And our debt is key too. I've been in and out of Edenville for as long as I can remember - I saw it as a huge opportunity after Gemstones in 2010 - but the simple fact is we are burning through cash at an alarming rate despite mining our coal. That doesn't particularly offer "value" to any prospective partner. Like I said to Larry, there will be one lot of losers in anything that transpires - us PIs. GLA

PageofCups - there is a massive difference between owning 173m tonnes of coal and owning a licence to mine it. We have a licence to mine it from the Tanzanian government until February 2026. It's not about picking up our assets for nothing - the terms of our CLF with Lind are quite clear - any default on our debt and they have first refusal on our assets. We are also currently in debt to Lind - that would need paying off first. The key to value in Edenville is the sale of the coal that is mined under licence and the margin (profit) this produces - that's what gets potential suitors interested. At the moment we are haemorrhaging cash on our mining operations because we can't get the economies of scale and that might take significant further investment to get to that point - but that means as an investor it is upront capital with any return longer term. That's exactly the model Edenville have sold us on this mine (and is no different to others BTW) - but it isn't working. Why would anyone buy our company at a premium?

larry - just remember the c500% rise back in April. I suspect all those "in the know" are very well covered already if this went pop. Dont ever be fooled, particularly on an AIM share - it's always PIs who lose out if things do go wrong. Always. GLA

JohnZ - although we've been saying that about Rufus since September 2013!! The difficulty I have with the RNS is it is pretty damming of our current operations - Alistair has one heck of a job and we may need far more investment before we have enough kit to even talk about getting to breakeven. I've been saying it for a while despite some abuse on here - the fundamental P&L figures clearly demonstrated our cash burn and it's all about how quickly you can get to cash neutral before it runs out. That expected timeframe has just kept moving further away. GLA.

larry - why would anyone buy a company where the business model clearly isn't working? Your logic is twisted. The CLF means all our assets are tied up to our debt with Lind. While we have debt, we technically have no assets. That is the danger of a convertible loan facility - you put the crown jewels on HP. If anyone buys this it will be for peanuts. And you can guarantee that we would get the old line of "it is unlikely that there will be much if any value left for shareholders...."

Larry - I don't get your logic. Why would anyone "pay" for Edenville when they can sit on the side lines, wait for them to run out of cash and pick it up for nothing? The CLF we agreed with Lind is the key here - they have first dibs on our assets. Anyone making a move would have to pay that debt off first and then add on top any "offer" for our shres. Whichever way the cookie crumbles, PIs might get sweet nothing. GLA

bigeye - what drivel? You've hardly posted this morning!! Seriously though, what's your take on the RNS?

Christoff - I've been one of many to be critical of Rufus but my personal view is he had the dream, found the coal and then had next to no commercial acumen in running such a company. He's undoubtedly done very well out of Edenville, but then most directors of AIM companies don't do it for the love of the company and tend to simply take the money and move on to the next one. You get my gist. Like I said earlier, it's always PIs who lose. GW

Ap90 - appreciate the post. But all those in the know traded the hind legs off this at the end of April / early May. I suspect there are a fair few significant investors on a free ride and not truly bothered. PIs lose again on the AIM casino.

aerial - but of course most of us are going nowhere because we're still well in the mire on our investment. My average is probably very close to yours (c0.2). I think if this rose to 0.2p tomorrow, you would dump the lot, as would I.

NMH19 - there lies our problem. We can't mine it quick enough. The big problem now is we are starting to increase our debt without sufficient revenue to service it. GLA

Sausage - it's all about fundamentals..... I got abuse from saying we were on a knife edge yet the P&L figures clearly showed we were running out of time to get our production figures up to a requisite level. Hope we can salvage something here. GLA

Pi - probably someone dumping their 0.02 shares before moving on......those sells aren't good, but it's still small volume really. GLA

Dallo - "never doubted the true value of ITV" - I couldn't have put that better myself. Believe in the fundamentals and then be patient. GLA

Sausage - how could you forget? Its Christmas day when the current MoU expires. GW

bigeye - Justin Rowlatt is a decent reporter to be fair. Typically the developing world is a fair few years behind the West so as long as Alistair pulls his finger out and gets the coal extracted and sold, we might be ok. An update would be nice. GLA

Nige - I'm not sure we did close above 140p in the end, which is a shame. GLA

Lot of volume so far this morning, although plenty of sells. 140 seems a tough nut to crack. GLA

A "1" trade towards the close. RNS in the morning? Seriously though a much better day today pulling back yesterday's fall. 25% up from year low now - just need to press on. GLA

Sausage - I've been checking the Deed Poll office records over the last few weeks just to make sure they aren't the same person!! I think you're spot on though. One of the criticisms of Rufus was the inability, or perhaps reluctance, to issue news and support the share price. I emailed Edenville many weeks ago now about Sinohydro - did you do the same on Aerial's advice? I've had no response, not even an acknowledgement. GLA