Member Info for HawaiifiveO

It is obvious the Slovenian authorities have no time for Ascent for whatever reason, everything the Co has tried has been obstructed and met with overwhelmingly unfair decisions, further to that these decisions have taken an age to me made which has resulted in significant shareholder value destruction. The company has pumped in circa £45m into this project, the current market value of Ascent is £3m

The company should have instigated legal action and compensation claims 12 months ago, the BOD are limp and weak - my understanding is once legal action commences operations in Slovenia would halt. So what, the revenues coming from the wells are meaningless now.

As I have pointed out in earlier posts my view remains the only plan is to ensure there is enough money in the pot to pay salaries, when a newly appointed director suggests during a conference call that the AIM listing has value that tells you all you need to know.

The new BOD knew they did not have to face shareholders for nearly 1 year after their appointment, basically they can get away with what they like until June, the time of the next AGM, the question is will JB and LC still be around by then or will they resign?

This BOD have no interest in doing anything, another nothing week passes, they simply sit it out hoping for a positive outcome to the appeal and take salaries, btw how much are those salaries?

They have no economic interest in AST beyond those salaries, they collectively own no shares and are not aligned to shareholders, Castro said at the shareholder event last February he would buy shares, he has not.

I am all for giving management time to deliver but the fact is nearly 12 months have passed since the investor presentation where JB was hauled out for the first time and he sung the praises of Ascent to those present, so many ideas back then.

If you go back and look at his commentary in the early days of his appointment you can clearly see how, over time, his enthusiasm and positivity has waned, during the CC he tried to retract, albeit in a limited way, his concise suggestion that Ascent had one of the best O&G projects on AIM. In a nutshell I think he has no clue what to do in the situation he finds himself.

Well, in summery, we can all look forward to another week of nothing from Ascent management next week, I suppose the best we can hope for is a holding statement from Riverfort, that is how bad things are these days.

One or two folks are starting to nibble at the shares again, so much news to come, as pointed out by others this will trade far higher shortly.

An 80k oz annual gold producer would usually be valued in the £150m-£200m range - MTL sits at a £30m m/cap !

Even accounting for the debt the share price should be nearer 3p right now - eventually the market will take it there.

Interesting RNS, seems they have come across a larger than expected copper belt in Zambia - Bird seems excited, will we get a Vox podcast I wonder ?

Fact is they held a shareholder event last February where John Buggenhagen give a very bullish and upbeat presentation, there were around 25 shareholders present and the consensus was we were in safe hands with everyone pleased we finally had an O&G 'expert' on-board, a few said they would be buying more shares.

The disappointment is that nearly 12 months on Buggenhagen has delivered nothing, in fact he has turned turtle on many aspects of that presentation...….

The compressor (supposed to significantly increase production) was cancelled without explanation
No low cost shallow drill targets have been actioned
No Croatia movement on licence or operations
No legal action - compensation claim
No seismic data outcome
No corporate activity

All of the above were reviewed by John Buggenhagen in that presentation, as you can imagine, even if just one or two had come to fruition we would be in a far better place right now - shareholders have every right to hold the BOD to account over inaction.

The Riverfort death spiral funding was the final poke in the eye for shareholders.

And still no holdings RNS from Riverfort for January, plus that wrongly written and confusing one in December.

Are they playing straight I wonder ?

The BOD have turned AST from one of the most talked about and high volume trading stocks on AIM into a go slow dormant entity where the only discussion comes from agitated shareholders and the short term ramping community.

There has been no material news-flow, strategy or anything worthwhile to discuss concerning Ascent for 12 months, I notice that they are seemingly not attending the UK Investor Show in April and I very much doubt any event will be forthcoming until the AGM.

John Buggenhagen has been saying the same things since last February and done zero, Castro is a here today gone tomorrow multiple AIM company employed Non Exec /Chairman, neither have any shares in Ascent so where is their incentive to perform ?

The 'new' Ascent Resources - no news, no plan, no strategy, nothing - a part time BOD with NIL shares in the company.

Only Riverfort !

Looks very positive the debt being taken over by the major shareholders and then being adjusted to the Co's benefit, no wonder someone has been buying the shares - without the debt issue the Co would be valued north of £150m not the current £25m

This looks like being another AAZ - they moved from 4p to £2 albeit with fewer shares in issue, it was their major shareholder who supported them when they had significant debt also.

Looks like everyone's patience will be rewarded now !!

I wouldn't be surprised if the whole miserable episode is a revenge plot by Carver and Hutchinson to 'get back' at the shareholders who basically sacked them - Henderson made £10m out of Ascent by converting their 1p loan notes and selling them for 2p - as soon as they had gone along came the stuck pipe at PG11a news - how convenient.

Just about everything the new BOD have done has destroyed shareholder value, it has been well discussed infinitum, however the lousy introduction of Riverfort death spiral finance was the final poke in the eye for shareholders. Everything Riverfort touches is an immediate short for well versed market speculators - what has happened operationally since the funding was announced at .27p to drive the stock down to .09p recently, answer nothing - except the stock has been shorted to death.

I reiterate, in all my time investing on AIM I have never seen a more woeful and gutless outfit as the current cretins supposedly running this company, unlike the keyboard warriors I have met them face to face last February and their 'promises' simply have not materialised, they have betrayed shareholders.

There is still a bulk buyer operating here - make no mistake someone wants these shares for a reason.

Still only a £25m valuation which seems ludicrous given they seem on target to deliver 80,000 ounces of gold this year + ever improving operational performance, not forgetting the significant gold price rise.

Interview next week

https://twitter.com/Regency_Mines/status/1219182779054743552?s=20

Yes another week of nothingness from the woeful BOD - no approaching 1 year since that shareholder event in London where John Buggenhagen promised so much but so far delivered zero - except of course death spiral funding.

It is clear they are hoping (preying) for a successful outcome to the appeal, well Bob Hope and No Hope to that, history tells you all you need to know on that aspect.

No wonder they have gone into hiding, even the PR guru has given up.

Conroy seems excited in this interview from Q4 last year, he talks about decent interest from prospective JV partners, some have already visited the site in Ireland, has he given too much away as he elaborated about prospective terms when he said the still want a local partner involved.

One does wonder, finally, if something is about to materially happen here, the recent funding via loan notes from a certain individual suggests so.

Market cap barely £2m - it will fly if they do announce a JV partner, Conroy pointed out his last project (zinc) the shares went from 20p to £7.50p - only 22m shares issued in Conroy Gold, worth a punt IMO.

https://binged.it/2G1JZFh

Interesting perspective

https://twitter.com/Oilplayer2009/status/1218075171514454018?s=20

Those buying in now will probably do pretty well as on the law of averages material news must come shortly. The shares are heavily oversold having fallen from .30p since September.

The quarterly update came on the 30th January last year and the 23rd in 2018, so it is possible an update could come next week.

We must be very close to a debt re-structure conclusion in my view.

According to reports the BOD had no explanation for the 1 billion share volume day, oh don't worry BOD that is only one third of the company changing hands in ONE DAY.

ANY BOD that had material interest in the company they worked for would seek explanation from market sources or by checking the share register - this is just another example over their lackluster approach to affairs.

Apart from the Slovenian event the next UK based show is UK Investor late April, will they appear - I doubt it, so UNLESS Flagstaff put an event on in February or March then the AGM is the only way to 'get at' the directors.

It is going to be a long wait !

There is also a possibility that some of the debt could be converted into equity based on a higher share price than current, for example would the banks convert £40m of debt into equity at say 5p a share by the Co issuing 800m more shares.

I do think a partial debt for equity proposition is a realistic possibility, worth noting that AAZ became cash positive from a circa $45m debt within 4 years.

Once this confounded and frustrating matter is resolved the share price will surely appreciate significantly - we cannot be far away from some decision IMO.

The Riverfort holdings RNS on 6th December was inaccurate, probably deliberately, it is also rather ironic that they have not declared their holdings this month.

It is clear new arrivals here have no clue as to how the Equity Sharing Agreement works but in a nutshell Riverfort have to sell circa 35m shares a month - this can be more under certain circumstances - so to get upside we need 35m+ buys a month just to balance the Riverfort selling.

The selling of 35m shares a month will not stop until September unless some deal is done or the market volume in AST increases significantly - by now they should have around 250m left but we need to see the next TR1 for certain.

During the conference call Louis Castro said he hoped AST would receive £1m from the Equity Share Agreement over 12 months - this suggested he expected the share price to be over .27p

Now 4 months into the Riverfort agreement I suspect AST have barely received £150k - Riverfort sell around 35m shares every month at market price and give AST the cash.

On this basis alone you can clearly see the failure of the BOD, further by starving the market of news volumes inevitably drop making it even harder for Riverfort to sell those 35m, putting further pressure on the share price.

As others have pointed out JB has now been in office nearly 12 months and delivered nothing, if last February's shareholder event had been recorded it would be clearly obvious his words then have not been met by ANY action.

Material news is needed ASAP.