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Probably Myles creaming off as many as he can as a bonus or incentive or something while he keeps a lid on the SP :-)
I have to say i do still admire your optimism here, maybe you will get a consolation prize one day but the SP will depend on people buying in and thats where the plan falls down for me.
If 100% is worth the current £1m then 20%, will need to rise by 500% to improve on the current SP ?
I know you can spin figures any way you want, people were putting a £1.00 to £1.50 value on this not that long ago and you could argue things have got better since then.
Sorry i must be missing something now but i dont get the financials ....
I think the point is people are looking ahead to 80/20 position because thats when they may get a chance to get some money back. Nothing much is going to happen and I dont see any new money coming in here until the ownership and PEA/PFS hurdles are complete. At that time 20% is all well and good but until you know ,20% of what, you cant value anything or "do your research"/ invest, thus drive the SP up.
The worry then is what EUZ do with their 20% ? hand it back with a special dividend or just spend it on another 10 year project until the board want to retire.
My personal opinion is shareholders , private or institutional ,will want their money back and not want to invest in a completely new project given the dire history of EUZ, SP management .
Don't worry Bricks, Crisp's last post said he was buying more at this price so expect the price to pick up soon :-) still waiting at the moment to see a real buy but I'm sure his finger is hovering over the button ...
Maybe DB and the Directors here will follow suit ...lol, would be funny if it wasnt so tragic..
In fairness Bricks it wasnt always a lifestyle company.
I think we all knew when it went (effectively) bust and was left with no choice but to consolidate or get licked off the aim that it was going to take a miracle. Up till that point most lived in hope :-)
I sold up once i realised (rather late :-) ) that they had pegged the future on acquiring another asset and as you mentioned, would probably need to cash in the 20% to do that. The problem there is the likely buyer would be the people that owned the 80% so little point in them trying to get the SP up until they owned 100%.
That said i'm sure there will be a small return because the company is uninvestable under this management so i doubt MC would bother now to look for another asset, might just as well wind it up. The driving force was probably LR and he could see the writing on the wall.
They raised between £10m and £12m and have a company worth less than £1.5m
They didnt keep the money you invested, they spent it so the chances of any LTH ever getting his money back is miniscule now.
The problem here was their own incentive payments were obviously not high enough to incentivise themselves . :-) Just look at the SP ....they certainly didnt incentivise the investors :-)
Ah, lets be realistic ?
Well there's a first time for everything :-)
Being realistic we did our money here yonks ago. Its been damage limitation since the consolidation. As a "grown up company" we have gone backwards, at least we could dare to dream a couple of years ago, who's dreaming now and who is having a nightmare ?
If the environmentalists get involved who knows where this will go. The only sure thing would be it will take years of hearings, reviews, re assessments and probably legal cases to settle. Bad news for those still trying to get something back, great news for the BOD who would get several more years income out of this.
Personally i would like to see a financial report/assessment of the last 5 years or Toral to include total renumeration for the BOD and staff,, total income from placings etc and why after the deal with Denarious ,the market cap here is £1.5m ?
Come on MC, it cant be that difficult.
I agree but would i be wrong in saying
All the while they take shares as payment and earn a good wage as well its in their interest to keep the SP low and accumulate stock. There would be very little point in getting this done any time soon.
I have never understood why people don't ever question what goes on here. for example...
LR was contracted to give 6 months notice and yet he went overnight having agreed to take shares as a wage just a couple of weeks before. Did he buy himself out of his contract ? Did he sell his shares, was he paid for the remainer of his contract ?
Cri5ps question would be answered if you knew what the plan was re a new project ?
TBH if no one knows whats going on or going to happen its hardly surprising no one buys shares anymore.
As i have said so many times, there never seems to be a plan or and end game...its just a shame because this could have been a great investment had it been managed as such
Grappa
Thanks but i am long gone but having lost so much here i like to keep tabs on this :-)
I see a different outcome to your scenario , i see the final sell off of the last 20% and the winding up of EUZ and as usual the corporate investors and debtors being paid off and nothing left for the PI,s. Hopefully i will be proved completely wrong but without any support for the SP from management, who knows ?
Shed
A/ I said 3 years ago when the SP was 15.5p on the 17 march which was as i said before the last drilling campaign and the Denarius deal.
B/ I think LR's last renumeration included expenses that almost exceeded his wage. It would be Nieve to think their income is restricted to a basic wage be it shares, bonuses or "expenses".
For example
Mr M Campion, an executive director of the Company, is also a director of Virico (IOM) Limited. During the year, Virico (IOM) Limited received fees for consulting services. These fees were based on normal
commercial terms and conditions. $240,000 !!
Bottom line is as i have said from the beginning and time continues to prove me right. However much good news there is or advances made, if you cant sell it to investors its pretty worthless to investors. If you don't pick them up on this then don't expect things to change, its in your interest now not mine. :-)
In the last 3 years this has dropped from 15p to 1.6p. It needs a rise now of 936% just to get back to where it was before its last drilling campaign, before the Denarius deal and all its incentive triggered management bonus payouts :-)
I expect the management are now even more part time ? so maybe they could explain what's gone wrong , how they justify their remuneration, currently about 1.5 times that of the prime ministers and how they are ever going to get this to return any shareholder value short of selling off the last 20% and shutting the whole sorry mess down ?
( I wouldn't regard anything under its position 3 years ago as share holder value myself and thats being generous)
Come on Shed, Cjen,Cri5p et al :-)
Forget it Teaye, what is a group going to discuss ? Who's been let down the most ? Who's lost the most, who spent years talking this up then just left everyone hanging ?
Basically it would be a group discusion/post mortem on how not to run a listed company :-)
Contact DB, maybe they would start a telegram group :-)