Member Info for Highside

Bricks
If the SP of EUZ was about to quadruple upon owning 20% of toral......what will the denarius SP do owning 80% ......lol

There was never any point ...Lol ;-)

That's even worse as it means they issued the supplementary statement just 24hrs before crest votes had to be in meaning a vast majority of crest voters never got to see the statement before they had already voted. Lucky Proxy votes would have had just 3 days, inc 1 day between the bank holidays to act on the statement.. How strange.....
I wonder if DBA needed a supplementary statemen or if they were given clear info from the start :-)

Yes thats why i carefully said "pretty Much" hold a controlling vote because individual PI's. as we have seen in the past, are unlikely to band together to make an effective vote especially those with nominee accounts who would need to instruct their banks to vote on their behalf in the middle of 7 days of bank holidays.

MM
I think we can be pretty sure this deal has been worked for the last 10 months and i think that DBA would have put their name behind it right back when LR didnt and walked otherwise i doubt it would even have got off the ground.
i believe DBA are on damage limitation but why they bought in again i have no idea except to say it was a very small amount i guess and maybe they too are averaging down :-)

Anyway you will soon find out.

MM
In the explanatory RNS on 21st the BOD were unanimously recommending that Shareholders vote in favour of the Resolution,
at the same time they sold a load more shares to DBA who pretty much held a controlling vote anyway.
i would think there is absolutely zero chance of the shareholders defeating the BOD who have paid themselves partly in shares in advance of this vote and especially given the timing of the recent placing to bolster the DBA vote as well.

put it this way there is no chance DBA bought more shares without knowing how the vote would go.

Its always difficult Radika
You study the form, asses the going, choose your horse , place your bet and you take your chances..
The problem arises when the Jockey keeps adding weight at each fence and the owner eventually sells the horse that you paid for at the last fence :-) then tells you he is going to buy another at a fraction of the money you put in so he still has something to ride in the next race
Meanwhile the stable lad walked out with no notice a year ago and they never had a trainer anyway.
The reality is that once this went sub 10p which it hit after consolidation none of the long term holders were ever going to
get their money back. those that kept championing this have egg on their face ;-) and its back where it was 5 years ago with people thinking the SP/mkt cap is so low it might just be worth a punt :-)

Radika
They lost me £60k so £100k is quite believable.
This company raised nearly £12m in placings and is proposing to sell 80% of it only asset for £4m ? while telling us its great deal and we should back them in a new project.
It would be laughable if it wasnt true.

Bricks..........are you really BB :-)
The question is Bricks given that the last placing and denarius entering into a definitive option agreement were issued at the same time.
DB would have known they hold enough historically to outnumber the PI's anyway so were they given the opportunity to buy with advance knowledge of the RNS ? so did they buy more to cement their control of the share vote ?
If so you have to assume they are going to vote for this deal in conjunction with the BOD's help with the placing..
I dont agree however its a scam but i do think its going exactly where a chosen few want it to go regardless. It always has done , PI's have always been at the bottom of the food chain here and yet most could see exactly where this was going (even LR eventually ) and that is why the SP has only ever trended down.
There has been a lot of claptrap posted here over time by a select few in an attempt to discredit anyone who disagreed with them, they would never admit it. they are inside looking out... but if you are outside looking in ? well the volumes speak louder than words over the last couple of years.

You are absolutely right the more i looked at todays RNS the more angry it made me. Stupid really because its always made me angry and now i sold out...its still making me angry. All that money they raised and not 1p returned in value to shareholders Grrr
Anyway its really got F all to do with me now and i did say i was off so good luck and i do mean that

gone (gain)

Bottom line is no one wants to call a spade a spade because if you say it out loud it makes it real. Its a rubbish deal for shareholders but pretty good job security for the BOD given the cash they will have for expenses.
No one has asked how any of this will enhance shareholder value ? or how it makes any sense to leave your hard earned money here ?. the terms of the original deal only a couple of months ago are already being eroded and that will continue. Toral is now finish for EUZ, any return will be a bonus somewhere down the line but the future lies in what EUZ does next with pockets of cash given their appalling historical record.

at least i have had the guts to say it out loud. ;-)

"We will have a mining licence mm" ?
What will EUZ be now ?
A BOD with no real jobs ? i cant imagine it will keep the Spanish staff on ? As far as i can see it will just be a draw in an office with an agreement in it for a later date while burning up cash hoping to find another project. rinse and repeat..
They should have sold 100% and paid the investors off.

I would assume they have another project already lined up that they will not mention till they know Denarius will cough up some money but it better be good because it needs to generate £5m just to break even after the losses of toral.

Well i will break the deathly silence here

As far as i can see this is about raising cash for EUZ (not shareholders) they are looking to get back less than half what they have put in and the very best outcome will be a new project that may or may not repay in another 5 years minimum.
they do not seem to rule out more placings/funding whether it is as a partner in Iberia or as EUZ separate
To sum up its about whether you think they can find another project and turn a profit on it. i dont see any other return for shareholders in the medium term accept if they can sell the 20% at a profit that benefits the shareholders rather than an new project money sponge.

For once i really hope i am totally wrong and shed can shoot me down in flames and you can all breath a sigh of relief .

Bricks
What is 20% of the newco ? It seems to me its only 20% of the sale value and that might be very little if newco is just loaded up with debt developing the Toral/Antonia combo. We have seen this with Toral so far where its consumed nearly £12m to realise £4m? or £6m for EUZ.

Bricks/grappa
I said ages ago, several times, that no one would take on Toral all the while EUZ shareholders were footing all the bills and moving it forward.. Only when the money ran out would someone pick up the baton and run with it leaving us behind. ( all but). There will be clarification at the EGM on the 30th no doubt. It may not be as bad as it looks but unless shareholders are represented as a whole it will be academic anyway. This again is why i said we needed to consolidate behind a group like sharesoc because as individual PI's you dont really have a voice as things stand.
I dont think all is lost yet but i would not be confident enough to leave my money in this now. Even if they get their £m's it will just be swallowed up in another project over another 5+ years and they just dont have the credibility or history to pull it off again

Bricks
new project-FCR- Moonlight-successful drills- local gov backing- run out of money- PHF financed- sold for nothing.
Money raised then
new project-EUZ- Toral-successful drills- local gov backing- run out of money- PHF financed- sold for next to nothing.
Money raised then ( next to nothing in so much as way less than its cost)
New project-..............

How do you monetarize toral ? so you own 20% but you dont really, you dont have 20% of the share capital, you have 20% of an undefined entity, If you do own 20% do you own 20% of the liabilities ? do you own 20% of Antonia? Which 20% do you really own ? Maybe you own 20% of the profits in years to come or 20% of any result of a sale ? in which case you better hope that someone is not happy with just buying 80%. lets hope Iberia doesnt become a dumping ground for costs incurred. If they issue shares in Iberia and we only own 20% their 80% can buy out the 20% anyway or more likely use it as a way of funding and dilute it to death.
The point i am getting at is EUZ is now a shell with an income of the toral sale but with heavy ongoing BOD costs and no project . The money they have raised by selling Toral should be distributed to the shareholders or you will just start the cycle all over again and the only people to benefit from that will be the BOD.
For transparency i am, like you, sold out.

shed
I can see now why you think it wasnt hidden. You say it was Top of the RNS: ,,,Well yes if you go to the very out of date company website but if you read the RNS on here LSE or ADVFN its definitely not at the top
Given DBA's record here i am amazed anyone can read anything into the price they paid but hey :-).
Its a great shame you jump on anything i say and yet others are allowed to post misleading posts daily especially cri5p...and you are not bothered.
My guess its to do with you not liking brexiteers :-)
Anyway you have won, finally worn me down, its a great loss to the normal people here but i have decided to get out.
I will look back from time to time over the next 10 years to make sure you, the self appointed dictator of the internet are still turning out the same old same old.
Good old Bricks has finally realised i was right all along and been very magnanimous, my guess is you just dont have it in you .

I cant find anything...must be buried :-)

did find this

The Company has engaged Bennelong Corporate Limited (Bennelong) to provide corporate advisory services to the Company. As part of the engagement of Bennelong, the Company has agreed to issue Bennelong with 1,500,000 adviser options on the terms and conditions contained within Annexure A (Adviser Options). The Adviser Options are being issued to Bennelong for nil consideration, for the provision of ongoing advisory services to the Company.

Bricks
at the last raise DB pre Nov 22 was already a declared substantial holder so do not need to declare again. AFAIK

I seem to remember Bennelong bought £360k worth at about 5p but i will look back and check. :-)

Hidden, buried, camouflaged , everyone knows exactly what i mean and i am quite sure they dont need you to wrongly interpret any of my posts. Had they issued a RNS to say there had been a placing on its own there would have been uproar. Because they released this with stronger good news it was very much in the coulomb inches and not the headlines.
I really dont know why i have to justify what i say or explain it just for you, i never see anyone else complain about anything i post.
Case closed :-)

Dont worry Bricks, it was a very minor slip up on my part and yours. note:: he wasnt criticising you for being 12m out he was criticising me for being 2m out ;-)
To anyone that gives a dam about those figures ? I calculated it was an increase in shares of 15% but accidently posted that as 15m, easy mistake to make but a cardinal sin here it seems.
My profound apologies to any one who didnt see signing a deal after 12 months on the day of a placing, the day they said the money would run out and days before the AGM as 11th hour and also to those who experienced life changing losses because i said 15m not 15% (13m).

I also said the Placing was hidden, probably not the best description given the inevitable scrutiny it would receive, A better word would be buried. A term often used by the Media when bad news is buried on good news days.

I hang my head in shame and can only ask for forgiveness. Maybe i future we could set up an editorial Board to scrutinise and pass post before they are released ?