Member Info for Highside

I think its simply that the management have taken a 1m share stake at 3.5p MM

Yesterdays first trades were sells Crisp, thats why the later buys didnt shift the SPs. No way were they on the ask at 3.5p and later at 4p without moving the price.

I'm a little bothered that the price is being walked up for a placing on very low volume, i just hope i am right that a placing would be such a short term fix for the cash problem that its unlikely

I'm praying for a miracle now, trouble is i looked in my Ladybird book of investing under "miracle" and it says see "Pray"
I looked under Pray and it just says "sucker"

:-)

Put simply even if they did a rights issue at 2p ( which the will not) i wouldn't touch it because the SP would immediately drop too below that because the money raised would be so short lived there would be a scramble for the door. quite likely they would rise £700k, costs would be £200k and end up with £500k having knocked more than that off the mkt cap.
The days of raising £1.5m or £2m and being fully funded for a year are long gone

Bricks
You keep banging on about a raise but you dont say where this will come from ?
Its not physically possible to raise more than a few months of cash even if they go for a full 50% dilution because
the discount would be massive even if they could find someone like DB to keep pouring money in.
Put bluntly a placing will kill this stone dead and even DB must have realised that by now.

Looks like another can of worms best left unopened, Depends very much on the definition of shares trades and closed periods.
We have to assume that the company legal bods know a lot more than me. As far as i can see a closed period is only 2 months prior to annual results and not prior to a price sensitive disclosure.

I just wondered, if there was a significant corporate action in the background would we not be in a closed period with regard to issuing shares ?

I might be wrong but presumably there is nothing in the corporate offing now if they are issuing shares and admitting them too the market ? A bit worrying this close to running out of cash

TBH Shed I'm not bothered, the only reason it came up was because you wanted to know the dilution of shares for wages and i was just calculating that for you.
As i said its probably a can of worm left well alone :-) anyway now we have the RNS today we know exactly what the wage is for calculation purposes..

So i wasnt far off, 50% wage over 6 months was £33k

You could be right Shed but they shouldn't be listed as separate expenses in the accounts then for example £110k as a wage and £30k as a consultancy figure. If it was £80k wage and £30k consultancy figure totalling £110k i would understand.

MM
Accounts show MC was paid $187k AUD so about £110k
Of course accounts are always murky to anyone not trained in them so true income has to include "consulting fees" and "expenses " :-)
I think the share deal was just wages and consulting fees. I think i read LR's expenses were £35k last year? Presumably travel to and from Toral and trade shows /presentations etc. I doubt MC is doing this so this is also a saving now. then of course these guys are often paid directors of the consulting companies they use as well :-)
MC for example is a director of Virico Limited who received about £70k in consulting services.

Note

6. Executive contractual arrangements
Laurence Read – Chief Executive Officer
Salary £112,000 per annum
Term Ongoing
Termination 6 months notice period by either party
---------------
I dont know what the penalties for walking off with a few days notice were ?

TBH its probably a can of worms thats not worth opening other than to say I'm sure they all do very well out of this regardless of the outlook for shareholders. Personally given the money situation i think anyone now who came forward with a JV plan could pretty much call the shots and i can see 75% handed over easily. I would like to see this wrapped up now, its become more boring than lockdowns and conservative party leadership campaigns and has dragged on for longer. Life is short and mine is running out and i would like to get back even 25% of my money now rather than see this drag on and on

Shed
i presume it will be £50k /4p at todays rate ? 50000 x 25 so 1.25 million shares ?

As i said at the time i doubt it will help shareholders because whether they are paid in cash raised in a placing or new shares it still dilutes us.

"Bricks the value will be based on what can be shown is in the ground, the 3 year average price and the estimated cost and ease of getting the resource to the market"

Yea but as the value and quality in the ground goes up, the broker valuation goes down. Recently from 32p to 11p, even allowing for dilution its gone from 23p to 11.5p............so presumably the cost of getting it to market has more than doubled on that calculation ?.

I'm sorry to labour the point but this phrase has got to me
"we do not understand why the project appears overlooked by the investment community. "

What an absolutely stupid thing to say ? even if you really dont understand, why on earth would you admit it in a release ? Surely its their job to understand , have a finger on the pulse and be absolutely on top of this. They should know exactly why the presentation to the markets has failed and be working hard to put it right , not wringing their hands saying "we dont understand"
Its possible that WHI are just a broker and not a corporate advisor but even so i would suggest that if thats the case they should direct their thoughts privately towards a corporate advisor and not the investment community.

TBH if they dont understand when every current and previous investor could write a 50 page essay on the subject i dont see them being of any use to us at all. :-)

Maybe but if you dont have facts you have speculation :-)....lol

OK so maybe the rig is booked on another job, it just seemed they had emphasised the late drill and the need to catch up ASAP , more than normally necessary given, as you say the drill is not so important.

I think if we take stock and i hope this gets back to WHI :-)

The problem with the SP is funding. The shareholders have been screwed half a dozen times, each time at a large discount and a 35%+ dilution. you can play that game only for so long. I suspect the penny dropped for LR that the game was up with placings and he didnt fancy being paid in shares. WHI should note the company has done nothing to encourage shareholders or support shareholders and most LTH are running large if not huge losses.
This update from WHI says to me they may be gearing up to place again but the past shows this does nothing but kill the SP. and its a short term fix, maybe no more than 3-4 months. Even now their projected SP is less that the money raised so far in placings and less that a third of the valuation put on the company 18 months ago...
I would ask WHI if this is so good and they cant understand why the SP is only 25% of what they think it should be then how much are they putting in ? compared with how much are they taking out :-)

Stick that in your pipe and smoke it WHI

Not a fan of speculation without pretty solid ground however they do seem to have made a point about the double shifts and trying to catch up, maybe not something you would do unless the next step for EUZ hinged on it...unless of course the drill rig is booked elsewhere and they need to get a shift on.

A trade just came flooding in :-) £43.88.......well done that man.

"we do not understand why the project appears overlooked by the investment community."

Maybe you should ring them up and tell them Shed :-)