Member Info for Highside

We shouldn't be too critical of Myles for several reasons.
We simply dont know what his stance has been on key issues. we dont know if he pushed LR out in defence of share holders
He is AUS , the company is AUS, the office and secretary are in AUS and now Bennelong are on board...in AUS
Lay the blame at Myles at this stage and you risk throwing the baby out with the bath water. Something is going on and i just dont think this is the time to be driving a bigger wedge between management and the shareholders on social media without specific knowledge of what exactly has happened.
I believe this company was Lawrence and Myles. having sacrificed LR we need to draw a line under this and see what they come up with now, DB and Bennelong are just investment houses, Myles is the miner/geologist.

My, how the tables have turned on this board :-)

Very selective quote but i said "unless they know something definite."
Well do ya punk ? in the words of dirty harry :-)

Looking forward to seeing wales get thrashed with their nobody team list :-)

i dont think anyone should criticise Miles unless they know something definite. I see him the same as Bricks now, the last link to EUZ and the cause before hey presto it EUZ re invents its self yet again with a new BOD, a new project and another 5-6 years of proving up just like the last time...

My point is bricks if they did a placing tomorrow on the figures of the last placing ie 40% discount to the SP and raised 40% of the Mkt cap then they would be looking at about £500k - £600k after expenses. Last year they burned £2m so a raise might last 3 months. It depends if the mkt cap is taken as the share value x80m before or after the discounted price.
They need to find alternative funding and for that they will need to either give up a large chunk at a large discount or have a pretty concrete short term plan to regain some value for the investor.
The more i think about it the more i dont think there is any real mystery why LR jumped ship before he had to start working for nothing in the hope of getting some shares in 6 or12 months time.

Does this make sense or at least is it worthy of discussion for the weekend ?
My thoughts, The pro's
The SP is unlikely to fall much further because if it did the companies ability to raise a required amount with such a low Mkt Cap would make it impossible. ie: 50% of not much is not much and the company historically has needed in excess of £1.5m a year. Therefore to buy at 4p would appear to be a reasonable gamble.
The cons
Whatever happens the company will need additional funding. without it the writing is on the Wall so basically a toss up between getting funding or not.
I think if it gets funding the SP will rise because i suspect that funding will come with a future plan and be conditional, this would lead to a so far missing "managed" SP/Mkt cap. An aim and target and a costed plan to put thing right.
So could it be as simple now as funding yes/no ? in which case things will come to ahead in the next couple of months.

So basically if you think funding will be found then buy at 4p all day long, if not then sell at 4p and get out ASAP.

Is that a little simplistic ?

Yesterday was a good day for resignations, maybe we are going to get leaked news of a party at Toral towers during lockdown ?

Of even DB :-)

Grappa i dont think he was pushed by BD, i suspect it was BD that put up 95% of the votes that got him re elected just a couple of months ago.

I wonder if the review of costs that we have not seen yet has targeted or cut back on something and he disagrees with the finding ? We might get the answer if we ever get the results of the review.
TBH its already yesterdays news like Edd Nealon, Justin Tooth and the old Bird :-)
More important now is who will take this on. It needs to be someone with a reputation, savvy with the industry and a trouble shooter, the problem is of course its so small , cash strapped and unable to pay the going rate that many who could , would probably not want the likely outcome of this on their CV. The company will have to put up a large incentive through some sort of scheme to attract people but they need to be brutal in making sure they pick the right one,
I think most here would vote for a quick discounted sale now just to get this over with ?.

MFM
I mean the strategic review as in the new strategic direction ( not the small delay in pay followed by another dilution)
This includes finding a new project which we have to assume until told otherwise, is still on the Table.
LR had a business position and failed in his objective of adding any value to the SP, on the contrary he wiped off about 95%.
The reason these people get paid a small fortune is to deliver, LR failed. Yes he moved the ground work along and no one would say otherwise but that was only a part of his Job. You cant get sentimental about these people, believe me he did very well out of this, better than any of us :-) He seemed to think that if he progressed the ground work the SP would automatically follow...if only it was that easy :-). I just hope we dont get another typical AIM "director" straight off the TV apprentice show who just picks this up and runs with it for a year and takes it nowhere.
We have a major funding problem and only a few months to fix this or we are going to be sold for peanuts. IMHO
As shed has said 10p -12p would see the bigger boys save face and move on i would think.
the next few weeks will be critical.

So what next ? answers on a fiver please :-).
We either get DB and Ben come up with a rescue plan with MC or this drifts of over the horizon never to be seen again.
One way we all do well on a turn of fortune..... the other we get shafted in true AIM fashion and leave with nothing.

I wouldn't think the strategic review is effected MFM its only a week since they said

As announced previously, a transaction review team has also been established to assess a series of potential new projects and opportunities, primarily in the precious metals and energy sectors

We need conformation now of any strategy change going forward before we can knock the threat of an acquisition n the head.

I would like to see the job description if they advertise :-)

Agree Grappa
Companies with an interest may insist on having a seat at the table but not the Chairman or CEO's seat.
I dont know what Bennelong's interest is but they took quite a small stake when a larger stake was available.
The only obvious thing in my opinion is they cant just appoint someone else and carry on as before. There needs to be a massive change here or it will go bust and be bought out for peanuts. If anyone wants an interest in Toral its now extremely vulnerable. Maybe LR will buy this up now he has no position if he thinks it has a future. :-)

I think as i alluded to yesterday they are running out of money. I think LR pinned his flags to the mast with another acquisition as a route to shareholder value but the harsh reality that the money tree might have died and the savings/cuts needed left him with no where to go. Bennelong would be well aware another placing would see their recent investment cut by 50% and finally someone has said enough. That said there stake was quite small by choice and i expect they wanted to get a foot in the door via the cheapest possible route for reasons unknown.
Now they will look for someone else who will take on a company with no money, no obvious way or raising more money, cuts about to be implemented and a wage at 50% of what it would have been. To me that says he will be a plant from somewhere else ? on another payroll. to look ahead any further than that would be more pure fantasy.

I dont think he see's the value in the PFS TBH. I honestly dont know.

What i do know is the introduction of a possible new money sponge that is a total unknown, in concept, geographically and cost was an unnecessary distraction at a crucial time that has once again thrown a curve ball into mix that just shouts "stand back" "keep away" and "wait and see" to any new investor. Historically this is something they love to do prior to a raise :-)

I would like to think that given the unlikely event they could do a placing for anything like the amount they would need for another 12 months they must have funding sorted elsewhere to even consider a new project and further peripheral drilling at Toral over a PFS . Not holding my breath though :-)

I doubt now there will be another dilution because if the price keeps dropping , lets say its 3p with a 40% discount 1.75p they would be valuing at £1.3m and could probably raise about half that including expenses and that quite frankly would last about -3 months, That's why i dont see the logic behind trying to buy another asset when you cant even handle the one you have.
(all calcs on the back of a fag packet)
LR obviously thinks this will still be here in 6 months time if he is expecting to get shares in this as pay but its starting to look like they will need a bailout over and above a dilution.

Still lets look on the bright side, LR assures us we dont need to worry about the day to day SP :-)

I think you need to dig deeper bricks if we dont have a PFS and we are not funded for a PFS, we dont have a licence.
If we are looking for a JV to do the PFS i cant see the JV terms being favourable as they will have us over a barrel.

Now that would be typical LR….telling us what he wants to Not what we need to know

"More the fact that the 2020 raise could only cover the notorious 'certain key components' of a PFS making another raise a virtual inevitability"

....and since then we have had another raise which will not fund the PFS either so another raise is inevitable.
I believer work on Toral is being stalled to give themselves time to go from a one trick pony to a business with spread assets however this is being done at the expense of Toral and without any planning for the required funding except cut backs that will effect Torals progression/PFS. i think its smoke and mirrors here again and the truth about Torals future, future funding, future acquisitions and the whole game plan is being deliberately made vague.
i still believe this is about trying to make a future for EUZ and The BOD rather than wrapping up the toral project for the benefit of shareholders.. If so then the future is open ended and any value could take years to materialise