Member Info for Highside

I know what you mean props but a company worth £3.5m with £1.5m cash is probably cash rich...in fact if they had £500 they would probably classed as cash rich :-) given the Mkt cap.

I get where you are coming from. They never had £1.5m as the fee's would have been about 18% of that

Teaye
thanks for that, its an interesting article but why would LR sit back knowing how many people want to vote this down at the AGM and not make any attempt to bring people on board. Maybe he is just not bothered how people vote as he knows he has the majority ? Why get off your backside and bring people on board if you dont need to seems to be the stance..

You cant look at individual transactions. You need to look at the trend or trades over the last few days ie: a trade for 100 shares might move the volume over a tipping point thats been building. Also look at the spread ie: if a spread is 20% and the trade moves the price 7% has it really moved the price in the market or just with in the spread/reduced the spread. Also beware of buy/sell movements that are actually the last price paid and not really the Buy/sell price.

I was thinking about buying some shares in Disney world, they would sit well with the Micky Mouse ones i have from EUZ :-)

grappa
Ring him up and ask him what currency the accounts are in :-) :-)

I suggested the Accounts were in $US but Cjen said no.
It makes a big difference to the figures not least the cash balance at the end of June.

Teaye, of course its become toxic...and who's fault is that ?

Money, they do need the £270k because that will be the costs of the placing, Toral wont see any of that.

A box of files eh , who smuggled those in ? make sure the warders dont hear you if you are trying to escape :-)

Interesting quote from accounts...

At this time, the cash component of remuneration
paid to executive Directors, the Company Secretary
and other senior managers is not dependent upon
the satisfaction of performance conditions

The BOD have to ask themselves at what point do they consider £250,000 + extra's remuneration for the CEO and Chairman is no longer sustainable ?.
Right now remuneration cash burn is ridiculous. the company is treading a fine line , in fact it may have crossed the line, between being grown up...and a lifestyle gravy train, If it is seen as the second then its game over for the future placings.

Grappa
A more poignant question right now would be who is on the remuneration committee and what have they got to say ?

The truth is shed, you and a couple of other have been shouting down any dissent here for the last year or two. Its nothing to do with me grandstanding in fact it would be imposable for me to comment on the last year without grandstanding but remember, its YOU who put me in this position with your constant attempts to ridicule any alternative opinion. You took a chance and put your position on the line and got it wrong so dont be surprised if people "grandstand" after all you were more than happy to "grandstand" over all others for the last couple of years.

Give it a rest shed.

I do find it rather ironic that i have taken so much abuse for saying exactly what Bricks is now saying over the years. The argument put to me was always "why are you invested in a company where you dont trust the management" ?
My argument was always , managements come and go but the asset remains and you invest in the asset. That shouldn't stop anyone having a view o the way a company is run.
The asset is the strength here, it gets stronger by the day be it with new finds/drills or increase in commodity prices . All management has to do is sell the story. Frankly its failed to sell it to PI's or industry. The SP is a damming indictment of this and cant be ignored. Management dont have anyone but themselves to blame and need to accept they gave it there best shot and it didn't work. If you dont think the Asset would survive a change in management then you are not invested in the asset which takes me back to my first point.
£1.5m less expenses and any outstanding dues is probably fast approaching £1m now. That's 6 months if they dont make an acquisition. After that we will be back here again just like the last raise, the one before that and the one before that. Shares in issue will go up, the SP will go down and eventually they will have to consolidate. (ask me how i know)
Toral the asset has done its part, Europa the management have failed. Time to move over LR before its too late.

Moreover, why would you even consider another project when frankly, they cant finance the one they have except by slashing the SP and EUZ with a MKT cap of probably less than £4m is in no position to support a 2nd project.
None of it makes any sense and the BOD seem intent on not even trying to explain the strategy behind it.

I thought the same shed but then had they placed at say 3p they wouldn't have raised much, fees would have been £250k and they could only have done a 50% ish raise so 25m @3p about 830k less the £250k and it would have just devalued all DB's holding to 3p instead of 5p ?

I repeat, i dont see a scam here, i see them raise in a market where they had few or no options. Their mistake was to mention a new project knowing that would almost certainly mean another placing another large discount and another drop in the SP to a minimal Mkt cap. As i said last week they must have been running on fumes so they should have labelled the raise as "working capital"

You will have to top up 35% just to get back to where you were last week, its a mugs game. I dont say that as an insult, i say that because i have done it in the past and am sitting on a £60k loss here.
Be thankful for anything you get back but dont throw more at it. I'm quite sure you have a healthy holding here as it is so spread the load with other stock would be my advice.

To put in perspective just look at the values here now before consolidation skewed the figures they now have 40b in issue at 100th of a penny

Maybe they should consider delisting to save money and employ someone to sell the Toral lease. It seems to me there is very little advantage now to running a company that has nothing much to do. I dont see making a purchase as a cost efficient way of keeping people busy given the millions it takes with little chance of a return.

MoneyM
This was a problem highlighted years ago when LR was "leaking info" into media without ever making it official or mainstream.
Just another example of the game he is still playing and not learning from past mistakes.
Sorry but if this project is at risk under new management then its defiantly at risk under this old management.
I get there might be nothing to replace them but if thats the case we are done for anyway. At least now they have £1m cash and a lease to sell, in 3 months time if they purchase another project they will be doing another pacing, probably at sub 2p.

If there was a transaction on the brink then presumably it bit the dust in the last 2 weeks as they said just 2 weeks ago

Continuing to persue and assess a number of initiatives and opportunities with discussions aimed at delivering a potential value accretive event. (even if they cant spell pursue )

strangely they also said that this value event was live 3 days after the placing so they didn't place because the value event had fallen through.

So basically you agree with me. there was no great plan to deceive, there is just no trust in what's being done probably because no one knows what's being done so punters steer clear..
Incredible we have had to have an explanation via you and nothing direct from LR....and there in lies the problem.