Member Info for Highside

STOP PRESS.... STOP PRESS.... STOP PRESS

AIM company takes its shareholders to the cleaners :-)

Who would have guessed.

Don't get me wrong DG, i am as fed up as the rest, probably more so as i have been calling this for literally a year since the last raise. I just want to be certain people are angry at what's happened and not angry at what they think has happened.
LR's powers of PR have been none existent from the start. I said in 50 posts we are a ship without a ruder , people will not buy in until they can see a way out. We need to know the end game and so on but all my questions were batted into the slips with oh its the Data room or NDA or some form of confidentiality. TBH if LR is as good at selling this to a potential customer as he is at selling it to shareholders its no surprise their have been no takers.
The reason the SP is where it is in the short term is a lack of trust, he has let everyone down but worse than that he has devalued everyone's holdings by lack of effective communication. The problem is now he will do it again and TBH he has given us no reason to think otherwise.

Incidentally it looks like they spent £253k last year on the placing so i expect the second tranche of shares this month to raise £270k is just the brokers costs. this means they will pocket about £1.2m so if they can make that last 12 months that will be doing very well...or they know it will not have to last that long because something else is going to happen.

As you say he may buy something, he may not but he did say the money raised would keep operations going for the next 12 months if he didn't buy something which is quite different from your scenario. Had he raised for 12 months and then £1m extra to do a purchase i could see your point but so far he has just raised what he would have had to anyway, ie: nothing extra.

But that doesnt answer why people think we had plenty of money and didn't need to raise anyway ?.

This might seem an odd question but why are people going on about an unnecessary placing ?
If they had 1m AUS in June thats £500k. they burn about £2m a year so that £500k would have seen them through to the beginning of November. What am i missing ?
We have no idea of the bills that came in after june31st so they could well have had drilling or PFS expenses to take from the £500k.
I am all for holding people to account but they have to be proved guilty first ?

This is the trouble with this social media approach he has..
I have always said it its worth saying its worth RNSing but if you start going down the twitter and FB route you will get idiots like that. Pretty disgraceful comment and if this forum went down that route i would want nothing to do with it.
Its so easy to hide behind a stupid name and spout insults like that

Newbe
Look at the trades for the last week
Approx. 31 sells over 5 days totalling over 750,000 shares , no buys at all, and a couple of mid price trades( which could be buys)

Its a miracle the MM's have held 5p TBH

I expect the 270k is just the placing fee's :-)

Moneymaker

Its another classic example of how completely out of touch this guy is. If thats the best he can come up with it looks like he really is sitting there twiddling his thumbs in need of another project.

Yes thanks for that Europa. We know there is a shortage/demand. That's why it seems incredible you haven't been able to return any value on Toral.

I have voted against all 6 resolutions this morning.
I dont do this lightly as i am torn between the excellent field work and speed of progress at Toral the project and the awful PR and management of EUZ the company.

Pretty sure CJ sent the question in advance of the AGM as i think i read you can only ask 2 on the day?
Therefore i wouldn't expect LR to answer them in advance of the AGM.

Crisp
You will not unseat LR but it is an opportunity to send him a message he seems to ignore from any other means.
The first thing management do with companies like this is make themselves pretty much unaccountable and unassailable.
I would suggest the last few placings have done that, the larger the share register ,the harder it is to get a consensus.
If the company has an asset worth money and developing then i doubt it will be delisted . If it was then it was on the cards anyway

Hi Mail Girl
My view is the Company has been carrying a mountain of baggage going back 10 years.
When LR took over his priority should have been to rebuild the trust between the BOD and the Shareholders, a trust destroyed by the total failure of Moonlight and the likes of Justin Tooth.
It was an issue never confronted but just swept under the carpet. The excuse given for the delay in the Scoping study just brought it all back. Off the top of my head was it 6 weeks ? late and the excuse was they were collecting extra data to expand the final result when actually they had drilled outside their own land lease so the results were pretty worthless..
DB bought in and it was never mentioned, our first proper institutional investor and not a word from LR. Surely that was a huge event to be flagged up?
Nonsense like “no more finance by dilution” followed by instant dilution saw many of the LTH leave. “We need to become a grown-up company” “I’m not interested in the day-to-day share price” “Possible value event” twice , followed by more dilution. And a dozen other gaffs
There is a real problem with PR, even now we don’t really know what’s going on or the real truth about a new strategic direction?
When you put your money into a company like this you basically lose all control of it. You put it in the hands of people like LR and say do what you want. Without a very well-organized shareholder group you are powerless at AGM’s or voting for this and that. That’s just a technical formality. It comes down to trust in the management to do the right thing and if the management lose that trust people steer clear
I would argue LR never established that trust and that is why volumes ,PI interest and the SP have always been a disaster.

With respect no one is going to remove LR.
what you might do is send him a wake up call.

Over the years many people have said to me, if you dont like it, sell
or
why are you still invested in a company where you dont trust the management ?

I think now they probably get it............... :-)
Don't worry, I'm just poking you with a stick :-). I think the AGM will be the catalyst here. I see it as LR's last chance to do the right thing and tell the shareholders where he is taking them. I dont think NDA, data rooms, confidentiality et all is going to cut it this time. He has lost the trust of shareholders, ok he has bought himself time with our money and cheap shares for his chosen few but the Bank balance is already dropping fast by the month and hands up who will still be here at the next raise ?

Thanks for that.
As i read it then a sale of Toral is off the cards ? unless they have another project for "live testing".
I think i am approaching the end of my interest here (you will be pleased to hear) unless the AGM throws up some sort of direction/plan/or conclusion to Toral. The lack of updates concerning the PFS is worrying, all the major components were supposed to be financed this time last year and yet we are no nearer to having a date for completion and efforts seem to be concentrating elsewhere now. I think the SP could rise from here but it could also collapse ? 10p or 1p ? who knows but i cant afford it to drop now and past history says its likely to go sub 1p again, What do others think ?

Yes but these are small drilling for site construction which are unlikely to deviate so the question still stands, what further role will the University tie up take ?.

If they go deep after that then watch the costs rocket again, remember based on last years £2m that only lasted 1yr with drilling . The current £1.5m will not last long if they make an acquisition and drill deep. I would go so far as to say unless they get a JV they cant afford it and if they do get a JV then its a completely different scenario anyway.

I think its very easy to be negative so i say your last line
"we are still worth peanuts, no more placings to be announced for at least 9 months and the news on Toral is going to be quite something."
Is exactly what was said this time last year.
On a serious note though, if Toral was anywhere near being moved on how would that impact the Work the Spanish have just sponsored ?
I agree with Crisp if you have assembled a team to drill and analyse they will need something else to drill and analyse pretty soon if they have finished drilling at Toral. As i mentioned the other day i am sure what we are seeing here is a quest for life after Toral. something that the BOD need to keep EUZ alive and something shareholders need like hole in the head.