Member Info for Highside

Miln
That's is LR's attitude, its all in the end result but really........its not. The SP is king. Had they raised at 10p or 15p, both very possible this year ,the dilution of your holding would have been considerably less. Your holding may be the same but your proportion of any pay-out will be considerably less too

Th SP did rise from the off today which may reflect on the good volume and buys on Friday.
Maybe the MM's knew of the pending RNS for Monday so decided to combine the two ? Oh look , a flying pig :-)

I wonder what drove the SP up today ? I make it 151k buys 310k sells.

Cjen
You could be right but i always take a $ as USD unless marked as otherwise ie $ AUD
The accounts talk of metal prices in USD, Grants in euro's , money raised in pounds and an Australian Company

I have little doubt that if Rights issues have been voted out its not because the shareholders wanted this, its because the BOD wanted this and PI's can never rally enough support to have a say without a shareholders "group"
That doesnt excuse them after all thats happened of snubbing the PI's IMHO

I think we probably should have consulted on the Questions before sending them to the BOD.

For example Q1 refers to 1m AUD in the bank ? at the end of June 21.
Surely that should be $1.18m USD or £875k ?

Q3 The new SEC rules are for the first financial year after Jan 1st 2021 , so are current now but not for the year ending last June.

this is not a criticism just an observation.

The question i would have asked is
Given that shareholders were offered a 1 for 1 deal in the placing to purchase Toral that was well over subscribed, why have all placings since been closed shop ? the costs and size of the Share register were the same then as now and shareholders were more than willing to partake. Doesn't the BOD agree that LTH who were and still are carrying huge loses and had progressed the project this far from their own pockets deserved the right to be part of the placing with a rights issue ?

I dont suppose its a coincidence the approval of the grant part 2 has come after the company demonstrated it has another 6 -10 month lifeline.

Cjen
I would need to check the accounts but if they were using £500k per quarter ie: £2m a year then surely having 500k left in June would have made a raise in October necessary ?

Impossible to say MM because as i mentioned we only have half the story. who knows what the aim is or the target. Crazy way to run a company. The only thing i would say is we are heading the wrong way if 20p+ is the aim.
I think one major problem is the shareholders and the BOD have a different agenda. the BOD want EUZ to grow and continue, the share holders want their money back and will be gone like a flash.
This creates 2 problems in its self.
1/ constant selling in to any rise.
2/ As it rises people will be very jumpy to get out and not get caught left holding the baby with the SP at 30p and Toral sold. The idea solution for a shareholder would be a special div but i expect that might be relatively small compared to any sale price as the BOD is already spending money they didn't have last week on a new project and i doubt there is a single shareholder that wants a new project.

I dont think for one minute its a con, I think they thought they could realise shareholder value.
Unfortunately as has been said, being a good site or project manager is a long way off being a good CEO of a listed company.
He may still pull something out of the hat but medium and long term holders are so diluted now there will be no way back for most of us.
I suppose it depends how you view it. I expect LR think he has pulled a rabbit from the hat getting £1.5m finance for a 3.5m company..again, it wouldn't have been easy and he probably had to take the deal that was offered or lump it.
The shareholder however would ask why the company was only worth £3.5m ? in the first place after 3 years of very positive results in the field. LR would probably say that a company like this doesnt really have a bankable value until it has a minimum of a PFS and preferably a BFS.
I dont know? very easy to get emotional but when you really only have half the story it all just speculation.

I dont do linkedin..or twitter...or face off or any of that nonsense.

It seems to me the BOD have awarded themselves everyone's votes unless you say otherwise ?
In which case they are not asking for approval of the resolutions as they already have that by default, they are asking for disapproval of the resolutions as thats the only reason to express an opinion.
As usual the system is so heavily weighted against the investor without a coordinated response there is little point in a response and your best form of rejection is to sell. I am quite sure the BOD have secured the result they needed anyway when they issued the recent shares to a chosen few at a huge discount (lucky them) Basically like the first past the post system a minority will keep control and the majority will be left without a voice.

Has anyone else managed to get Barclays to respond to any AGM details/voting/proxy info ?
Its not something i would normally be bothered with but i feel very strongly about this and i would like to give my proxy to Cjen, how does it work ?

This is exactly the point of sharesoc Bricks

https://www.sharesoc.org/

Shame he doesn't have a few more bricks :-)

what do you mean when you say "I suggest we buy as well or hold…but don’t line these thieves pockets anymore."

i have no intention of buying above that now. 5p is the new high threshold for me. The value of the company is a third cash now and as they use that cash i would not be surprised to see the value drop accordingly. Paying a few more £100k's to LR and MC is not going to add value IMHO.

They did used to offer shares Bricks i had some when they raised to buy Toral, they were issued on a one for one basis.

Shed
My comment that these things take 10s millions was in response to LR saying a new acquisition would bring value to EUZ , buying a project like Toral is a small consideration compared with what its cost to not even get to feasibility stage.

I said that because i wonder if DB have coughed up a little more on the promise of a new project after all LR must have told them what the money was for.

My personal opinion is like most gamblers DB are chasing their loses. They say at any table, set a limit then walk away, but the temptation to keep you hopes alive with one last bet is always there. DB knew they couldn't get out, they dont want to realise a total loss so they have propped this up at a huge discount in the hope a proposed acquisition will save the day. What we know is even a very small acquisition like Toral cost 10's of millions to even get a (pre) feasibility study
Way to many lose ends at the moment and i for one will not be sitting here with fingers crossed in 6 months ...lol

Grappa
I think you are being generous giving them 6 months :-)

with an ave price this year of around 10p and a high of 15p i think a few have taken a punt at 5p in the last placing, little more. If any of them were even given a hint of something likely to happen to get them on board then why a 42% discount ? DB have basically collapsed their own SP in doing that. :-)

What i dont understand is the BOD must have seen the damage done recently and more importantly the damage still being done and yet there is the usual radio silence. Had there been a proper explanation of the need for funds at this stage in the RNS i suspect most of this could have been avoided, yet again this is a problem of the companies own making through appalling PR. Its not like shareholders haven't been highlighting this particular ongoing problem for years.
Lets face it, no one is asking for next weeks lottery numbers, just precise and reasoned information concerning our investment.
Even the fact that this uncertainty hasn't been quashed immediately raises more questions, not least, did we even need to raise at this point prior to the PFS?

Come on LR, issue a statement and put this to bed now.

Fact is MM it makes no difference how many shares DB have or any of LR's insiders without the Pi's they are going to lose everything because PI' s drive the SP not DB. DB have actually dropped the SP with their dilution but they rely on the PI to get the SP back up. trouble is LR is turning the PI's away by letting the current rumours run and simply not having nonce to do otherwise.