Member Info for Highside

PF-
This is the third time DB has bought. Last time at 12.5p. You saying DB knew something we didn't then ?
Sorry but DB's record here is as bad as everyone else's. The only difference is faced with buy some more or watch it go under they have chosen to through this a lifeline.

Sounds like you need to filter me again shed :-) Dont blame me if you miss out on the gems though :-)

Its a shame Bobby Beals post disappeared because i remember saying when people were talking about guys in the data room buying us out, that there was no way anyone would buy us out all the while the PI's were funding the work and de-risking the project for them. I mean why would you ? the longer any potential suiter left it the further down the road the project would be and all the while the share price was continuing to fall, it was win win for everyone ,except the investors.

The only thing that still niggles me is LR knows if he sells Toral he does himself out of a job and the company would pretty much cease to exist. So just maybe this sudden urge to buy something is because he can see Toral being sold soon and EUZ needs another project to survive. Of course that means he will have to answer why the cash call if a sale was on the cards as we were funded for the short term anyway. It could just be that he raised because he could and to justify it he has come up with this strange buy something ( but dont know what) scheme.

The answer as i said earlier is LRs patronisingly vague sound bites have really told us nothing over the last year .The conclusion i draw is he is now bluffing his way forward with lots of ideas and to coin a Tory phrase "sunlit uplands" but not a single credible fact to justify the _funding, acquisitions, direction_or a PFS situation update.
He should come clean or throw in the towel now.

My guess is much like Toral replaced the flagship Moonlight, something else is likely to replace the flagship Toral very shortly unless we hear different in the next couple of days. LR needs to sort this now if not yesterday or we will be sunk.

grappa, i suggested sharesoc a year ago, its too late now. The only reason this not dead already is they managed to sneak a last placing in before it was too late. its now cash rich like its BOD but unlike its shareholders. shameful.

Teaye
The only reason that the option is at 50% still after 5 years is their total lack of ability to return any value. Had they , for example, got he SP up then dilution would have been far less . a company at this stage after 5 years should be looking at 10% of £20m mkt cap not 50% of £5m mkt cap, thats the difference between a 5p and 20p SP

Cjen
You, Shed and Bricks were part of the last video conference, All three of you (and Crisp) have been very vocal in support of the company over the last year with mentioning of no more financing by dilution and alternative funding . This latest placing was not needed finance it seems, this was financing for the sake of financing. As usual LR's inability to communicate with his shareholders has lead to a crisis of confidence here. I would suggest that if you shed and bricks expressed your concerns to LR, as pervious shareholders who have expressed an interest, it would carry a little more weight than the rest of us banging out heads against the wall here ?

This is something i said at the time of the last placing. Those of you who chose to remember will know i suggested shareholders should look at sharesoc. A group that specializes in PI's rights and general advice.
I will say it again. You have to speak as a group. Companies like this ride roughshod over PI's simply because they can.
You need to come together as a group and present your views as a meaningful % of the vote.. If you don’t then talk of legal action, removing directors or stopping future opportunist placings is just peeing in the wind.
In 4 weeks they will "replenish the Company's share capital authorities." no doubt at 50%. Most companies allow a working capital float of 10% before they have to ask shareholders. This company is not looking for working capital, it is looking at acquisitions. Anyone with half a brain knows that this BOD thinks nothing of spending £320k on an acquisition then pumping in another £8m for no obvious return. Don't think for 1 minute if they get another acquisition anything will be different. You need a rep at this meeting that speaks for all of you or you might as well tell them to spend your money on anything they want.

This is something i said at the time of the last placing. Those of you who chose to remember will know i suggested share holders should look at sharesoc. A group that specializes in PI's rights and general advice.
I will say it again. You have to speak as a group. Companies like this ride roughshod over PI's simply because they can.
You need to come together as a group and present your views as a meaningful % of the vote.. If you dont then talk of legal action, removing directors or stopping future opportunist placings is just peeing in the wind.
In 4 weeks time they will "replenish the Company's share capital authorities." no doubt at 50%. Most companies allow a working capital float of 10% before they have to ask shareholders. This company is not looking for working capital, it is looking at acquisitions. Anyone with half a brain knows that this BOD thinks nothing of spending £320k on an acquisition then pumping in another £8m for no obvious return. Don't think for 1 minute if they get another acquisition anything will be different. You need a rep at this meeting that speaks for all of you or you might as well tell them to spend your money on anything they want.

Obviously not performance related then :-)

It’s hard to disagree Gam however i do think the work on the ground has been exceptional under very difficult circumstances. The speed Toral has progressed, and the results have been good.
The problem is running a site operation or even a private company is completely different kettle of fish to running a public listed company. Suddenly your priorates change, your accountabilities change, and the pressures of shareholder scrutiny arrive, and IMHO LR is running this like a private company who's directors might just as well be close family members and without shareholders.
Shareholders seem to be a necessary evil for fund raising and a bloody nuisance at all other times.
The reason people talk about Gravy trains and lifestyle companies is there are loads about. LR's real PR blunder is he does nothing to separate EUZ and himself from these other companies because everything is a mystery, speculation or simply jam tomorrow here. After all the recent communication we know nothing more than we did 6 months ago... PFS? BFS?, EU grants? Funding? Value events? JV's? Talks? New projects?
And now as we expected Toral to head towards fruition we are given a whole new “strategic direction “? Again, no mention on what, why, how or cost just we have a load of spare cash now and we need to find a way to spend it basically.
I dont believe this is a lifestyle company or a gravy train but thats how its portrayed so its little wonder people steer clear

Just a personal opinion.

I doubt there are many parties fighting over this :-) even with £80m shares if you get 50p i think you will have done extremely well TBH. I would bite there hands off for 50p...lol

Knock of the 600 and you will closer at £50m. £1.00 a share would be double what i would expect.

So basically accelerated book building is a way of getting current share holders to give up part of their expected profits to give to new shareholders in return for a new project that they didn't want or invest in ? This is done without asking them or with any means of progressing the new project except at the expense of any current project.

did i get that right ?

I dont disagree with anything you say however i would expect the high risk to be in the water/waste discharge, not finding what you are drilling for or nationalistic difficulties in progressing a project abroad.
I dont expect the high risk to be from opportunistic placings at rock bottom prices for projects yet to be even conceived ....
GLA

i hope your isolating is just precautionary. ...

Shed
I think you are mistaking the AIM for a regulated market, i get where you are coming from but a statement like
"we believe could ultimately lead to a potential major value event in due course"
Is so ambiguous and open to interpretation once you add "we believe " and "in due course" and ultimately" ( dictionary definition... in the end)
If there was a pending value event,
Why would you place at a 42% discount when the accounts show you were funded ?
Why would you place to fund another project if you dont have a clue what that project might even be ?
How would you then justify selling shares to DB at 5p knowing there was a pending value event ?
Would it even be ethically right to place with the price at one of the lowest points of the year and down 65% on the year high if you knew there was a value event ?
Sorry but i think this was probably opportunistic and done before the right to issue another 50% expired at the AGM.

When they raised £650k to buy Toral they did this with a rights issue and placing , shareholders were offered 1 for 1. and it was massively over subscribed, Its therefore perfectly possible to do this as a micro cap with a large share register for relatively small amounts ,however i think the PI's were cut out here again in favour of cheap shares for a ltd chosen few.

Until i see even a shred of evidence to the contrary i think we have to assume we have been shafted. If that evidence is there then the company is killing itself and its SP by not providing it.
In short the company could hardly turn round now in say 3 months and say we have a value event without having to answer
some very serious questions, as above, on this placing and its manipulation of the share price for a limited few.

PS: what's the betting at the AGM they will ask for the facility to dilute 50%

I have also released the results today :-)

When They bought Toral as far as I can see, following the placing to raise the money, they had 1.28b in issue @ 0.13p so the company was worth £1.6m
Today just over 5 years on the company is worth £2.5m
It’s basically raised and spent £8m and added just £900k to the Mkt cap ,

Speaking today Highside commented, we are very pleased to have increased the value of the company by 56% over the 5 year life time of this project by spending just 877% of our start figure. . We have elevated the major value event to a stratospheric value event for the period of the next 10 years in the hope something will turn up. He also thanked turner pope for the loan of a fag packet to do the sums.

Did they just raise while the motion to allow 50% dilution still stood ? maybe they fear getting that passed in the next AGM ?

grappa
Watching GB news last night and the Guy said that china's president would be unable to attend flop26 because of a prior engagement to open a new "coal fired covid production facility" :-) brightened up my evening a bit :-)

lol...and passengers.