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I agree with Kutzz here. Whilst it would be good to see Lanstead issue a TR1 it won't have much bearing on the long term. NB the only way to try and force a TR1 would be to keep emailing the FCA and ask them to investigate. Not much more the company can do, they have reminded Lanstead who seem to think they are playing by the rules.
Maybe Lanstead haven't sold (seriously doubt it) or perhaps they issue an order to their broker to sell x million shares over x number of weeks and when that order is complete then they will notify, while that order is open they don't notify even if they drop a % number in the interim until the order is closed, who knows. It seems to work for them though, we are likely not the first group complaining about this.
Regardless, need to look on the brightside, if there was no Lanstead deal last year there would likely have been no BCM deal. It seems BCM were not put off by Lanstead and they went ahead and signed. For BCM it was probably a relief to see the TopCo funded.
For those feeling frisky take this as an opportunity to top up at these incredible low prices. For the rest of us let's be patient and see what's coming. We have an AGM in exactly 2 months. If I was a betting chappie I'd suspect we see a Lanstead issued TR1 on or before the AGM. The timing also takes us to the end of Q2 so hopefully some additional decent news flow to showcase and talk about at the AGM.
One point to note we could also see a bit of left field news which could kick up the share price out of the blue, such as news on Senegal or another JV partner coming onboard for one or some of the Central licenses in Cameroon. If that happens the share price could motor and then everyone starts buying as it rises up then gets annoyed again when the SP falls back. So I would say if you are sitting on the fence and seriously thinking about buying now is a good time to consider it!! But then What do i know!!!
We await next news RNS. I don't think long term PIs would be selling so have to assume Lanstead kicking a few more out.
Interesting thing from the Lanstead RNS is the company will be receiving monthly payments. So... the insiders in the company will roughly know how much is being sold based on the payments they receive and a quick calc of the average SP in the month. Text from the RNS.............
"The £1,767,000 gross proceeds of the Lanstead Subscription will be pledged to Lanstead by the Company pursuant to a Sharing Agreement with Lanstead. The Sharing Agreement, details of which are set out below, entitles the Company to receive back those proceeds on a pro rata monthly basis over a period of 24 months, subject to adjustment upwards or downwards each month depending on the Company's share price at the time relative to the Benchmark Price of 0.2533 pence per share. The monthly settlement amounts for the Sharing Agreement are structured to commence approximately six weeks following Admission.
@Troaj I'm an electronics kind of guy so let's hope your alarms are good!!
Orr are often fond of a Monday morning RNS so maybe they have something decent in store for us next week. Otherwise it is just a case of waiting and seeing what comes next. BOD with significant skin in the game will be as keen as some of us LTHS to see us moving into .5 territory, shouldn't take too much to get us there but then most likely Lanstead will be back. The mystery surrounding the Lanstead holdings continues and adds a certain amount of drama to the story!!
This wants to break the .40 barrier and with some comfort I think. Technically we should be poking over the .5s with what has been achieved to date. Lots of opportunity to buy in and make money here as a lot has been de-risked !!
It was great to see the RNS news on the Senegal license renewal today. I believe I mentioned back in Feb as the clock ticked down, this would take time. Obviously, Orr & Mangem are entwined in a relationship, but first things first was to get the licenses renewed and over the line!!. Which the RNS today confirms!!
The key thing for me, when reading the RNS is this statement…..
“In accordance with the Senegalese Mining Code, the surface area of the Licence has been reduced by 25% and now stands at 354.5 kilometres squared. In order to retain tenure over the key prospects identified to date, in particular Faré and Madina Bafé, the Licence area has been split into two blocks as shown below. The new Licence is valid for a period of three years from 17 February 2024.”
I believe the highlight being, the license is now split into two blocks. So, if Mangem doesn’t have the funds or the desire to support or take the entire license, there are now more options. For instance ORR and Mangem could continue and develop Madina Bafé since that is closer to the Mangem Boto project.
This also opens options for Faré to be spun off which Tim has often spoken candidly about being it’s own incredible project. That could go to someone else, for a lot of value!!
The super interesting fact is…because of the renewal, the territory got reduced by 25%. This is very significant, keep doing nothing and renewing a few times and what do you have left? A real credit to ORR leadership for navigating this license renewal and keeping the crown jewels of the licenses (Faré and Madina Bafé) in the portfolio!!
When you look at the current MCAP of ORR. It shows we are way undervalued and as a reminder we have a leadership team that owns a significant part of this company!! It is often easy to criticize these guys when the SP dips but a lot of intelligence goes into keeping all these plates spinning!!
A decent day, a nice rise. Also some good debate from fellow forum folk this week. I value all opinions and to be fair everyone is cordial and I respect that!
As a core we want the best for the company. Comparisons with GGP are just that, speculation. What we do know is some of these assets could be ticking time bombs we also have a dedicated leadership team, who tend to skip the BS and tell it like it is. Tim is a bit like the religious zealot who stands outside a supermarket in Aberdeen on a wet winter(when doesn’t it rain in Aberdeen) Saturday morning, trying to convince disinterested folk that the day of reckoning is coming. Preaching the gospel of Cameroon. Well… it looks like the day of reckoning for ORR could be coming soon!!!!
Buckle up folks 😀
@Catbert - Like I said in my post........
"If you do believe they [Lansteand] have sold more shares equivalent to more than 1% since the 28 Dec TR1 which would be a change of their remaining holdings since their last TR1 of 28 Dec then you should report this."
This is a moral obligation to the market in the spirit of transparency. No point people whining here that they think it may have happened and doing nothing. I have merely offered a means to report if people feel so strong , then report. If they don't then don't report.
@Wolfie because there are rules around transparency for reporting material changes within a company. So why should Lanstead be allowed to abuse this and be less transparent. Ultimately, I find when an organization doesn't follow the rules then they often have something to hide!
Also wouldn't you find it useful to know if Lanstead had gotten down to 15% or 10% of their holding in the company left. Or alternatively it would be also interesting to know if they were sitting at 19.99% suggesting that they hadn't really been selling since December 28.
Many of us believe Lanstead has not been duly notifying the market of their material change of holdings. So if you want to report this to the FCA here is the link to report it under:
https://www.fca.org.uk/market-abuse-reporting-form
Also here is some text with info that could be used but feel free to use your own. If you do believe they have sold more shares equivalent to more than 1% change of their remaining holdings since the last TR1 of 28 Dec then you should report this.
--------------------------------
On 1st August 2023, Oriole Resources (ORR) announced through an RNS that they had entered into a Subscription and Share Agreement with Lanstead Capital Investors L.P. ("Lanstead"). This agreement involved a subscription for 930,000,000 new Ordinary Shares, referred to as the "Lanstead Subscription Shares," at an issue price of 0.19 pence each, aiming to raise £1,767,000, known as the "Lanstead Subscription." Additionally, Lanstead was issued 83,700,000 new Ordinary Shares. Immediately following the subscription's completion, Lanstead's stake in the company increased to 26.23%, representing 1,013,700,000 shares.
A TR1 notification was released on 19th December, indicating that Lanstead's ownership had decreased from 26.23% to 23.26%. Another TR1, issued on 28th December, showed a further decrease from 23.26% to 20.99%. Since these notifications, no additional TR1s have been issued to report any significant changes in Lanstead's holdings in ORR. Despite this, the daily share volumes often indicate an unusually high number of sales that does not correlate to news information flowing from the company, suggesting that Lanstead probably have sold additional shares without providing the required reporting of a significant change in ownership.
I suspect Lanstead of not adhering to the necessary transparency and reporting obligations. I urge the market abuse team to investigate Lanstead's conduct and remind them of their reporting obligations including the timing of when they should inform the market.
One of the ways to look at this is in the bullish statement from the Chair. Sure it’s her job to be bullish, just like any of the senior roles. However, last April she invested almost 200K of her own money. Some could argue “well she’s probably wealthy so she can afford it” or similar rhetoric. However….
1. Wealthy people are generally wealthy because they don’t or don’t like losing their OWN money.
2. Her occupation by trade is accountant, accountants are generally cautious people with money
3. She moved the acquisition into her SIPP, which suggests this wasn’t a frivolous action, tax efficient possibly yes.
4. Her DOB is listed as 1957 (source companies house) which makes her close to retirement age, which would suggest she would be seeking a return on that investment in the not too distant future!
Sorry Eileen if you read this, not trying to be ageist with the last point!
Sure this is a gamble but the stocks that really do well are those that are often unloved by the market and are picked up by the brave when the market gives them a kicking. I tend to agree with the sentiment that this should have a market cap way higher than it currently is.
Why would BCM choose to invest in a dud when they have so much experience in this sector, is it because they just like wasting their money too? Obviously we will need some results from the drilling for others to see before the penny finally drops. Let’s hope we get some cracking results.
I flew over Cameroon on Tuesday night on my way down to Capetown and raised a few G&Ts as the plane passed over. When we get to 1p I’m definitely thinking of a field trip out to one of those licences!!!
Yeah agreed, it also depends what folks end games are. I think this is being prepared for a sale to a larger entity. The leadership team have done this in the past. When the chair bought she moved her stock into her SIPP a nice buyout of ORR would be a great retirement deal! I don’t see this being bought until Lanstead are out, probably too messy but at the end of Lanstead the company will likely seek to raise again. The logic would be we have created more value in the biz. So management do need to keep the pace up since time waits for no man nor beast!
That said if we can create value and make it into the lofty heights of 1p+ then a buy out at a much higher price would be some sweet sweet money from these levels.
So all we need are some decent results in MBE & Bibimi then a couple more licences secured with JVS ….FOMO. A smattering of luck in Senegal, although to be fair if we can get good results in Cameroon we can afford to let Senegal sit since it is also on decent grades. Maybe if we can start mining that cement we can build a big shiny gold district in Cameroon.
When this does pop (which it will) it could move very fast!! I’m intending to buy a few more at these levels and not much higher, not because i don’t believe the higher SP will add value but just because i believe these levels are insanely cheap!!
Good luck all & keep the faith this management team know how to find the shiny stuff they may not be able to control the day to day but if the shiny stuff is in the ground this that won’t really matter!!
This is also a company where the insiders have a decent sized amount of Skin in the Game!!
We need volume, until we get more volume and interest this will be like tumbleweed. How do we get volume, more good decent news will help. The company started of the year was some decent comms that helped to build hype like several RNS around the BCM deals etc etc. So I’m sure they are working something up in the wings!!