Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
We were suspended in May 2018 because the Directors failed to comply with Rule 14 following a change of business, i.e. from an exploration company to a Fintech company. The directors should have held a shareholder vote to seek approval and then apply to be relisted. CP stated this should take about 4 months. If anything, CP and the Board have been negligent for not foreseeing this. One could argue that they knew the rule and chose to ignore it and hence bring on the suspension. Incompetence or manipulation, take your pick. Either way this sh15 show has ran its course and CP must go and make way for a competent CEO to bring this back to market.
I said it wouldn't list this year in my last post. In my opinion it won't list next year if ever. If you think back, it was suspended since there was a material change in the business which needed shareholder approval i.e. from a mining stock to a fintech company. This is no big deal and could have easily been sorted out with a shareholder vote. CP is taking the pi55 out of us all, constantly kicking the can down the road for 4 years with false expectations of a relist, which by-the-way, has now turned into an IPO. There is very little we can do other than hope the institutional shareholders start to put pressure on the Board to move this forward. Pity really since I believe that this could have been a winner with a more competent CEO in charge.
Sorry, that should be Debit card, not credit card
We were a gold mining company with interests in India and Finland. We acquired a stake in Railsbank, plus the CEO moved us to become a fintech company with the introduction of a credit card etc. This material change requires shareholder approval which the CEO did not seek. This resulted in us being suspended from AIM. This in my opinion is a serious lack of competency and would have resulted in the CEO being removed in any 'normal' company. The rest is history as they say.
"Hong Kong’s Tybourne to Shut $2.8 Billion Hedge Fund
Tybourne Capital Management is shutting its $2.8 billion hedge fund, retreating from bearish bets that have become increasingly difficult to make money from."
Hope the Boohoo 'shorters' get their fingers burnt, hate the practice but it's part of life.
A slight increase in the short positions. Looks like the institutions are playing this stock. Good to see that the US is investigating the practice. Remember Gamestop? 140% shorted, more sold than existed. One day they will have to close their positions and with a £76m short bet to cover, somebody is going to get their fingers burnt.
I don't believe a word CP says. Always jam tomorrow and never any updates. He and the other board members are taking everyone for a ride. I'll make my prediction now, there won't be a relist in 2022.
It was a given that CP would find an excuse not to relist Q4. I don't believe he will even make Q1 2022, my call is that he has no chance of achieving a main market listing and use this as his excuse to kick the can down the road once again. Hope I'm wrong but CP has form when it comes to underachieving on his promises to relist.
The only sure thing is that he and his cohorts will get another big salary increase.
The last time I looked, Tally had 12 employees, at least 2 of which are in marketing. Seems money for old rope to me since the only thing that they can think of is to charge fees on new accounts, oh, and 2% interest on a savings a/c LOL.
Roger that!!
"We have been progressing our plans to convert investments from being non-core fixed assets to current assets with an aim to see the Company fully funded by its investment assets by the end of 2021, as part of making Tally a robust IPO proposition."
So that's the mining interests and the Railsbank interests gone. We're finally selling all the family silver to fund what? IPO this December? I'll believe it when I see it.
Lots of talk about marketing and metrics but no tangible evidence on either, just what we are being drip fed. Shareholder communication is crap.
Who will drive this push for an IPO? CP is off starting new adventures as well as fulfilling his other full time commitments
https://www.trigemdmcc.com/the-founders/
Well, CP has nailed his colours to the mast and stated this December for the IPO. Let's see if he is a man of his word or if it is just another can-kicking piece of bullxxxx.
I see that Glint has reached its funding target on Seedrs. Straight forward gold investment with a Mastercard, none of this Tally ****. CP has missed the boat on this one, a failure in my eyes. Only option left for shareholders is to sell the company on to someone who has the ability to take this forward, or to fold it and split what's left. Unfortunately I think he will chose the 3rd option which is to kick the can down the road until it is bled dry with OTT salaries.
3 years ago CP and all shareholders where all blindsided by the FCA move to delist Lionsgold. CP stated that he would put all his effort into relisting as quickly as possible. It didn't take CP long to realise that the FCA had basically handed him the company on a plate and the freedom to do whatever he wanted without recourse to all shareholders. The result is a £175k salary for doing sweet FA.
The FCA are culpable in facilitating this fraud by suspending Lionsgold without first insisting that a shareholder vote be carried out on the change of business. The FCA don't give a damn about small shareholders, if they did then they would have acted in a more professional way and followed up on their initial action.
Also involved with First Equity.
https://www.firstequitylimited.com/about-first-equity/directors
Tally Directors:
Cameron Parry (Chief Executive Officer)
Michael Joseph (Non-Executive Director)
Alan Davies (Non-Executive director – appointed 26 February 2021)
Hanuma Prasad (Non-Executive Director – resigned 30 September 2019)
Michael Corcoran (Non-Executive Director and Interim Chairman - resigned 30 December 2019)
Ralph Hazell (Director - appointed 30 December 2019, resigned 26 February 2021)
There's nobody left on the Board to hold CP to account. Suddenly up pops another 'Get rich quick' scheme this time involving diamonds.
https://www.trigemdmcc.com/the-founders/
Two names in common, CP and AD.
Who in their right mind would invest any money in either of the above companies? Directors resigning, no accountability, no marketing, no shareholder communication, agm's held on New Years Eve in Jersey, only a handful of customers, and £20k revenue after 3 years.
This is not success, it is FAILURE. It cannot be dressed up any other way.
I said on a previous post that I will hold my Tally card until September, however with CP now popping up on this new 'venture', it is crystal clear that he is not fully involved in making Tally work despite taking £175K a year out of the coffers. I wonder who will pop up next on the Board with another big salary?
As for raising funds on Seedrs or any other platform, you must be joking. Investors will see straight through this and as soon as questions about salary, customers etc are asked it will be a dead duck.
I have now run my card down to just a few quid and will be cancelling it.
The company has no future with CP running the show and I doubt it will have one anyway with just gold as an offering. Times have moved on and there are other companies out there offering more.
The best we can hope for is the company winding up and distributing what's left, but why should he? This is an early pension pot that will keep paying for years whilst stringing small shareholders along with unkept promises.
I feel sorry for everyone invested and hope that one day he will be held accountable for this deception.
I doubt whether the FCA can do anything as well since they basically don't give a toss about small shareholders.
The Board will have to persuade the bondholders that the company is worth saving. A few weeks back, JP Morgan took a large stake so maybe the Board will have a bit of clout when it comes to decide whether to wind the company up or not.
Hopefully it will continue. It cannot trade if insolvent so to me it's a 60-40 chance it will go. The FCA are a disgrace.
It's the folk who lie to obtain monies that they have no intention of repaying. If the company doesn't ask for their shoe size they think they have a rightful claim.
And what about the employees? They must now be worried for their jobs. No winners that's for sure.
Very in depth judgement in only a few days! My average is only 9p but as far as I am concerned the whole system is rigged. Stitched up by Tally (Lionsgold) I decided I would stick to US and far eastern stocks. Foolishly I broke my rule and started to return to investing in the UK once again. This judgement demonstrates to me that the UK is FUBAR where the hard working are penalised whilst those who cheat and lie get away scot free. Oh! and don't mention 'profits', that's a dirty word, only scum companies make profits!! Only in woke UK can this happen, shameful.
For me this is the last roll of the dice. I will give this until the end of September to have a firm relisting date. If not, I will close my Tally account and call it a day . I don't see why I have to give a £20 donation towards CP's eyewatering salary if all I get in return is bu115h1t.