Member Info for ICB888

Tester is absolutely right that the project will not stall because RB has sold and may sell more. We need to remember RB is a billionaire and has major gold interests. His investment in CNR currently worth circa £2.5 Million is literally pocket money for him. My speculation on a possible reason for him selling is a disagreement with Mark over strategy. Mark is closely aligned with the interests of small shareholders because he wants to minimise dilution not least because he doesn’t have funds available to maintain his percentage holding if a large amount of new equity is required. RB on the other hand would have no problem putting in additional millions. So I suspect RB wants to go for full production and maximum return. He probably doesn’t like the toll mining and slower build up to full production which is necessary to minimise dilution. Personally I don’t think it is anything to be concerned about because all that gold is still there and we are still on course for production if a bid doesn’t arrive first.

We don’t know why he sold or if he will continue to sell. What we do know is that our largest shareholder Jim Mellon is not selling and has in fact bought more very recently. I imagine JM would be happy to pick the shares up if that was necessary. No cause for alarm and all will come clear in due course.

2.47 million shares have changed hands and the share price hasn’t changed and is still locked in the narrow spread 8.5/8.7. I agree it’s difficult to understand.

This is just a mechanism that is used to achieve the capital reduction. It is perfectly normal in these situations and nothing to worry about. The deferred shares will be written off.

We should not underestimate the importance of the current drilling programme which is targeting another 900000 ozs of gold reserves taking the total to 3 million ozs. The market will like that as we can see from many exploration companies that have proved reserves recently. It will be a big value driver and will make CNR even more attractive to a bidder. Those of us who are long term holders will know that it was often thought that the company would be sold before production. I think a bid could come at anytime for what Mark said would one day be the largest gold mine in the country . I think Mark would take the right offer but even if we got one we didn’t accept at least it would push the sp much higher.

They are probably still buying in the market and will file the TR1 when they finish buying. Slater declared for the first time with 5.74% in mid December and JLP is now one of the largest holdings in their Recovery Fund. The big boys have arrived and are taking decent chunks because the future looks very bright with lots of cash coming in to fuel the growth. Being able to buy under 13p looks a good deal.

I have been in FFWD from the start. I bought BLU when FFWD sold their interest in Satoshipay in exchange for BLU shares which FFWD subsequently sold. FFWD used the money to buy Leap Gaming of which they own 44%. Leap is going to IPO soon and one would expect it would value Leap at a multiple of FFWD’s current market cap. BLU and FFWD are very similar in that they invest in early stage investments that investors can’t usually get exposure to. They have similar frustrations in that they can’t report news until the underlying investments do and they can’t state true current value unless there is a liquidity event. FFWD is expecting 3 major liquidity events over the next 3 months while BLU wait for Dynasty and Satochipay. Both companies should do very well this year. It will be interesting for BLU’s Esports investments to see what Leap Gaming is valued at.

On their last holdings RNS SCC went below 3% so they won’t issue another one if they continue selling as there is no requirement to do so.

Back in the day it was blue blooded brokers Cazenove who were producing valuations exceeding £20 per share not the so called ramping crew. Clearly there are more shares now but the possible values derived from coal mining would still be of interest up dated for current mining costs and coal prices.