Member Info for Ichi

All falling into place now...

Well it certainly scattered the pigeons…!!!! :-)
And did nothing for my nerves
But just like pigeons, I hope after being startled and made to fly around a little, we can all resettle and look to a better future.....
I can sense the mood turning a little more positive - we just need a good RNS now.

Come on AP!

Never thought of it like that. I agree.

It would be nice if we were given the respect of full disclosure as to the reasons Mercuria pulled the plug.
I am sure over promising and under delivering the disappointing results at Manaila contributed to their decision, but will not have been the single deciding factor.

If it were purely internal issues at Mercuria, I am certain this would have been shouted from the treetops.

We need to make sure the next one is on a deliverable basis.

At least for the current negotiations we now have the certainly of the BP licence.

I agree, that normally this should drift down to the placing price.
However - that would be on the basis of the place forward selling for a quick profit.
As we don't know who the place is, one would hope it a long term holder, with a belief in the fundamentals of the business, and as such has sticky fingers.
We may still have some Bergen shares to clear and flush through the system, and the are also some Broker shares, which I would imagine will be sold for a quick buck.
This could in the short term put the shareprice under pressure, and a drift down the placing price.
However... The prioritisation of clearing Bergen suggests a new offtake is imminent to me, and this was a condition of the new agreement.
Otherwise, a larger placing would have been on the table to clear the other elephant in the room SSGI.
Igf the new Offtake is announced - you will not be buying shares at this price... Look at what happened when the new nomad was announced.
When this moves, it moves quickly, and it is way oversold.
It is still a gamble, as it could still all go to the wall if SSGI play hard ball.
I doubt it though. The discussion with them is regarding non payment of EARLY settlement, I would imagine we now revert back to original agreement terms.

In the meantime, any one bit of news could light a fire under the shareprice.
Obviously New Off-take
but also
New truck arriving
News on Diamond Licence...

The downside is potentially 13% if it drifts to placement price.
The upside is...….???

I agree with Stew and think we are gearing up for the next leg up.

Don't think 70p is too optimistic - I think we will be nearer 100 in the not too distant future...

Whoever the placee was will absolutely have been given a full update on what the current situation is.
A huge vote of confidence IMHO.

New Off-Take agreement may come sooner than we think....
Don't forget last time this was negotiated we were still awaiting final BP Licence.
This is now in the bag.
If BP is the 'Aladdins cave' claimed, it will be extremely interesting to certain parties...

Lets hope this is the turning point!

New O/T cant come quickly enough IMHO.

My nerves are shredded!

Hi TBTT

Agree with your figures, but AP said that discussions for new OT based around similar terms to Mercuria deal...
If he pulls it off, it will happily take back my previous harsh words and doubts.....

Think this may bode well for new offtake agreement...

Bergen was the fly in the ointment to be cleared prior to signing on the dotted line.

SSGI and Mercuria T1 to be cleared via new agreement....

A lot of chunky buys going through now.

Could this be the turning point.

Like to think the new CFO has a plan.

Still feels like the SP is being manipulated and controlled.
Every rise is sold into and crushed.

When it is finally 'let go' it will spectacular!

You would have your driving licence revoked for being caught asleep at the wheel, yet these clowns get paid a fortune for making a profession out of it!

Why was T1 of Bergens 'Bridging loan' not used for the Dec and Jan repayments?

Did he not realise there was a serious issue in December?

No wonder he could not look at the camera in his hotel room interview!
(I got banned for 3 days for pointing that out!)

Shorts closing, taking advantage of the sales avalanche I would think...

The end is nigh....

Get out whilst you can IMHO!

"Without Tranche B, the Company has not been able to make the payments due to SSGI in December 2018 and January 2019..."

What security to SSGI hold?

This is bad.

Slipped in to the last paragraph of the RNS

"The Company also announces that Bergen Global Opportunities Fund LP (Bergen) have elected under the terms of their agreement to pause the funding of Tranche 2....."

Just about sums this up!

Up sh!!!t creek, and even Bergen won't lend a paddle.

Things lurch from bad to worse.

Just when you think things can't get much worse...

With so little information to make a judgement on, I have sold the majority of my holding at a huge loss.
Time will tell if its the right decision, but past experience in situations like this have left me with a total loss.

I have held on to 25% of my shares, but will buy the other stake back if a reasonable outcome is announced.
I may lose a few % in the process, but better that than risk losing all.

Terrible state of affairs.

GLA