Member Info for jascat

It means if you want to sell your shares, JP Jenkins must have a buyer lined up wanting to buy them. If not, then you cannot sell them. It is the same in reverse, if you want to buy shares.

Today is the last day of trading on the stock exchange for FML shares. I received my paper share certificate today from my stockbroker, as they can no longer hold the shares electronically. As from close of business today, the shares can only be traded on a matched buyer / seller basis, via JP Jenkins.

My broker sent me the following reply when i asked about my FML holding. Frontier Mining Limited has announced its intention to seek Shareholders` approval for the Cancellation of Admission of its Ordinary Shares of USD0.01 each to trading on AIM. A General Meeting of the Company will be held on 11 March 2015 at which the resolution will be proposed to Shareholders for approval. The Company has notified the London Stock Exchange of the proposed delisting. In the event that Shareholders approve the resolution approving the delisting, it is anticipated that the trading in the Ordinary Shares on AIM will cease at close of business on 19 March 2015, with the delisting taking effect on 20 March 2015. If the delisting is approved, the Company’s Shares will no longer be held in CREST and we will no longer be able to hold them within our service. We will arrange to withdraw your holding into your own name on or around the 12 March 2015. If you hold the shares within an ISA they will be removed from the tax wrapper unless you make alternative arrangements prior to this date. If you hold your shares in a SIPP or a CTF account we will arrange to sell your holding on or around 12 March 2015. Alternatively you may choose to sell or transfer your shares prior to this date. Further information may follow in due course.

I do not think FML will have much trouble getting the votes to delist. They already own 70% of the company.

777. I will not be selling my shares. My feeling on this is, all the evidence I have seen over the past year, does not add up to FML's stated situation. The photos show rapid stacking, Adam Moroney saying the leaching problems are solved & the increased thickness of the copper cathodes being produced. FML have not released anything worthwhile on the news front in the recent past. No production figures have been released, only info on copper sold. They seem to be deliberately avoiding giving us the true situation. It has always been FML's aim to build up copper production & I believe they are doing, or about to do that, so as to make the company attractive to a takeover & sell at a fat profit. What better way to maximise your profit than go private, thus collapsing the SP & without the AIM restrictions on share ownership, gather up as many cheap shares as possible. I would be interested to hear what FML had to say. I can be contacted at jamescattanach at hotmail.com

Willwelcome. Yes, i am sure they would be duty bound to inform you & you would get your share of the sale price, once debts have been paid.

FML is owned by the shareholders. Some own a few hundred million shares & some a lot less, but each owns a percentage of the company. Just because they delist, does not mean anyone loses their share of the company. What it does mean is, there will be no open market dealing in the shares & the most likely way of getting money out of your investment is if FML is sold, or taken over. I own .52% of FML. I am not selling at the price offered & will wait to see if the company is eventually sold, which has always been the directors wish, albeit at a fat profit.

Fossy. Not certain, but I would think your dealing firm would get you a certificate, if you decided to keep your shares. As far as I know, once going private, the company is under no obligation to release any info, except a sale of the company. Let us know what info you get from your dealing firm. It is all useful. For my sins, I own .52% of FML.

As far as I am aware, if you do not sell your shares by the stipulated date, you still own a percentage of the company, as long as it exists. It will be more difficult to then dispose of your shares if you need to. I have a substantial holding. I will not be selling my shares at the current price offered. I have my doubts about the accuracy of FML's reported figures. How can they only produce 1,200 tons of copper, when they have now built 5 or 6 massive leach pads? They produced more copper with only the first 3 in operation. I notice FML are careful to state only how much copper they have sold & not how much they have produced. Previously they always gave production figures. I would not be surprised, if they have stashed some away. It was always FML's strategy to sell on the company for a profit. I believe production is much better than stated & it is their intention to mop up as much of the share free float as possible at fir sale prices. If FML subsequently sell the company, anyone still retaining shares will benefit accordingly. Good luck to everyone,whichever route they take.

Some new photos of Benkala on the FML site.

Look at the Benkala photos. Number 174 taken in May & then Number 183 taken in July. They have completely stacked the area to 6 metres in the space of two months. FML must be well on the way to completing pad six by now. The low SP is due to the constant seller & lack of buyers to mop up the large sells. Apart from a few buyers, most investors are waiting for the results. I am sure it is in someones interest to see the SP driven down & investors downhearted enough to bail out. In the absence of any evidence of bad news, I remain positive.

777. There was little or no info from FML in the run up to the interims last year. I have seen nothing to suggest they are having problems. They have the all clear to sell Naimanjal. That will bring in $30 million. The May & June photos show pad stacking at record rates. The mere fact that so much stacking & therefore leaching will be taking place can only mean more copper, even if any upgrades by Adam Moroney failed to improve matters. Remember last years first half production was made using only the first two crappy pads. It was not until pad three came on line, that we saw a jump in production & that would only have happened late in the second half. We now have four pads in full production & part of pad 5. I think FML are doing ok. Probably FML are not bothered about the SP just now, while all their relatives & pals stock up on cheap shares, LoL. Anyway, we shall have a clearer picture in 14 trading days time.

My 272K trade this morning is a buy, not a sell. the spread causes confusion.

777. You seem to be on a downer. Keep the faith. FML are notorious for not giving updates since the previous idiot CEO Erlan humiliated the company with his promises & claims. Even if no progress has been made on agglomerating, stacking & leaching (I am sure there is much improvement), the fact that so much ore is leaching, means much more copper would be produced. It used to take 91 copper cathodes to make one 1,500kg bale. Each bale now produced takes only 31 cathodes. I am sure FML will sell the company, that was always their intention, but not at anything like the current price. At present, the takeover value of FML is put at over 3p per share, which would show me a 50% profit on my investment. I cannot see the major shareholders selling for less than 10p I think 10p is easily reachable in a year or two, given my expectations of a doubling, to trebling, in production yearly. The days drag on slowly & this constant seller is straining our nerves. Not long now till the results. Hang on.

Our resident seller (if it is only one) is stepping up the pressure. Fortunately he is getting no support. I can see no company specific reason for the selling. FML could have issued some kind of update, but as usual, they say nothing prior to the six month results. I am looking for around 1,200 tonnes for the first six months & a total for the year of around 4,500 to 5,000 tonnes. The second half will always be better due to having the best of the weather & more leach pads in operation. Everyone appears to have gone quiet lately. Perhaps just waiting for the results. I did some electrowinning research over the past week The July photo showing the 1,500 kg stack of copper cathodes is interesting. It shows this stack was made up with 31 cathodes. This equates to over 48kg of copper in each cathode. The optimum weight of copper for each cathode is 50kg. Copper grows on each plate at the rate of around 16kg per day. The usual copper harvesting routine for 50kg cathodes is three days. This means a third of the cells are harvested each day. I believe FML have around 55 E/W cells, each containing 17 double sided steel cathode plates. The reason for the three day period is, any longer gives a danger of strands of copper reaching the next plate & causing the system to short out. Doing the maths, FML appear to be currently producing excellent quantities of copper. If anyone else has an alternative view, backed up by research, I would be interested.

To comply with the Aim 26 rule, every six months FML (like every Aim company) is required to update (among other things) the current major share holders & their holdings. This has just been updated & there is no change from the previous six months. This rules out any holder of more than 3% from being our regular large seller. This means that our seller (presuming it is only one) could not have had any more than 55 million shares at the beginning of his sales campaign. He must be well on his way to disposing of his holding by now.

Yes, FML will not be concerned about the SP. They will know how well the company is performing. I remember some years ago, the SP was driven down to .18p. Shortly after, it rebounded over 55 times to 10p. I wish I knew what the seller hopes to gain. If his plan is to cause a total collapse in the SP & then buy back in, I am sure it will fail.

Thanks BP & Fossy. It seems illogical to be selling so aggressively. There has been no bad news, apart from no news, certainly nothing to warrant the selling. They must have an agenda for trying to collapse the SP. The MM's have absorbed many millions of shares & must have a reason for doing so. I also believe the worst is past for FML. Roll on September 30th.

777. Thanks good post. My take on it is, even if their efficiency at extracting copper from the leach pads has not improved (I think it should have to some degree), by the sheer increase in ore stacked on the leach pads, copper production must have increased by a large amount. Last years production was only from poor quality pads 1 &2 & then later in the year by pad 3. Pads 1 & 2 were a disaster & very slow to release the copper solution. They will still be slowly producing. I hope they do not bail out & sell for around 4p, although that would give me a good profit. There is great potential at both Benkalas. FML did not issue a production update before last years interims, so it is not a bad indicator that there is none this year. They seem to have gone down the opposite info route than the previous boss Erlan & become very withdrawn as far as divulging news is concerned. I can only go on the recent photos & they show heap stacking is rapid. The constant big seller is spooking everybody. Roll on the 30th September.

Hi, As you know, we have a large seller. I have said for months that someone is driving the SP down for no obvious reason. All the news has been fairly positive. I would have thought that FML would have issued some news to counter the selling. I continue to add at the current prices.