Member Info for Karposh2

Are we to believe that if the Board has been talking to the LOI investor for over 12 months, and, more recently, at least one, if not two, or more, other potential investors, that any offers of investment that have been forthcoming have been sufficiently poor that the current placing, retail offer, warrants, etc., is in the best interests of the shareholder? Or, have any of the above investors made offers, which were not acceptable to the Board, because, for example, they included changes to the Board? Whatever the answer, most shareholders have seen staggering dilution, as a result of the Board's actions.

The same Board which was instrumental in dismissing two fellow board members on grounds of alleged financial mismanagement (something that should not be done lightly), yet, now, they have, more than tacitly, suggested that the allegations would not stand up in court - or that it would not be best use of the company's money to pursue recovery of said alleged (significant) sums through the courts. Were the grounds of dismissal really that fickle/uncertain?

Still, at least this placing allows a board member to acquire 90,000,000 shares at a vastly discounted price.

I’m going to try and read between the lines here. The board, knowing that they had missed yet another self-imposed bond deadline, weighed up the disadvantages of saying nothing, and watching the market panic exponentially as the weeks drifted on, against the disadvantages of holding an IP in which they were largely going to say nothing, but knowing the market would react unfavourably to that. They chose the latter and who knows what the right option was.

What they did say was that nothing had changed at the bond investors end, and that it is simply a question of Phoenix being 2nd in the pecking order of priorities. What they also said was that they were not certain whether the investor will visit the site, and therefore whether his investment is dependent on that visit, yet they also said that they are in contact with the investor, weekly, sometimes more than that so what do they talk about during those contacts?

What I saw was a company paralysed by fear of saying the wrong thing, as they are well aware that they have misled investors in the past, and in that paralysis of fear they appeared to look foolish in response to some questions.

I am mildly optimistic that positive news will come out in the next 3 months and that the situation is not as dire as some people fear. Merely an inability, or new-found reluctance, on behalf of the board, to answer sensitive question for fear of ridicule.

I may very well be wrong. But my decision is to hold. I would be tempted to add, but I already have enough shares in this baby to sit back and hope.

Good luck everyone - this one requires nerves of steel.

I hope it’s just diary management issues during the holiday period. I know a lot of wealthy UK investors and they spend the summer in The Med with their family. Yes, they can still combine work with pleasure but they can’t climb mountains.

US schools go back on the 11th. If this guy hasn’t visited Idaho by the end of August then “we’re all doomed Captain Mainwaring…!”.

Thatshowitis;

If things were "still going according to previous company announcements" why the need for an Investors' Meeting? If the bond money is imminent, the share price will rise on that announcement, and we'd all sail off into the sunset (with no need for an Investors' Meeting).

Apology accepted although I was disappointed with your response.

I’ve been involved with PXC since the very early days and have grown grey waiting for big news.

But it was never my intention to encourage anyone to buy or sell - just expressing my frustration and personal thoughts, which others do here with alarming frequency.

But I’ve learnt my lesson. Will keep my mouth shut from now on and revert back to simply enjoying reading other people’s comments.

I’m a LTH and intend to keep it that way.

Regards.

Caribbean or Idaho...?

If I was a billionaire investor I'd be on my yacht in the Caribbean in July and August and not trekking up mountains in Idaho. Not confident anything will happen in July (or even August...).

:(

Some of the directors live in the UK, the investor, although American, probably lives further from the mine than the UK directors; the AGM and annual accounts were time consuming and time prescient. My belief is that the investor was less concerned about the existence of the mine, and more concerned about being happy with the paperwork. The site visit being the least important t part of the deal. In amongst all this diaries needed to be aligned.

I’m not concerned, but I am impatient.