Some people just won’t be told…..but anyway, if you need anymore evidence GL=JP and he’s not 1% motivated by SH value (why would you be with such a cult of investors onboard?) is his interview today. Not once did he refer to SH, SH support or the sp, and the kicker is he signs off that they’re in it to benefit Morocco. Like I said this is about the company and by virtue Morocco. He couldn’t give a stuff about dilution to existing SHs. To be honest, nor it seems so existing SH either. I suspect when all is said and done there will be HUGE disappointments and further giveaways if and when the CalVal, drill programme, and Phase 2 funding negotiations are finalised. There were enough breadcrumbs in todays two releases for even the cult members to see that!!
KTF, name 3 things in that RNS that we’re hopeful, optimistic or uplifting from an investor’s perspective. Because I can point to many that signal they’re doing all they can to warn people, allowing them to say I told you so in the very near future. GL = JP.
Assume it’s quiet on here today as many are scrambling around trying to find the penny that dropped. That RNS / Accounts unveil most of what I’ve been saying.
1. Phase 1 timelines pushed back yet again, I’ve said this over and over
2. No phase 1 revenue until late 2024 now imo. They can’t even get their story straight about when kit is arriving in the same RNS. It’s a work of fiction.
3. Full drawdown of remaining CB (1.5m to go still) needed just to keep lights on
4. More funding needed then in 2023 just for 1H24
5. No news that will spur the sp and allow that at high prices
6. SP death spiral nailed on here now, shorters paradise with almost zero risk
7. Nothing on Sidi other than admission they’d need to give away a material chunk to entice anyone in. No work being done there
8. It is a 3 well drill programme they’re after, like I said and many said I was talking bs. No signs of that either.
9. The warrant and CB sections are shocking. The dilution in play and to come will wipe out all value here
10. Company not deemed a going concern by its auditors
11. Final and undeniable proof even for the greenest investor that GL and team lie, embellish the truth and don’t give two xxxxx about current SH. All they care about is the company and their salaries. They are two very very different things!!!!!!
RIP Sound.
Sell sell sell
Thanks for the response sundance4 re the (lack of) email reply from GL. in a strange way I'm glad it's not just me getting the cold shoulder treatment. does remind me of the JP/Brian/Trainer days, they became very unresponsive when it all started to ravel and they didn't have the stomach or character to answer the less fluffy and easy questions. fingers crossed for investors it's just me being paranoid.
Ok, wow. The mind boggles ktf. In your head who am I? It’s all got a little odd.
It’s not an attack as you put it, don’t get so emotional. Just some feedback, take it or leave it, makes zero difference to me. Never objective, always selective at best and bares little resemblance to reality. That’s fact.
KTF - what you either don't seem to realise, or are doing intentionally is that your posts are far far more 'harmful' than mine or other sceptics here. You continually reference the importance of revenue and Phase 1 etc, yet if you actually read details (it's clear you're not great at that - hence the CB mistakes your end, despite that being your day job, cough cough) in the RNSs and broker notes you would know that they at least put pretty much zero benefit on Phase 1 for SOU, other than keeping the lights on. That's not a situation that will move the sp, even if it does all work to time (which it isn't). If you know better, you should publish your detail / objective reasoning and numbers on here. That would be helpful. But the fact is I'd hazzard a guess most on here see you for what you are, paper thin and desperate for the sp to go up for any reason. Your history of posts on this forum speak for themselves. Go and flick back and pretty much everything you have written has been wrong or failed to materialise. I think that Pescado should be banned by the Admin on the basis they honestly write as if they're underage, they should not be on this site, solely for their own benefit. I think you are simply a joke and have yet to post anything of value here, merely stuffing the board with never nevers and willfully or blindly misposting and mistating things as facts, when they are blatantly not. The fact that if everything goes perfectly to plan, and there's no more dilution of asset or equity that revenue to SOU might reach tens of millions in 3yrs time (best scenario) is irrelavant to the sp. If you knew anything about shares short-medium, you'd understand that. The risks and unknowns between now and then are huge, and that's why the sp is where it is. Perhaps you should invest in some premium bonds instead?
It's telling you're going for the person and not the argument KTF. It's less than none of your business, but the same as pretty much everyone else, i'm here there and everywhere to make (or at least not lose) money. originally posting here I hoped to gain useful insight, however as I am sure you can understand, I have been hugely disappointed and underwhelmed on that front. i'll push on though, I am sure things might change one day.
All of this is irrelevant to the near and unfortunatley long term sp. and it's the sp that any sane investor is interested in, not how well the company are doing, as they are not always correlated, as said many times.
the problem is there's a trust risk factor at play here. the market just doesn't trust what the company says or does any longer. it does not trust that management are acting in the best interests of shareholders (they are blantantly not, nor have they for years), and they don't trust the timelines, communication nor projected forward costs.
When you add all this up, the problem is, that combined with enourmous already known dillution (of assets via the proposed CalVal deal) and the still unknown financing deal (what interest rate will SOU be charged....? Unknown!) and the beyond-stupid CB short term financing, I see 90% dillution ultimate of existing SH compared to prior to these deals. So you will likely own just 10% of what you did before. So anyone hoping in their wildest dreams to get 4-5p, needs to readjust to 90% less in my view. Clearly I see the sp falling much much further and there will be some huge RNSs forthcoming where this dillution becomes apparent as the interest related shares are issused to the lender (likely to offset all the shorting they've been doing for weeks and few on here believed me when I pointed that out.)
So none of that matters to a SH, as if it all goes swimmingly, you'll find ShareAngel will massively drop their 4.6p most recent target to something a magnitude lower soon, as SP merely reflects what value there is assigned to each share. If the number of shares balloon (as they will) and other diution of assets mean future cash flows from all this potentially good progress means less and less can be proportioned to each share. You're basically looking at the wrong thing here, none of what you posted really matters if you are getting dilluted to oblivion, it won't reflect in a sp at 2,3 or 5p, let alone anything higher. SOU really is a perfect example of the AIM market scam and how retail investors get bled dry through questionable practices to fund companies which more sensible lenders would not touch with a barge pole.
KTF - once you've done your 9-5 working in converable bonds (cough cough), do you happen to go by the name Sarah Dees by chance? Whispering sweet nothings into the ears of anyone willing to listen on here? I think you just showed a little to much leg there, your last post was written by someone with ulterior motives. Don't worry all, you're all fkd as SH and I've been posting utter carp for 5 plus years, but job done, the company is ok even if you long supporting SH have just been backed over for good measure for about the 4th time in this company's existence.
That is one of the very few things you have ever posted that makes a modicum of sense KTF, but there's a couple of related points. I've stated this many many time this point. GL, GD etc, they ultimately couldn't give a stuff about SHs, none. They own very few shares and the ones they do own they paid zero for. They care about progressing the company and if this doesn't convince people they'll throw existing SH under the bus to try to (al least) achieve that, then nothing will.
However, SHs have been utterly screwed by this, and ultimately that's what 100% of people here are here for, no matter what other laudable bs they might post. Every came here to make moey, and in that sense, who gives a fk whether the co is progressing as before or not? I GL gave away 40% of SOU's slice of the asset to CalVal and what looks like a further 20-25% to this funder by the time this death spiral is over, every SH here will forever be underwater hugely.
But there comes a point where our partners, and particularly ONYHM look at SOU with a 15m mcap and think this is a joke. We can't have such a minor and unstable partner in this exploration and development project. At that point everything is undone for SOU. And I think that is increasingly a risk. This brief up tick in the last 15 mins is just that old dead cat bouncing, we'll resume the selling soon enough, courtesy of their scatter-brained funding agreement. Own up, has anyone got hold of either of them. I know two that have tried twice each today and nothing back. Seems the drawbridge is up in SOU HQ.
Also - notice how surprise surprise the 'in house' broker ShareAngel didn't see any of this coming. Another complete con to lure in the stupid....oh but they say it's worth 4.6p in 12 months bs......yeah of course they do, just like they said it would be worth 7.2p, until they didn't.
Think people are waking up to what GL has done. Complete plonka. SP trading -18% at 0.77p, new all time low and still majority of conversion to go over comiing months. could be at 0.25p sooner than even i thought. Death spiral in sp.
A far less dilutive way to raise 4m would have been to just do a placing. GL was misleading at best when he described this as non dilutive. Of course it’s the most dilutive option he took. What a car crash. By the time this is over it will be far higher than 10% in my view. After warrants and all the up coming interest related dilution. What a shyster.
The drill bit….GL has stated he’s probably looking for a new rig as the one previously used has changed ownership and hasn’t been used in years. He’s also stated he wants three drill not a one drill programme. He has only one drill funded. A drill is 18-24 months away minimum in my view. Just ask Graham, he’s cagey beyond belief on this subject and all the above can be checked with him. DYOFR!!
That’s right they are, but they haven’t been for much of the last 3yrs and they haven’t invested a penny of their own cash, none. If this was such a multi bag no brainer, or even o decent enough odds punt, they would have. Yet they’ve sucked loads of investor cash in, no different to the grease ball that was JP. It’s not me that needs educating totl
I have a rather unfashionable view that the AIM market should be much more highly regulated and there should be a lower limit or a minimum standard or experience of investor investing in these companies. There will have been those that have seen this before, from both sides of these type of transactions, but that £4m loan had little to do with that in my view, the main purpose was to use the transaction and associated conditions as a way to take ownership of a very large % of the company, diluting existing SH massively. GL and the team knew what this meant and what was likely. He was clearly shocked at the agm with the fact the sp wasn’t well north of 2p, and perhaps his mistake was dawning on him then? Only he knows. Big few days ahead, let’s see what they bring, eek. I tell you one thing they won’t bring is any comment or contrition from the company, nor any mgt buying.
It’s going to 0.25p by next month, if I ever chose to invest here you’ll never know and I’ll wait and by 4x the number with the same amount of money then. GL can’t be looking forward to his inbox tomorrow morning, eek.
There are a group of posters on this board that are working together to lure money in here. There’s a guy that works with convertible bonds as their day job (cough cough) who neglected to read the conditions of the CBs here. Ask yourself, does any of that seem plausible? I know what I think. Then there are morons like Tableleg who’s only repost to the FACT I pointed out is misdirection and character slight. What a joke. They’ve been outed that’s all. This company has no inherent value to SH. It might have an asset that is severely watered down now that could have some value but that’s not doing to benefit existing SH. At some point management might actually buy some shares with their own cash, but it’ll be far far below these prices that’s for sure.
Your last post said it all. You’ve gone completely off piste. I know that the penny has just dropped for you. Good luck with your investment here. I do feel sorry, but this company has been a car crash since 2016, and the terms of the loan deal were there for all to read and understand weeks ago. It seems few actually read or understood them. Management are responsible for this car crash part two, no one else.