Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
It reminds me of the old joke: "How did you go bankrupt?" "Well slowly at first then all at once" I would say Fox is approaching the all at once stage.
Yes, and did anyone else notice the incessant name-dropping? CG loves name-dropping, but even by his standards he went way over the top this time. It is a huge red flag.
Great interview? You must be joking! CG dodged the main question of how SA will be funded. "It will be funded from the deep pool of capital that exists in N. America". That is pure BS! The question meant debt or equity and he did not answer, except to tell us that Fox would not raise more capital. So, the implicit answer is SA will be funded by debt, and Fox will get nothing until the debt is paid off. Meanwhile the polishing line is in Limbo somewhere between Italy and the factory, despite the promise of delivery LAST month. CG is a smooth-talking con-man. All you PI believers better get your money out while you can.
More thoughts: 1. There will be enormous pressure to sell product through Stone Alliance in preference to Fox, and however the deal is financed, gross revenues for sales via SA will be only 59% of equivalent sales via Fox. 2. Kosovo looks set to do for marble what Saudi Arabia has done for oil, i.e. flood the market with excess supply and force down prices. 3. CGs last statement re. the polishing line (mumbled, in his last interview) was that it is at the Kosovo border waiting for customs clearance. Conspiracy theorists among us might think that the Kosovo Govt is holding it to ransom.
The market cap of the new co. will dwarf Fox Marble. We have not been told if the 100 mill they need will be debt or equity. If it is the former, Fox will own 59% of a huge pile of debt. If it is the latter, Fox will have to raise its own funds to retain a 59% ownership, which would mean a massive placing and massive dilution. Fox already has an unlimited resource and they can't sell the stuff, so what are they going to do with 40 more quarries? My guess is the Kosovo Govt wants a piece of the action and Stone Alliance is how they are going to do it. Fox Marble will wither on the vine. There is too much scope here for Enron-style trickery. CG however will profit either way.
That was exactly my reaction. Their expertise is a joke. Apart from that: 1. Stone Alliance will be in direct competition with Fox Marble. 2. CG will pick up 3% of the planned fundraising, a cool 3 mill for unspecified performance targets. 3. points 1 & 2 together point to a clear conflict of interest.
I guess you never heard about Enron? Eboracum Marble is registered at 22 Wenlock Rd, which is the host address for a number of fake companies. See this report: https://www.gov.uk/government/news/high-court-orders-six-more-bogus-multi-million-pound-companies-into-liquidation The long-term distribution agreement with this very short-term company is an "operational highlight" in the latest Fox results. Meanwhile we are at the last day of Sept and there is no word from Fox as to the whereabouts of the polishing line let alone that it was delivered and installed as promised.
first part of the link is www gov uk don't know why it gets deleted. Plenty of other posts contain links to external websites.
Got it in one, I registered here to warn people. I was an investor but now I am out at a loss. I will try again to post the relevant link about Wenlock Rd:: www.gov.uk /government/news/high-court-orders-six-more-bogus-multi-million-pound-companies-into-liquidation
Don't know why the link was removed. It is a press release from the insolvency service headed "High Court orders six more bogus multi-million pound companies into liquidation". It can be found on the official gov uk website.
I watched the last 2 interviews and noticed that CG became evasive and started to mumble when asked about the factory. It was supposed to be finished in June, then August, and the polishing line has been en route for so long that I doubt it ever left Italy. Meanwhile I googled the mysterious Eboracum. It is registered at 22 Wenlock Rd London. A search on that address pulled up this report: https://www.gov.uk/government/news/high-court-orders-six-more-bogus-multi-million-pound-companies-into-liquidation Conclusion: Eboracum is a scam, Fox Marble is a scam and CG is at best a dreamer.