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What is strange is that there is still no mention of the £2 million loan taken from Koenig? I believe it was taken shortly after the Mill End one. Have they already covered what happened to it?

Well the goose will well and truly be cooked here, if they don't get it approved. I like the way they keep mentioning the governance review, as some kind of nod towards the FCA. Look forward to reading what the Mill End settlement will be.

They said there were over 400 in attendance. I don't know if that was in the room or online, but a very high number nonetheless, showing how much interest there is in He1. Sounds like DM's position became untenable and he lost the confidence of the management team as well as shareholders. We thank DM for all his efforts, for leaving us fully funded and move forward with LB.

It doesn't say whether or not they can elect to convert instead, at any stage prior to repayment date?

It’s not really funding though in the way expected and promised, but another emergency CLN with the subsidiary as security and subject to FCA approval. And still sorting out a settlement with Mill End! All sounds very precarious to me. All imo

RM promised non dilutive funding and has delivered a £5 million CLN facility, to add to the circa £4 million of CLN in the summer. Billions of shares already in issue. Death by dilution coming up here!
I thought they could only issue up to 20% of new shares each year?
But conditional on prospectus being approved like I suspected.

AH is definitely pulling the strings imo and taking the company in the direction he thinks it needs to go down, aided and abetted by AJ. AS is helping with shareholder engagement and promotion, and Tang appears to be the least influential right now. As for the NED that CB bought in, the least said the better I think!

Just listened to it (thanks for the link) and highlights for me:
- I have little doubt that they will secure a Rig and drill in 2023. They have affordable options, new and better than before, so now its a case of finalising a contract.
- His strong sense of accountability to shareholders, many of whom have backed He1 from the outset and at higher levels. Definitely looks like they have had 'strong feedback' from shareholders about DM and acted accordingly.
- Both IS and LB were very disparaging about the MOU. IS described it as "embarrassing" and LB said (what most shareholders would say) that MOUs are "meaningless". Looks like it was a turning point in their confidence in DM.
- IS's own alignment, and that of those close to him, with shareholders. They still hold their stock and will be purchasing more in due course.
Overall, whilst the Rig situation understandably dominated the discussion, what stuck out and impacted me the most was listening to Ian Stalker's enthusiasm for the project, and his reminder to us all of just what an "outstanding" opportunity He1 represents. All imo and DYOR

According to the presentation: "A preferred rig contractor has been identified that is VERY suitable to our requirements." The words "preferred rig contractor" are highlighted in bold. They then refer to the rig sharing option. This made me think that Plan A is to go it alone and is the preferred plan, with sharing as the fall back option.

Did they say or hint differently at the AGM itself?

Removing the Resolution is a real sign of confidence, both re their existing cash position and also their confidence in Tai as a prospect. I look forward to watching the recording.

Was the presentation from LB pre-recorded or delivered live as part of the AGM? I'm hoping they will make a recording available.

Rxdav - of course I don't believe he deserves his remuneration. But then the same might be said about a lot the BOD members of most AIM companies. But, unless we are planning on some kind of shareholder revolt/action in respect of Tang, what are we achieving by repeatedly talking about him and his ECR salary?

Well, I can't see how any funder isn't going to look at the 'going concern' and regulatory issues, as part of their due diligence into the company. So I think the prospectus news will necessarily have to come before any funding news?
RM said February for the prospectus, so let's see. All imo

Whatever his status on the BOD, there can be no doubt that AH is currently the captain of the ECR ship. Not only is he seemingly reversing decisions made by/under the previous CEO, and deciding the current direction of travel, but he has also been instrumental in the new acquisition, which has only taken place solely because of his previous knowledge. So it looks very much like the reigns have been handed over to AH, with Tang continuing to play a background/nominal role at best, which is no different to how he was during CB's tenure.
Therefore, ECR is now very much the AH show. As for AJ, I don't think he can afford too many more poor drilling campaigns. He has to take responsibility/accountability if we keep drilling poor results, simply because of all the opportunities/campaigns he has had and the money spent (wasted) on them. All imo

Dai - if this were a bull market, I would completely agree. Having your capital stuck here, waiting months for drilling, would represent an opportunity cost, and would be difficult to justify, especially if you are seeing lots of other stocks doing well and in the blue.
However, in this rather long running bear market, that simply isn't the case, and there aren't as many 'hop on and hop off' opportunities out there. So unless you're at the very top of your game at navigating/trading these bear market conditions, for most of the rest of us, it's probably just as well (and a saving grace) to have our money tied up here during current market conditions. This stock has had to endure a lot of bad news for a long time, a non stop smelly show over the Rig, but yet look at its resilience for the entirety of that period?
So this might actually be one of the safest bets/places to be right now during the however many months until drilling starts in Q3. All imo

Calendar

Roger65 - I don't necessarily disagree with what you have said there. The lack of substance/substantive progress maybe doesn't matter as much in a bull market, where the rising tide lifts all boats and FOMO takes over. Plus shareholders are less 'fussy/questioning' when the share price is going up. No reason to be really. But in these conditions, I guess its very different, with investors maybe being more attentive, cautious and discerning, with a more 'separating the wheat from the chaff' kind of approach. Let's see what Tati and Uranium bring, as they seem to be the next throws of the dice. All imo

What's going on here then. Could the long suffering lth here finally be getting something positive? Although no longer invested here, I certainly hope that's the case for you all and fingers crossed. Good news is well overdue!

Gogs - let's see about the 6p. It's difficult to pick up anything in large volume at much below 5.5p, yet I was able to sell the lot at 5.45p with a dummy sell. I guess it's a case now of having the courage of your convictions. Do you expect He1 to lift sentiment at the AGM and drive the price back up, or will there be more supply at sub 5.5p? Only a few hours left to find out.

So much was being done very badly under CB it seems. Those property purchases didn't make sense even back then, and CB ramped them on the basis that the property market was strong and/or they could be used to build a mine. Had ECR had that cash, they probably wouldn't have needed to do the recent placing at all?