theo the company has three executive directors pa, ceo tim george and cfo rob ****** and four none exec directors. i assume that you are referring to the exec directors spending company money on business class air fares to visit family and friends? care to share the details?
Theo i share your frustration over the financing and the corresponding delays in the project development but given the tight financial situation the Company finds it self in i am alarmed by your understanding that "The directors are having a ball, lots of nice business class trips to see family and friends, all serious business of course,"
Can you elaborate on this? Which Directors and which trips are you referring to?
Oh please do move on Lewis. The only reason you are posting on this Board is some form of childish schadenfreude. You are trying ever so hard to gain pleasure from down ramping Pensana. You sold out. You broke even. well done. Move on.
Hi Lewis probably worth reading the RNS before posting.
When you have a couple of questions for you: How much cash does Rainbow have today and how much does it need to fund the next three years?
Suggest circa £1 million and >£15 million. Next raise @ 5p?
Thanks Hogsnipe.
Key nuget for me is: Review by the six-member board, head of investment and key analysts of
FSDEA to review the early-stage construction activities being funded by
the US$15 million bridging loan from FSDEA, ahead of conclusion of the
main financing.
Lewis just took a moment to read through Rainbow's Interims.. three more years to catch up with PRE!
How much more equity with they need to raise to fund the DFS and then the FEED and then the Financing.. first full year of production 2027/8 .. maybe? (US$15-25m?)
From today's RNS:
Rainbow is currently carrying out a Definitive Feasibility Study ("DFS") at Phalaborwa, which is on track to be completed in the last quarter of 2024/early 2025. Following completion of the DFS, a Final Investment Decision will be made by the Board prior to construction and the expected commencement of operations by the end of 2026.
Move along Lewis.
I would be a lot more worried about Rainbow right now if i were you. Circa £1 million in the bank to fund the project as well as its corporate overheads. Next raise 5p? Maybe Chairman Zero can help out?
PRE by contrast has FSDEA US$15 million funding to fund the project as well as deep pocket Directors funding the G&A.
Theo that's a big call. You are calling TMC's report childishly unprofessional, the project nonsense and that it will never be financed. You are of course entitled to your opinion. As i understand it you are an experienced analyst (and leaving aside your grudge with PA for a moment ) you obviously have some expert knowledge in the sector. Would you care to expand on how you have arrived at this point of view?
Lewis my suggestion to you is that if you broke even on PRE well done. Let it go. Move on. Hopefully RBW will come good for you.
Indulging in churlish schadenfreude on this board will just provoke a reaction from others.
Because Lewis, like Smartpunter, you endless ramp RBW on its board and yet despite holding no shares in PRE you negatively post on this Board. Why you both feel the need to do so is beyond me. I f RBW is as good as you say it is then good luck to you both, I cant see why you feel the need to post here. As explained earlier if Smartpunter continues to post negatively about PRE on this board then i shall respond in kind on the RBW board.
Yes i did Theo.
The RNS is worth a read and it appears that TMC's report was well received by its intended audience ABSA et al.
You call the project 'nonsense'. By contrast TMC undertakes a comprehensive review and reports that:
TMC is of the opinion that the level of work undertaken for the project schedule and plan of execution is commensurate with the requirements of a BFS and the work undertaken is comprehensive and will be the basis for a potential successful project execution.
chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://pensana.co.uk/wp-content/uploads/2024/01/2024-24-01-Technical-due-diligence-report-on-Longonjo.pdf
Smartpunter why are you posting here again?
Can i suggest that you go back to pumping RBW on the RBW Board?
Otherwise i will respond by posting on the RBW Board and point why i was was right to call out RBW as a short and question the share sales by Chairman Zero.
Next raise at 5 pence per share?
Your call.
A little harsh even by your standards Theo!
Agree that financing is taking longer than hoped for and appreciate that you have an axe to grind however a quick browse of the RNS suggest that the project is in good shape..
https://pensana.co.uk/technical-due-diligence-report-on-longonjo/