Member Info for m_wall

True, but it doesn't do much for confidence and the perception of the company in the mining sector.

No, you are not talking rubbish. Alo has some excellent assets in the ground and significant joint ventures. There is so much potential there. That is why this delisting is so frustrating.

AIM Cancellation - Alecto minerals Plc 11/07/2017 7:00am UK Regulatory (RNS & others) Alecto Minerals LSE:ALO) Intraday Stock Chart Today : Tuesday 11 July 2017 RNS Number : 6036K AIM 11 July 2017 NOTICE 11/07/2017 7:00am NOTICE OF CANCELLATION OF ADMISSION TO TRADING ON AIM ALECTO MINERALS PLC Trading on AIM for the under-mentioned securities has been cancelled from 11/07/2017 7:00am, pursuant to AIM Rule 41. ORDINARY SHARES OF 0.01P EACH, FULLY PAID (B5SCHP6)(GB00B5SCHP68) If you have any queries or require further information, please contact the company's nominated adviser on 0207 409 3494. This information is provided by RNS The company news service from the London Stock Exchange END

We may have to write our investments off, and learn from the experience. This delisting is a first for me anyway. Like most of you, I thought I had invested in some good assets, but it turns out the board wasn't so...er... good. CW10 was ultimately correct, even though she knew how to rub us up the wrong way. Of course, I hope I'm wrong and the company returns, but if it does decide to go private, at least do the honourable thing, and return capital our way and buy out the PIs.

I could be wrong, but my understanding is if alo re-merges on AIM and is listed as a new entity using the stock of alo, then you will lose your ISA tax wrapper benefits because the old alo won't exist (if benefits is the right word to use in alo's case).

Sorry, I should have pointed out that mine is a nominee account.

Just had a chat with my share-dealing service after receiving an email about Alecto's delisting, and the chap I spoke to said my ALO shares would be 'worthless' from 7am next Tuesday, although he did acknowledge that the company is hoping to readmit to AIM if the RTO is successful. They'll still hold the shares on my account and will contact me if there's any further news.

Remember that ZCI Ltd of Bemuda is supposed to have a 40% interest in Mowana after the RTO. It's a convoluted tale. Leboam, which I believe ran the mine and still does, was wholly owned by Cradle Arc investment Ltd, which is wholly owned by PENMIN of South Africa. From the acquisition date, ZCI Ltd becomes a shareholder in Leboam (remember, Penmin owns Leboam). ZCI Ltd also has its ordinary shares listed on the South African stock exchange... ZCI Ltd had been a significant shareholder in African Copper plc, which ran Mowana. My brain's been tied into knots. Better stop.

I know I've been beating this [dead] horse for a little while now... Following completion of the proposed deal, PenMin and Gerald Chapman, will own around 30% each of ALO, so 60% of shares in the 'new' alecto. Put in the Dense Media Separation plant at Mowana and that will lift copper production to over 20,000 tonnes per year. This is a no-brainer. Penmin and Gerald Chapman could easily buy out the other 40% of shares at 0.007p at some stage and then it's theirs in South Africa. It makes perfect business sense for them.

I hope you're right. However, plush hotels that host AGMs, staff costs and the London bureaucracies associated with junior companies cost a lot of dosh. For sake of argument, the only income stream would be on the 4,300 tons of copper concentrate, at an average of $5,500/tonne for sake of argument = $236,500. Let's say it costs them $2800/tonne to process and sell it = $120,400, so there may be a notional profit of $116,100 for the 4 month period since Mowana has been running. Ramping up production would help, but that'll cost money. Gerald Chapman owns about 21% or so of alecto shares, I believe, so it would be interesting to know his views on the current delisting

For readmission to AIM, Alo requires a new CPR (Competent Person's report) to be completed. Hj6670 mentioned it in a previous post. I think he said it'll take 8 weeks, although the company bods had been working on it for some time. The CPR has to be included with the Admission Doc, which has to be reviewed by the 'competent person.' If a new company is to be listed, then you could be looking at several weeks from now. Bureaucracies are slow, unfortunately. The only RTO I know about was SigmaRoc, and they relisted within the 6 month allowable timeframe.

Current market cap at suspension/delisting: £3.36m for 5.3 billion shares...For a company with some big assets, that's peanuts.

If there's a private buyout, then investors may get their money back+a bit more.

Good for you, Jule. Yes, it's not the end of the world. 4,300 tons of copper concentrate produced so far. Thought it would be higher than that, but it's a start. Part of me still thinks the company's going private at some stage, as the potential hasn't gone away. Hopefully MJ will prove me wrong.

The company should have RNSed about the extension to the suspension last month, then we'd be up to speed. Six months+the extension wasn't long enough it seems. Although I've always felt that penmin+gerald chapman was looking to take over the company, maybe I'm wrong on that assumption, I dunno. What will happen to our investment money is up in the air at the moment. You have to accept that you may have to write it off, though. Let's hope there's a silver lining somewhere. Still, it's a monumental let down for PIs, especially when you look at the potential of the company. Pity they didn't have SML's management.

Informative summary, hj6670 and plenty of food for thought. Many thanks. I guess I was a bit hard on alo with regards to missing the readmittance date of 21st June, when it would appear the company are having to jump through the bureaucratic hoops of AIM, then. It would explain why they're still suspended and not delisted.

I just got the latest short RNS, Released 16:45 30-Jun-2017. I wasn't there unfortunately. How did it go, assuming you attended?

'Alecto Minerals plc (AIM: ALO), the African focused gold exploration and base metal development company, announces that, at the Company's Annual General Meeting held earlier today, all of the resolutions were duly passed." There you go....

Thanks for the update, hj6670. Nice hotel too.

Right, I'm sure it will be higher than $1.50/lb -- costs nearly always is in these circumstances. $1.50 was the figure I could remember off the top of my head.