Member Info for Martinigirl

Not really, I'm en expert in my business I oversee everything about the day to day running of the business and ensure that everything that needs to be done is done on time to meet the clients needs. As for the accounts, I know the figures I understand them but I employ an accountant to do the accounts to ensure I comply with HMRC regulations and pay what I need to pay on time. Why should that contradict my views on GR? He employs accountants but still can't manage a project, surely that's obvious!

You're safe stinky, accountancy is not my thing I employee someone who is capable of doing what I am not. I understand my limitations.

Stinky it certainly is just a typo meant less than 50, doesn't detract from the fact that Prem have less than 50 days to sort out the mine issues and commence production

PAS the digression was at your behest. If Stuart Rose was in charge of PREM then I'm sure the company would be producing Tungsten from RHA and SC6 from Zulu with only a billion shares in issue. Sadly RHA is producing nothing, Zulu is producing nothing and there will shortly be circa 25 billion shares in issue with another couple of billion to be issued shortly

PAS14 I'm sure you would be interested, but since you haven't heard of me my services would be of no use to you, it's niche and exclusive.

As for criticising George, well you cannot deny that since his tenure as CEO of PREM commenced he has successfully overseen none of the projects PREM has been involved in. His performance to date with Zulu has been woeful, he has admitted that he has (at the time of interview) no idea what was going on at Zulu, yet all the while continued to state he had no reason to believe they wouldn't be producing SC6 in March and subsequently with forecasts for June etc. I agree that often successful businesses need to be put in the hands of others, however no matter who a CEO has running parts of the business, they are ultimately responsible for what happens and should know in detail what is happening within their business. Stuart Rose didn't run M&S well, the share price lost something like 40% under his leadership in 2008 (my date may be a year or 2 out). Branson created a record label from what was essentially a mail order business, he knew nothing about it and employed knowledgeable experts to do the work, same with the rest of the virgin empire. George Roach is neither a Stuart Rose nor a Richard Branson, he is incompetent to the nth degree and refuses to accept that he is not capable of delivering what he says he can.

October is a mere 17 days away, November less than 40.

You need to be truly honest with yourselves and as the questikn.

"Do I honestly believe that George Greville Roach can get Zulu producing at least 900 tonnes of SC6 grade spodumene which can be shipped by 30th November"

If you honestly believe without any deep down thoughts about his past failures and recent lies, yhat he can deliver then stay invested, buy more, take out a new mortgage and stick it all in because after all George will deliver.

If you don't believe that or have any nagging doubts then it's a pure gamble a toss of a coin, will they or won't they? So far they haven't and its getting a lot closer to the deadline that they need to

SheikhSaud, I am guessing English isn't your first language, I actually wrote a post about how inept the PREM CEO is.

مع السلامة

PAS14, after leaving the Royal Navy I started my own very successful business. Part of what creates a successful business is having someone in charge that can do and does what they say they will do, someone that when managing a project knows what's going on at every stage and is on top of and takes ownership of any issues that arise and doesn't pass the buck or blame someone or something else for their own shortcomings and someone who doesn't lie to the client (or shareholder). All traits and skills that George Roach is lacking.

Marcus, I'm sure 99.9% of people invested would just be happy for him to achieve at all rather than over achieve. As it stands all he seems to have done is come out with statements on "achievable targets" that haven't been met and were never close to being met. I'd say what he's done is akin to making promises he can't keep. Far too many of those promises came out of his mouth and in RNS form over the last 6 months.

Iky, plenty of us saw the troubles that were coming and provided warning after warning on here only to be ridiculed and insulted. If I remember rightly someone called radar gave countless posts on their thoughts and doubts about the Snowking Pandora group insights that ramped the mug punters into buying. Here we are now 60% lower than when those earnings were given.

There's no chance PREM will be producing 900 tonnes a month by November nor by year end. There'll be more tweets and interviews about being on target but no shipments will be made this year which will put PREM back into a very precarious financial situation

Acker, the MO for PREM has been to get each and every one of its "projects" to make money and PREM has failed at every single one of them. Holding back 1.5mn suggests that he thinks that they'll need it, meaning he expects to not be producing in November.

GR history as a CEO who is at best economical with the truth is very relevant and very advantageous for anyone looking to "go full steam" or even low pressure into PREM. The company will without a doubt require further funding, you have previously posted that you believe this to be the case, you state he's holding back $1.5mn to pay Canmax if needed, where is this stated? It's not in any of the RNS. How much headroom does he have if the SP drops below 0.3? Does he have the headroom to pay Canmax in December? Will he have the headroom to repay his loan when required?

Circa 25 billion shares in issue come next week, how many more do you think he'll be asking for from shareholders when the current headroom is exhausted? Another 5 billion? I think another 8 to 10 billion. Crazy crazy crazy numbers.

Jaguar, you're investment decisions are yours and yours alone to make and if you feel its appropriate to "go in full steam" then do so, you're appetite for risk is clearly greater than mine given that GR has failed on every single venture he has undertaken with PREM, given that he has used funds earmarked for other things to buy Circum shares or complete a DFS and given that he has misled shareholders at virtually every stage of the Zulu project since plant construction began. Can you trust this individual to deliver?

What price will the placing you agree will happen be at? No production news within the next 5 weeks will see a significant drop below 0.2, throw in the significant discount and you're looking at a placing of close to 0.1, how much can he raise at that price? Will he have the headroom to pay Canmax in December?

He has 5 weeks, 6 at most to get Zulu into production after which he'll raise as much as he can and then be back cap in hand to shareholders looking for another 10 billion.

I'd suggest you look at the 1587 work by Dr John Bridge entitled Dr. John Bridge in his work "The Defence of the Government of the Church of England" it contains a very apt phrase to your philosophy.

Acker if he holds back 1.5mn as a contingency and the SP drops below 0.3 how does he get his "loan" repaid?

Acker they were supposed to be producing close to that right now, they'll be lucky to get any suitable grades produced this year and will shortly be accruing additional cash penalties which I'm sure Canmax will elect to take in cash as they'll want to start getting paid and George just won't have the headroom to pay them in shares when the SP is languishing in the 0.1s which is where its going if GR cannot get producing in the next 5 weeks

Marcus it's not free to run a mine we all know that, but right now PREM isn't running a mine and burning through cash like there's no tomorrow. That should be a major concern for anyone invested here. The placees clearly don't see any value in retaining their placing shares, they'll all have been privy to inside information from PREM to persuade them to invest, yet it looks like they're dumping them as quickly as possible and taking what profits they can get.

Looks like 0.35 will be hit maybe tomorrow and I envisage a drop below shortly thereafter. That's the point the big sells will stop but they'll start again if the SP recovers above 0.35.

Time is fast running out for George and PREM

Market likes the RNS? Doesn't look like it to me, just over 90mins into the trading day and less than 28 million shares traded. Market isn't interested in buying PREM shares

Donotpanic, history would suggest he will fcuk it up, he hasn't successfully delivered on any of the numerous projects PREM have undertaken.

Half year report will be dire reading

Gonna take a long time to churn through these placing shares at this rate. Why would anyone be buying right now to help someone offload a 5h!t load of shares. If I were sitting on a profit right now I'd be getting the he'll outta dodge and waiting for the new lows. Placees grabbing what they can and leaving the mug punters holding for the next lot of bad news

Alma much like a Tom Winnifrith diatribe I won't pay to read an online article, I prefer to support the printed press by buying a couple of newspapers everyday. You're right in law that shareholders do not "own" a company however shareholders have a lot of power that directors need to remember when they instigate policies of refusal to communicate with shareholders.

A management buyout is a possibility but I think unlikely. Delisting and taking the company private is another possibility but again I think unlikely as that would limit their ability to raise funds if required for future acquisitions.

Despite Gobinds promises to better communication in the Q&A he did, they do appear to have adopted a new strategy which is not to communicate at all with shareholders. I have attempted to speak to Gobind but have be told in no uncertain terms that the board will no longer be communicating with individual shareholders as they have been accused of "favouritism" and will now communicate only via RNS and at the General Meetings. I believe that they are working hard on progressing the business and developing new products to introduce to the sector. These things however take time. I'm as frustrated as everyone else right now at the lack of transparency from the board and have made my position clear to both Gobind and Mark Treharne. That said, the interims are due by the end of this month and that should give us all a better idea of where the companybis from a financial / profit making perspective. The summer months are always quiet on the markets and it's my belief that once the interims are released then they will start to release additional news as interest from buyers returns. The share price is where it is right now simply because people are bored and seeing opportunities elsewhere for short term gains and I can't fault anyone for doing that. I'm giving them until the end of September and the release of the interims to get their act together. There are a couple of issues that need to be addressed formally if required but again I will wait and give them a chance to sort these out but if they do not then they can expect to be formally challenged.