Member Info for millerston

https://www.bailliegifford.com/en/uk/individual-investors/literature-library/funds/investment-trusts/european-growth-trust/interim-reports/baillie-gifford-european-growth-trust-interim-report-march-2022/

Worth less than cash on hand, management bring no value to the table. Clients are sure to look at that market capitalisation and wonder if it is worth the risk awarding contracts to a company rated so poorly by investors. They also have form for walking off the job.
To spare further embarrassment management should take the company private, but then who would they tap up for more capital.

Hi bear,
Care to explain what a binary bet is ? This piece of junk comes up 'zero' every time. Not once have they issued any news that rallied the share price. Not once have they expressed regret about the share price. You couldn't find a more disinterested board if you tried. Lost 98% of market value since IPO and it still has the potential to lose another 98% !
No capital market days, no briefings, no interviews. So fu@~ing lazy they cut and paste previous reports. Supposed to be promoting a mine, they are anonymous. Can you even find a photograph of Elphick and Co.
One piece of positive news they could post is that the fund raise has been completed successfully, even though it crashed the share price from 6p to 2.5p. If it still ongoing after 20 months then 1.5p is looming.

Why would Glencore sell now ? They will be eagerly awaiting the outcome of 'the early stage negotiations' that Cliff the Silent announced awhile back. I regard that announcement as an unforced error , they will have to tell us something soon, one way or another. I don't believe they're any negotiations taking place because nothing has leaked out. Hence the silence from AT, he wants no part of it. Investors who bought new shares should be screaming blue murder to the Authorities. If that happens Glencore will pick it up for a song.
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Current fund raising is still ongoing, 20 months after commencement. Unless they've forgot to post an RNS telling us it's complete. Fully expect it to be taken private at below 5p per share. It's been an exhilarating ride.

Hi extrader,
It will take some skill to get from 3.5p to anything half decent. Masterly inactivity indeed. 50% loss since they announced the capital raise almost 20 months ago, 97.5% loss of capital since IPO 10 years ago. These guys are completely out their depth.
Would love to know why Glasenberg couldn't or wouldn't deal with them. Elphick was PA to Oppenheimer at Anglo American, again he couldn't get a deal.
Elphick like the rest of us is getting on in years, the sooner he cuts a deal the better. There is now only 15 years left on the licence.

The Chairman and CEO have been in their posts for 2.5 years and have made no impression on the share price or perception that the company is on the mend. Company is essentially valued at cash on hand, management bring no value to the table. This will change at the end of the month when I suspect there will be a lot less cash on hand.
Their unique selling point that they were chasing and winning higher margin work has not been borne out in the results. The Chairman heaping praise on a director who oversaw a fall from 400p to 50 p raises eyebrows as did the word salad of an RNS which notified shareholders of the arbitration payments to National grid. That RNS was borderline deceitful.

Board made a deal with Shard to raise capital on 25th June 2020, we have since lost half our market value. If that's an indication of their deal making skills we are goosed. What price will the next inevitable capital raise be at ?

Don't want to depress you 'spy' but I feel another capital raise is coming this summer.

Hi Mer,
Management are are accepting under 4p per share . IPO price is meaningless, board cashed out and made off like bandits. They won the Jackpot at the IPO, that has allowed them to sit on their hands for 10 years. No interviews, no roadshows, no articles in the press, no progress reports to shareholders. None of the linked articles ever mention our company by name. I don't actually believe they are in 'early stage negotiations' with anyone. Word would leak out. Imagine it leaked out they were in talks with BHP, RTZ or GLEN and you could buy shares for under 4p ! They wouldn't be 4p for long.
Elphick and co are holding us back. Glencore prided themselves in their deal making skills but they couldn't or wouldn't make a deal with Elphick. Get a share swap done with Glencore, you would have an interest in the entire Zanaga resource and profit from it's eventual exploitation. In the meantime you would get paid to wait.
Of course if you believe 150p is going to happen we can sit waiting for the next 15 years but the share price and the board actions are telling us 150p is unlikely.

Cant say I'm happy with the performance. Discount widening despite the constant buybacks. Realise they are fighting the exchange rate, but still, putting it on the watch list.

Hi All,
Shard, it would appear to me , are flogging shares on to the market at around 3.65p. My buy limit order at 3.65p was triggered at 3.55p yesterday and at 3.6 this morning. They have been flogging the third and final tranche of shares for nearly four months now. The end of this sad capital raise must be near and we can expect an RNS confirming it.
Hopefully it's quickly followed up by a 'derisory share offer'. If Michael Haworth swapped his 115m shares for Glencore shares at the equivalent of 6p per share, he would receive £145000 pa dividend for waiting. If you reading Elphick, just get the deal done !

Can anyone make any sense of the four share trades today ? Closing price is body slammed on to the canvas on a quids worth of shares. Why not leave the closing price at 4.8775p ?

If 100p is very acceptable why would anyone offer 200p ?
No shares traded this morning. Shard presumably are still on mission impossible, trying to flog the last tranche of 4.35 million shares. Oops just as I speak 27.7k go through as a sale. Was this a regular share trade or Shard raising another £1275 to keep the lights on. The share price wont move till they announce the conclusion of this 'successful' capital raise.
Elphick must be preparing an update on the ' very early stage' negotiations, it's the least he can do for our new subscribers.
Maybe Trahar could video a Q and A session with one of the other directors, if they're not too busy.
Wonder if the AGM will be broadcast ? Probably asking too much of the lazy b******ds.

Directors show their confidence by granting themselves options for 3.3m shares. Total number of options now represent 3.14% of shares issued. Options are are exercisable subject to conditions, one of which is 'shareholder experience'. The RNS neglects to tell us the other conditions, you have to go on a paperchase to find them. Lifestyle company run entirely for the benefit of insiders.

Your living in a dream world, 6p is a low offer, 100p is unimaginable. Elphick would have to counter offer and explain why the company is worth more and what he's been doing the last 10 years to realise that value and bring a mine to production. SFA.
Surely Shard have flogged off of the last tranche of 4.350m shares, two months they've been at it

Glad you reminded me they have been at this for a decade and talks are still only ' at the very early stage'. And yes insiders would be buying if there was an impending deal, but guess what? No one is buying. There would be hundreds of people in the loop, government officials, bankers, steel producers, shipping companies, infrastructure suppliers, but they are all as tight as a drum, lips are sealed, not a titbit escapes from these negotiations. I seriously doubt they are in discussions with anyone.
A takeout at 6p is a stratospheric 50% to the current share price, new investors would bite your hand of for that. Riddle me this, if there is another capital raise and no hard news from Elphick and Co, what price will they be flogging shares at?

There is no risk for Elphick and Co., they cashed out at the IPO. A private buyout of ZIOC wouldn't affect their half share of Jumelles.
At 27th September, Shard had 4.350m shares to flog, at 4p a share. Surely an RNS is imminent, announcing that the longest capital raise in history is complete.

LOL. You haven't explained how the share price jumps from 4p to 150p. I fully expect it to be taken private at the knockout price of 6p. Elphick and company wont be sharing any profits with you.

Missed the announcement. When I read your post I felt sick to the pit of my stomach. Not often you get a pleasant surprise in the investment world.