Member Info for millerston

Today's uncrossing trade, 42pence !

Ask him something simple, like when and where the AGM is being held. I'm betting on minimum notice possible and Cape Town again. Although I've heard the British Virgin Islands are nice at this time of year.

Elphick , Trahar, Dines and Velloza , secret squirrels. All with extensive business and social contacts in Africa, Australia and Asia but never once has there been a slip of the tongue, letting on what they are working on. The most likely explanation for radio silence is that they are doing SFA, sitting on their hands, squatting on the biggest iron ore resource on the planet.

Turtlewax.
Nobody buys 4 quids worth of shares. What I suspect is happening is that there are a lot of opportunistic limit buys orders at around the 4p mark and they are taking down the price down to trigger these automatic buys, allowing Shard to dump stock on the market. To say that Shard were were selling stock to 'High Net Worth' investors was false, they are dumping stock on market for whatever they can get. Eighteen months they've been at it.

What range are they keeping it in and for what purpose ? SP has lost 35% since Shard started watering the stock. I'm getting the feeling shares are now being dumped at any price.
Have to laugh at the Prospectus, where it say s the company have the option to buy back the issued shares.

Earning money ? Are you serious ? It isn't even a capital raise, it's for expenses, possibly two years running costs. But you wont get a breakdown on what their spending it on.
Share price when they started this fiasco was 6.27p, pre existing shareholders have lost 35% of their capital. Why was Elphick so reluctant to put his own money in to this Big Bonaza , Fifty Bagger. Now Trahar is looking elsewhere to make his fortune, just hope us mugs are not financing it.

Hi Veteran10,
Try flogging your stuff on fleabay, you are more likely to get a response. This is a strange company where the Board refuse to engage with its shareholders, the wider investment world and the media. They refuse point blank to tell us what they are working on, who they are negotiating with and what the likely end game is. Where do they spend their time ? How much time do they devote to Zanaga ? Would love to see their time sheets and expense claims. Despite all the reports from Africa, Australia and Asia, that are posted here, the company and its Board are conspicuous by their absence. They are never mentioned.
Looking at the shares traded, I reckon the vast majority of trades are completely bogus. The trades of 100,000 which are going through are a concern. Are they being dumped by longterm holders or is this Shard watering down the stock ? The Shard capital raise has to be the most cack handed fund raise in long time. Must be about eighteen months since they started. The sooner it's over the better.
FFS Elphick, put the company up for sale, get the bidding started.

Alex Vaughan, CEO, a wet blanket, killed off any investor interest in the company. Share volume fallen off a cliff. Get out out and sell the company . There will never be another £100m capital raise, they have cheesed off investors with this lacklustre performance.

Lots of deals going through today. From a quid's worth of shares to a massive £236. Market maker then generously took 327 shares @ 4.05p in an automated trade. There's another 50000 they are rather coy about.
Come on Elphick this is beyond embarrassing.

Would like to know more about the £1m contract for 'Newt Exclusion Fencing'.

Yes it can get a lot worse. Weak management is dragging us down, they add negative value to the company. Market value is propped up by £100m of shareholder support. They are throwing in the towel on major civil engineering projects because it is too difficult for them. What are the non executive directors or major shareholders doing ? They're must be a concern that fifteen months on, the share price is still at a discount to the offer price. Change the management or get the company sold.

So fascinating that someone has just bought one share. Ever feel you've been conned ?

Good news ! As long as they stick to doing the 'initial design concept' only. Leave the spade work to somebody else, that is just another opportunity to lose money on untried technology. Best if management confine themselves to the office, they add no value. Market capitalisation equal to cash on hand.

Hi nibj,
Let's dream a little, like our Board. What would be an acceptable share swap ? I would be ecstatic at an equivalent of 22p, pleased to get 12p and would reluctantly accept 6p, cursing as I snatched it out their hand. Hopes of 66p and 150p have long gone. I don't think there will be another $1m share raise at these prices. We are entering the end game.

nibj.
Do you think there are any mugs who will stump up billions and give Glencore a free ride ? Who trades iron ore ? You buy from the source on long term contract. Only a complete basket case of a steel producer would turn to Glencore.

I don't get this schtick "they are not allowed to say anything". It would be understandable if there was a Memorandum of Understanding between the Parties and they were getting down to the nitty gritty of contracts and finance, but all discussions are " at a very early stage". That means they are still at the tyre kicking stage, there are currently no negotiations taking place. The Board should start name dropping, it might flush out lurkers who are watching from the sidelines and gee up the tyre kickers.

EPP v 12MT pa Project.
They are still evaluating both scenarios. The EPP is doable. That's where you hire a JCB to dig the ore and get the elephant to haul the ore to the coast using existing roads. If you have difficulty raising $1m to keep the lights on, it's the only option. It would be a start, we would be mining ore.
But these guys are dreamers, they think big, they love talking about 12MT and beyond. That's what they're selling to investors, a dream, the lure of buried treasure. Now if they could only sell that dream to RIO, AAL,VALE or anybody else with deep pockets we investors can move on to the next dream.

Amazingly the FS review indicates capital and operating costs remain within guidance levels indicated in 2014 ! They rightly highlight all the risk factors , iron ore volatility, exchange rates of four currencies, regional economics and changes to mining equipment supply chain. Then magically they reduce the cost estimate of the plant pipework by 40% to to keep within touching distance of the 2014 estimate ! Good work, keep it up. We need more positivity like this from the Board.

At least the elephant would get more ore out than the Board have ever managed. Remember when they sent ore to the pilot plant to test it's suitability for pelletization ? I was thinking, couple of hundred to a thousand tonnes. Nope it was about 20 kg, not enough iron ore to fill a suitcase.

Brace yourself for the derisory buyout offer.

davwal,
That`s good to know. Wonder what profit margin is acceptable to client and contractor. I`m hoping it`s a lot higher than 1.38%. I`m assuming it is and poor management is letting it all slip away.