Member Info for millerston

Pokerchips,
I`ve never thought awarding the contract to the lowest tender was best for the client or contractor. Maybe on some of these Govt. backed contracts it should be some form of cost plus with rigorous audit controls. It`s not in anyone`s interest that these companies keep limping along,

Ftsefan,
It`s the shareholders verdict on another disappointing set of results. "Stale Bulls" realising this company is going nowhere fast, selling out and probably accepting a loss. Despite its recent rise there is probably more profit potential in Kier.
Directors are not confident enough to declare a dividend so there is little chance of them buying shares with their own cash. They`re doing fine with the bonuses and free shares.

MrG123,
We have a dividend policy, a negative dividend, shareholders send them money. Company is more or less valued at cash on hand. Assets and Management add no value.

Let`s be honest with ourselves, these results are disappointing. They`re only good in the sense that they haven`t issued a profit warning or another cash call. Margins are nowhere near the targeted 7%. The Natural Resources Division made a 0.3% margin ! How much did they have to massage the figures to get that number. On margins that tight it would safer to assume that it is loss making.
The Huntingdon contract, still hanging around our neck like an albatross.

Yes that`s what you do, look after yourself. What narrative have Elphick, Trahar and Vellozo created. Secret Squirrels, nothing has ever leaked out about who they are talking to, where they`re talking and what they`re talking about. What are they doing to promote the company and increase its public and industry profile ?
Have they raised the second tranche of financing ? It`s taking forever and a day to raise measly $700k. Again no promotion but promotion would draw attention to their complete lack of progress. They have the brass neck to tap the market for money which will only be used for directors expenses and audit fees.
Oops, I forgot about the recosting exercise. That`s out of date already and the inks barely dry. No serious partner or buyer will accept a vendors report, they will commission their own.
Get it sold Elphick or take it private. Stop embarrassing yourself.

With hindsight MajorMinor did more for the share price than the board ever did. Remember those heady days when it hit 22p. Today I`ll take 12p, come on, somebody make me an offer, 12p.

The share price isn`t down because LSE didn`t post an RNS. It`s down because the market has rumbled this is a poor investment. Ten years of failure and broken promises, a payment RNS every month to remind how poor an investment it is. We now have two more problems to worry about, water ingress and flaring.
Last month my shares were for sale at 180p, this month they`re for sale at 165p. I may have to lower that limit price. Again why make investors wait four months for a 6c dividend ?

Why do we have to wait four months for the dividend ?

ASGC (the Arabs) did not get 15% of Costain on the cheap. They contributed £25m to the confirmed placing to to get the £100m capital raise of to a successful conclusion. They`re underwater on that investment plus whatever they have lost on on their previous investment. You should be on your knees thanking them.
Even if your average is 54p you should be miffed that that the share has made no progress in over a year. £100m raised, market value £148m. That is p*** poor.

Nope. No faith whatsoever. Investors who subscribed to last years Placing are 10 % underwater and have never been above water except for one or two trading days. Investors who have held for three years are down 85 %, not including opportunity costs.
Half year results on 25th August, expecting to be served up a bowl of thin gruel with jam tomorrow. There will be no resolution to the two albatross contracts, they will drag on for another six months. Margins will be nowhere near the 7% they are targeting. Excuse will be they are still working off legacy contracts and input costs are higher than expected. Expect plenty of buzz words to pad out a bland statement . Digital highways, green energy, renewables will get lots of mentions along with pictures of bright young things working at their computers. You wont see any pictures of bulldozers and cranes working on dams , bridges or power stations, that`s much to difficult for them now. Kier announced increased margins , I suspect that is because we have withdrawn from the field for that type of work.
Hope the Arabs take the company over and gut the senior management.

I believe that if Xstrata and Mick Davis were still at the helm we would be shipping ore. Glencore is a public company run for the benefit of insiders. They are grifters who are not minded to put their hand in their pockets and put their own wealth at risk. Sitting around for seven years waiting on some mugs to invest $3b and give them a free carry. Chinese, IMF, ROC and banks aren`t falling for it. Elphick has to force them out somehow. We are in a weak position being the minority shareholder but at the back of my mind I remember there are terms and conditions for taking each other out. Elphick has to activate those terms and conditions, bringing in a partner if need be. Even bringing Mick Davis on board will stir things up. I believe he loathes Glencore and Glasenberg. Elphick also has the ear of AAL, he was PA to Oppenheimer no less. Also start putting political pressure on them, they`re not exactly liked.

So how many shares were really traded today ? Looks like they are reversing trades actioned in April and May for some reason. Probably someone demanding their money back, LOL. Is it being offered to everyone ? Joke company, it still looks overvalued.

GEMD is Clifford Elphick`s other baby and surprisingly doesn`t get any attention on here. Wonder if he has ever been tempted to start his own wee mining finance house with interests in diamond and iron ore.
He could buy us out with an all share offer. The Zanaga project would gain in credibility by being part of a larger profitable group that proved it could bring a resource to production.
Then we would see what his valuation is. Go for it Cliff !

Hi beardozer.
What`s your valuation? Bearing in mind ZIOC are selling shares to new investors at 6p to 10p. Someone buying control should expect to pay a premium over that, but how much ?
How much are the core samples and resource map worth ?

Hi extrader,
Costain was a recovery play. Govt. was going all out on infrastructure replacement to aid recovery and create jobs. I waited till after the share placing and thought I was very smart buying below the placing price. That was over a year ago and has never been above the placing price. Poorly managed company that the markets have rumbled.
Just because no one else is doing business in ROC should not let ZIOC of the hook. From 150p to 6p plus the opportunity costs, don`t bear thinking about. Glencore are probably the worst possible partners we could have. They have brought absolutely nothing to the table. They`re corporate free loaders ripping off desperate producers. No steel manufacturer would buy iron ore from a middle man like Glencore, they would deal directly with the miner.
Elphick has to turn the heat up, get RTZ, BHP, Vale, AAL sniffing around. At present the big ore producers don`t seem to concerned, as if they know this project will be on ice for foreseeable future.
Again, make an offer for Glencore`s share of Jumelles issuing new ZIOC shares. If they`re not happy with it invite a counter offer.

extrader,
I admire your indefatigability, but there is no "route to market" for ZIOC. We are not developing this resource, we do not have the capability. That will be someone else`s problem.
Our assets are a couple of pieces of paper. Ownership document giving us title to the resource, various permits to exploit the resource and a geological map with the all the survey data that Xtrata collated at a cost of $300m, supposedly. Elphicks job is to monetize these pieces of paper by selling them on to whoever wants to develop the resource.
I suspect that that the sticking point is that both Elphick and Glencore are trying to wangle a free ride on someone else`s coat tails. Just get it sold, ten years of waiting is long enough. I`d be pretty cheesed off with the lack of progress if I was a government official in ROC.
Elphick should let us know what he thinks the shares are worth and invite offers or offer to buy out minority shareholders at that price.
The size of the resource and the price of iron ore is irrelevant to us. We are in the realms of "Game Theory"
Again, get it sold.

Veteran10,
No, they are not clueless morons, the made their money at the IPO and lived the good life ever since. Sat and watched as the company lost 90% of its value. Now have the gall to tap up new shareholders to help with the "running expenses" of an essentially dormant company.
Shard were supposed to be raising funds from seasoned investors and high net worth individuals. They have been at it for over six months and have still not raised the required money, $700000. I suspect seasoned investors are body swerving ZIOC and the funds are being raised piecemeal from small investors.
Stop messing about Elphick , make a bid and take the company private. Don`t embarrass yourself by taking money off small investors to fund your pipedreams.

beardozer,
Please buy my shares of me for 12p.

At 6p ZIOC is probably over valued. The board cannot show that the are doing anything to advance the project. There is nothing going on in the background because if there were, insiders in the ROC would be buying in. Negotiations could not be kept secret. Fully expect a low ball offer from the management to take it private. My shares are for sale at 12p, please make me an offer.

A modest trading update from a management with plenty to be modest about. Subscribers to the placing are still underwater, one year on. Only on a few days in the past year has it traded above 60p. How many years will it take to return that £100m "reverse dividend" back to shareholders, either as dividends or capital gain ?