Member Info for Mitch984

Two more big buys today, but no price movement. So expect a large delayed sale to appear tomorrow.

Surely the big seller must be close to finished?

Some quite disparaging comments on the Gem Diamonds forum about Mr Elphick's other company, some of which (poor investor relations) ring true with Zioc:-

http://www.lse.co.uk/ShareChat.asp?ShareTicker=GEMD&share=gem_diamonds_di

Let's hope the financial questions being asked in that Forum do not also emerge with Zioc.

A 2 million delayed sale now appeared, which is obviously why the recent buys have not affected the share price at all.

Despite what some supposedly knowledgable people on Twitter were saying a week or so ago about the big seller stopping, they are still selling.

Still no TR1 has been filed, which does make you wonder if a big holder is not playing by the rules.

Either way, the share price will stay depressed until they stop selling.

"Nothing positive going on here". I do slightly share your fears on this, mainly because of the share price declining.

However the only possible negative news I can think of is either a placing to fund the EPP, or an announcement that the EPP will not be proceeding.

If either was going to happen though, why have an Investor Presentation at the end of March to announce bad news? Surely they would just release an RNS and not have to face shareholders in person at an open meeting.

I can understand a lack of buys as the ramping of this share has stopped, and it really is well under the radar at present. With AIM you seem to need three or four days as one of the top risers to bring in new buying volume,

But I can't get my head around what must be long term holders selling two weeks before the Investor Presentation. OK, the volume of sales are not huge, but it still puzzles me.

Not long before we find out!

This constant and regular sell off without any sign of a TR1 is puzzling. That is now over 36 million shares that have been sold since the start of February, which is of course what has devastated the share price.

The company confirmed a week ago that ""There has been a large holder of stock who has not been communicating with us who has been selling. I don’t believe they have any material quantify of shares left.".

However the large sells are still continuing at prices where whoever is selling must be selling at a loss.

No TR1 has been filed, and any of these 3% or over holders would have had to file one if they were the seller:-

Princess Aurora Company Pte Ltd (SGRF) 19,02% 163,735,000
Sociedad Quimica y Minera (SQM) 17,52% 150,789,000
Harlequin Investments Ltd 12.02% 103,500,000
Dingyi Group Investment Limited 8.80% 75,783,010
Coronation Fund Managers 3.22% 27,736,066

While we all know the potential of KP2, and we all know the price is a great top up opportunity, the selling does pose many more questions than have so far been answered.

Any ideas anyone?

Shakadenus. If all the buyers are as misguided as you, then you have your reason for the buys.

You are NOT buying into an airline. You are buying into an empty shell which will will be de-listed soon and for which you will receive just 1p per share.

The new FlyBe/Connect airline now has no relevance to this share, and is an unquoted private company.

There still appears to be a big seller though to match any large buys, which is a bit concerning when the Twitter links were saying the big seller(s) had now sold out.

Some fine investigation on Twitter by MightyMozzinator has identified the big seller:_

https://citywire.co.uk/funds-insider/news/city-financial-files-notice-to-appoint-administrators/a1205227

City Financial held 5 million KP2 shares. It doesn't account for all the sales, but the rest could well be accounted for by panicked PIs seeing the share price plummet and/or stop losses.

From the 28 December 2018 RNS:-

is the Zanaga Project Team's intention to secure fixed price cost estimates for key aspects of the proposed EPP project in Q1 2019 as part of the process of determining its economic feasibility. Depending on the achievement of a positive outcome, the Zanaga Project would then be seeking to secure regulatory consents and financing for construction. Updated timing on this process will be provided in February 2019 when the beneficiation test work has advanced.

No RNS so far today, and its not a leap year - so today is the last day of February 2019.

The last two updates ("Half-Year Report" and "Interim Update") were both issued on a Friday, the last business day of the quarter and both the 28th of the month (328 September and 28 December 2018).

I therefore expect one tomorrow, only because of the mention of "end of February" in the 28 December Interim Update. If it was blockbuster news though, why wait until 28th February?

Another holding update is my tip - which would really try my patience. Or maybe nothing at all, as an update is neither promised or guaranteed.

James - please don't ramp like that. We have all been through it for several years - it won't win you any friends amongst the realistic regulars who use this board.

Save "boom" for Twitter posts.

We all know the potential, but we have learned to only get excited if and when real news comes direct from the company.

The closer it gets to 28th February, the less confident I become that the promised update will be anything other than another holding update.

Irrespective of the long term prospects, we desperately need some positive news in the very short term.

Or at least I do anyway!

C'mon Zioc - tell your very loyal shareholders what your plans are for 2019-2021.

I don't think the big seller is any of the current large shareholders who hold more than 3% of KP2:-

Princess Aurora Company Pte Ltd (SGRF) 19,02% 163,735,000
Sociedad Quimica y Minera (SQM) 17,52% 150,789,000
Harlequin Investments Ltd 12.02% 103,500,000
Dingyi Group Investment Limited 8.80% 75,783,010
Coronation Fund Managers 3.22% 27,736,066

In each of those cases a TR1 would have hold to be filed if their holding dropped through a single percentage point. For example, in the case of the top holder (PTE) a sale of only 320k shares would trigger a TR1.

In my view, the seller is someone who held less that 3% and has never therefore had to file a TR1. That is,initially holding less than 25,800,000 shares.

In turn that could mean more selling to come without a TR1 if the selling shareholder held close to the 3% limit.

Either way the selling and buying at this ridiculously low share price makes no sense to me.

Whether Jay is going off on one or not, he is correct to say there has been some excellent links to information posted on Twitter recently. I wouldn't necessarily say it is all research, but it does allow anyone to do their own more targeted research and draw their own conclusions.

Until we get some direct company information, its all speculation of course. But if you have an interest in this share, then monitoring both this board and twitter is the way to go. Just ignore the occasional "boom" post on both.

"In my opinion. I believe Hosking Fund Management and Mr Tinkler made a lot of money on buying stock cheap or bottom feeding @ 1p odd."

Come on, Woodstock1970. If that is the limit of your knowledge of the market, then you shoudn't be investing at all.

Both Hoskings and Tinkler would have had to file a Form 8.3 or 8.5 RNS if they bought or sold even ONE share during the takeover period. That is why there were almost daily RNS' from Libernum, Barclays etc. That rule applies to anyone who holds more than 1% of FlyBe's shares - and still applies until the delisting.

Hoskings and Tinkler's shareholding is totally unchanged as neither has filed any RNS forms following their initial holding.

"If Hoskings and Tinkler thought there was no means of recovering their money through the appointment of Kohn, they would not be bothering IMV to seek a new chairman who can secure an investigation. I think liability for Flybe's actions will pass to Connect , providing an entity for them to pursue."

Absolutely correct, Taverham. Hosking and Tinkler (and their lawyers) obviously found no legal grounds to file an injunction to halt the asset sale - and that would have been obvious to them several weeks ago. Hosking not then selling and their subsequent support for Kohn as chairmen of a shell can only relate to a compensation claim against Connect.

I'm not entirely sure what benefit Tinkler would gain from that as he was not a shareholder at the time of the Connect bid, and any compensation (which will be years away) would apply to original shareholders when the "deal" was announced rather than the shareholders as at yesterday.

The Sky News article states "Under the terms proposed to Flybe, the rival consortium would inject £65m of new equity issued at a price of about 4.5p-a-share".

I don't think this means that they are offering to buy out existing FlyBe shareholders at 4.5p, but more that they want new shares to be issued to value of £65m/4.5p.

However that is immaterial at this time. The important thing is that the FlyBe board now have no justifiable reason to go through with the asset sale - unless they are so deep in the legal hole they have dug that they can't get out.

Doubleheadedcoin.

How can you have made over 7,000 posts on LSE and not know the difference between Flybe and FlyBMI??

I totally agree with DrRemington about the regular official tweets about iron ore prices and demand.

I know its better than total silence, but even Zioc's greatest fan showed some dissatisfaction today with yet another official Zanaga tweet about iron ore demand and prices. In reply #1fan tweeted:-

So what? We know. Where are the plans to develop so we can capitalise on it?

And I so have to agree with him. C'mon Zioc - there is nothing wrong with keeping your long term and very loyal investors in the picture!

I'm also concerned about the pattern of selling virtually every day. I can only assume this is Salamander/Michael Haworth selling out completely - no RNS is needed as they are now below 3%. I still for the life of me can't understand why anyone would sell when news is just around the corner, especially an ex director.

Easy, Shaun. Allthatguff was making a genuine comment that didn't deserve the throwback jibe that we all had to endure last year of whether he is invested here.

At the end of the day, construction of a plant for the EPP will take 24 months. Alongside funding for the construction, the company will also have their annual expenses to cover during that period. That is the point Allthatguff was making.

Like you, I don't think they will go with a placing - but this is AIM so you never know for certain. Our advantage is Glencore, who could easily fund an EPP as a loan if they so wish.