Member Info for Mitch984

I prefer damp squid actually, especially as I cannot eat that species! LOL.

NewKOTB - I may well be missing something obvious, but how do you know those two 100k sales were from Andrew Trahar?

Yes, they will probably appear after tranche 2. I hope they do, as they will provide some much needed clarity on who holds what. As Extrader says, the numbers are a long way from adding up at the moment.

My concern is that AIM do not police TR-1s very diligently, so I do wonder if we will see any at all!

Is anyone else surprised at the lack of TR-1 filings following the recent Private Placement RNS. The most recent TR-1 notification that I can see for Zioc was in 2017!

Surely a TR-1 should have been filed by Greymont Bay LLC, Gagan Gupta, Regatta HCRP I LP, and possible several others.

AIM rules state that

The FCA requires shareholders to file major shareholding disclosures with the FCA using the TR-1 form where there is a change in major holdings that reaches, exceeds or falls below 3%, 4%, 5%, 6%, 7%, 8%, 9%, 10% and each 1% threshold thereafter up to 100% (or in the case of a non-UK issuer on the basis of thresholds at 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75%) as a result of an acquisition or disposal of shares or financial instruments.

A notification should be sent to the issuer as soon as possible and in any event within two trading days in the case of a UK issuer and four days for a non-UK issuer. On receipt of a notification, a UK issuer with shares trading on a regulated market must notify the market as soon as possible and in any event by the end of the next trading day. A UK issuer on a prescribed market must notify the market by the end of the third trading day after it is received.

Hi MM,

I take your point on this. Could it be Gupta's investment vehicle though, as per this part of the same RNS:-

"Gagan Gupta, Founder and CEO of Arise, is investing US$4.0 million through an investment vehicle for a post buy back transaction ownership of 9.7% (before any additional Greymont Bay Subscription)."

It is both intriguing and interesting. No doubt more will be revealed when the TR1s are filed.

I guess Regatta might be the second of the "two strategic investment vehicles" mentioned in the Fundraise RNS

"1) Greymont Bay LLC ("Greymont Bay"), through two strategic investment vehicles established by a consortium of mining investors, will be investing US$10.85 million for a 26.2% post buy back transaction ownership in ZIOC."

It all seems a bit shady to me. I just hope the ultimate intention is not to take the company private at a paltry price. I think they need 75% of the shares to vote in favour to achieve that. I just hope us small shareholders amount to over 25%!

I guess Regatta might be the second of the "two strategic investment vehicles" mentioned in the Fundraise RNS

"1) Greymont Bay LLC ("Greymont Bay"), through two strategic investment vehicles established by a consortium of mining investors, will be investing US$10.85 million for a 26.2% post buy back transaction ownership in ZIOC."

It all seems a bit shady to me. I just hope the ultimate intention is not to take the company private at a paltry price. I think they need 75% of the shares to vote in favour to achieve that. I just hope us small shareholders amount to over 25%!

The top shareholders have now been updated on the Zanaga website:-

Greymont Bay I LLC 152,131,783 21.05%

Guava Minerals Limited1 79,907,592 11.06%

Regatta HCRP I LP 58,139,535 8.04%

There will be others that will have to file a TR-1 if their shareholding is above 3%, but I'm not sure what the time limit is on that.

Guava's number of shares is unchanged.

Regatta I don't think has been mentioned before. It is a buyout fund according to:-

https://pitchbook.com/profiles/fund/27360-91F#overview

Hopefully Extrader or MM will be able to expand as regards significance, if any.

The top shareholders have now been updated on the Zanaga website:-

Greymont Bay I LLC 152,131,783 21.05%

Guava Minerals Limited1 79,907,592 11.06%

Regatta HCRP I LP 58,139,535 8.04%

There will be others that will have to file a TR-1 if their shareholding is above 3%, but I'm not sure what the time limit is on that.

Guava's number of shares is unchanged.

Regatta I don't think has been mentioned before. It is a buyout fund according to:-

https://pitchbook.com/profiles/fund/27360-91F#overview

Hopefully Extrader will be able to expand - he is better at this than me!

This is a huge fund raise compared to previously.

It includes $5million for the "Early Works Agreement". Can anyone remind me what that is?

I thought the EPC etc had been completed and we were expecting a financing proposal from Summitt by the end of this month.

"The share price is not moving because the market makers have had to support the stock for quite some time".

BOTS. If you think there are any "market makers" on AIM, and especially involved with ZIOC, then you really should not be investing in AIM shares.

The share price on 95% of AIM shares is determined by computer algorithms. There is not enough turnover for middlemen to make any money from shares like Zioc.

Yes, there are pumpers and dumpers, which we haven't seen on Zioc for quite a while. But middlemen are not interested and have no effect on the share price at all.

I am so tired of hearing posters say that the share price is being manipulated or held back.

Middlemen/dealmakers have zero interest in AIM. The share price is determined solely by computer algorithms based on buys and sells. If you think otherwise you really should not be investing in AIM shares.

For several years, the ZIOC price has risen solely on rumours and pumps - see last year when X rumours of a Saudi buy-out based on totally unconnected events (AT saying at a conference that he hoped to be back in Saudi soon - when he was speaking with his Vision Blue hat on) got the price up to 18p+. Its amazing what a few days amongst the top AIM risers can do.

However, when there was no actual news or new rumours for a few weeks, the share price fell back again. This has happened numerous times over the years, and is typical of AIM, which is dominated by day traders and short term holders.

I agree yesterday's event should have produced more buyers, but LTHs have seen this so many times with Zanaga. Good/positive news rarely results in a sustained share price rise.

For a higher share price, we either need some huge institutional investors coming on board (too early for that in my view), a substantial buy-in from a strategic partner (possible), or - of course - a buy out (also possible). This is the only way the share price will reach anywhere near what it should be before we are in production. We might (I stress "might") get that during the Q3 bid process. If not, we will all have to be patient for another 2-3 years - because Zioc will then be in the £2 to £4 range per share when first production is close.

Like Beardozer, I would much prefer an earlier opportunity to cash in on my shares. But after this past week, my patience has been substantially extended. As others who have been here even longer than me have stated.

I think construction has always been the ultimate aim of Zioc, even during the Glencore days. Their determination to construct would have been tested if an offer to buy the whole shebang came in, but I'm firmly of the opinion that there has never been a serious offer for Zioc from anyone. That is despite the various rumours that have cropped up over the years.

However the determination to press on with construction doesn't mean that there will not be offers in the future, especially with Glencore no longer around.

MM - taking into account the current situation, I'd be very interested in your views as to how and when us long-suffering shareholders will see some kind of value for our shares. I realise many LTH are still in it for the long term - and could well be sitting on a gold mine in 5-10 years time.

However some, like me, are getting on in years and really would like to see a profitable exit point within the next two years. Shard values us at 60p a share if a strategic partner comes in with the finance. Do you think the share price will reach that level in the next 12-24 months? Or do you think some other form of exit will materialise for private shareholders?

Would very much like to hear your views, along with Extrader and our many other valued posters.

I'm also wary of us all getting screwed via the company going private. The complicated setup of the newly formed structures taking up the share subscriptions must have been done for a reason. The same with the six month lock-in on Guava/Elphick selling any of their long-held 79million shares.

However I can't see AT and Marty buying in if they thought they would only get 10-15p for their new shares (they already have some holdings in lieu of salary and Marty's share award).

Who knows though. To be honest. I'd bite their hand off at 50p. I'm a long term holder who has been here way too long!

And "Guava can dispose of 290 million shares" should read "Guava can dispose of 79 million shares".

I will now go and lie down....

"Emainly lphick's" = "mainly Elphick's".

I wish LSE would add an Edit function! :)

The Guava lock-in has to be significant in my view, Glenmorangie. Extrader gave a plausible reason further down the thread, although nobody of course knows the true reason as yet.

As we know, Guava is Emainly lphick's vehicle for holding his shares, although there are others from the old school Zanaga people that are also part of Guava as I recall. Significantly, neither Elphick or Guava took part in the fund raising.

Surely the lock in can only have been included because Elphick has indicated he wanted to exit and sell his shares? If so, clearly the new regime would prefer that he/Guava stays until after the strategic investor bidding process is completed. Hence the lock-in.

I guess the big question is why Elphick/Guava wants to sell after all these years? However if he does indeed want to sell, he would in no way be satisfied with the current share price. So he must be expecting a significantly higher share price by the time the lock-in ends in 6 months time?

The other puzzle is exactly how Guava can dispose of 290 million shares. They certainly couldn't do it on the open market. Anyone any ideas on that, or the lock in generally?

As ridiculous as MAJWand's comments are, he has not played any part in today's price drop.

This is AIM, and as I have been saying for years, the price is driven by small/short term holders, many of whom are day traders.

The price will rise on news or if there is a big pump on X etc, or if we get some big new institutional investors in due course. Then it will most likely fall back. It has happenned throughout the life of Zioc, and yesterday's blockbuster news will be no exception.

We may see a re-rate when the strategic investor is announced, and of course in two year's time the share will be trading at a far higher value than this. There may also still be the potential of a buy-out - all of yesterday's subscription share buyers are in this to make huge profits after all.

In the meantime, without further news the share price will drift back down. Its AIM. Nothing to do with negative posters like Mr Wand.

I may be missing something obvious, but I still don't get the Guava Lock In Agreement in today's RNS.

Guava (which is mainly Elphick) own 79million shares in Zioc and did not take part in today's share subscription. So why then do Zioc need an agreement with them not to dispose of any interest in any of their ordinary shares for 6 months?

If Guava had heavily subscribed in the fund raise today, then yes I would understand a lock-in. Same if the lock in applied to Greymont Bay, Gagan Gupta, Mick Davis, AT, or Marty. But Guava did not take part today, so why the sudden lock in on their 79 million shares?

I agree with MM - I certainly do not think Elphick wants out after taking Zioc so far, and especially at far less than Zioc shares will be worth going forward. So why the lock-in? Totally puzzled, but its late evening here and I might not be thinking straight. Which at my age, is not unusual!!

MM/Extrader, and all.

Any suggestions on what this part of the RNS means? Elphick owns much of the Guava shares. Could he be looking to exit? If so, I would have thought he would want the share price to be much higher than 10p when his 6 month lock-in ends.

"Lock-In and Orderly Market agreement with Guava

The Company and Guava Minerals Limited ("Guava") have entered into an agreement (the "Guava Lock-in Agreement") pursuant to which, subject to certain exceptions, Guava and its connected persons has undertaken with the Company not to, and to procure that its connected persons do not, dispose of any interest in any ordinary shares held by it or subsequently acquired after the date of the Guava Lock-In Agreement, for 6 months following First Admission. After the period of 6 months from First Admission, Guava has agreed to only dispose of ordinary shares held by it in accordance with certain orderly market provisions for a further period of 6 months. In the event that First Admission does not occur by 14 March 2025, the Guava Lock-in Agreement shall lapse and have no effect."

MJWand

"The Elites paid 4.1p, they’ve already made their money at the expense of retail holders. " Amazing when they have not yet even been allocated their shares!

"nobody other than shorts closing were willing to pay above 10p today. " There are/were no shorts on ZIOC, so there were no shorts closing.

I do agree though that the share price may well drift down again before it rises.