Member Info for Moleinahole

Do they need to convene an EGM meeting to receive the vote or do the articles permit it all be done at arms length with no meeting? If so you may get your chance. They owe it to the long term holders to hold a meeting to explain what has gone on - but I bet they don't. Its the stringing along for the last year that really hurts. They or the nomad really should make themselves available to answer questions that the PI's have. Maybe we will get a proposition document monday.

Look at the size of that late trade. Presumably either an institution buying - possibly even Redbird or their associates. After an overnight sleep on the matter I now have only a small holding left after selling a large chunk yesterday. I've read Jeremy Dowlers comments this morning which to me strongly point to them knowing where they will get funding with Redbird and most likely funding from China and the PI's or as he puts it the market failing to see the value were clearly a potential obstacle and they believed they could not raise equity on the scale they envisaged that way. So the project is not dead but $12m dollars to complete the BFS is way more than ever previously disclosed and points to a very different type of project. As a PI you have to weigh up the not inconsiderable risks of potentially being a minority shareholder in a closed company about to do a fund raising. What's missing is important detail like if you are able to take your shares into the private company will you be able to participate in the fund raising. Still really annoyed at what has happened here. The only shares I have left are in ISA's - I probably should have sold those ones first - but originally reasoned I might leave them to get the 6p. Does anyone know for sure what the position would be for ISA shares. I would guess you can't hold them outside a recognised exchange in most nominee accounts and probably not due to ISA rules. Having slept on it angry as I am - I could see a scenario here where leaving some shares to run could be interesting but exceptionally high risk.

Sparster - I have sold a very large chunk today at less than the 6 pence and a very heavy loss. I can afford the loss but am very angry about the devious way this has been engineered. I simply thank my lucky stars only a small amount is in an ISA - so I can carry the losses forward. Most of my remaining capital has now been recycled quickly into better prospects. If you invest for the long term - you rely on the board having plans aligned with your own investing philosphy. Today the board have shown that their and they believe the companies interests are no longer aligned to PI long term value investors and we are effectively having the company transferred to longer term bigger players. That is why I have sold. I do not like being deceived and led on a merry dance let alone be patronised with a measly offer after sticking so long. I have other better targets in mind and once trust is gone in a board I move on. I also suspect this one is all stitched up already with the altering of the articles last year and I'm sure the number of shares will be achieved - although they probably needed to try this shock and awe tactic to bully the PI's to sell as if they needed a large majority in the vote there was the potential to block. This one has taught me alot and I carry that experience forward. If you want another classic example in mining of what is going on at the moment on AIM miners go and have a look at EMED. Another one where the PI's are getting pressured very hard. Oh well, at least I'm off to a whiskey drinking night tonight!

No there is still a substantial small PI base who are the target here. It is the easy way out for the Board to get the funding and Redbird can see the long term value. No doubt the board have positions lined up. Victim of the credit crunch, QE and the decline in Ore price. Looks like the concept is good but its for larger players not PI's. Very sad when it is the loyal PI's who have helped the company along for many years. But tha's AIM for you.

That's about as bad an engineered raid over the last year on small shareholders I have seen for a while. No wonder IFC didn't contribute. The small PI is being cleaned out and pushed aside at the very bottom of the market with a measly tip and invited to step outside before the party. They have been struggling for finance for a while and the constant delays on the DFS were showing. It is an offer so could be worse. It looks like you do have the option reading between the lines of not selling - but you would be diluted - but maybe still have the opportunity of the ride back up in the long term - but with a share not on a main market that could be difficult and would be risky. If you are in an ISA you probably don't have that option and could not recover your losses either. Very dissappointing and many of us thought more or the BOD than this.

Yes with an illiquid share you will get punished if you try and sell a large block. Someone must have been very desperate to sell at a level half what is was little over a month ago and well below bid - for it not to have crashed the price is also unusual. Maybe there is someone hoovering up shares. Tiptop whilst you are confident of the money in the bank I would caution - have they resolved the legal dispute with the driller yet? They had chosen not to provision for that in the accounts last time I looked. The reason I am suspicious is that on the way down just before bad news "insiders" were clearly able to exit before it was known to the wider market as the price moved sharply in advance of news. That is a big sell and volume on Toronto was up as well. Be very careful with Antrim.

Tiptop or anyone like to comment on that very large late reported trade on LSE? 1.30 lowest I have ever seen (but no move in bid/offer to match?). Tends to point to a sell - maybe worked over a few days/weeks given volume. Volume on Toronto also high today with Dundee security selling - but buyers must be picking up stock overall down 12% which is not unusual these days. Strange as ENEG up 10% on lowish volume which would not point to Fyne news. TipTOP you are posting on Europa board today where they have had news - but not that I can see on Ireland assests.

Tiptop -bitter experience! There is value but the board have to show they have a credible plan to get at the value. The heavey discount to value reflects a scepticism that they have a plan to get it out. The remaining value in cash and undeveloped assets is the remants of past value. On AIM management credibility is vital. the current board for me have a massive credibility problem and to make matters worse they have a knack of being unlucky. The last AGM for me was the tipping point. They could not even count the votes correctly. They are now too small to progress it alone - the cash will twindle at about 1 million a year so they are holding out in hope of the big score in Ireland or Fyne. As I say that could well come off - but as a shareholder it is clear to me they should merge with someone else and pool what they have to get at the bigger prize and get rid of the current board. SOU was a sensible option at a fair price. They turned it down - the resulting performance of the share prices says it all.

Love your enthusiasm. The problem is any long term shareholders have seen value destruction of monumental proportions caused in no small part by incompetent management decisions. Whilst they have assets - the cash is not enough and they broke their covenants on their last loans so I suspect financing will not be easy for them to access. They are totally relying on partners to develop the assets. The track record of drilling in Ireland is poor and likely to be expensive. Fyne is marginal and reliant on a partner using new technology - Enegi (I believe) - go have a look at their board and see whats going on there. So yes potential asset rich - but I would be surprised if they are buying anybody. They should have merged with SOU to benefit the shareholders rather than themselves on the board. Personally I have massively reduced my holding in the past month and now keep a small bit (my first original holding 90% destroyed) to remind me. There may be some money here for the traders - but the spread makes it difficult to do that. Long term if Kosmos comes off it could well shoot up - but its a longshot and why I have left what I have to see if the numbers come up.

There have been quite a few groups of 50k and 100k buys recently and indeed all the way down from 30p. Its shocking what 100k is worth today. The spread makes trading this hard at the moment - my thoughts are that some of it could be people crystalising losses and re-opening longer term positions prior to any future rise - I have been looking at that myself as an option if I need to offset any gains this year (at the moment that is not a problem I have more likely to carry losses forward!). That will get harder as the year progresses and is also a factor in my opinion as to why we are nearer 4p than 10p today - the delays make that easier as well as you can move the money and lose it on another aim stock and still come back to lose whats left! Hopefully we are at a turning point.

Price appears to be steady - I think we have reached capitulation and only the hardy are left! The reduced IFC position means they contribute less going forwards - maybe that is as much of a factor here - or maybe they feel a bit more confident that we have a potential funding source or they know where the funding will come from. They retain their equity stake at 3% so overall they still have a large interest in the project as both a partner and equity holder.

A mixed bag in that update. The reason for the AMED surprise bridging loan is now clear - IFC didn't pay their share. We can only speculate why that was and how committed they are going forward. Maybe they have limited funds, maybe they were not happy with speed of progress in 2014 either! Clearly we are looking to china to take the project forward - we now know the Chinese connection names - so we have something to research. We also learn the large bench scale is to try out new methods/technology. That could work out if it secures some funding or a partner who wants to showcase. One feels they are looking at the smaller end of the start up scale especially with new techniques and are having to work hard to get this moving in the current environment. If they can keep this moving - still likely to end up producing very cheap iron - so the economics still stack up we have to trust them that this is the way to go.

My thoughts exactly - if the proposition is good I would expect the IFC to assist BAO get the show on the road. Maybe the pushing out of the DFS with all the extra work items is part of a wider process of proving the proposition. The role of Standard Chartered is also interesting - I hope they don't cost us anything because its hard to see what they are adding at the moment. With the Iron Ore commodity cycle at a low the delay is not the end of the world. The politics in Moz seems to be improving and I would like to think the IFC would want to push the development agenda forward and that BAO are a part of that. I have not written this one off - but the end date has definitely gone out. My other observation is that we seem to have effectively "mortgaged" off the other joint venture development to free up the funds to complete the DFS. So funding is tight and the cash burn is now a key watch item.

Long term holder - wincing at the current share price - average around 19p but very reticent to average down. Intend to go to the AGM (as long as work is not an issue) to get a feel for where we are at and see at close hand whether my faith in the BOD is still sound. I still like the business concept and values that underpin this company which is why I have not sold - though bitterly regret not having sold to average down after the concerted shorting activities 2 year ago which has taught me valuable lessons. There is little room for sentimentality on AIM. What always intriigues me is the role of the IFC - surely they must be assisting BAO find the right funding package to drive development in Moz. The emerging chinese connection makes sense in the geo-political sphere - but they will drive a hard bargain in any deals and the question is how much equity we have to give away to progress - the low share price means dillution now is very painful. It would be interesting to see what role IFC has played in other projects where they have been involved in securing both equity or access to lines of credit or development funds (maybe even involving the government). We have like most small resource stocks had a torrid time but the cornerstone investor (Amed) have continued to support and they are clearly playing a longer game. The AMED investment approach from their website is worth a read. Personnally I can be patient - I also hold AMC and EMED both of whom have started to turn after long periods underwater - BAO will have its time and I hope this year is the start. My expectations have been significantly reduced - but would love to see the BOD take this one to production.