Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Thanks for the extremely long and detailed explanation that it was "clearly" a buy. Or as you say a "near certainty", well "pretty clear" I mean an "honest opinion". I don't doubt it was an honest opinion.
CTW IMHO unless you spoke with the MM who dealt that, or know the trader, your last statement really shows you are either misleading us here or really don't have a clue about how the stock market works. How can you be so certain it is clearly a buy - do you have access to information other that that published by the LSE who don't identify the direction of the trade?
Well as of 30/6 Chris said "our expected order book value for 2017 to EUR3.6 million" and given the way businesses work with lead-times etc it's pretty hard to see how he will not be accused of misleading the market if he doesn't achieve this. Of course he's does this before (only achieve 1/3 or 1/4 of "order book"), but as CTW ways let's give him the benefit of the doubt, reached a turning point, doing everything he can, new orders have been announced etc etc. I hope I'm wrong of course, rabbits have been pulled from hats before.
On 13 December 2016 Fox said "The Company#s order book for 2017 currently stands at 2.9m. The order book reflects the continued global appetite for high quality marble from wholesalers, producers and architects, including Pisani, Eboracum"; However, Eboracum stated in a Companies House filing that they were a dormant company as of 21/10/2016, 6 weeks before this announcement. Fox is claiming that Eboracum had an appetite for marble when Eboracum were dormant! From my perspective I have no reason to disagree with you claim ctw2014.
Of course the knows the founders! One of them has been "distributing " marble for him for years but as we know from import records and from Fox sales he hasn't actually managed to sell much. He knew the founders of Eboracum too. How Chris knows a former bar manager from up North with a string of failed business behind him being chased for hundreds of thousands of pounds from the liquidator of one of them one can only wonder. (Their broker stated to me "Fox’s management were familiar with the Principal and advised us he has raised sufficient capital to fund the business and its operations" - as we know the company is now dormant and hasn't filed its accounts which are now 4 weeks overdue) No great mystery having a person distributing marble for you in the US who basically doesn't sell any of your marble for a few years who then sets up a new company and gets a shed load of warrants to err carry doing what they were doing anyway, which looks a lot like nothing to me.
Shylock nice work but it won't make a blind bit of difference to the blinkered investors on here. Zhong, Banyan, Eboracum, Pristine. Chris is a serial deal-maker!!!!
Accounts are overdue if anyone cares. They'll be interesting reading because they should reveal the extent of completion of their order with Fox. Yours obsessively....
I generally do have better things to do but 10 minutes or so a week checking to see if Jigsaw Leisure has another liquidator's report, looking in here etc I do rather like - I found out that Eboracum had seemingly copied someone else's website for example and that Banyan had no money (ok, about £3,700) so it's quite enjoyable to check in now again again to see that I was, and seemingly still am, right about this company. FOX is yet another sobering lesson regarding AIM IMHO, and it never ceases to amaze me how long some people take to learn relatively simple things about investing. All IMHO.
CTW it sometimes works like this: X shorts shares, X takes fees in shares, X closes short with shares just acquired in lieu of fees. X happy as they keep warrants. May or may not have happened here. Who knows. With Eboracum, Zhong, Banyan, Pisani can you really trust what management says? It's your choice. IMHO there is some desperate ramping here. These are my attempts: The factory burns down: This is positive because they would get insurance money and a new factory The agents go bust: Then they'll deal direct and cut out middleman fees and increase profitability The order book shrinks: They are now realistic about orders The factory isn't finished: They're saving money on unnecessary machinery They start paying everyone in shares: Sign of confidence in the company that the share price will increase They can't pay in shares anymore and have to attach warrants: Great sign that X who has just got loads of warrants has confidence in the company They run out of money and have to borrow: Sign of confidence in the company as the lenders are clearly prepared to lend after due diligence They don't meet sales targets: Clearly potential for increased revenues Lots of unsold marble: Clearly huge potential to increase revenues Lots of unsold marble: It's not going anywhere and will be sold one day. Revolution in Kosovo: Ideal opportunity to work with new regime Licences revoked: They'll renegotiate and it will be a win win all around Increased bank account balance because they borrowed shedloads of money: Clearly in a position to increase revenues with a stronger balance sheet Director dies: An opportunity to reduce management costs Marble turns out to be made of icing sugar: A fantastic opportunity to diversify their business offering People who spin news eventually look like fools, IMHO. Most readers can tell, really. If it walks, talks and looks like a slow motion train-wreck then perhaps, just perhaps, it is. GLTA. My opinion only. Everyone need to make their own decision, but look up Eboracum and Jigsaw Leisure on Companies House and get Banyans' balance sheet first?
Did cash not diminish only because they borrowed money to put into the bank account?? cash versus net cash.....
...went into administration on 8th June - check with companies house company 335887. And Fox elected not to tell you investors despite this swiping 800k off the order book???
A smaller order book, 800,000 gone! Just three weeks ago "As we look ahead to H2 2017 we remain confident that we will continue to grow our order book" Factory not finished. Another customer fails to complete on "orders". Yawn. And what is the different between these two statements? Net cash position at 31 December 2016 of EUR0.94 million Our cash balance as at 28 June 2017 is EUR0.97 million Anyone invested here has had plenty of warning. GLTA
I did get a laugh. How do you think that Chris has delivered? He made three multi million EUR deals that seemingly have not materialised but did give the impression of a good order book and allowed for placings. The "factory" is still seemingly not finished. He made statements in the middle of 2016 that show an absolute minimum of sales of EUR 1M for the year based on actual purchases but does not even deliver on confirmed purchaes let alone "orders". ANs surely if the sales were EUR 4.4M this year then half way through he would be able to make a statement of how many sales have been made year to date?
"1. So far Gilbert has actually delivered" - ROFL As for why I would research this share and spend several hundred pounds on getting company accounts from Gibraltar on Banyan and communicating with the administrators from Eboracum's directors' previous bankrupt company: I do it for pure fun. Everything we do is education. I've learned a lot here. Not least about how investors just won't accept something even when slapped in the face with it. It was well worth it. GLTA.
CTW you really have no one to blame but yourself. It's all been laid out for you. Good luck to all. Especially those who do some investigation honestly and openly and report it to other investors and potential investors. They are not trolls. It's called a discussion.
Prospects are always good if you can produce stuff and then sell it. The only question is can Fox do both? Does anyone believe so far they have done either?
ctw: Can you name a single other company that has RNS'ed a "specification" IMHO this company is running out of money fast and will have a fundraising in the next month or two, or finally get that big *sale* they really need.
The underlying admin burn rate was about EUR 200K a month. I reckon it's probably higher now. EUR 3M sales p.a. minimum to support the company, probably 5M I have never seen an RNS for a "specification". And we all know that Fox's historical conversion rate from orders to actual sales seems to be around 20%. The investors here who fail to see the potential risks really have only themselves to blame as the issues have been repeatedly pointed out. Fox may well get some massive sale and recover but 300k of specifications and orders isn't going to hack it IMHO
This is for you... https://beta.companieshouse.gov.uk/company/09837366/filing-history EBORACUM MARBLE LTD Company number 09837366 Registered office address 20-22 Wenlock Road, London, England, N1 7GU Company status Active — Active proposal to strike off GLTA
Take eboracum and banyan out of the order book and there's not much left. Ask Chris.