Member Info for okenia

I promised assassin8 I'd keep my own counsel on WRN (which I have, today's the first time I've commented on it). I hope it does get shifting for you because it must be driving people mildly insane with the suspension and the lack of concrete news. The current issue of Private Eye (where it has a full half page) can't help either. AUCT looks very sound: - no debt or planned dilution (eg via CLNs), they simply have cash in the bank - founders with their own money and skin in the game - founders with high profile and very credible natural resource investment track records (NCIM, Arlington etc) - cash in bank to deploy and attempts to minimise cash burn prior to investment - simple, easy to understand strategy that at the same time is rather unusual. - fractured natural resources sector may mean there are some interesting things to pick up. It comes down to being a punt on the names involved, however I've been invested with these guys before and respect their credentials. In that respect I'm comfy. I'll leave the cash here until they do something. They've promised to return the cash if an opportunity doesn't crystallise so that's a reasonable risk/reward … it's not a dodgy lifestyle AIM stock where the cash will be blown on BOD salaries.

Hello PK, nice to see you, long time no chat. I see you're a shell collector!

Malcolm Burne however is a big gold person (Auz Bullion corp, GPM) which was what made me wonder if the 'au' was a hint… http://www.agam.co.uk/people/ Praetorian (the other Burne/Cannon-Brookes vehicle) is heavily gold weighted too, although that does show they will play outside the gold arena. Just idle speculation on my side, probably will end up being something very different!

I'm not sure WRN is a good comparison (other than people might hope for a similar [upward] SP trajectory). AUCT have deliberately set this up to do a single, discrete RTO to bring something onto the main market. As part of that I imagine AUCT would disappear (name change and all that) to reflect the new company. At the conclusion of this your shares will now be in some main-market natural resources company, post RTO. Given the track record of the individuals involved at NCIM (and in particular Golden Prospects GPM), together with the "AU-" bit of the name, one suspects they'll target a gold share. But that's my hunch, nothing more. WRN is a pooled investment vehicle looking to raise debt/equity finance (loan notes etc) to have a diversified pool of investments across a range of sectors. The one thing they are trying to do is to AVOID any of these being so large as to be viewed as a RTO (slightly difficult for a smallcap with big aspirations), which places WRN in a long tradition of investment companies raise funds/debt and making investments. Their current suspension is while they try and convince the FCA that they can structure the various investments in such a way that none trigger the AGM/prospectus etc hassle of a RTO. AUCT is pretty unique in my knowledge of being a vehicle deliberately set up on the main market to do a single RTO. Usually you see this sort of thing on AIM where a failed company is used as a shell to RTO something into it, thus avoiding AIM admission hassles. It will have been a lot of work to set AUCT up as a main listing company from scratch as a shell, which suggests to me that the company already had one or more targets very much in their sights when they did this, as opposed to it being an opportunistic "lets set it up and see what we can find" case. At the very least they will have had a initial list of potential candidates, just to convince themselves that there are fish in the pond to go for. AUCT will be a very interesting story to follow (and yes, I do have a small stake here, based on the concept, people involved and the current market conditions).

That's the trap of deep value investing. Go for something with a PE of 1 and you include companies where the market simply doesn't believe the 'E' and thus reduces the 'P' accordingly. Usual finger-in-wind sanity check "is this too good to be true?" always helpful.

1% of company?

"162 years of clothing closure fastening production" would a dull fall-back position ...

Keynote from Jason and SPR as a exhibitor as well. They had indeed better get a shift on! http://www.ukinvestorshow.com/#speakers "Jason Drummond Tech Entrepreneur Jason Drummond has founded, built and led 7 technology IPOs on European Stock Exchanges since 1999. Jason is active in technology business and is a founder and Director of FAIRFX plc a P2P (peer-to-peer) foreign currency exchange with over 335,000 personal and 1,000 business customers. Jason was also the founder of Coms plc (CODE:COMS) the Internet communications Company.)"

One assumes that they have a roadmap that will give them plenty of stuff to talk about at the UKIS, otherwise they'll either have to pull the presentation (and look like muppets) or else stand up and do muppets-in-situ. Neither sounds likely with the names involved here, thus suspect this will develop rather rapidly in next few weeks.

UKIS is 18 April 2015, so they'll need to move rapidly in order to get enough to fill a presentation. Can hardly stand up for 20 mins and say "yeah we used to make buttons, we're thinking of something else now".

I did a similar thing - I know how Dl uses cash shells (eg AFRI, REM) to launch new businesses so wanted to be in before the plans were announced. It then spiked so I bailed, taking a reasonable profit. The tungsten idea is uninspiring to say the least, you can get better plays directly without having to go through a shell that will cream off vast amounts of money into the pockets of the directors and admin costs (I dread to imagine Total Expense Ration this would have it it ever had to publish one - more than a couple of percent!). Market clearly thought the same thing and bombed once the new came. Interestingly DL bailed from PLMO and moved to EVO, I still don't understand quite why. He said he didn't have any decent ideas for PLMO and based on the tungsten play here I'd suggest he hasn't actually got a brilliant idea here either. Not for me then. I dare say this will make money over a few years as the resource sector returns to form, but not without a lot of expense drag due to the size and the people involved (lol). Far better options out there. Good luck to those that remain.

"You can get a 3 day pass for just 1775 pounds." I'll get two ...

- PEA "indicates that Woodstock holds great promise to emerge as potentially one of the lowest cost EMM producers in the world" - Fully funded ("adequately financed to meet its planned programs and business objectives") - Working capital surplus of $6.6m - No debt - Mineral rights at $13.9m book value All that for a MCap of £8m.

I suspect that will change quite dramatically in the next 12 months though (said as such on the tiptv interview). REM will get the Sonora asset bought out for masses, HH will get handed over to the big boys a la LGO when it gets going, and he'll move to Africa for his retirement project (AFRI). Question is whether he wants to take on something new (eg EVO). Remember he bailed from PLMO despite the fact they've not actually done anything apart from stabilise - they're essentially on life support. The ditching of PLMO to take on an identification shell with EVO totally baffles me (other than the nice profit on the placing!).

Usual practice (especially given the # of shares) is that he'll have a 1-year lock in. Fair does to him, he doesn't tend to sell shares so I very much doubt he'll flip them into the market. That in itself would send a catastrophic message to the market. As for other placees (100m other shares not with DL or Strang) we shall see - if I were them I'd be flipping first thing Monday to exploit the current disconnect between purchase and sale price. Normally a placee would look for a quick 10-20% return, here they will get 300-500%. Be stupid not to look that gift horse in the mouth.

Easy money for DL. You've got to then ask where that money has come from. If you don't know who the bigger fool is in any business deal then it's likely to be oneself.

That also explains why there was no push for a higher placing price and revision. DL will have said "0.12p placing or I don't join the board - your choice". Good move my DL, completely shafts shareholders. Unimpressed to put it mildly.

* placee

"Mr. Lenigas has an interest in 67.5 million shares in the Company, which represents 19.3% of the issued share capital." Capital raising £210,000 175,000,000 shares. I presume that means that DL is a place and bought those 67.5m shares for 0.12p. That cost him £81,000 and the shares are currently worth ~£450,000. Nice work if you can get it.

I shall crack a bottle of merlot after work in your honour wastegatechatter, you can stand me one next time we meet.