Member Info for okenia

Obviously the WTI debt it does need some restructuring, because WTI aren't able to make the repayments. There is a very good question about just how high copper needs to go before WTI are able to meet their debt obligations. Having seen these sort of debt-burden scenarios play out elsewhere (a number of oilers in recent years for example - we can all think of a few) one option would be a debt for equity swap. In your mind, what specifically are you hoping for Vanilla by way of "debt restructuring"?

When a CEO is told by the major shareholder that he can't do anything significant without their explicit say-so, his position is pretty untenable. Making him then RNS that just rubs salt into the wound. Yesterday's RNS was at "let's hide it" 17:45 and today the CEO walks with no explanation as to why to sugar the pill. Doesn't really ooze positive vibes I'm afraid.

Let me give you a different viewpoint. Those of us who supported the company in the last fundraise are people who may want to add to their holding. NTOG is a different beast today compared to when the 2p placing occurred this time last year. Fund at 2p, then watch how the company grows. When ready add to holding by exercising warrants. There's no rush however as the deadline isn't here, so that capital can be used elsewhere in the meantime. The issue isn't therefore that people are flipping, it's because supportive LTHs currently have the ability to top up at 3p via warrants as opposed to the secondary market. Ie it is a removal of buyers not the appearance of new sellers. Would I buy ntog at 3p tomorrow? Absolutely. It's massively progressed compared to the situation when the 2p fundraise was done. But since I have 3p warrants I currently have a different source of stock. For now. I say the above purely from a personal perspective. I can't speak for other warrant holders.

Rather than bandying about numbers (never historically your strong point MrM, as I'm sure you will concede), how about detailing what you think are the current liabilities (ie payable within the year) - how much, and owed to whom? I suspect that might help you get out of this tangled nightmare of numbers you seem to have got yourself wrapped up in. Again.

Little red. If I had WHET shares and wanted to sell them then yes I might go thru the faff of Britdaq. But no I wouldn't voluntarily buy stock in an unlisted company I could only trade via a matched deal platform like Britdaq. I'm afraid it doesn't get past first base as an option. Doesn't stop it being a fascinating story. And some people will make money.

There's 25 companies on Britdaq although 7 of them have had zero trades to date. Several haven't had a trade since 2013 https://www.britdaq.com/company/ WHET is the outlier

The last non-WHET trade on Britdaq was Getmapping, on 14/3/18 https://www.britdaq.com/match/137 The Companies page gives a summary of the last match for each company. WHET has been responsible for > 90% of all trades done in 2018 on the platform.

An orderly market agreement is not a lock-in. I hope that helps.

Jason - "How much in pounds have been bought today?" About �10k worth have been sold/bought today, which is more than a lot of AIM companies to be honest. Nearly �700 of fees to Britdaq so Paul much be smiling today!

WRN wasn't on AIM

It's not a royalty from JMS. It's a dividend (executed by the tax-efficient method of an equal-access share buyback, the result of which is that RRR retains exactly the same percent ownership after the buyback that it did before - you know, just like a dividend - plus a massive wad of tenners - you know, just like a dividend). I had thought we'd gone thru this issue with you before, hey ho.

DeL boy, I like that :)

Indeed Kabaa If Mr 'has anyone got a pocket calculator?' Magic wants to spend his time constantly bleating on about how he lost £9,000 and it was all someone else's fault, honest guv, then he can. It's a free country. Meanwhile those of us less blinkered are able to make good money as the company grows (e.g. those of us who supported the company at 0.4p, and again at 0.8p)). We risked capital and are reaping our rewards, which is exactly how the stock market works. Some of us (shout out to Richie ) even got off our bums and flew to Bosnia to see things first hand. There's very little worthwhile posted here so like many people I don't bother these days, happy to leave the Ex-Wives Club to it.

Yes I'd noticed that. It's a producing copper mine in the Yukon, and Canada/Vancouver is the epicentre of natural resource investing. There is bound to be strong Canadian interest in this asset and yes I'm still of the view that a TSX listing will happen in due course. [Some Canadian investors might require such a listing - so this could be sooner than later].

colin - whether or not Rosa isa good asset and worth spending even another cent on, is a different matter. What is different today is RGM now have proper technical coal specialists on board (Legacy Hill) and I would expect them to be giving feedback to RGM as to whether Rosa is worth more effort or they should just walk. It's clear (and accepted by RGM) that they didn't have the in-house expertise necessary and were too reliant on the JV partner, but fair does to them they have brought in the necessary skill set now. Now you do get into an interesting area when it comes to what another Chairman calls "assets with hairs on". That is, after you've bought an asset for price X, how do you generate increased value (and thus increased SP)? If I buy a decent asset with limited upside, I'll pay fair price for it and collect maybe a nice dividend. But that's all priced in. If instead I want to make transformational value (as opposed to just transactional), then there needs to be headroom. For an explorer that's easy - the risk of finding something and the skill set of the geo team. But for a producing asset, how do you take something making $2m a month and turn it into something making $5m/m? It needs hairs on it and thus something you can solve (with the correct technical team) and you specifically look for assets with (potentially solvable) problems. Hairs. It's just like buying a run-down house and doing it up and flipping for a profit. If I bought an immaculate walk-in-read home, there's nothing I can do to add value other than ride a general lift in the market. But with a run-down shell, there's loads I can do. So I'm less bothered about 'issue' at Rosa, in fact to me that's the whole point of acquiring a producing asset - as an investment.

I'd agree with those sentiments 100% Levi

Even in your model, however, you can accept that it looks like RGM have the whip hand with the JV partner and could pull off a good deal (based on subtle body language and wording, I grant you, and a lot of reading between the lines)? This could have a good outcome, irrespective of our views on the journey.

Let me suggest a somewhat different view on this (which may or may not be true). RGM are the minority shareholder and not the operator of Rosa. Certainly in the early days, they were reliant on the JV partner and operator to provide them information. It may well be that they were lead to believe by the JV partner that the highwaller was on site, and the RNS in question was made in good faith, based on the information given to it. Do remember that the NOMAD is responsible for signing off all RNSes (let's not stretch that too far, mind). Now roll forwards many months. RGM are clearly in negotiations to snaffle the rest of Rosa, and they are putting out body language that strongly suggests that they feel they have the upper hand. I refer you to this line in the current RNS: "as suggested in the announcement of 24 November 2017, the eventual terms of a transaction acceptable to Regency would require negotiation and are likely to be different from those then set out." Now think about it for a second. RGM know far more about what has gone on here than we do. Some of that might include information and actions that are, how shall I put it, 'embarrassing' to the JV partner if it became public knowledge. Or more. In those circumstances I would be keeping my cards firmly to my chest and kept private, because I lose that negotiating chip the moment I take it public. You may not give much credence to that scenario, especially for those of you who automatically assume every word the CEO utters is a lie and the whole business is simply a scam to line his pocket (yes you know exactly who I am referring to!). But I would put it to you that the scenario painted above is at least consistent with the facts, and to me actually more plausible. Certainly, there's no body language being sent out that suggests the JV partner is in a good place, and has a good relationship with RGM - quite the opposite. We'll never know what's happening behind closed doors, but if RGM end up with 100% of Rosa on what are obviously substantially improved terms, then I think you'll be able to draw your own conclusions about the back story.

A tad difficult since the FSA was disbanded in 2013 ...

This pretty much summarises the current state of play wolfie: http://www.lse.co.uk/share-regulatory-news.asp?shareprice=PERE&ArticleCode=0v0oa4t8&ArticleHeadline=Acquisition_and_suspension_of_trading