Blencowe Resources: Aspiring to become one of the largest graphite producers in the world. Watch the video here.
Ocelot: I’d say it’s time the management here apprised the business’s owners of the terms of the new offtake agreement and of the new hedges with Trafigura. There has been no recent comment on the gas flow from the already heavily depleted Saltfleetby field either. The company’s survival rests on this, not on the Weald “assets”.
This share is a coyote, not a double bagger.
Ocelot: why do you presume that Angus’s change of broker was was at Angus’s instigation?
RT003: very amusing.
Patrick7: nope. Saltfleetby Energy, Mr. Forrest’s vehicle, initially owned 100% and subsequently sold 51% to Angus. The terms of the sale to Angus of his remaining investment of 49% appeared to some of us to be generous at the time. You can draw your own conclusions as to how they appear now.
Ocelot: he did own 100%, but sold 51% to Angus, whose offices were just across the landing. He later did a phenomenal deal with the noble Lord Lucan, Angus’s Pen Holder at the time, whereby he offloaded the rest for tons of cash and shares. He’s been busy offloading the shares ever since. A nice little earner all round, really.
Ocelot: would Mr. Sanderson’s resignation represent a positive surprise?
Zwartkops: why would Mr. Prelea be “in a sleazy South African bar”, when the Victoria Falls Hotel has reportedly been his preferred lodging while in Southern Africa? And I dare say he’ll prefer the more delicate flavour and tenderness of Thomson’s gazelle.
“Paul Forrest's resignation from the board does mark the attainment of a milestone in Angus's development.”
Does anyone else sense a double entendre in this statement? Is Mr. Forrest imitating the action of the rat vis-à-vis the sinking ship? The game’s afoot.
WG818: well, The Archers was never as good after his namesake Tom Forrest handed.in his portfolio so it seems unlikely the early rise in the share price will see any follow-through. Will he still be considered an insider? Presumably he will now enjoy freedom to sell his remaining shareholding as and when he likes, without reference to company announcements?
Article 190 of the 8 March 2024 Articles of Association seems to indemnify the Directors against any loss they may suffer for whatever reason in carrying out their duties as Directors, so I dare say their rather blasé attitude towards timely observance of the terms of the Companies Act re AGM’s may reflect this. Shareholders would have to cover the cost of any legal case, I should imagine.
WG818: that’s an interesting comparison. I remember the collapse of Enron. A CNN report commented later that:
“An independent review published in 2002 detailed how executives pocketed millions of dollars from complex, off-the-books partnerships while reporting inflated profits to shareholders”.
They did this partly though very dodgy hedge contracts and other deals, which allowed them to inflate their profits for a number of years, until it all became unsupportable. Fortunately, it really would be fanciful to suggest that there are any parallels with Angus. For one thing, the financial advice enabling something like this to develop would not be available to Angus. They’d have to have insiders who really understood corporate finance and accounting. In any case, that was the US. They do things differently there.
Octane: debt of £20mm., a depleted asset which gets more depleted every month without millions more invested in it, royalties, hedge contracts and offtake agreements the terms of which have not been revealed, apparent concert parties with 42% of the equity. Zero chance of a dividend. Further share issues to come just to keep existing assets going. Auditors’ reservations over going concern status. Massive share and warrant overhangs at above current prices. Have I missed anything? Are we comparing like with like? Which US companies is Mr. Zielicki comparing Angus with?
That’s all right then, Ocelot, if Krzys Zielicki said so. I’d prefer to listen to Lord Lucan. Which is saying something.
Cynderlad: I don’t want to read this kind of abuse on here. Filtered.
Risible. No one here has “information” about the diamonds, other than, apparently, Mr. Prelea. Good luck with that.
If your point is that the RBZ will be persuaded to stump up the value of the missing diamonds before Vast ceases to be, I think you’re going to be sadly disappointed. Though your confidence in the good faith of Zimbabwe Government institutions is touching.
I don’t see what difference that makes. If they’re gone, they’re gone.
Mrs. Mugabe
Yes, Mr. Sanderson and Adrian must be a bit concerned as the market cap passes through a sum that equates to less than 4x his annual salary. It doesn’t leave him much scope for a big raise this year, does it? To say the least.