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Great news today. More to follow.

Saudi's like to buy things, imo. They will be aware of Bahamas look a like prospects to their own fields KSA.

I would like to think that Rufus has been given until the end of the month to either come clean or hit 10k tonnes of coal. After that, then on borrowed time, imo.

The larger holders will not approve another placing. The shareholders said no to the open offer. I doubt any new placees would take equity in EDL with the debt owed to Lind and their rights to the mine. Lind may forward more cash but I think for the long term we need a change in management. I hope the major shareholders are looking into this.

It's got to the stage now where it's the guy that's the trouble and not the circumstances, imo.

They need to dig themselves out of this mess by increasing coal production. The trouble is though, Rufus's execution is poor. He gets ahead of himself due to lack of experience when it comes to operating a coal mine. He's only comfortable with geology and exploration and trying to find resources. EDL needs an experienced miner running the company, as it's trying to be a producer, rather than an explorer. I think Rufus want's to go looking elsewhere for new prospects in Africa, as that's really what he's comfortable at, rather than running a mine. I guess that's why he's never bought any shares as he doesn't get what being a producer and making a profit is. He only understands fund raising's and believes in being given money for exploration, as that is all he's ever known and is how exploration works.

Where did you read that John?

Are Rufus and the others deferring their salary yet until the company is on a more sound footing?

GreenWolf - Yep, but how has Rufus been left to operate a company in this shambolic way for so long?. Surely the large company holders of 26% have been involved with what Rufus has been doing and were informed that he intended to mortgage the mine to Lind for a paltry £900k even though he had no way of paying the loan back, other than to do an open offer and ask shareholders to pay it back for him. Those poor long suffering shareholders taking up the offer have an immediate 60% loss on their hands, not to mention their previous losses, and now Rufus won't even stick his hand in his pocket and show confidence in himself and buy some shares in a company he runs, let alone come clean to shareholders about what's going on with the mine and all the money and delays and whether they have coal contracts or not or whether they're even producing their targeted output of 10k tonnes per month.. The major shareholders must have either written off their investment as they can't be bothered, or, with a little organising, come together and salvage their investment by putting right what's gone wrong, namely pay this £900k back to Lind and install an experienced team to get the mine delivering the coal and begin cash revenue or sell the mine completely.

It's probably just aswell that Rufus and the directors don't have a notifiable interest in the company. It means it's easier to kick them out.

The total percentage of shares not in public hands is 26.99%, defined as being beneficial holdings of shares held by shareholders holding above 10%

Big holders are/were Commerzbank AG, Henderson Global Investors, UBS AG London Branch, WB Nominees (Walkers Crisps Group)

At the end of the day, there is 173m tonnes of coal sitting there, near to surface. The big shareholders want it monetised, so they will need to get someone in who can do that, without wrecking the company any further. Rufus has done such a bad job that they realise he's gotta go.

Pi, He'll be down the job centre soon enough. I wouldn't be surprised if the others are getting together to pay off Lind and get the mine back and sell it while they can, or put in some decent management to run the thing properly. Rufus will be last to know, imo.

And still they don't buy shares in the open market. Not even £10k's worth.

Yes, in desperation and a very ill thought out strategy, Rufus has just handed the mine over to Lind. Rufus really needs to start producing 10k tonnes of coal per month and selling it. It's not hard to do but for some reason seems completely inept at doing anything right. Doesn't have his finger on the pulse or any grip on how to run a mine or execute a mining project. How come he's been at EDL for so long without anyone kicking him and the others out? Surely they will be kicked out now. There are big holders of the company who must care about their investment and realise that Rufus and everyone need to be let go.

Surely they need to just sell the mine now.

When are the directors ever going to earn their keep? So far they've failed abysmally. When are the large shareholders going to turf out the management and put in some proper miners and business people.

The open offer shares have already lost 60% of their value before they even get to market.. That's got to be the worst open offer ever made by a listed company in history.

Sorry, £62k