Member Info for Phillip1976

I wouldn’t say it’s a win win. Since the unexpected closure of the plant the sp has lost roughly 75% of its value and it cost us £20m through countless dilutions. We are basically getting what we have already paid for

This board isn’t a dictatorship. If you have are, have been or thinking of investing then you’re entitled to comment. This board has a habit of going off course more than most so let’s talk about the past, facts and the future. The past is catching up with us now. We had a working mine, admittedly not churning out what we wanted, but still something is better than nothing but it was moth balled at the start of the year. The SP at that stage was floating around mid .4. The mine got binned and the SP plummeted to mid .25ish. Now talks began with the government back then in an attempt to recoup the £20m owed to us. We are now 11 months along and we still have a moth balled mine, the SP now sitting at .13ish and no clarity on RHA. We were told that the issue with the mine would be resolved weeks ago, it hasn’t been. These aren't ramblings of someone who is a ramper/deramper, these are facts. There isn’t one person on this board who can say they are happy with this state of affairs. We have a plan moving forward, but it’s going to cost in a few ways. If we don’t get this SP moving up then Newco shares will be worthless. Be under no illusion money for Newco will be needed and we can only look to the past to see how the company has funded things like this....Darwin, dilution and poor financial loans. Again this doesn’t exactly fill the investor with great confidence. Also we have heard nothing on Zulu in recent months as we don’t have the money to drill it. Now only a few months ago we were told that we were getting a partner to develop this project. And the fact is the partner that we picked/left with could not find the finance. Off topic, my belief that GR converted his loan into shares is that he can benefit further from Circum sale off, so that should be interesting when it comes to dividing that up.

Interesting conversation but I again it highlights the issues with PREM re communication. We were told via RNS that sign off should be completed re near end of October, which didn’t happen. The Govt seeked a further 48 hours which is reasonable, but this 48 hours is now turning into 2 weeks. The issue what shareholders have is this clear lack of communication being provided by the board. I don’t think it is unreasonable for the board to provide an RNS update explaining the efforts they have made in seeking sign off and highlight the failure of the Govt to abide by its own timescales. This reassures shareholders and the market. It SHOULD NOT be the roll of the shareholders to continually seek clarification from the board what efforts they are doing especially after they dropped the news re Newco. The board should be reassuring shareholders at this time as it has seen approximately 45% wiped off its SP in a week. Let’s be clear, I am not attacking anyone on this board, as it appears we have a few soft centres, but this is a regular occurrence with PREM and has been since I’ve bought in. The board now have a clear plan for the future, which should unlock the potential of this company at last, but again we the shareholders were meant to receive further information and clarity re the future and we are still waiting. In my opinion, the lack of communication from the the company is deafening

Yes but once circum shares are sold, Prem will no longer exist and be delisted

The only issue I foresee with the RNS is that the value of shares you have in Pren will not be transferred to Newco. For those who bought at .7 they may be sitting on paper losses, but still hold 5m shares. This cost say £40k. When New Prem is set up they receive 5m shares, but the company is now valued at .35, hence the value they now hold has been reduced from £40k to £20k thus actually losing them £20k in real money but still holding the same amount of shares. Figures are just easy to use, but you can see what I’m trying to illustrate.

This was to be expected. Let’s hope this is the beginning of PREMs house being put in order before New Prem begins. This has been the problem all along, lack of communication. Now we know this has been sorted, it just leaves a few other loose ends to be tied up and let’s hope for a new profitable beginning. The ownership now needs to be resolved. This is now a week since an extension was asked for. Clarification as to what is happening would be good

CF the thing is, we didn’t see it happening, the first anyone knew of it was 9.15am yesterday! But I agree, it’s done now and we are in this position. What I am trying to stress is that we keep ending up in this position. We have been in this position for the last 5 years. The jam tomorrow scenario. We aren’t in a position not to take this deal, it’s the only one on offer. We may just hope that finally this is the deal to make this company what it should be.

There’s a couple of issues that shareholders have with this deal. Firstly, it’s came out of left field. It was never discussed. PREM as we know now is ceasing to exist once Circum shares are sold and New Prem takes all the assets Secondly, we were waiting on news re ownership when this happened, hence why the SP tanked. We are still waiting on ownership Thirdly, as with all RNS’s with PREM - no clarity. Fourthly, We are basically buying a companies assets so we can go it alone. Whilst there was talk of a JV with a company putting money into PREM, New Prem will have to raise 6m. This can pay off in a few years time, but I like other LTH have already been waiting years These, unfortunately are recurring issues with GR and Prem. This has all come out of the blue. All shareholders were expecting the following in this order...RHA been signed over or off to court....JV being announced for Zulu....production to recommence at RHA....Drilling to recommence at Zulu..... As I said, what we got is something from out of the blue and totally unexpected, two things the market definitely dislikes. But we are were we are and it looks like we will have to go with this. As I’ve stated previously, there doesn’t appear to be an alternative

The belief last year was that is we had RHA in production then the funds could be used to explore Zulu and I don’t see why this would change. If we have a profitable mine then there is no need to keep going back to us shareholders for funds

I don’t know if it is real as he’s taking some blame! There’s a couple of worrying statements in that letter, the main one being that JV is far off after being led to believe there was a queue at the door. Now that wasn’t shareholders who sayed that, but GR indirectly led us to believe that a new JV would be found quickly. There was much to debate on this board about this and now we know the answer. Also the letter states that we are up in a bad position. Financially we have no money, need to raise funds for exploitation of Zulu as well to get RHA into production and this can only be done through dilution. So if us shareholders did want to go against this deal it’s going to cost us. No matter what we all say on this BB we know this deal needs to be done. It’s going to cost us LTH dear but if we want to recoup anything it has to go a head. We have been brought to this debacle through poor financial choices made by GR and the board. The deal that killed this share was the summer last and we have never recovered. I, like most shareholders will not be sorry to see GR go and I am happy to see none of the Prem board to move across either though this is high unlikely. Also it’s could to get clarity on how much circum is worth, 6.5m and we also know that those shares will be sold straight away thus ending Prem as we know it. The talk tomorrow should be v interesting, let’s hope there’s an RNS to say we own 90% of RHA or GR will be getting, quite rightly, a bumpy ride

Charlie 1984 imagine if he went back to Darwin to raise the funds??

I have just had a look at the trades throughout the day and there’s no reason for the dramatic drop in the SP after the RNS. Admittedly the RNS is the usual mixture of something positive with a sucker punch at the end, but the SP shouldn’t have lost 40% in minutes. The selling wasn’t execessive, obviously the market just didn’t fancy the news like the rest of us. So another drop tomorrow expected until we get some clarity. Friday could be some craic after GR does his bit.

I agree the 2 action groups need to be brought together and at least an attempt to get some guarantees. Us shareholders have been taken advantage of for far to long now

So still no idea when ownership issues are going to be resolved and when production is going to begin. Again we are not receiving the full picture

What the delay was in issuing the RNS. Not the slowness of the government but the deal being struck with our new partners. Listen if you are investing in this company today, you’ve a great chance to make money, as you will get full value for your shares when it moves to Newco. For us LTH it is a disaster as we will on get the number of shares that we have bought at a higher cost. This also looks like our JV. Instead of money being pumped into Prem we have decided to set up a new company and give 20% away and load it with £6m debt. I can only see this being done through dilution of Prem just before Circum value is realised, thus reducing the profit being handed out to shareholders or straight after the new co is floated and GR is cash rich from Circum sale and invests his money therefore owning a sizeable chunk of a company that is valued at $20m. Newco is only Prem without its circum shares which we all believe to be anywhere from $10-30m. So basically he is derisking Prem and putting all the risk in this new company. Will we see a bounce back to .2? It’s not a staggering distance away, 2 good days trading will do that. What we need is clear information, which Prem has never been able to do. A simple thing of taking ownership has turned into a mess. Let’s all stand up and applaud GR by pulling off another cock up, just when you think he couldn’t do anymore, he finds a new way

No chippyjo he can’t just take the shares, but he is basically winding up Prem today. The only assets Prem will have will be Circum shares and nothing more. Newco will be the new company set up, with all the assets (I’m beginning to wonder if there are any). The value that you now hold in Prem will be reduced even if it is 1 for 1 share as Newco will be given a different SP to what you bought Prem at. So whilst you may have the same number of shares your book value will be much less. I’m hoping I’m seriously wrong but I’ve seen it happen before. In relation to Circum, I think we were all hoping that the money that was raised from the sale could be reinvested to prevent a JV or to fund future development of the assets whilst given a small dividend to the shareholders. This is obviously not going to happen and we will be due some sort of dividend, how GR will work that out is anyone’s guess, but again I have my doubts re seeing true value. Today is the day that PREM has died. I’m truly sorry for all the LTH who have stayed positive throughout this sorry saga and I hope we see some serious dividend from Circum, because as soon as that happens my shares will be sold. I have no faith in GR or this or his future company. I’ll be about £30k down by the end of this, but that’s what happens when you play with the devil himself. GLA

It means that Prem is going to be broke up. I spoke about this earlier in the year when results came from Zulu and GR then broached it in an RNS. Initially he was saying that he was thinking of listing Zulu as a separate listing, but the market didn’t react to well to that, so it was binned. I believe he expected a big bounce in SP when the results were released. He is no breaking of RHA and listing it as a new company and seeking a desperate listing. The purchasing of the equipment is required to make the mine solely PREMs and in the long term will be beneficial, but that’s very long term. My concern now is that he may go a head with the separate listing of Zulu and therefore leave GR to take the Circum shares for himself. As us LTH know, GR is always up to something and it’s rarely to the benefit of the shareholders

It’s moving from .27 to .18 in a heartbeat

If we get good news and a spike, I think it’s time to sell and buy in at a lower mark when dilution comes. I think we can all agree that’s inevitable. Whilst some posters give the positives we have to look at what happens if we don’t get positive news, let’s face it, that’s more GRs form. So RHA isn’t signed off, where does that leave us?? The legal route then will have to be pursued. Buying a house is difficult enough, god only knows how we resolve ownership of a mine in Africa. A mine that has cost us £20m so far, is going to cost us a lot more. Zulu, no JV. Whilst this is unlikely, we have to prepare for the worst. I’m a bit more positive on this and I believe a JV will be found, but not this year. Realistically I think it’ll be January before we hear that. My reasoning is that if our last JV was the best option then we are in trouble and wouldn’t like to the see the rest. Circum spends another year being sold. Interesting comments re holding the shares. If we were in a better financial position and any shareholder besides a trader has received some value I would agree, but I think some, if not all shares will need to be sold to finance development. I really hope we get good news that doesn’t come with a begging bowl and see where we can actually get this share too, but it seems unlikely. Let’s hope GR can deliver something more tangible than holes in the ground.

No I’ve brought my average well do but still well under. Everyone wants to see this share so well. It really should be doing well already, this is why you have so many angry LTHs. I’m hoping for another SOLG that great news and moved from 8p to over 20p in days. We have the potential to see massive gains from here, 1p isn’t out of the question over time, let’s hope we get good news over the next fortnight and no further placings or none of us will be seeing any value. Here’s to good news