Member Info for Phillo

Hi CP

Interesting read and seems to confirm what many have said...it's like the Wild West on the AIM and the regulators should hang their heads in shame.

GLA

Well it has to surely... The end of NR is nigh. He singularly failed to monetise an asset and was basically a shopaholic with other people’s money. The new guy seems to have some pedigree so hopefully with the Board shake up we may see some long overdue progress. Well let’s hope so...bought a little more today to bring my average down :-)

Yes, many thanks to BD et al for bringing about the pressure for change.

For me, the only caveat to a very good RNS is the section that sates :

"To preserve the integrity of the Company's investment strategy and be able to respond in a timely and effective manner to cash calls from investee companies the Board will consult with shareholders whenever possible, but reiterates that its request for authority to allot shares, and the disapplication of pre-emption rights on those shares, as set out in its Notice of Annual General Meeting, continues to be in the very best interests of all shareholders of the Company."

Perhaps things will change post NR and the consultation of yesterday and previously will have the desired impact, but this paragraph still (unless i am misunderstanding it) gives the BOD to press ahead with future dilution if they think it is in the best interests of shareholders ??. Not sure that any dilution in the past has been in the best interests of shareholders judging by the sp, ....so would have preferred this paragraph not to have been included.

I guess we need to see what happens going forward...

once again, well done BD et al for their contribution here.

Thanks trime and BD for your answers...i appreciate it.

I have to confess that I have never attended an AGM so I do not really understand the process. Is the discussion focused only on the resolutions put before the shareholders or is there a Q&A session ?.

If it is constrained just to the resolutions, and they cannot be amended as we would wish, then it seems to me that the real searching questions that need to be asked will not.

If the above is correct and the resolutions are carried without amendment. Is there another way of firmly holding the BOD accountable and effecting change ?....or have you already got a contingency plan in place BD ?

Thanks

BD

Do you know how Leo Koot was put in to CERP ?. Was there a specific process that had to be followed ?.

As far as I can recall, and I do hold Cerp shares as well, that there was no EGM, just a shareholder meeting called and Leo unveiled. NR was asked to stay on for a short transitional period.

Thanks

FJ

my purchase is showing as a sale, as I suspect others are....

The asset potential here is very good with the Tanzania negotiations ongoing that will value our stake there and the HH asset is creating some excitement with the other interested parties and will follow through here as well.

The downside I am afraid is the quality of Solo's management and NR specifically.

GLA

I am trying to get some perspective around the AGM resolutions.

Just a few weeks ago representatives of PI's (with 15% shareholder support) met with the BOD to raise concerns regarding dilution and the failure to monetise any assets whilst continuing to invest in other Businesses/projects. The call was recorded and the concerns were very clearly communicated. Throughout the meeting NR when responding used the term "comments noted" or words to that effect. At the time I thought it was a non-committal term befitting a political animal who makes just the right noises but falls short of a definitive agreement. I perhaps need to re-listen to the conversation....

It seems that despite that meeting the BOD have decided to ignore those genuine shareholder concerns. This follows a shareholder revolt in May (?) last year that garnered an agreement from the BOD not to invest further until an asset sale. The BOD response at that time was to restrict any further investments until the minimum agreed time period had lapsed before investing again. At the time it seemed to me that the BOD followed the word, rather than the spirit of that agreement. They could just about say that they complied with that agreement...

To publish these resolutions in the immediate wake of the informal shareholder meeting is nothing short of provocation. After many years of hearing NR's vague promises, double-talk, jam tomorrow, the market lags behind what we are doing, I am now of the unequivical opinion that the BOD will never willingly act in the interests of the vast majority of their private shareholders. It's not that they don't understand what we want, they just reject it and follow their own unfettered strategy of "well we are an Investment Company".

The fact that they have chosen to ignore the latest/recent shareholder concerns leads me to believe that the Board must feel very confident that they can carry AGM resolutions through. This clearly will lead to further PI shareholder anger unless something significant happens in the intervening period before the AGM that changes investor sentiment.

If the resolutions are carried, I think it has to be NR's last two fingered salute to us long suffering shareholders. There has to be consequences this time.

Hi BD My two pence... I think a special dividend is the only fair and equitable solution to return shareholder value. We would need to quantify the volume or extent of share buybacks. After the last experience, the BOD could buy just a few back and say they have fulfilled the wishes of shareholders. Really appreciate your pulling this together though...well done.

Reaction, I think we have all been patient for long enough. The issue here is trust. NR & the Board have shown, strong term here I know, but absolute contempt to its shareholders after the last show of discontent. If I understand correctly, this is an EGM to ensure, categorically, that no further investments take place until an asset is monetised. NR just cannot be trusted and who knows what is next on his reckless shopping list and when.. I think he is rather lucky that the EGM is not a vote of confidence in him/the Board. No more buying until they sell something....

CP There may be a news blackout at AEX but after they publicised the farm out approach, NR said Solo continues to pursue its own options (or words to that effect)...so I do not think NR or solo are under any news black out. If they are they should advise its shareholders,

I notice the bid price has dipped to 2.8p. Do we know when the AGM is ?.

Had a limit order in both yesterday and today but it seems my buy price was too ambitious at 3.10. My average is a little over 6p my head says that I should average down further but my real concern is that at any good news there is such a wave of selling from frustrated lth's that it's a momentary spike only and unless I am very nimble, I will be left even further exposed. What chance a special dividend when an asset is sold to avoid the stampede...

Hi JD I agree entirely. There has been a fundamental breakdown in trust between most shareholders and the BOD. I think it would be very wise to ensure no further investments are made and the proceeds from any sale is returned as a special dividend. He just cannot be trusted and the quicker he steps down the better

Hi Sweepie Many thanks. Did you log on to the webinar ?. I have been doing grand father duties this afternoon so could not. Any feedback appreciated. Thanks

Hi Jonny Why time are the webinars ? Thanks

Hi Sweepie so what do we think this guys strategy is here ?. Is it just an investment or is there something more here ?....what shareholding does he need to get on the Board ?.

It went a little flat right at the end for some reason. The trades do not point to the fall from peak in the last few minutes unless there is a delayed trade to come through

Looking at the trades, its almost as if we have two different bots ...one buying and one selling !

Yes, but lots of autos now trying to push it back down