Member Info for raaydaar

Jag once the Bailiffs have been in and seized what they can the plant will be worth about what's owed.

Sol, Canmax aren't interested in taking a bigger stake in PREM, the only asset PREM has that's of any value is Zulu, everything else is pretty much worthless. Canmax have security of Zulu for the debt owed to them including interest and can take possession on 1st January.

Acker, you cannot hold shareholders responsible for the woes of the company. The blame lies with one person and one person only, George Greville Roach. His incompetence as CEO and extremely poor cash management has led PREM to the brink of insolvency, which I think is now pretty much inevitable. How the regulator has not taken any sort of action is beyond belief. Trading should have been suspended when the information about the court order was released and an investigation launched into the company as to why this information was withheld from the market all whilst the company continued to raise funds, allegedly to pay the debts but never quite got around to paying those bills.

GH, if he knew what was going on is also culpable to a certain degree, also having raised funds whilst the court order information was suppressed.

The Bailiffs are now being called in to seize what assets they can, it's unlikely ajy reputable contractor would start any work at Zulu now and the longstop date is now just over a week away.

Canmax will now want to secure their monies owed and will have no option other than to take possession of what's left of the plant once the Bailiffs have taken what they can.

Clueless, does it become a swindle when company management takes money through numerous raises, stating they'll use the money for X, Y, Z, to pay contractors and to pay salaries and then don't use the money for X, Y, Z and don't pay the contractors or staff? Does it become a swindle when the company hides a court order for a debt repayment in the $millions from the market and continues to dilute shareholders by raising funds 3 times for the same thing?

Sol, and they'll still be people like you and mugwump who believe that this is a good investment opportunity and will "continue to buy as funds allow" or be "all in with every penny"

Absolute madness and foolishness of the highest order.

Mugwump, it's safe to assume that you are in the less then one brain cell quota of the population.

The company have already told you that they cannot produce a saleable grade of product, they've also told you that they've got no money and are drowning in debts that they cannot service.

They have no capacity to raise anything close to the money require just to pay the debt to Goddards which is now subject to a court order for payment.

Shareholders won't be told at any time that the new equipment is being turned on and certainly not any moment now for the simple reason that THEY HAVEN'T BOUGHT IT AND CANNOT AFFORD TO BUY IT.

I'd suggest a visit to your GP and see if they can prescribe you a dose of reality as you certainly need it.

Sol I've told you before all of the approvals are with Zulu mot PREM and whoever comes in when Canmax take over will already have those in situ and will not need to wait.

Mugwump, you're deluded if you believe that Zulu will ever get into production.

PREM are insolvent, they don't have the funds or the means to raise enough funds to pay the wages and the contractors bills, let alone buy new equipment for the plant.

The company will be in administration before then end of the month, there's no way out for them now

Alert, the relationship with Canmax but be desperate if the only way they can send a memo to them is to tell shareholders and the wider market that they are in debt to their eyeballs and have no way out.

You're as bad as Sol living in your own little imaginary world where you convince yourself of a scenario that justifies an exceptionally poor investment decision rather than accepting the facts as they are presented tonyou by the company

Gotta love a trier, your hope of a quick 10% not played out there Jimtrade? Everything's changed, the massive debts have now become public and the plant improvements required cannot be funded. There's zero hope of obtaining finance through non dilutive methods and if as has been suggested they'll need another 66 billion shares to cover the debts through dilutive finance then shareholders will not vote in favour of that.

The company is bankrupt. Canmax will secure their payment through their claim on Zulu, a modest payment to the administrators will secure the rest of the plant and claim, they'll happily write off their investment in PREM and walk away with a built plant that will require a modest investment to get into production with their own team or contractors on site.

Shark, I don't actually believe that GH knew what he was getting into. He came onboard having looked at the plant and the process issues which I think he thought he could resolve as they fall within his area of expertise.

I do however believe that he had no clue whatsoever about the dire extent of the financial situation the company are in. GR did a good job of hiding the court judgement from shareholders, I'm no expert but surely that is contrary to the regulations and potentially criminal behaviour, especially when he continued to portray a positive picture and raise funds. How those funds were used should also be subject to investigation as its now clear that they weren't used for the reasons stated, and certainly weren't used to pay wages and bills. GH imho has been left holding a legacy of massive debts that he knew nothing about and now can do nothing about, it's just too late now and there's no possible way the company can continue to exist.

Shark, the main reason most companies are wound down is because they don't have the funds to continue trading. There's no legal requirement to have sufficient funds to settle debts at time of administration. The administrators will determine how much each of the creditors get once all the assets are sold (usually for pennies in the pund). Creditors will receive their payment after hefty administration costs. Shareholders will receive nothing.

Wolfie, the vast majority of trades were sells that's why the share price is down nearly 44% they're just reported as buys because the algorithm is guessing at what's a buy and a sell

What exactly does PREM have that's worth anything? Circum? RHA? MNH? Katete? All worthless.

Please enlighten us as to what PREM have that is worth anything

What other assets do PREM have that are worth anything? They don't have any!!

Goingtomoonufo, they don't have the second float unit, they don't have the cash to buy it, they don't have the headroom to raise funds and cover the Goddard debt, then there's all theboutstanding salaries and other creditors.

There's no coming back from this. I imaging Snowking will be selling all his holdings now and wishing he had never had that famous dinner with GR. The rest of the telegramp group should also be ashamed of themselves, as should those here who are living in fantasy lands where Canmax will come and save the day.

We've been saying for months that they haven't been paying the bills. Why wasn't this "stayed" judgement in favour of Goddards communicated to the market?

Goddards know what's going on or rather what's not going on at Zulu and this RNS looks to me like a precursor to administration.

In know Sol won't be reading this, but perhaps he and others should have paid more attention when those of us that know the company were telling you all where it was heading.

Sol, yet you have convinced yourself and attempt to convince others that Canmax need PREM and the lithium that they cannot produce. By your own admission they have other sources. They have done the sensible thing and secured possible alternatives for their Lithium sources.

They're a multi billion dollar company, the money they've put into PREM is insignificant in their grand scheme of things. When PREM fails they won't care about having extended the longstop or voted in favour of dilution for the recent fundraises, it's cost them virtually nothing against an investment in PREM that is now also worth virtually nothing relative to the initial cost.

PREM may just survive into 2026 (although I very much doubt it) but they won't survive much into 2026 and unless they details of the report are released soon and they raise a shed load of money before the end of December then the SP and your investment will continue to drop in value and GH will have no alternative but to put the company into administration, the only other alternative I can see is a sale of Zulu to Canmax which is what he may be negotiating right now bit that wouldn't see any returns for PREM shareholders as once the debts are settled there'll be nothing left other than a bit of working capital to keep paying the directors salaries.

Sol, Zulu as an entity has all the relevant regulatory approvals(not PREM) and since Canmax will be taking zulu, those approvals will stay so no requirements for new applications. I

Sol, what secondary float plant are you referring to? The one they haven't bought and don't have the money to buy?