Member Info for raaydaar

Quagpalm, PREM is drowning in debt and cannot afford to release the enormous potential, that along with the fact GR is useless and has bought a plant that isn't capable of doing the job it was supposedly designed to do.

Potential doesn't translate into reality for PREM, it just translates into another dilutive placing after another dilutive placing after an EGM after another dilutive placing etc etc

Hasiba, GR hasn't committed anything close to that amount of money to the company, have a look back and see. His interests are aligned to his own pockets and certainly not with shareholders,just look at his attempt to dupe shareholders into believing his statement regarding partial repayment of his loan in the failed placing. That's not aligned with shareholders that's a blatant attempt at profiteering. Canmax aren't prepared to put anymore money into the company until such time as GR sorts out the finances as they know anything they put in will be wasted. PREM is done for, they can't pay the bills, they can't pay their staff (GR and Brendan aside) and he wants to blow the 500k he's just got on groundworks for a flotation plant that he can't afford to buy, that may not even work. The man is incompetent at best. He needs to prioritise paying what needs to be paid and then he can move forward with his next plan to dilute shareholders into oblivion. He's a bit like Nero, only rather than playing the fiddle whilst Rome burns, he's drinking Shiraz and eating the finest steaks whilst PREM falls apart.

Mugwump, you're prediction is based on certain assumptions which a pretty far wide of the mark as things stand. In order for your predictions to come true, they need to produce SC6, in order to produce e SC6, they need a working plant, in order to get a plant that works they need money, in order to check the plant to see if it works they needed £3.5 million, they didn't get that, they did however manage to raise a poxy £540k (before expenses). Nowhere near enough. Then there's the issue of not paying the bills, the staff, the contractors, the government. If the Zimbabwean Revenue Service is anything like HMRC, they won't be waiting for their VAT money, and now that the world knows PREM has no cash, contractors and suppliers will no doubt be going through legal process to recover what's owed to them.

Mugwump, I'd love to hear how your scenarios works out without money, or is it just mindless I'll informed ramping to try and get the SP up so you can get out with a bit less of a loss?

Robrob he's not stepping down ay time soon. Read my post from about 5pm yesterday. It's all in the RNS from yesterday and the 16th January.

Latino, you may read it that way, but as ever GR was very careful with his choice of words, specifically "..... board changes discussed in our previous announcements....."

He's directing you to read the previous announcements, which explain the proposed changes, rather than make an assumption that he's going.

He's not going any time soon, the previous announcement He's referring you to is the placing announcement RNS from 16th January, where in the section Proposed future and actual changes to the board composition it states:

"........including George Roach being able to move to a non-executive role on such appointment and completion of the current work programme at Zulu"

The key take away from that is that he's not going anywhere until the completion of the works at Zulu. The only immediate appointments will be a COO and a new Canmax representative.

As always with a PREM RNS you need to read it very very carefully to fully understand what's being said.

So he's not using the money to pay the priority debts the company has, the VAT bill of $250k, staff salaries of $400k and $180k to suppliers.

GR needs to understand that if you don't lay your VAT, the government come after you. If you don't pay your staff they stop working for you and if you don't pay your suppliers they stop supplying you.

I doubt this money will be enough to complete whatever work he claims it will be used for. I'm sure he'll be paid his and Brendans salaries this month though.

Absolutely disgraceful. All that said, at least the brokers have managed to recover their position from the forward selling of the precious placing.

Wolframite, I have no concerns whatsoever about funding, just asking your opinion so it can be shared amongst the wider audience of people that have lost a lot of money here and stand to lose more should funding not be forthcoming

Wolframite, back in 2019 GR paid his bills and the company didn't have a massive black hole in the accounts. Where's he going to get the 3 or 4 million he needs immediately to pay the essential bills?

I see you've crawled out from under your rock today Quagpalm after all the abuse you e given certain individuals who've proven to be correct, whereas you have just been plain wrong.

That buy is probably the broker buying back the last of the forward sold placing shares. Now it's free to drop to a more realistic price

Alert you wouldn't necessarily receive a corporate action due to the short notice of the retail offer. All the details of how to participate were contained within the RNS with simple easy to follow instructions

Most likely that the 1.2 million placing was forward sold and those shares are now being bought back. Once that demand is gone then it's a different story

Iky, Canmax won't be taking Zulu for 100 million.

PREM is going out of business and Canmax will get Zulu in lieu of the debts owed to them now they have security over the asset.

Gazza, the Chinese play a long game to get what they want when they want it. By giving GR every opportunity to succeed they show themselves to be fair and honourable. However they will playbtheir hand when the time is right. That time will come soon. The SP is going to be battered this morning to the point where the 15 billion shares might just pay the VAT bill and some staff wages. Won't be enough to buy machinery and do a test run. At this point in time, PREM is pretty much done for, it's just a matter of how long before the lights are turned out?

Steward GR read the RNS carefully, nothing in it suggests that Canmax won't change their mind and take Zulu should GR fail, which he inevitably will.

All eyes on the 7am RNS tomorrow, if as I suspect the raise fails then you can all kiss goodbye to your investment here as PREM is done for

Hasiba, surely you cannot be so naive as to believe that GR will only require funding if the test run fails. If by some miracle he gets enough support in the current offer then he most definitely will require additional funding to move forwards, no matter what happens. If the test run happens and fails then it's curtains for PREM, if this current funding retail offer fails then it's curtains for PREM

Stormpiper, Plan B was the 1.2 million placing. Plan A to get 3.5 million didn't work, Plan C is the retail offer. The question is what is Plan D and how can that raise 3.5 million?

Quagpalm, the buys and sells today have no correlation to the placing participation, but if as you believe they are indicative then it's guaranteed to fail

The numbers so far must be pretty poor for GR to resort to this shameless attempt at generating interest

Perhaps he could confirm his personal alignment with shareholders by putting some of his own cash into the business rather than convert a small portion of his debt into shares.

Hasiba it's not 1.2 million in 24 hours, GR has been trying to get the placing away since 23rd December so it's actually 1.2 million in 25 days simply because pretty much nobody was interested in giving him the cash, even at a 30% discount the city vultures couldn't see themselves turning a profit.

When the RNS confirming the placing and open offer have failed, those top ups of yours at 0.03771 and 0.03665 will lose another 50% of their value. PREM certainly hasn't been kind to you has it? You must be down at least 100k

The rns clearly states that should the raise and open offer funds differ materially from the required 3.5 million then the funding won't happen. Ergo there is a specific amount that will trigger the cancellation of the funding should that amount fail to be reached. They just didn't specify exactly how much that is.

Try to keep up