The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
IvRoche - Touche
Great advice - DYOR and filter anyone who's posts you don't want to read. Although I would point out that
A) I am not an operator of multiple down ramp accounts
B) I am not aware of posting anything that wasn't a FACT - unlike the rampers who repeatedly make ridiculously speculative guesses for the share price to support their aim or totally inappropriate fairy tale stories such as 'some beautiful paths can’t be discovered without getting lost. So, cheer up. JAY may have, at last, found some beautiful paths ..........'. What absolute drivel.
Be wary of rampers. They pop up and are here to do nothing more than ramp - look at the almost identical posts they post on other companies chat boards. On the 17th May one such ramper reckoned share price would go to 0.4p shortly - strange that because pretty much most charting on that day was saying it was pretty near peak. Same rampers also said full ask of 0.34 was being paid and that would mean the price was going to 0.4. On that day only 5 trades went through at 0.34, everything else was for less. Those 5 trades totalled £4491.48, an average of £898 per trade. Don't see what the significance of such a miniscule amount is and why that would mean the price going to increase by a further 17% to 0.4. On the same day the same rampers said it would go to 0.50 this week, wow, another 25% increase on no news and no updates - that's very optimistic :-) Well we've got 3 days left and my bet is that it won't get to 0.5, in fact I think it won't hold 0.34. Any takers?
Oh and apparently announcing a helium drill will make 2024 a storming year - LOL.
Investing Genius says good timing for switch to copper - how is today's price going to help Jay? Kobold aren't going to drill until 2025 so expect results in 2026. If, big IF, they are great results how long before a mine is built? 5+years at least, if ever. So today's copper price of no relevance to Jay. IF the price stays high AND the results are great in 2026 then and only then will the copper price benefit Jay, not by them mining it but by being bought out / partnered by a larger company. Until then it's an irrelevance but of course the rampers will imply otherwise.
Before the prevailing copper price does actually become of relevance to Jay holders any existing shareholders will be further diluted by successive fund raises. Eg, MET1 has today just diluted by around 40%.
Copper flavour for the month – naturally JAY are straight on the bandwagon. Fickle as ever. How silly of me, I thought they might need experts in the relevant fields of activity but no – Jay can handle TiO2, copper, nickel, oil, gas, helium all on its own. Well they have to now that they've sacked everybody :-)
Gunsynd are like Kobold – better prospects elsewhere so why waste money on MET1 or Jay? Today yet another set back for Jay – so their share of MET1 has now been diluted by around 40% so by my calculations the promised £3.25m worth of shares they had is now worth c. £420k – a drop of approx 86%. Still, so far that's better than Jay shares that have dropped over 97% :-)
ashton - re has sight of the full agreement, inside information, far more insight than you and experience of contact with kobold. he consequently feels there is need to state the facts about what a poor deal that jay signed up to and you have the gall to slate him as reckless. unbelievable. looks to me that he was looking after jay's shareholders' interests. something the existing bod have a track history of not doing. you bet kobold are relieved - they've got the same c##p bod to deal with that agreed to the previous ****-poor deal. kurt must be well pleased.
I think we can all agree that the JV between Kobold and Jay will be altered. I think Ashton has been correctly making this call for months. Let's speculate as to the likely options and who will benefit, my guess is it will Kobold and Jay's shareholders will be very disappointed but will be completely at the mercy of Kobold. The longer Kobold delay matters the more reliant upon Kobold Jay will become. Another possible reason for Kobold to be 'relieved' to have the current team back is that RE was quite possibly playing a bit more hard ball, hence why the JV with Kobold was already being adjusted and winding down Kobold's input. The present board will be a push over for Kobold.
As Ashton has previously informed us, it was Kobold's decision to cancel the planned 2022 drill within 3 weeks of it being announced (I was unsure if Jay or Kobold were responsible but have subsequently seen Ashton's post confirming Kobold were the guilty party). Kobold have now cancelled the 2024 drill and been happy to relinguist the majority holding of the Disko project. Why have they done that? Do they need to save $11.6m? I'm guessing not - it takes Jeff Besoz less than 2 hours to earn that amount. So if they don't need to save the money and it's such a great resource and will power the world's transition to EVs why loose their majority and delay drilling for yet another year? Just to save (relatively) peanuts? I don't think so. Are they really bothered about this project? Nothing they do has ever indicated that they are – cheap words and unkept promises and agreements is all we've seen. If Kobold really aren't that concerned about the project then Jay will have very little bargaining power when it comes to renegotiating the JV. Kobold can quite easily walk away or stall for as long as they like and Jay will have no option but to just suck it up. Jay haven't got the expertise, credibilty, money or reputation to progress Disko without Kobold. If Kobold don't get exactly what they want and choose to pull out Jay will lose the last shred of credibility they have left. Kobold know that. I cannot see the renegotiated JV being favourable for Jay shareholders.
I hope Ashton will post his views to agree (or disagree) that Jay will struggle to progress Disko without Kobold.
Ashton, glad you're back posting, knew you wouldn't be able to stay away for long :-)
No one has said that their speculation and prophecy about JAY being a poor investment (that may expire worthless) is fact. Of course, they are opinion, what a ridiculous thing to claim that posters opinions have been posted as being fact. No one can predict the future. What has been posted is the FACTS about Jay's numerous past failures, it's dire performance, the failure of several companies associated (past and present) with certain BOD members and the very questionable antics of the present BOD. These are FACTS – I note that you have not denied or challenged any of those FACTS,(even when asked to do so), bizarrely you simply ignore them. How remiss of any investor to have knowledge of a company's past and the unreliability of its BOD and to not take that into consideration when making an investment, in any company. Do you make a habit of ignoring past performance of a company and its BOD before investing? Would you consider that to be a successful investing method and therefore recommend that approach to other investors?
There is little need to repeat those facts but it is those very facts that has shaped a lot of people's opinion about JAY. You are hoping (this is no more than a hope share as you say) that you will get some good news in 2024-25. Has the last 6 years not been full of good news? You have trumpeted every last little occurrence as being good news – yet here we are 97% down. What about the previous good news; the Ilmenite concentration, the Gov.t support, every licence that Jay has acquired, the 42k shipment, the 9ton boulder, the Kobold connection etc etc etc. All have been of no benefit to the shareholder, is the BOD useless or is it useless? This is no more than a gamble – you are gambling on how the BOD drive shareholder value going forward – on their past performances that doesn't look good odds to me, it's an outside bet at best.
Good luck with recovering the 97% value of the investment that you've already lost. Jay's price will have to rise by 33 X for that to happen – with added dilution to fund ongoing costs and no money coming in from any other source I can't see that happening. Of course, that's my opinion and not fact.
Gordon B I don't see anyone wallowing in anyone else's losses, I only see knowledgeable posters posting factual material. Your bitterness makes me think that maybe you have lost on Jay? Since your post on Ken Mich I've looked him up he has been warning investors about the bs from JAY for years, shame you choose not to listen to him and instead preferred the bs from the BOD and rampers. Ken also posts on Stockopedia too – he seems a successful and very knowledgeable poster. Hopefully the bearish posts appearing now will make investors more wary of believing Jay's bs and may prevent others making the same mistake that you seem to have made. Good luck with your investing.
Cheshire – as you have stated you, and pretty much most others, are looking to Dundas and Disko as being the saviours for Jay.
Dundas we were told around 6 years ago was a great source of high grade Ilmenite that could be scooped off the beach. Some was scooped off the beach and 42k tonnes of it were shipped to the Rio Tinto plant in Canada nearly 5 years ago. What has become of that? It looks like it was so good no further interest has been shown. Surely if it was as good as we were all led to believe Jay would have had no problems securing funds to construct the required infrastructure to mine and ship the stuff. They've got the required licences and jumped through all the hoops. Why hasn't such a plant been built? Then most of the existing BOD made the chump decision to use the wrong drill (LOL) and trashed the idea of Dundas being profitable all together. Well now its back on again but are they going to focus on building the required plant and processing the sands to make some money? No, they are going to explore the shelf underneath all of the sands. Sorry, but that and the fact that no commercial partner appeared after the initial 42k tonnes was processed and that Rio subsequently pulled out of another joint venture with Jay makes me highly suspicious of the worth of Dundas. Rio know what they are doing and have seen the product and worked with the company.
Disko. Now Disko could be a huge source of valuable minerals – but what are the chances of JAY prospering from it? AA has plenty of its own ground to concentrate on and may have far superior deposits than Jay. The drilling in 2025 will reveal more – if it happens and Kobold don't get sidetracked yet again. If Kobold really do think there is such a fantastic supply there why are they delaying? Why are they more than happy to loose the majority shareholding? Just to save $11.6m? It just doesn't ring true. Jay will need to raise more money to see it thought to 2025 and that doesn't include the extra money it now needs to find to pay for its share of the 2025 drill – more dilution beckons. What news between now and 2025 will cause Jay's share price to rise? Eric's chat was useless, news of re-instating Dundas didn't do it nor did the news that drilling was to go ahead in 2025. John Meyer's little piece was ineffective too and the BOD's greed at giving themselves millions of options at such low prices didn't help matters either. I see this flat lining or dropping between now and the drill results, which will be when? 2026? If you can foresee anything else suddenly appearing that may cause the price to rise I'd like to know what you think it may be.
Good luck with your investment – hopefully it'll be better than the winter barley crop for you.
Ashton - some nice quotes from Kurt – but here's some facts to put them in context and to aid whether or not they have any credibility at all.
24/3/22 announcing that drilling would commence at Disko in June'22 – Kurt said, 'We're proud to partner with Bluejay to begin exploring Disko-Nuursuag this year. Fully electrifying the global economy is our generations' greatest challenge; to accomplish this lofty goal we must accelerate our efforts to find the key elements for EV revolution'. On the same day JAY announced a fund raise – how convenient was that? Get some news out and tap the shareholders again. But alas, despite Kurt's quotes, within 3 weeks (11/4/22) the plans for drilling in '22 had been scrapped and delayed for another year. Would Jay have raised that money if they had stated the drill had been planned for '23? Doubt it. Who decided not to drill as announced? My guess is Kobold as they were distracted elsewhere – sounds familiar? Kurt, you mislead us.
What happened to the 'we must accelerate our efforts' Kurt? Kurt and his team have recently decided not to hold up their end of the deal and will now not be spending the $11.6m that they agreed to spend on drilling. Needless to say further drilling is now delayed for yet another year – 2025. That is, if they don't change their mind yet again.
Kurt's statements and actions are definitely not a reliable indicator on which to pin one's hopes on - as his previous comments have shown.
Cheshire – not sure I'd take any comfort at all in knowing what RM's shareholding is, in fact the exact opposite. Did you see the news issued 6 days ago that Apollon is planning to delist? See Apollon's RNS of 21/4/21 wherein we are told that RM has increased his holding to 213,306,161 so he held 28.5% of the company. On 12/5/21 he acquired more to take his holding to 29.05%. RM was appointed as NED on 12/1/22. Other than a transfer of 10m of those shares (Sept 22) I can't see any RNS advising that he has disposed of any of those shares. But as we recently established, he chooses not to inform the authorities of such notifiable dealings within the required time scale (of 2 – 4 days) so he may well of disposed of some or all of those shares months ago and failed to inform the authorities.
Assuming he still has those shares they were priced at 4.75p each on the 21/4/21 (having peaked at 10p in March 21) but the share price now sits at 0.055p – a fall of 99%. So a company with RM as a director and as one of the largest shareholders (if not the largest) looses 99% of it's value and then delists - hmmm, makes you think doesn't it?
Cheshire – thank you for your reply. You seem to think that anyone writing disparaging comments about JAY is ignorant of the risks when investing in the AIM, has lost a lot of money on Jay and hasn't the noggin to possess a diversified portfolio – that's a rather naïve and unimaginative opinion you have of us / me. As I've already posted, my trades in JAY have fortunately left me in profit and I possess a diversified portfolio of equities (some for growth others for dividend), investment trusts and bonds. These investments are also global and by no means not limited to the UK. After nearly 40 years of investing I am very familiar with the risks.
The reason I post is that I like to see both bull and bear opinion. I've accrued a lot of knowledge about JAY and it continually moulds my opinion to be extremely bearish. I repeat – it's a s##t company run by a s##t BOD that doesn't give a s##t about shareholder value. Until JAY pull something out of the hat (rather than talk utter bs) I cannot see my opinion changing, they have an uphill struggle to make good all the past poor management, missed targets, misleading news and dire share performance before anyone will believe that they are a good investment. Oh, and let's not forget all of the other companies where RM has screwed over shareholders, pre-covid so that excuse can't be used.
I think there's some money to be made trading it as they are masters of bs news and creating shares price rises when they've run out of money but even that's proving harder for them as everyone is wising up to the fact that they are useless and repeatedly proven to be destroyers of shareholder value.
Spot on Cat - there has not been any rebuttal of the FACTS that have been aired by any doubters. Instead wishy washy posts saying the bears should give it a rest and a balanced view is required. We are posting the balanced view, prior to that there was nothing but perma bull posts, while the share price dropped 97%.. No wonder Ashton has stopped posting says Cheshire - indeed, he has no factual arguement to counter the FACTS that are presented. I'd love a balanced board, as I've said I like to see the bull and bear case but what is the bull case right now? Nothing. Nothing at all. Jay might sell some assets, Jay might do a drill, Jay might partner a major, Jay might bla bla bla bla. The fact is Jay is a s**t company run by a s**t BOD and like every other company that RM has been involved in share holder value is of absolutely no consequence to him / them despite the bs that they release.
EnuffRMbs - history shows RM plays fast and loose with regulations, perma bulls or rampers will come up with a myriad of excuses to explain away such antics. But you can be sure that any of the big boys or institutional investors will take a dim view of such flagrant abuses of market regulations, and they'll probably be only too aware of RM's antics and his covert reasons. Would any reputable company risk it's own reputation courting such a wheeler dealer.
EnuffRMbs I wasn't sure of the FCA regulations for disclosure so have just looked it up. See below. RM sure does appear to be acting in a very unscrupulous manner (to put it mildly). What's that Skippy - Ganga can cause memory loss, ah, do you think that will be why he forgot to make the notifications for 15months
As soon as possible and by midnight within 2 trading days (UK issuers) or 4 trading days (non-UK issuers) of knowledge of disclosable event
Well spotted - what a sneaky snake oil seller he is. So that's when he sold after his resignation 6/9/22 but failed to notify until some 15 months later on the 7/12/23. No wonder I couldn't find an RNS anytime around his resignation - he kept it quiet. Naughty. Announcement of purchase back above the 5% limit issued on the same day some 13 minutes later also illustrates RMs questionable antics. Buys shares on 14/9/23 but doesn't announce it until 7/12/23 (the same day that his sale some 15 months earlier is announced).and then within a fortnight we are told he has rejoined the company on the 21/12/23.
Zinky - are you sure you've got that right? RM resigned on 23/6/22 - I cannot find any sale listed for RM immediately prior to or after that date. The last I can find is when he sold up 20m shares at 14.5p on the 4/1/21 - nearly 18 months prior. The only sale / buy around the date of his resignation was another large sale by HSBC and an additional purchase of over 5% of the company shares by Sandgrove on the 8th June 22. I think you are mistaken and RM didn't sell his shares - he purchased 10m shares (less than 1% of the company shares) on the 22/12/23 and that took his total holding to 6.61% of the companies 1,195,885,079 shares. If he sold his shares on his resignation (and Sandgrove bought them) as you state when did Rod buy the other 69m shares?
Enuff
What's that Skippy? Your stoned? Have you been at the Ganja again?
Apollon is based at Bramhill's company location in Jamaica - Doc's Place, Negril. Some great reviews on FB ;-) for this tourist Ganja hot spot, which is pretty much all it is. No wonder Rod is a fan. Really doesn't appear to be a medical centre lol. But then I'm not as stoned as Skippy.
Link to ganja tourists' magazine article
https://tinyurl.com/ku94ejrj