Member Info for redeyemines

It has got to the stage where nothing surprises anyone any more.

.... Every project should now come under investigation, and all the corruption exposed.

. No wonder the country is in such a mess, and what a disaster for all the people as they have to pick up the shortfalls.

Good find Digit---- as it does now look as though Bangla may be finally waking up to the fact that they NEED Phulbari coal, as it may be the only get out of jail card they have left to play. (we have all been telling them that for years on here).

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-----" Managing environmental impacts and finding ways around investment challenges by exploring and exploiting own coal may reduce import dependency considerably. Domestic coal will reduce the cost of generation than imported coal."

Top to bottom corruption, with so many snout in the pots... Every official only appointed so long as they were in the same racket.

. Not mentioned yet, but it's a pound to a brown envelope, that Barrakapour only got the go ahead for the same reasons... How would they ever give phulbari the GL, and risk making Barra redundant... They wouldn't... We never stood a chance.

... What has surprised me is how much detail they are "suddenly" aware of.

Mine the coal which will be relatively instant, and then search for gas.

With the interim Gov looking closely at all the deals that took place in the energy sector under Hasina watch, it can only be a matter of time before the accusations start to fly.

.. Deals that were done without any sort of competitive bidding, and not for the good of the country, will now face the full glare of scrutiny.

... Think Hasina should stay as far away from Bangladesh as she can.

... Let's hope this Commonsense approach that the interim Gov seem to be taking, is carried through...

.. Mine the coal and then search for gas.

That's just what we need to see... Getting straight in with things.... This should go a long way to restoring peace and let's hope for a fare and open election.

... Hope they set a date as a matter of priority.

I couldn't agree with you more Sharebare----

-- Certainly a few raised eyebrows looking at the fundraise in hindsight----and the huge volume with a capped and static sp, was always trying to tell us something.

-Now, we wait-----

-There will be new parties emerging, that's for sure, and we have to wait and see in which direction they will try to lead the country. Only then can we start to pin our hopes on somebody who has a good grounding on the state of the country's financial mess, and who also sees Phulbari as a quick long term cash generator, that will go some way towards stabilising the FX crisis, and guarantee a reliable, ongoing fuel supply for the county's power plants.

-Lets wait and see who emerges from the ashes, and lets hope that they can organise a free and fare election in the very near future, as we don't want this power vacuum dragging on ad infinitum, as that will surely lead to more unrest and turmoil.

-Fingers crossed we get some pro Phulbari candidates and that they get elected.

--lets see.

Y

.. This could be the perfect time for Bangla to renege on some of the disastrous deals that Hasina had sanctioned, and that are now leading the country dry.

.. That power deal with Adani of India, that will cost the country 1 billion a year without taking the piwer power or 2 billion a year if they take the power, must be the first to go...

... Import contracts for coal from all around the world, should be scrapped and home produced coal used instead.

... Maybe they could also just walk away from some of the crippling debt that they have, and just risk the world reaction... But they me a step too far.

... One thing is for sure, the country needs to take drastic action and have a massive change of direction.

... Will they still favour China over India,.. that remains to be seen... Russia will be eyeing Bangla as an ideal new mkt for their coal and oil ect... So that could also be the direction they may head in.

.. Will the IMF continue to bail them out?... That again remains to be seen and depends on what path the new Gov decides to tread... And the same applies to China.

... Is Phulbari a priority??

.. Well it is one of the easiest and most profitable steps that a new Gov can take.... The local people have been firmly in favour for the last few years now... But will they still be now?... that depends on whether all the compensation would now still be in place.

.. So much is now up in the air, and we will have to wait for the dust to settle and see the views and direction of the next regime.

... It sounds like the army has taken the side of the students and forced her hand to resign.

.. She has fled to India, leaving behind one hell of a mess.. When all the all the dust has settled and a new Gov is established, whether that is military, or elected, then the problems will still have to be faced..

... The financial situation is a complete disaster, and it won't disappear just with a change of Gov.

.... The country needs to earn fx, and save the fx that they still have....

.....phulbari is an absolute must

Yup, she has resigned..... Now let's see where we go from here

I bet they were banking on China to swell their bank accounts, but even China has had enough of bailing out these buffoons.

.. This is just another part of crisis that all of us on here have been predicting.

.. Years and years of mismanagement and inaction are coming home to bite them.... Hard......

.. Even the savings and revenue from mining phulbari will be too little and too late now.

. I don't see how they get out of things now, as their debts and bonds are rapidly headading towards junk status, and their currency continues to devalue.

Bangla---have a look at my post on 15th about 12.40.

-I've come away from the thoughts of a T/O and more to a JV with the GOB via a huge share issue to give them around 50%.

--It's just a guess, but its the one I'm favouring most now.

-In my post I explained the 400 mill vol since Feb, as I don't believe anyone is accumulating, rather it is just shares being washed back and forth to keep the SP steady.

-IF---we have a major issue, that will generate about £12 mill for GCM ---enough to pay off POLO before they get a chance to convert----

---that's my best guesses now.

Just had a quick scoot through the r&a, looking at the detail of our loan from Polo.

... Sy far we have borrowed 3. 2 mill of a 3.5 loan facility, and with the interest and fees I think we now owe Polo about 5.2 mill which they can convert into GCM stock. at about a little over 5p.

.. They cannot convert until 2026, and even at today's values would amoun to a little over an extra 100 mill shares being issued (2026 would be plus extra interest, and therefore even more shares).

... None of this is news and should not be a surprise to anyone.

.. Maybe if other things happen with a share issue to gob, then we would be in a position to repay the loan before it is converted.

.. Just a thought.

I hear what you are both saying about a take over, as its something I had said many times over the last few months------but iv'e changed my mind a bit now.

- I keep on asking myself ---"why would anyone need the SP to remain almost unchanged"

-Is somebody just absorbing all the sales at this level, only for them to turn them back out again into any small rise, just to keep the SP exactly where it is ?---and with nearly 400 mill share traded since Feb and the SP not moving, and no holdings RNS, then to me, this is the only thing that adds up ---but why ?

-----Could we be heading for a dual listing (in Asia) along with a 100% share issue to GOB, thereby giving them a 50% stake in Phulbari ?

-They would need the SP stable while all the valuation and mechanics are being sorted , and this to me looks like a distinct possibility.

-Its the best I (and Doze) can come up with to explain all this SP manipulation.

----just one other thought .

----IF you were going to issue huge amounts of shares into a new listing on a foreign SE----you would have to be able to start with the SP the same on both markets.

----Is this why our SP is being held "rock steady" at 5--6p while all the paper work is being done.

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-Again this all makes sense to me.

Doze, ive been giving your idea some more thought, and am beginning to think you are correct.

-Bangla has always needed to get their hands on the lease, or at the very least a 50% plus stake.

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--They could have gone for some sort of compulsory purchase or, as we have all been speculating, a take over----

---but was there another way.

-Could GCM give the GOB a 50 % holding in GCM

-Could we have a massive share issue to GOB (and maybe get a listing on to a Bangla Stock Exchange as well).

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-YES---that would mean a 50% dilution for us all, but lets face it----we NONE of us thought we would still have 100% when the GL finally came, ---and to still have 50% ish is a dam site better than i ever thought it would finish up.

-Bangla gets a huge interest,--- Polo, Tang and all the rest of us shareholders manage to keep our holdings and our skin in the game----that works for everyone.

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----It would probably need an EGM to pass the issuing of such numbers of shares, ---but who on the earth would vote against it, as it would signal the approach of the GL.

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-Lets wait and see what comes out in the following weeks, ---but this looks good to me.

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-well done Doze.

Interesting view Doze.... Could explain the very stable sp.

... I wouldn't rule it out

I have always thought that the gob needs to get hold of the license for the coal at phulbari.

... If they give the GL while not in possession of the license, then they still have to pay Gcm for the coal...... Yes they would get it dirt cheap (nowhere near the free mkt price of 135), but it's still a foreign owned Co controlling a Bangla major asset, and this has been one of the major erks all along.

... Bangla need the license or at the very least a 50% plus stake in it, I order to keep this asset under their control.

.. A takeover of Gcm by gob has always been on the cards in veiw, and despite the denial from the Co about any knowledge of takeover or even stake building, somethings just can't be ignored.

... Since the 1st of Feb this year, we have seen almost 350 mill Gcm shares change hands...... (this is almost 150% of the issued share cap).. and yet we haven't had even one holdings RNS..... This just doesn't make sense.

.... Maybe I'm adding 2 and 2 and coming up with 5, but something is definitely not right here.

... Now we find ourselves with a share price that has been stuck (held) at 5..6p for months, with no explanation (questions to the Co have gone unanswered), and could well be setting a level for a cheap takeover...... Just my opinion..

...

Spoke to LSE today about this BB.---and got these replies

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----"We currently only have London Stock Exchange, Aquis Exchange and Nasdaq. If the share isn't listed on one of those then we wouldn't show it on the website. The current Share Chat for SLE will remain on the website regardless, though."

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---"The chat board won't be removed regardless where they get listed"