Member Info for redeyemines

Anybody watching the trades, instead of bickering ?-----somebody's buying.

so it seems pretty clear that Dyani would get up to 45% of the shares, but can hold no more than 30% of them.----If they hold that percentage then either the issued cap must rise (a placing ?), or Dyani would have to dispose of stock they were issued more than six months previously.

· Any share issue to the Consultant is conditional upon the Consultants' interest, together with the interest of any parties with which it is in concert, remaining below 30% of the Company's issued capital

· With the exception of the monthly retainer, the Consultant is restricted from disposing of any shares received under the consulting agreement for a period of six months from issue.

· Notwithstanding the milestones as set out above, the total shares issued under the Agreement as well as the previous agreement (announcements dated 18 May 2017 and 2 July 2018) will be capped to 45% of the enlarged issued share capital of the Company. In the event that this occurs, the Consultant shall remain obliged to continue the services, even though no further shares will be issued.

good post Papp

Well done Bluerill, ----it makes a change to read something other than bickering, or the same regurgitated history.
-Yes it's only a "possible" direction that can lay before SLE, and of course you could argue that it will not give Jite the London listing and access to overseas borrowing that he needs.
--But $60 mill is a very small sum in the grand scheme of things, and when you knock off the potential value of Barry, Jite would be left paying less than $40 mill net, instead of the current $80 mill a year.
-It would seem almost rude NOT to do it.

---I forgot to add my "strong buy" recommendation

Yes Alaric, that is a distinct possibility from here now.-----------A full RTO, swapping Jite's debt for a direct larger stake in OM:L 18, and opening up the overseas funding mkt, seems like the correct path to be taking from here.
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-All future funding for work overs and expansion, as well as fulfilling the DSRA requirement, could be achieve and leave Eroton free to pay divis (on our enlarged holding), which would find it's way to shareholders..
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-like yourself, i'm sure those talks have been on going since the first break down, and i'd like to think they are very well advanced.
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-I'm a little lost as to how, or why a Share Buy Back should fit into things, unless it was to get the SP up, and strengthen our negotiating hand---------------but I feel we want have long to wait to find out.
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-In the meantime, it looks like the futures/option book is still ruling the roost and maybe having one last big squeeze of the position holders before the SBB starts.
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-So SLE are going to spend £10 mill in a share buy back.-------------about 35-40 million shares.
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-Where are these shares going to come from ?
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-At present we have about 500 mill shares in issue, and of these 87.74% are held by ii's.---see sign shareholders list
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-Oisín Fanning 3,635,594 0.73%
Ewen Ainsworth 66,666 0.01%
Total 3,702,260 0.74%

Significant shareholders

Name

Shares held

% Total shares held

Shares not in public hands 315,524,187 63.07%
Toscafund Asset Management llp 311,821,927 62.33%
OWG PLC 19,546,176 3.91%
The Capital Group Companies Inc. 32,348,000 6.47%
Total Investment Solutions SA* 39,743,590 7.94%
Amara Equity Invest SA* 31,743,589 6.35%

-which leaves 12.26% or about 61.3 mill in pi hands.
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-Now assuming none of the ii's are going to sell at these depressed levels, then it is the company's intention to try and squeeze the shares from over half of the remaining pi holders,---- and there's only one way they will achieve that, --- that is to keep the SP low, and wait for the pi's to cave in-
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-Always seemed strange to me, that when SLE issued all those shares @45p, they stated that future policy would be a share buy back.
-To me it always seemed totally irresponsible to issue stock @45p with the intention of buying them back at a higher price------so their intention must have always been, to buy them back at a lower price, --and that is now what they will achieve.-------funny old game.

-Anybody been watching the trades for the past couple of weeks---------looks like most trades are being matched by an "almost" similar trade--------almost like somebody is trying to hold the SP steady------just like before we had the last placing.
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---still have had no response to any EM to the Co, or had any of my calls returned.

Has anybody tried to contact the company lately ?
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-In the past i have always managed to be able to phone the company, (on the number given on their webb site), and mostly, I have also been able to get a reply from the company in response to my EM's.

--Since May however, things have changed.
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-I have had no response to any EM i have sent to the Director who has always responded in the past, and i have not been able to get any reply when leaving messages on the Company answer machine (there is NEVER anybody there ).
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-You have to make of that what you will, -----but it does feel like a total news black out-------Something coming ???

-YAWN

Looking at that picture, i think we've found out who stole all that coal ----lol

-----"Intriguing to say the least, most odd that they seem to have lost their verbosity as of recent, its almost as if my arrival has made them vanish, still thats not a bad thing is it?"

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-Sister 8, i wonder if there was any connection between the quietening down of certain posters, and an action that was being taken out against one of the larger spread betting outfits (an individual was trying to sue IGG for losses he had made, that totalled over £2 mill ).
-I don't know if the two were in any way connected, and i am only guessing, but if the SP is being governed by futures positions / MM/ and scaremongering, then you would expect various posters to go quiet until the case was resolved, and that is what happened ---coincidence ??
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-Do you know the outcome of that court action ?

Sister8-------------you've touched a nerve with me here on this court case .
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-I made a few posts on the SLE bb with encompassed this very problem.-----I'll post one here (4th July) and see if it fits into your thinking---------------
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-Just my opinion, ---but this feels like SP rigging to me.
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--"Its a case of the tail wagging the dog at the moment FJS.
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-It's all revolving around "spread betting/futures" positions, being turned into a self fulfilling cycle.
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-I'm too long in the tooth to have kept up with modern trading instruments, but somewhere there is a product that is involving small margins governing much bigger underlining positions, ---much the same as the old "Traded Options" use to do .

-With no institutional support at the moment, the market is revolving around positions held by PI's, and the large number of "spread bet/Futures" positions.
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-Once the book is filled with enough taken positions, then it's ripe for a large squeeze.---All that is needed is a Spread bet /Futures outfit, to tie up with a MM and the job is easy, (plus of course it is made easier still by the use of scare tactics, to start and keep the ball rolling.
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-Once a scare has been put out, and the first PI's begin to bite on it, then the MM comes into his own.
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-Firstly the MM goes all round the rest of the other MM's and hits every bid (watch the AT trades), leaving himself short and the rest long.--------Then the PI sells start.
-But---instead of holding on to any sale, the MM in the loop, spreads every sale he encounters around the rest of the MM's (another round of AT trades.----they now start to offload this same stock-and another round of AT trades floods the mkt.
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-Now as the SP is driven lower, the bite is on all those Spread Bet/Futures position.
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-Margin calls, start to panic holders, and they start cutting those positions.
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---Another round of AT sales,------- and the whole thing starts feeding on itself------------round and round and down and down, with no institutional buying to stop the cycle and put a proper level on the SP.
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-Look at the posters who keep on saying "there is no buying", and the ones who are constantly flooding PI's with horror stories--and you can see who's involved.
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-Only when the II's return to the mkt will this stop.
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-The gearing on all futures instruments makes them a very dangerous vehicle, and there was talk of having them banned.--------but they're still here and being played with-------------------to me it's almost like SP rigging, but that's just my personal opinion.

--------------I just wonder if there is any link between Sid going quiet and IG index being sued for £2 mill----------------can't possibly see any connection, and i'm sure Sid will be on to confirm that there is none.

Seems that Prof Anu Muhammad is at it again.----
---For over twelve years he has been a thorn in the side of Energy Department.-His constant stirring of the pot and agitation of the local people have been the main reason Phulbari has never been developed.
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-To start up again now complaining of the thefts of coal and the lack of power production is sheer hypocrisy -without his constant intervention, the open pit mine would have been up and running by now, and it would have been run with proper expertise, not the mickey mouse operation that has been allowed to continue at Barra.
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-But the saddest part of his latest outburst, is his timing. With elections on the horizon, no candidate (especially Hasina) will now risk bringing the subject into the arena until after the elections are over.
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-The last we heard from the company they were going to be seeking fresh Funding / Investment over the next six months--------those six months are almost up------has anybody had any response from the company regarding this ?

If SLE are right and this action has no merit, then it will not get to court.
-This is Africa, and things happen there that you wouldn't expect in England. --Over there it seems it would be normal for somebody to bluster and complain (to the press) if they felt they had signed up to a deal, and regretted it later.
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-I'm sure the Courts had taken the view that ST have had ample time to serve a writ, and that they were in fact instructing ST to serve by Courier Air Mail by a certain date, or drop the action.
-So far, we have not been informed that the action has been served as per the courts instruction--in fact ST have posted the papers on thier Webb Site--which i'm sure is not what the court intended.
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-If this does all turn out to be bluff and bluster and ST do drop the action, then yes Sid you are probably right
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---" Then there is of course the matter of trust and what further damage to reputation this will bring."
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-and a very profitable counter action from SLE will not be long in coming.

Nicely summed up AL.----------You could also read that court directive another way.
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-This has gone on since 2016, and ST have been huffing and puffing to the press since early MAY, and still they have issued no papers to SLE or any of the other defendants.
-The court has now ORDERED ST to issue these papers by Air Mail courier, and to get that done before 28th Sept.
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-So maybe even the courts are not happy with the way ST are blowing smoke, and just making noise-----this feels like the courts telling them, ever so politely, to----Put up or Shut up---
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-just to make us all laugh-------------if you look at a map, you will see that they actually really did build this power plant, right on top of the coal deposit----------not to the side where any sane person would have built it, but right on top of the coal.
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-a joke from start to finish

Only in Bangladesh--lol
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-We stopped production to ensure the remaining coal could be used by the plant to provide an uninterrupted power supply during Eid holidays,” said Kaikaus.

The mine authority has begun to supply 100 tons of coal to the plant since Friday, said State Minister for Power Nasrul Hamid.
The power plant needs about 5,500 tonnes of coal to operate.
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-So they stop producing coal, so they can use up the entire stock pile eh.-------not only that--------they limit the amount being delivered to the power plant from 5500 down to 100 tons-------that's really helpfull.
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-They build a power plant on top of one of the best coal deposits in the world, and then IMPORT coal to run it.
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-you couldn't make it up.