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Dee, my restless child. Be patient. Your answers will come. Please get in touch next Wednesday and I promise to respond. For those who are going to attempt to answer the following may I kindly request that you check each RNS up carefully before responding. No fluffy responses, only facts. Thanks in advance:
1) What has the management achieved in the past 4 years which justifies taking a salary?
2) Why was the recent acquisition not funded through the £1.59m listed investments?
3) How do you justify the £500k spend to go via the issue of 184m shares/warrants at a record low price? Presumably, you took part in the placement - did you or any other placee see the investment pitch with its details or did you go in blind?
4) What was Matt doing in Sep 19 when he said the company was now funded until production with £500k raised at 1.8p. Why then did he follow this up with £400k raised via CLNs and this again was followed up with £550k subscription in April 2020 @2.25p with 24m warrants @3.25p. Did he lie to the market when he stated in RNS that the company was fully funded to project finance?
5) There were multiple RNSs in H1 2020 saying finance imminent then no news. The chairman stated that ACP will be in production in Q1 2020 as late as Feb 2020 yet the mining license hadn't even been applied for. Why?
6) What proportion of Matt’s holdings are “free shares” and how much were paid for? A calculation for his low average wouldn’t go amiss.
Are you having a laugh, those answers are farcical. You need too much educating and I'm on a breather. Let's see what your buddies have to add then I'll give one reply to all. It's a busy job dealing with a herd of gamblers who hunt in packs. I might be annoying you but trust me you need to redirect your frustration and energy towards MB who has robbed you off a significant amount of cash. This project is not heading anywhere imminently - pun intended - and I'm happy to stand corrected with the passage of time.
That will likely happen when the 92m shares are issued, 10%ers will run for the hills. Of course Dee and wasa will never sell. They are still waiting for 20p. Warrant holders likely to derisk their capital and wait to see if the warrants play out risk free.
Y'all do realise the word "imminent" was a Matt Bull favourite throughout the period of Kabunga's selling. The imminence miraculously disappeared from RNSs, podcasts, emails and investor comms when Kabunga had dumped the lion share of his stock. Utilising Jim's skill of "reading between the lines" may help us better understand what was actually going on. Thank you Jimmy for your enlightenment, hoping you can do more of it with the other questions, your buddies have miserably failed.
Great, more investors have joined the conversation. Welcome fellas. Hopefully you can do a better job than your predecessors.
1) What has the management achieved in the past 4 years which justifies taking a salary?
2) Why was the recent acquisition not funded through the £1.59m listed investments?
3) How do you justify the £500k spend to go via the issue of 184m shares/warrants at a record low price? Presumably, you took part in the placement - did you or any other placee see the investment pitch with its details or did you go in blind?
4) What was Matt doing in Sep 19 when he said the company was now funded until production with £500k raised at 1.8p. Why then did he follow this up with £400k raised via CLNs and this again was followed up with £550k subscription in April 2020 @2.25p with 24m warrants @3.25p. Did he lie to the market when he stated in RNS that the company was fully funded to project finance?
5) There were multiple RNSs in H1 2020 saying finance imminent then no news. The chairman stated that ACP will be in production in Q1 2020 as late as Feb 2020 yet the mining license hadn't even been applied for. Why?
6) What proportion of Matt’s holdings are “free shares” and how much were paid for? A calculation for his low average wouldn’t go amiss.
Let me make it crystal clear for all, the responsibility for preserving shareholder value and supporting the share price is 100% the (acting) CEOs. He is being paid by investors to protect their investments not decimate them. Mr Bull has destroyed shareholder value here. Dee will say I am making it all up so I refer him to the 3 year chart for bedtime reading. The difference between me and him is that I am calling MB to account and asking questions which all shareholders should be. Dee and his gang, on the other hand, have blinkers on and want us to believe MB does not bear the brunt of responsibility for what has happened. There is a very deliberate reason why my questions are being avoided - perhaps because they shine a light on MB which some ppl don't like. Look fellas, I'm sorry but i refuse to rub up his gonads like you guys. It doesn't mean we can't be friends.
Dee, your points have been addressed and answered. You are obfuscating deliberately. I am not prepared to invest further time into honing your comprehension skills especially if I'm not being paid for it 😜 . I don't mean to be rude but you are not coming across as a mature investor, you are very emotionally charged. Take a break for a week, allow me to use my time and knowledge more productively engaging other participants here. I promise, once we make some headway, I'll come back to you and clarify the things you fail to understand. I get bored easily and you're now boring me.
Hahaha, "a typo", Dee you are quite a character and one who has exposed himself for that matter. I will graciously accept your apology. Come back to me in one week's time; we can carry on flogging your dead horse then. I will engage the others now: Wasa, Jim, Dan and others who are - i hope - better researched, well-intentioned and emotionally mature. In case somebody has lost the questions amidst Dee's numerous monologues, here they are:
1) What has the management achieved in the past 4 years which justifies taking a salary?
2) Why was the recent acquisition not funded through the £1.59m listed investments?
3) How do you justify the £500k spend to go via the issue of 184m shares/warrants at a record low price? Presumably, you took part in the placement - did you or any other placee see the investment pitch with its details or did you go in blind?
4) What was Matt doing in Sep 19 when he said the company was now funded until production with £500k raised at 1.8p. Why then did he follow this up with £400k raised via CLNs and this again was followed up with £550k subscription in April 2020 @2.25p with 24m warrants @3.25p. Did he lie to the market when he stated in RNS that the company was fully funded to project finance?
5) There were multiple RNSs in H1 2020 saying finance imminent then no news. The chairman stated that ACP will be in production in Q1 2020 as late as Feb 2020 yet the mining license hadn't even been applied for. Why?
6) What proportion of Matt’s holdings are “free shares” and how much were paid for? A calculation for his low average wouldn’t go amiss.
Wasa, the sarcasm isn't going to strengthen your case. Now you are hiding behind BlackRock. We are here discussing Armadale, if you want to discuss BlackRock, their management, strategy and decisions you might find another forum for that. For the record I do agree with you on the following:
"You know Posco are the largest graphite trader in the world right? If they can't make it work nobody will, it's really that simple"
It does not necessarily follow that this is going to work on the terms attractive to investment. Big companies do have failures and make losses especially when operating in unfavourable and unstable jurisdictions. Of course, I hope it works out for shareholders but if it doesn't BlackRock shareholders will, as you point out, be royally "stuffed". We've seen a lot of that going on most recently a nightmare for shareholders at HZM.
Take my questions on Armadale and answer those please.
Thank you sir.
Just to spell the error out:
you said:
1. "they hadn't applied for the environmental/mining licenses yet" - Kabunga starting dumping AFTER the mining licence. So how can he sell because they haven't applied, when he started selling after they received it? Revisionist history again?
I said:
Mining license application submitted 2nd July 2020, Environmental and Social Impact Assessment submitted 8th Sep 2020, Kabunga selling October 2019, I'm quoting you exact dates from the RNS. Simple comprehension of chronology dictates that Kabunga started selling BEFORE mining license applications. I can't believe I am engaging with this basic incompetence, checking RNSs and facts should be a pre-requisite when posting on this forum.
I'm not sure how many more own goals you're going to score but let's try your luck at the other questions, you might fair better with those. For someone who is not verifying information and misguiding investors here I am not so hopeful.
Just out of interest Dee, how old are you? I am pointing out the factual errors in your posts and you are obsessed with a gotcha moment. I am trying to do you a favour here by highlighting legitimate questions and concerns - don't take it personally. If you don't want to answer the other questions just say so because it's getting extremely tedious investing this time in going round in circles. We are all grown ups here I hope.
Dee's emotional attachment has got the better of him hence the apparent subjective undertone to his posts. Whilst he continues to hammer on about Kabunga I will appeal to Jim, wasa and Dan to answer the remaining questions. Jim, after all you are the one i initially put them to? Where are you sir, bless us with your presence.
Mining license application submitted 2nd July 2020, Environmental and Social Impact Assessment submitted 8th Sep 2020, Kabunga selling October 2019, I'm quoting you exact dates from the RNS. Simple comprehension of chronology dictates that Kabunga started selling BEFORE mining license applications. I can't believe I am engaging with this basic incompetence, checking RNSs and facts should be a pre-requisite when posting on this forum.
Dee is now trying his utmost to make this whole thing entire about Kabunga and his flipping investment strategy. I've made my point which is clear for all to see. Let's get on to the other questions. I am looking forward to engaging those, I may learn something i don't know - I am an open minded fella.
Yes Matt decided to help out his buddy Kabunga in Lindian, as dumb as he is, Kabunga has probably been dumping his stock with no notification. He is a full on trader and will do anything to make a buck and at anyone's expense.
The questions which are being avoided are as follows.
1) What has the management achieved in the past 4 years which justifies taking a salary?
2) Why was the recent acquisition not funded through the £1.59m listed investments?
3) How do you justify the £500k spend to go via the issue of 184m shares/warrants at a record low price? Presumably, you took part in the placement - did you or any other placee see the investment pitch with its details or did you go in blind?
4) What was Matt doing in Sep 19 when he said the company was now funded until production with £500k raised at 1.8p. Why then did he follow this up with £400k raised via CLNs and this again was followed up with £550k subscription in April 2020 @2.25p with 24m warrants @3.25p. Did he lie to the market when he stated in RNS that the company was fully funded to project finance?
5) There were multiple RNSs in H1 2020 saying finance imminent then no news. The chairman stated that ACP will be in production in Q1 2020 as late as Feb 2020 yet the mining license hadn't even been applied for. Why?
6) What proportion of Matt’s holdings are “free shares” and how much were paid for? A calculation for his low average wouldn’t go amiss.
Wow Mr Dee, where to begin? You are in full throttle deflection mode. Kabunga is an investor/trader. He made a tonne of cash by multi-bagging on ACP. Steve Mehede, his boy on the board let him know what the reality on the ground was and that the imminent finance and production RNSs were all fluff (they hadn't applied for the environmental/mining licenses yet!) - he jumped the good 'ol ACP ship with your cash, likes of wasa and others having bought a shed load of Kabunga's dumped stock on the open market. If he sees similar opportunities in the mining/graphite space in Tanzania or elsewhere he'll take it. He was in Volt pre-invasion so don't obfuscate. If you start on the other questions now Dee, gives us a bit of colour around Matt's incompetence and what Kabunga was seeing long before this discussion started. Wasa answer the following then I'll happily entertain your secondary questions about Blackrock.
Dee, now either you have no basic comprehension skills or are deliberately obfuscating and conflating between posts akin to the the fake news media:
-- 25th April at 11:46 RHT99: "Kabunga escaped through the back door as he knew what was going on"
Yes he did. Kabunga is a seasoned investor in the mining sector, he knows Tanzania well and had Steve Mehede installed as director at ACP. He knew the project was not viable as the government was not playing ball and therefore started selling.
-- 25th April at 12:05 RHT99: "He created an escape route for him and then shafted the rest"
Yes he did. Matt was fully aware that Kabunga was selling. He was receiving quarterly reports regarding the share register and significant holdings, despite this he decided to RNS on 8th March 2021 (18 months later):
" Kabunga Holdings Pty Ltd ("Kabunga"), a substantial shareholder in the Company, has between October 2019 and 26 February 2021, sold in total 34,755,554 ordinary shares"
-- Today at 16:44 RHT99: "Matt did not see this coming and is now stuck"
Yes indeed. Matt completing messed up this project. He came into Tanzania blind with insufficient project management experience, especially of this scale, completely overestimated the job at hand and then hit a rock on all levels, from Govt discussions, finance negotiations and company management. Why has he been running a project of with no CEO. As a said, he was a young Aussie mining enthusiast who rather amaterurishly c**ked up the graphite project.
-- Today at 16:44 RHT99: "The project is a desperate attempt to suck in sufficient investors so he can offload his shares. Kabunga did it for two years without notifying..."
Well, given everything that has happened this is my opinion. I think it is a reasonable conclusion to draw by any experienced investor on AIM who knows how things often unfold in this space. For your sake I hope I'm wrong.
My posts are not contradictory at all; you are grasping at straws thereby avoiding my questions, Did Mr Bull mislead the market; now answer the remaining questions if you would be so kind dee12345, your pals clearly can't.