Member Info for RuudDawg

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article. A week ago, I wrote that Strategic Natural Resources’ (SNRP) CEO Alex MacDonald’s position was untenable, after the company issued this RNS in an attempt to clear the air after Allenby’s sudden resignation as Nomad. The problem for Strategic Natural and Mr MacDonald is that the story didn’t stack up. The resignation of three non-execs strongly suggests that “board approval” for the purchase of 6% of Millennium Energy wasn’t as cut and dried as the company suggested and the timeline of events leading to Allenby’s swift exit indicates that Mr MacDonald and his fellow directors knew they needed their Nomad’s assent (which, by their own admission, they hadn’t received) before completing this transaction. Last night Mr MacDonald quit, but is this enough to draw a line under the matter and allow Strategic Natural to survive as a listed company? The simple answer to this question is I don’t believe it is. To remind you, Strategic Natural has until 0700 on July 24th to find a new Nomad or the current suspension from trading which the company is in will become a touch more permanent. It is possible that in falling on his sword Mr MacDonald has cleared the path for one of AIM’s bottom feeding Nomads to step in and allow this company to return to market. There is nothing the system loves more than the sacrifice of a fall guy to allow everyone to pretend all is now well again with the world and we can just carry on as before. Unfortunately for Strategic Natural life won’t be this easy. Serious questions remain about the circumstances of the Millennium deal and the apparent circular nature of financial transactions involving Strategic Natural, Target Alliance (London) and Ivory Mint Holdings. If I’ve understood the various agreements correctly it appears that all three organisations are controlled by the mysterious Irving Aronson. I skimmed the surface of what’s gone on in my piece last week (HERE), but, for now, while Strategic Natural remains suspended, there is little point delving further into this. However, if the company does manage to drag itself back onto AIM, then expect the Sheriff and his cohorts to mount up... To get Twitter updates from ShareProphets as they happen

Re-read what I actually wrote. Before I go wasting my time time digging out web links for this info can we have some EVIDENCE from you that Allenby's fees weren't paid? This forum, including myself, has given you the benefit of the doubt, where's the PROOF seeing as you're now posting it as fact? Or is it 'one way traffic' here?

Specifically what bit?

There could always be a hostile T/O. Don't forget, we had a 3rd party express an interest in repaying creditors and re-starting mining just before Andy Ruhan stepped in with his brotherly loan and the starting of the arbitration process.

I think it's pathetic that shareprophets automatically assume SNRP is at fault rather than that Allenby may have quit as Nomad as a result of being displaced as broker by Beaufort, something that occured as recently as 13th May :- http://www.lse.co.uk/share-regulatory-news.asp?shareprice=SNRP&ArticleCode=fq8wszk7&ArticleHeadline=Subscription_and_board_changes Here's the relevant paragraph:- ''Pursuant to the Beaufort Underwriting, the Company has agreed to the appointment of Beaufort as SNR's broker, with effect from admission to AIM of the Beaufort Placing Shares. Following this appointment Allenby Capital will no longer act as the Company's broker but will act as the Company's Nominated Adviser.'' Whilst nothing can totally be ruled out, It's strange how Alleby didn't quit when previous regime were failing us 'left, right and centre'. Funny how they also didn't quit when we're being threatened with legal action by several different parties. They did, however, decide to quit when current regime are attempting to sort things out, but without Allenby as brokers! Co-incidence?

Deadcyclist, I've no idea why nomad resigned, hence use of ''if''. The person who 1st mentioned that possible reason was substp in his 13.05 post. As he called the reason for suspension correctly, I gave greater credence to his suggestion, whilst at same time still stating it as a possibility rather than absolute certainty.

We need a new nomad rather than broker as we already have Beaufort as the latter. The Q is can Beaufort become a nomad within the time frame or must we look elsewhere? If Allenby resigned for non-payment of fees, why didn't SNRP pay them whilst paying other creditors and why didn't Allenby bring this to light like other creditors did?

Whilst we can't rule out bad news, I can't believe it's a liquidation so soon after our broker reiterated shares were a buy. They may put out a 'buy rec' to get shares up ahead of a placing, but surely not prior to co. going bust? Unfortunately, 'water's been muddied' by recent (out of date?) articles so difficult to be certain of anything!

Cliveas, I think you've highlighted the 2 likely scenarios perfectly....but which one will occur? Were it to be a discounted placing, I can't help feeling those who were recently allocated shares at 4p base price will be livid if others who've been harder to placate end up getting a better price as a result of their intransigence. (assuming they're still holding rather than having already sold below base price!) Will be interesting to see how many of yesterday/today's sales are subsequently cancelled, as often happens!