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Yes at last a sensible RTO but with massive dilution. Existing shareholders can't expect to receive more than 5% of the enlarged company.
After all the gung-ho updates Giles should do the honourable thing and fall on his proverbial. There is still hope whilst a little cash remains in the bank but the cancellation of the listing will limit severely the Company's ability to do a deal
Hope this turns out well for you guys. I know that I've been critical-to say the least- but you've all been hugely patient despite what I believe was poor judgement on the part of the BoD pre and post Pearl
Difficult to sell a big stake
If the Indian deal fails I have an alternative
Big sell off yesterday ahead of a re-financing at a much lower price. Big dilution on the way
Given that SMA is giving up on the mining sector there is no synergy between the shell and the RTO. Also Giles' stake here is tiny so expect massive dilution and a rebased lower share price ex-deal. There is no way to raise more cash at or near the current price. The remaining cash will be swallowed up by the costs of the RTO. The stake in VOL is next to worthless unless VOL can be transformed. Given the amount of time SMA dickered around with Mandiana that seems unlikely.
Looking forward to hearing about the chain of chapati shops that Giles has lined up. I guess he chose India as you can pick up businesses there for pennies-problem is they only make pennies. The reason for the MD being located in India is simply because he's already heading up the RTO that's going to swamp SMA's equity base. In answer to Vienna's vituperative post I'm not gloating. This was an accident waiting to happen. Vienna's role shouldn't be overlooked. I guess he gulled numerous innocent investors into the stock with his ludicrous musings.
India-my ar*e. You were all warned. I told you to sell, repeatedly. The Bod is a complete shower. GC's reputation is on the floor. The current price still represents a wild overvaluation especially given the uncertainty of the value of the Vol Gold stake (which IMO has little or no value). You can still get out. Vienna-eat your hat mate!
But not that many selling days before delisting. Sell now
10 months and nothing. Pure speculation again Vienna. There is no deal. Sell now
You're definitely suffering from dementia Vienna. I wish it were otherwise. This is dead in the water. Even if there was a deal it will leave you and the other poor sops diluted to buggery. Get out on Monday whilst you still can
I've been consulting the tea leaves (Lapsang Souchong) for signs of a new chart pattern emerging in SMA. It is apparent that the price will reach a new resistance level at 0.2p in two weeks time followed by a classical death spiral to nil points by July. Btw Zulu was a great movie but it's not going to happen here. The end is nigh. Sell whilst you can.
As usual Vienna you're talking tripe and you know where that comes from. You have no evidence whatsoever that a deal is in the works. In fact the situation is hopeless and shareholders should be encouraged to sell before it's too late. Btw the VOL stake is worthless. It's all a sham that'll end in tears. SMA is a tragic letdown.
There is no "management" at SMA. These are all guns for hire. The time to do a deal here has passed. This is off to the knackers yard. Sell now while you still can
Less than 2 months to go before the inevitable delisting. It's clear as daylight: there is no deal. If there had been it would have been completed by now. No right-minded BoD would allow negotiations to drag on for this long. As to selling VG unless they're very few seeking pennies on the $ it ain't going to happen. Why would anyone be so stupid to buy what's effectively 10% of Mandiana when they could have bought the whole lot last year? Tick, tock, tick tock.....
Firsty, good riddance to Vienna. He was long past his SBD. Turning to SP7's comments I cannot believe that GC is coming to the rescue here in the few weeks remaining. The notion of determining a chart pattern for a shell is pure witchcraft. Try roulette instead. It's more fun. As to the intrinsic value of SMA the investment in Vol Gold is worthless unless they can develop the Mandiana interest-very unlikely given that SMA had years to do so and failed miserably. The truth his that with a dwindling sum of cash on hand the underlying value of the shares is little more than 0.05p-a fraction of the current quote. This company is headed for the knacker's yard but there's still time to head for the exit.
There's nothing rosy about SMA or it's likely fate. You're still being rude to LIH although he has been polite in all his dealings with you. This leads me to believe that you're a foul mouthed lout with the manners of a pig. Maybe that's a bit mild?
Nice to see you apologising for once although this is not the type of bended knee unreserved apology which is required here. It is neither total, absolute, full or complete as it jolly well should be. You are not sorry nor do you admit having insulted LIH. Your replies on this board have never been considered although you have attempted sarcasm (fairly weak) and have been extremely if not vicariously rude on many occasions.