The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Are you Irish? That would explain everything.
Sun Burn more like. Have you actually read the rns? 125 million warrants are contingent on a RTO taking place. Of course they bought into this as a shell. Including the warrants they control 40% of a quoted company with £400k. for an investment of just £225k. The trick will be to continue to convince people like you that there is still some residual value in the SMA assets until the point of the RTO where it becomes irrelevant. You can be quite certain that Pearl will have bigged up the potential (before his demise)l but the reality is that as time passes by without a third party showing interest that the implied value of the "assets" is diminishing rapidly. A deal needs to take place soon otherwise this will end up as carrion on the financial highway.
I did not insinuate or state that the licence renewal was a ruse. As a classic share ramper and booster you are trying to bend the facts to suit your own narrative. I have no interest in causing anxiety amongst shareholders. Pearl has already done a first class job of spreading mayhem. As I have often stated I am interested in truth and transparency whilst you are interested solely in obfuscation and reality distortion.
16 December: There was no assertion by me that the licences hadn't been renewed. BTW. Is English your first language? You seem to have problems understanding simple sentences. 25 November: Pearl did not pay for his holding. He received it in exchange for his expenditure of £200,000 of start up expenses by way of the issue of shares in SMA. Maybe this is too technics a conceptl for your infinitesimally sized brain to grasp.
BTW it's 2016 not 2017 on planet Earth!
I think you've had one or more cups too much cheer old bean: 1. Please identify the exact post where I stated (allegedly) that Pearl was gifted his shares in SMA 2. Where did I state (allegedly) that the licences hadn't been renewed? 3. The exclusivity period ended on 14 October-over two months ago and nothing has been heard since then from any other party regarding a JV.
Happy New Year. Whatever the outcome hopes it turns out positively.
Giles Clarke is very well respected and has an excellent rep not least for his work at Majestic as you rightly point out. In truth the BOD's new investment was a very modest sum in order to take control of an AIM plc. My gut tells me they have little or no interest in SMA's past and are looking to use this for a RTO. Clearly though in the meantime they will not wish to tarnish the perceived value of the Guinea assets which to some extent are buoying the share price although in truth they are almost certainly of no value. I expect the "strategic review" will not be completed until a RTO has been achieved. I still maintain that after months of fruitless negotiations there appears to be no interest from a Major or any other player. After all the recent shenanigans one would have expected to hear something if indeed there is anyone out there interested. As has also been indicated Pearl had the resources to continue with this at least for another 6 months to a year. The fact that he bowed out with £60,000 of shares (against an investment of £200,000 seven years ago) speaks loudly and clearly.
Will certainly result in a loss. Absent a transaction the value of the shares is 0.1p-the same price as the investors paid 2 weeks ago.
Very stupid
Wonderful-peace and quiet and no gibberish for a few days. You can be absolutely certain that the new BOD will not be wasting any of the money left over (after expenses) for the Guinea hole in the ground. If and ( its a big one) they can find another mug like Pearl they may be able to sell it for for a (very) few cents on the buck. The previous renewal of the licence and the Guinea Govt's. 25% holding are red herrings and unrelated to any intrinsic value. It is a fact that after months of negotiations and the entrance of new investors there is still no sign of any interest in the concessions. Hope you don't fall off the end of a crevasse (or maybe ???)
Your post is noted. FYI-I refer to your unique contributions in the last line of my post no. 228 QV.
The shares were worthless under Pearl. Fortunately, as I suggested (see my previous posts) the company is being used as a shell. The new investors have no interest in the Guinea fiasco. Any thoughts that the "gold mine" will come good are preposterous-it's worthless. The only upside is what might be RTO'd into the SMA shell which is currently ludicrously overvalued. I am not a de-ramper but a seeker after truth-a rare commodity on this board of fantasists, frauds and liars.
Do you know "Mr" Pearl? I can assure you he knows me very well. You seem to have appointed yourself as the gatekeeper here determining who can and can't post. Regarding your previous comments it is you who are suffering from memory failure. Many of your posts have been reckless in nature and hyperbolic and have been designed to ramp these shares for your own interest.
Why are you here? This is an open board where anyone can comment. I have no agenda. You do. You are a ramper who has no regard for the truth or interest in transparency.
Investment: difficult to say although it will certainly be a struggle to turn it into a success. Consolidation: Definitely-with over a billion shares in issue and to be issued before the RTO this will certainly be heavily consolidated. The BOD: are seasoned, respected investors and managers with multiple successes (unlike that charlatan Pearl). SMA is certainly a challenge but is likely to be a good investment for the BOD. But...at 3 times the price that they invested it may not be so rosy for folk buying in at this level.
Re-read the RNS: "Our plans for the business may involve the pursuit of an acquisition which would trigger a reverse takeover under the AIM Rules". They don't wish to fall foul of the rules regarding "change of control" nor to be seen to be devaluing the company's existing Guinea assets as that would diminish the perceived value of the shell in negotiations with RTO candidates. On the other hand £500k won't take them very far in the gold mining business.....
Time will tell but I believe I'm right
If there was any residual value Pearl would have put his own money in. His departure speaks to the truth. The Emperor had no clothes. BTW-why are obsessed with this Chuckle fellow?
What I am saying is that any RTO candidate acquired by SMA would have to achieve a stellar performance in order to justify the current share price. Currently there are just over 1 billion shares outstanding (including the warrants) giving a prospective market cap of £3.4 million (with net cash of less than £500-600k). Normally shells such as SMA are valued at net cash plus a small premium. SMA's underlying value is therefore around £700-£800k well short of the current value. The only thing propping up the higher figure (apart from the prospect of an acquisition) is the continuing (almost certainly false) presumption that any value still attaches to the remaining SMA "assets". Once a RTO is completed the Guinea operations will almost certainly be shuttered. The new investors put their cash into SMA at 0.1p which is the "real" price/value of SMA's shares. Any amount above 0.1p represents pure speculation and is unlikely to be realised unless the RTO candidate achieves a substantial uplift in its value. Also bear in mind that the costs of acquisition will eat up the current cash position.