You're asking the wrong question. Why did Giles appoint him? Surely he and his sidekick have sufficient contacts to locate a RTO candidate? We can only assume that Sparrow's appointment is connected somehow to the shape of the coming transaction. Something awfully fishy going on. Still that's normal for SMA.
The fully diluted market cap, assuming issue of all of the warrants is c. �4.5 million. Assets amount to c. �600,000 on a pro forma basis. The exploration assets have been written off after the failure of talks with strategic partners. The intrinsic value of the shell is about 0.05p/share not the .43p it's currently trading at. The chances of Mr. Sparrow making anything above .23p/share are tiny.
Yes delicious-wrapped in SMA share certs.
Interesting to read the Times this morning. Apparently Amerisur shareholders are rather peeved to see Giles and his crew help themselves to reams of free shares. Doesn't bode well for SMA.
This is the most overpriced stock on AIM. Worth a lot less than its 0.1p par value. They'll need to do a consolidation and another par value reduction to get away a RTO. Whatever Vienna 11 is taking he should bottle and sell it or perhaps contact Giles and suggest reversing it into SMA.
Fill yer boots
shall be Sausage Boy. You've been well and truly insulted.Take it like a man-not a little girl.
You're the perfect dupe.No one is obsessed about "us" whoever us is. The obsession is yours. You are suffering from cognitive dissonance. Before they give you your pills this evening ask the friendly head doctor what it means.
The longer this fiasco continues the less likely it is that anyone will want to use for a RTO. Nobody (except a very few dimwitted folk-possibly those living in Austria?) still believe in stories about gold.
As I foretold long ago, this is a "shell". There is no value left in the historical operations. You'll be lucky to see 0.1p if and when a RTO is announced. Don't hold your breath. It's won't be good for your health.
Clearly the mechanics of RTO's and mathematics are not your strong points. There are currently 1.1 billion shares (fully diluted). If SMA is valued at say cash (£400k) plus a small premium (say £250k) and the RTO target is valued for example at £8 million there would need to be 80 billion new shares issued to the vendors of the RTO candidate plus an unknown number of shares to meet its financing requirement. QED.
As I suspect you are Mr. Sausage.
I don't know about biscuits and goose Mr. Sausage but please don't call me a "Scinic"-whatever that is! So it's Jan is it? Know him well? What risks have you stated? You're too busy touting this to all and sundry. Just keep taking the medicine and don't object to them tightening your jacket.
My posts are factual and reflect reality. I have no concerns with the new BOD who are well respected businessmen (unlike the previous shower) but they are not miracle workers. SMA is now a shell with no activity and about £400k in cash equivalent to 0.05p/share on a fully diluted basis. Anyone who believes that there is room for a share price boost (absent a RTO) is a fool. If a RTO can be arranged on a timely basis it will probably be accompanied by a further fundraising. In the current market it will be difficult to get it away unless the RTO candidate is a stunner. In all likelihood there is probably going to be a long hiatus during which the SP will almost certainly drift down to the last placing price of 0.1p.
Apart from puff there is no support for the price at this level. Underlying assets (cash) is worth approximately 0.05p. Its going to be very difficult to raise further cash at much more than that level. If and when a RTO is announced the dilution will be enormous-another 85-90 billion shares or more. There is little room for manoeuvre. The idea that this is heading upwards from the present price is sheer lunacy and extremely irresponsible if anyone dares to ramp it. You've been warned-again.
Not more drivel. Try writing that in English.
With respect you haven't explained Pearl's unwillingness to invest. His age is no barrier to making a modest further investment in a company which I quote "is the most exciting venture of my life". You say he hasn't lost but 72% of the value of the enlarged company has shifted to the new investors. Whatever the value of the "assets" the worth per share has diminished by a huge factor therefore the implied value of Pearl and other pre-existing shareholders equity has also been reduced. The amount spent on drilling is not a recoverable investment. I still believe that there will be no JV. Too much time has elapsed without the appearance of a suitor. But...tomorrow is another day.
I respect your opinion but wonder that if a JV was indeed around the corner as you suggest why Pearl bowed out with such a meagre holding-subsequently heavily diluted. If the prospects were as good as you say why didn't he take the opportunity to fill his boots instead of allowing Giles and friends to come on board? I'll take a look at vela.
You can safely assume the Guinea assets are worth nothing. As I stated the asset value is based on the net cash raised in December which will be diminishing month by month. The golden dream ended when Pearl walked the plank. Time for a reality check. Wake up and smell the proverbial-tinker boy.
Given that the NAV per share is less than 0.05p this is trading at over fives time's inherent value. Dangerously overpriced for a "shell" with no deal in prospect.