Member Info for Smellyben

Ha Scotty - you have been slating EUA for the last 2 years when you sold out at 0.54p - bitter perchance ?

Also POW - sold out at under 0.5 - now 2.5 p

please tell me who else you hate - i need to invest !! Joke of a poster

Yes I would encourage all holders or potential holders to look at his consultancy contract he has for about half a million a year in addition to his 300k salary - all in the related party section of the accounts- hidden / murky of course. Simply outrageous but apparently legal.

As at the last financial accounts from Dec 2020 you are right there were £26m of net assets - £24.5m of which was intangibles assets - the rest cash - which is all gone now. and is now negative/debts - there are no assets apart from the licence in TK which the EG have threatened to revoke and the 34% investment in SA

That’s exactly what I expect chasf - RAB to provide the cash loan - can’t see anyone else who would given history and the very tragic situation now in Ethiopia they wasn’t there before - but with seriously dilutive convertible loan terms for PIs - my guess is around 1.3 or 1.4 but it’s just a guess could be a bit better or worse - for holders hopefully not the 0.65p they got last time !!

Fundraise = raise funds - I would have thought even you could work that out !!

I didnt specify HOW they would arise the funds I just knew they were out of cash - as any sensible informed investor would know rather than you crazy rampers. I expect the terms to be terrible as in previous death spiral financing deals they have done - thats why there are currently around 2.5 BILLION shares in issue rather than 250m from just over 2 years ago. Presumably the terms of any loan will need to be published now the AGM is out of the way and Harry can get back to his £800K salary from grateful PIs

Nice to have you back Investor - although we disagreed back in the day you always had a logical point of view. :)

Yeah thats right - I say they need a fundraise, the next day they announce a fund raise and I'm wrong - have a word with yourselves

Yep thats right I said they need to do a fundraise on 4 June with typical responses from the usual rampers - THE VERY NEXT WORKING DAY they released an RNS (or do you not actually read the words that are there not the ones you want to be) that said

" We do however avail ourselves of unsecured advances from time to time as arranged by our Corporate Broker, Brandon Hill Capital, to provide working capital pending the achievement of a short-term business milestone. This is taking place now...."

The auditors also said they were no longer a going concern and could no longer meet operational costs if they could not raise funds by 30 June

"We draw your attention to note 2 of the financial statements which explains that the Parent Company and the Group's ability to continue as a going concern is dependent on the Company's ability to raise adequate financing from lenders, shareholders or other investors before the end of June 2021, in order to meet operational commitments and overheads. There are currently no unconditional or binding agreements in place and there is no guarantee that any course of funding will proceed. The Group also relies on the continued management of its payable balances through ongoing negotiation with management and suppliers. Their deferral is not guaranteed by any binding agreement. These conditions indicate the existence of a material uncertainty which may cast significant doubt over the Parent Company's and the Group's ability to continue as a going concern"

I was CORRECT as plain as day - enough said

What SHOULD be worrying for you guys is that they haven.t announced the loan or the terms - one can only assume

1. They were not able to achieve a loan - in which case administration/share price zero (unlikely) or
2. The terms of the loan are so bad they wanted to get the resolution son the AGM out of the way before announcing them....

His logic is a senior exec at the credible buyer (who can’t be stupid surely) said - oh look Eurasia is valued on the stock market at a billion quid - I’m going to make an offer for all their assets for 50million and see how it goes - in what world does that happen ! In my mind Any bid will have to be at a significant (dare I say massive) premium on the billion quid valuation for the assets then in situ so not including Rosgeo JV - so a min of 60p but perhaps quite a lot more depending on various factors so could quite easily be over £1 - and we’d still be left with Rosgeo assets and money enough for initial development- cha ching!!!

If they are not able to raise money then yes they will fail as they can’t pay their creditors as it is - that is what the auditors raised in their report and so yes it would go to zero - I don’t think this will happen however as I think they probably will get a loan but I just think it will be on terrible terms that the PIs will get massively diluted- Harry , leach with their cash bonuses and millions of options are now insulated from this dilution to a greater extent then before - only a few days away from hearing one way or another.

Glad I have a fan! Believe it or not I’d be happy if Harry actually delivers for the LTHs but I’m warning prospective investors he has failed about a dozen times before and even if you believe hold off for a few days as -when the terms of any loan they get are published there will be a much better basis for understanding how much more dilution there will be - in the worst case scenario ( which I don’t think will happen) if they don’t get the loan the shares will go to virtually zero.

do you not understand the difference between saying you think something on the balance of probabilities versus stating something as fact that I haven’t done !!

The only proof I have is that someone paid for this ( acknowledged) almarketing exercise - could have been you I suppose to get the share price up Lol !!!

Let’s see if they get the cash - not long to wait

Exactly my point - take with a HUGE pinch of salt - only done to try to get the loan cash - lets see if it has been successful next week

Yes not surprising he knows when a report is coming out if he paid for it ! - whats your point ? My point is that it is NOT an independent valuation report but a MARKETING report paid - AS IT SAYS IN THE REPORT ITSELF !!!!!!!!!!!!

This brokers report is a marketing exercise (as it explicitly says and not compiled using legal requirements for independent research) While it doesnt say who paid for it (that I can see from a skim read) it is quite likely paid for by Kefi (they have done this before) - probably prepared in order to try to get the bridging finance they require to keep the lights on until they can close off TK funding (if they ever do). Interestingly in those days in the previous reports the potential prices were usually 11 or 12 p short term - now it is down to 5.4p because of the amount of confetti in the intervening years waiting for TK close. Lets see if it has been successful - expecting an RNS with loan terms in the next few days (otherwise it is goodnight Kefi) - really interested to see what the terms are

Pompal fully agree - I'm adding more on Friday when I get some more funding in - it is valued at only circa £500m now - will continue adding smallish chunks at a time now

chasf - he did say that yes I agree though I dont think a convertible loan what he meant - not long to wait to find out though

So again dont address or refute the point - merely abuse the poster - classy !

As for EUA - I've been averaging down (though still about 15% down :( - confident it will blow one day soon - maybe this Friday evening - we'll see - I hope so as I have 6 figures in it !

What the f*** are you talking about - are you denying he is trying to raise money before end of June despite him saying it yesterday, the RNS last week and the auditors report ???

Everyone knows he is trying to get money to pay creditors/keep the lights on until / if he can get funding for the - what 8th???? - time of asking - we will find out very soon, maybe tomorrow if he has managed it and on what terms - I dont expect them to be pretty. that much is a FACT

in my OPINION I'm saying to new investors to hold off until you see what they are - suspect £3-4m convertible loan at around 1.40 which will be sold into the market once signed so share price will drop down to 1.40 - if you still believe in Harry buy in then

Sorry you are wrong - he is raising money right now to pay creditors/ keep the lights on as was said in the last RNS AND in the webinar yesterday - its no secret - he didnt say how much or what terms - that is what I am talking about NOT the project funding. Lets see if he can get the money and on what terms.......

I would just caution any potential new investors to wait to hear what terms the latest fundraise /loan that Kefi are negotiating right now (assuming they are able to get it).

In the past similar deals have been hugely dilutive through the convertibity of the loans at low prices (which the lender tends to sell into the market to make an instant profit which drags down the share price- you should hear within a week or so no need to rush in here until that is clear - it will be well ahead of any finance closing (which they have been promising for nearly 3 years now!)