Member Info for Spikeyj

re Friday 16:28, “... now the police have
opened a formal investigation...”, has
anyone read Times lead article today?

no, i am certainly not laughing my socks off, more
just noting sadly that this company continues on a
poor trajectory from a retail pi perspective. [altho’
from a BoD perspective, maybe they are doing fine?
as they have increased spending on BoD members, in
a company that was already spending plenty on BoD
pay etc., given it has a very limited asset base and is
not actually the operator for the aje asset. plus, bear in
mind OO is not losing any of his money by a falling SP.]

meanwhile, the RNS didn’t really explain why that
“significant equipment upgrade” was needed, over
& above the routine maintenance work, & seems the
RNS attempts to attribute declining production to those
maintenance and upgrade issues, which dodges that
interesting point dan raises that fall in oil production may
just be more about those 2 wells gradually running down.

so production is declining, but the BoD are paying themselves
more, and they no longer expect to be cash flow positive in
2020. when I’d last posted about their cash position, i had
estimated they would run out of cash by about Easter, just
because of their running cash burn for ‘admin’, even if they
did *not* spend anything at all on new assets or further aje
development (although they did then get in that final chunk
of placing cash which i had not expected). hard to know very
precisely when they will run out of cash given current update,
as they haven’t explained just how big that increase in spending
has been, but as a ballpark guesstimate maybe during march?

so i think they will run out of cash within maybe 6-8 weeks,
even with no deals and no progress on aje development.

but what they do have is permission already granted from
their shareholders to issue a huge number of new shares.
so they had better try to crack on with that relatively soon.

manifesto, re your 20:26, this confirmation statement shows
two things in particular; firstly, that allan biggar’s company
GSC was a sizeable seller of whetstone shares only a few weeks
before britdaq kicked whet off their platform (- although that
fact was not disclosed by either GSC or whetstone until the last
few days -), but also secondly that there have been a fair few
trades in whetstone that have continued *after* it was kicked
off britdaq. so although you say “we cannot sell our shares”,
it seems that quite a few other people still can, and do.

that reminds me of the guy who started a ‘go-fund-me’
page asking for donations to fund legal actions against
TW ... the funding page said that all money would only
be drawn against invoices which would be published on
that ‘fund me’ page. - but strangely, no such invoices were
published, so far as i ever saw, & the page was closed down.

(tho’ i never saw anything about donations being returned.)

http://guildfordstreet.capital/#our-approach

curiously, GSC’s website still states that
GSC owns 67% of whetstone. i wonder
why they didn’t correct that long ago?

last accounts on 8th feb 2019.
so a financial update soon?

(that same poster on the other site has also stated that
he has been banned from the lse site, but so far as i can
remember i don’t think he said what his lse ID(s) used to be.)

the character on the other site that you refer to sometimes claims to be
darren chapman, although he has also previously explicitly stated that
he is not, &that (in his own words) that his posting on that site has been
“a charade”. clearly, one of those claims is untrue.. but if it is indeed true
that he is DC, then AE himself has explicitly linked him to the WRN crew,
by naming DC within that ’TI report’, and by saying DC helped fund nuna.

(FCA are already aware of the activities of that poster on the other site.)

.. lol, but there it is! ... so who was selling, and who was buying?

one of the interesting points about whetstone is the way in
which the retail pis were led to expect that they would receive
‘gifted’ shares *before* trading commenced, but in fact that was
the very opposite of what happened. so it looks imho like attempts
had been made to stoke up an appetite for whetstone shares ( i.e. to
prime excessive expectations for how that company would progress)
but once pi sentiment had been massaged in that way, they started
using britdaq as a matched trading platform *when only the insiders
were able to sell shares.* .. so far as i can see, there was no commercial
reason whatsoever why they could not have delayed the start of trading
on britdaq until after all gifted shares had been distributed. that would
not have hindered them buying that stake in the terrible company RAP,
or prevented them reaching an ‘agreement’ with the phantom NARC.

setting up in that way, i.e. where only the insiders could sell into the
demand that the blogging etc had helped to create, led to the outcome
visible in the one confirmation statement that whetstone did issue,
which showed massive dumping by two particular crew members. (not
surprising whet doesn’t want to publish another confirmation statement.)

gl

... sorry, posts crossed, thanks.

just for clarity, do you mean your holding of
WRN shares, or your holding of whetstone? tia.

whetstone was never really “in business” in the first place, was it?

so far as i can see, the underlying purpose of whetstone was simply
to dump shares from insiders who got shares when it was first set
up, onto gullible pis who had been encouraged to buy them through
a variety of social media channels, apparently including this board,
a blog, and at least one WhatsApp group. whetstone itself wasn’t
actually making anything, selling any services, inventing anything,
successfully identifying growth stocks or undervalued cash cows,
or adding any synergistic value to other companies through
its ‘expertise’. .. rather like WRN, the business of whetstone was
primarily to print and sell shares in itself onto retail pis. aimho.

it’s an interesting point what was ‘promised’ by whetstone itself
versus others. e.g were pis encouraged to believe that there was
someone other than the BoD who could speak on behalf of whet?

(which relates to the question, did whetstone have a shadow director?)

manifesto, what makes you think that there were not
some relatively big fish involved with WRN/ whetstone?

[consider, for example, who put up the money for
GSC to pump-prime whetstone in the first place?
i doubt that it was allan who provided all the cash.]

bear in mind also, some folk might count as ‘big fish’ in the
FCA’s eyes not simply because of the size of any one game,
but because they’ve pulled the same stunts again & again.

adjusting, looking to slice a
few at a 266 if i see it in Q1.

... or sooner would be fine by me?

... typical troll quibble.

since when did a mere 100% error in
published financials matter to this lot?

OO shorting?

... willing to slice a few at 8100
before Easter... come to papa?