Member Info for Spikeyj

21:35, Jarv55: “The £1.5mill of the loan can’t be converted unless they get a binding sale.”

i don’t think you have read the RNS properly, jarv.

the loan facility is ‘up to’ £2.5 million … the first £1.5 million of that **CAN** be converted without any asset sale being agreed. the conversion price for that £1.5 million would be 2.5p

it is only the remaining £1 million that would be conditional on a sale being agreed, with that £1 million convertible at 3p.

(so imv they probably will only ever draw down the first £1.5 million.)

Not really an answer to my question, seamus…

… if someone offered you an “interest free” loan, but then told you they were going to charge you 17.5% fees to arrange it, would you still seriously regard it as an interest free loan?

21:10, seamus, if i offered you a loan and told you it was “interest free”…

… but i said i would charge you an initial 12.5% “financing fee” in order to set up that loan, and then charge you an additional 5% “fee” for each slice of the loan you take out …

… would you still genuinely understand that as an “interest free” loan!?

EUA bosses have not ‘foregone’ their salaries …. just deferred. those salaries will keep on accruing (? and speaking of pay and perks, will they still siphon off funds past the event horizon of that ever-hungry ‘holding company’.

(? & why not use shares as collateral, if the alternative is simply administration and all those shares just worth zero? - nothing to lose!)

Officecat 18:45 praises CS for pledging his shares as collateral.

? lol, but what choice did he have? - without the trade loan, EUA would be insolvent and straight into administration, with all those shares simply becoming a fat zero.

Ohmi, potentially libellous … you appear to be suggesting that EUA’s board are deliberately lying to the market in their RNS & AR. — seriously!??

… several of the rampers on this board have been proclaiming recently that renewed mining has been taking place at west k. …. perhaps i have just overlooked the relevant passage, apols if so, but i didn’t spot anything about any mining actually taking place now?

[which is odd in another sense, since EUA are telling us that all the infrastructure and site prep at west k has been done, and they seem to be claiming that they can sell sandpile stuff …. ?? so why on earth would they have taken that pricey loan rather than just work the mine and sell product? — very fishy.]

Maybe they know that a russian ‘friend’ of don putin will be making them an offer they can’t refuse?

? are they still referencing the sino-steel thang, or has that supposed option faded away?

Oldspursfan, why do you think they didn’t simply sell enough of the sandpile to meet their ‘working capital needs’?

18:35, yup.

curious, for a company that supposedly owns a sand stockpile worth several million, and that has siphoned off 8 figure amounts from the placings to its subsidiaries, that -

(a) they don’t sell the stockpile to raise enough working capital,

and (b) they don’t ask for repayment of the ‘loans’ from those subsidiaries,

but instead —-> death spiral finance with inbuilt interest (‘financing fees’) of 17.5%, even before the trading profits to be made by converting & dumping shares, over and over.

? would have been a simpler, and better deal, surely, to sell off all the sandpile, and not take that trade finance death spiral loan?

? or just send some placing cash back to UK parent company from one of the russkie subsidiaries??

& again.

12:56, 21st century, anything they want to be.

I think it was MrY who reminded us yesterday that EUA seems to siphon off roughly $1 million every year from the main london listed company, into a ‘holding company’. (i don’t think we’ve ever heard anything about any money flowing back the other way, i.e. back into the london listed AIM entity where pis hold shares.)

? has EUA ever provided a transparent explanation of what all that money is for, and whose pockets it ends up in? … probably been a very nice little earner for someone …

… the big money here has been about dumping shares into the share price pumps (- ? remember that ‘lucky’ guy who suddenly had that remarkably conveniently timed ‘cash call’?), and those MIA $35 million placing funds, not the last few years salaries […nice as they must be, for so little work].

[* soz typo, meant, recent EUA RNSs, not recent EUA assets]

BBaggins 13:02: “We had $35 million, cash, in the bank …”

and yet now the recent EUA assets show company has been running on fumes, nearly out of cash without trade load facility, or similar urgent measure … how strange …

… so where did that $35 million go (and why)?

… all very well some posters commenting that directors etc have been doing very nicely from their lifestyle salaries, but the ordinary pay and perks are rather dwarfed into insignificance by the missing $35 million — ? whose pockets is that $35,000,00 sitting in now?

Nice day, tempted to flog a couple more but held off, still looking for that 2050+ level for most of the rest.

Sold a couple, remaining long overall.

Offler, obviously it’s up to you, but my own suggestion would be not to keep responding to richard / hydro ( / other IDs he might create) … all just pure trolling to get a rise out of you, time after time, and disrupt any sensible chat about EUA by turning the board into personally abusive mush. jmho, b/w & g’night to you.