Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Ive read 1000s of RNS but this may be the most laughable ... "Neill is now on garden leave and has ceased to have day-to-day responsibilities, unless required by the Company,"
Company phones NR, "Neill can you come in today, the reception lawn needs trimming and there's some dog's mess that needs picking up."
This doesn't read well
"... Directors now believe that, in the event that the planned commencement of long hole stoping in April is delayed, or the anticipated tonnes of ore mined in April and the following months is significantly below the current mine plan, then a material uncertainty would exist that casts significant doubt over the ability of the consolidated entity to continue as a going concern in the very immediate term and therefore its ability to realise its assets and discharge its liabilities in the normal course of business."
I sense they are now licking the bottom of the funding pot. Tragic situation.
And NR is still has 'Day job is CEO@versarien (ceo@vrs)' on his twitter. Class act.
I see that nr is still showing himself as 'Day job is CEO@versarien (ceo@vrs)'. He needs to change that to ... you can fill in the blanks.
Given what's happened here and a few other companies recently, CEOs constantly on social media and platforms such as v ox etc I now treat as a massive red flag. Of course there is a balance, but I remember certain CEOs, whose companies I mistakenly invested in, appearing to spend much of their time on social media advertising their story.
Any chance it could have a positive outcome? No, whatever happens now, trust has been broken.
Dilution, but at a premium to current price. In the current market that is impressive.
"All new ordinary shares issued in connection with the Placement shares will be issued at a price of 7.79 pence per new Ordinary Share, which represents a c.2% premium to the 30-day VWAP ending on 5 February 2023, being the last practicable date prior to announcement of the CIG Investment."
Shambles.
Dreadful situation and LTH's are having their pants pulled down and given a right thrashing with the forthcoming equity raise. This should have been a great company ... but it just goes from bad to worse.
And to say that the new raise will take the company to breakeven ... well, if I recall correctly they've said that quite a few times in the past and here we are again.
"... is pleased to announce its intention to raise gross proceeds of approximately £0.5 million by means of a placing ..."
Is PLEASED they write ... BODs should send out a further RNS including the words ' ... and we apologise to all current shareholders.'
Here is a suggestion to the BODs, that they all take a paycut and for 2 years work on the minimum wage. Thereby saving about £500,000 per year.
Just had a look at The Annual Report and Accounts 2021 and on page 42 saw the annual pay for the BODs. Having seen their pay levels I am even more appauled by today's news. Dont look if you want a stress free evening.
As someone else wrote here, today's rise doesn't just impact TWDs shareholders, it contaminates the confidence of all AIM companies.