Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.
Not sure what to make of this - seems like GR can't raise funds in any other way at a point when he really needs to. So much for getting funds from Zim sources! He could be raising, what, £8m or £9m to pay off debts plus feels like a good chunk will be for getting through to full production. Don't like that the GR loan is now being described as being 'in default'. Can't say that I'm full of confidence about the current position!
Perhaps, the right step to take now BUT it's still unwelcome and regretful. Not sure that GR/PREM will get anymore out of Stark and the legal route will be long, drawn out and expensive. It highlights that there is still work to do and, of course, all those Prem engineers who are now in control are to some extent culpable too since they've been standing by and observing the mess!
I'm afraid the Blue Nun is still in the fridge!
I'd say that the CLON sp can move significantly due to even a few trades. There are plenty of times when it has jumped 20-30% with no news and on a few handful of trades. Now that we've got some news, there could be a couple of moves of that scale in the upward direction in the coming days and weeks.
The sp has been bumping along the bottom at all time lows - I guess that it's back to the old risk/reward scenario. If they were to be successful with just one bid then the sp would easily rocket and multibag. The MC is only £2.5m!
Looks like CLON are being quite ambitious (which is good). Like others, my understanding is that CLON have very good relationships with the BOL authorities. Sounds like we're going to hear some time later this month about who will be successful... sounds like a very quick turnaround... could the BOL authorities already have strong leanings towards certain bidders??
Wise words, iky786... difficult to achieve but wise words. It's part of our human hardwiring that when one is told to expect something, one expects it!! Have to say that my expectations were that we'd get something as and when he had it but I had pencilled in tomorrow or Friday.
I've often wondered whether GR is just bad at communicating and setting expectations or whether he is simply being misled by others or whether he knows exactly what he is doing by raising expectations and letting us down or delaying news, good or bad. Have to say that I lean towards the latter but I do think that he's getting out of his depth... this is all new to him and it's way bigger than a one man band can handle. As others have said, he needs to strengthen the team around him!
Jaglith - personally, I think that the delay is more to do with him being in Canada (and I happen to think that there's good news to come from that very soon!). Being on top of things isn't GR's strong point but, surely, after the last couple of weeks, the rest of the team are doing as much as they can to get it all working!
Just expressing some thoughts - the GM approved the consolidation plus has given AP the option of raising more funds. However, it's dependent on what is happening with those good old diamonds. After the GM, I fully expected AP to do something immediately... on Friday afternoon or Monday. The fact that nothing has happened and that the sp has risen substantially yesterday suggests to me that something other than a fund raise is happening. It could be the diamonds (and associated deal for re-starting ops in Zim) but it could be that AP has found a new deal with the Swiss (there have been strong hints dropped).
Or is it just that the sp is finding a more reasonable level after the consolidation? Personally, I doubt it's this.
Thanks ASI - got it! Well if that JV is being signed this month, the diamonds will be resolved this month!
The JV is worth way, way more than the diamonds so I'm not surprised that the sp is heading north... much, much more to go!
AP really should do some sort of RNS... 'in response to press reports, etc'!
Are we allowed to mention diamonds?
I doubt very much if the rise has anything to do with the consolidation. The big news that would generate this kind of rise would only be the diamonds unless AP has pulled something major out of a hat from left field!
Is it only me? Don't know if it's just me that's confused or is it others?
The consolidation has happened but no additional shares have been issued. In fact, VAST have still to decide whether they only need the extra £2m or the whole £8.4m? When they have decided, they will issue new shares to that value - at current prices, they will issue roughly 450 million or 2 billion new shares???
Acker, great post from Saturday at 10:09. You've set out the challenges that GR has perfectly. Is he up to it... probably something that we've discussed before... if all goes well (and there is still a lot that has to go well), PREM moves up a league or two and GR needs to up his game. PREM needs to be way more professional and has to avoid the kind of errors made over the last year. As you've highlighted, he needs to strengthen the bod.
BTW, if we get continuous production going and some decent grades over the coming days and weeks, I can see a spike closer to 1p. I still see a lot of volatility for some time but I'm much more hopeful that this could be the beginning of what we've hoped for!
Now seen both interviews and have ended the week with that sense of hope I had at the start of the week. Glad to see that GR now has a firm grip on the issues... disappointing that he allowed issues raised in April and November last year to be left unaddressed. Stark are clearly at fault but GR is ultimately responsible.
Here's to a much better week next week. Might even get my George Roach Appreciation Society mug out again!
Well - he's got some ba##s doing an interview today. He can get some credit for facing it up. For it to be positive though, he needs to show that he, personally, has a grasp of the issues and he needs to be candid about how long to fix. On finance, I don't think that he's going to say any different to what he has said before but it would help if he gave some reassurances. Some info on how much they can realistically produce in March would help too. It's a big ask but he just needs to be honest!
Seems to me that the so-called 'derampers' called it right this week. I wasn't one of them at the start of the week and hoped that all would go well. 7 years on from first investing and it is deja vu once again with old GR... I really must learn.