Member Info for steward1

Jenkoo - with all due respect, a knee-jerk reaction is to buy on this drop. If you look at the history of Prem, there is this thing called the 'Prem drift' where, more often than not, the sp continues a downward trend after news. If you were clear-headed then perhaps the time to buy is not today!
Personally, I think we could drift below 0.3 in the next week or 2 before we get anymore news and I'm not convinced that the next news is going to be as positive as everyone thinks. AIMHO.

Aspenwood - I'm not a trader but there are 2 other options.... 1. sell 2. sell and buy back when it drifts under 0.3!!!

Consider Roach's age. He's not going to wait until 2032 to take his options. The other 2 guys will take them as soon as they can... they're at nil cost. The majority will be taken later this year or early next.
Plus Suzhou will want to maintain their level of holding so there's more dilution.
They'll probably want more to build the pilot mine too, if that's the route that they're going, so it's not looking good - could we hit 30b shares in issue?

My guess, degrasse, is that he's been mulling over the pilot mine route for several months, if not more... it wouldn't surprise me if Suzhou had included this in their initial discussions with GR so, as always with GR, it's taking an awful long time for it to be communicated... for me, that signals that there are issues, not necessarily with the approach, but with what Suzhou want in return. If that news is imminent (and I don't think it is) then I reckon the poster who questioned whether the announcement is 'legal' is right... you don't grab a chunk of the company on the eve of good news that you know about!
GR playing a stormer again... not!

Feels like you're stepping in for SK today, Acker!!!

I have often wondered if this destruction of momentum has been deliberate!!

As someone else pointed out, Suzhou have the right to maintain their level of holding so there is further dilution (should have been mentioned in the RNS).

Can't see a positive RNS this side of the Jubilee weekend. I'm doubtful if we'll see one in the next couple of weeks now.

Same ole, same ole from GR and Prem.

One has to wonder what is going on?
No RNS on the pilot mine or on any drill results or anything else significant for a good long while. The DFS plays a prominent role in this RNS so I'm wondering if GR doesn't like whatever Suzhou are wanting to get the pilot mine done (they're not going to do it for nothing**) and he's back to publishing the DFS and going the standard route... he has a history of flipping and flopping!
Surely, he's not going to drop a stinker of a RNS just before the long weekend... after all, that would be the best time for it!
** My niggle since the pilot mine was mentioned as an option has been that GR will hand over a further % of Prem to get it done. I'd have expected news long before now if the pilot mine route had been chosen. Beginning to look very uncertain again!

Yes, Profitbags, why release this first? Surely it would have been easier to accept once they announce the pilot mine. Perhaps, rather than the options being available form the DFS completion, it should have been dependent on completion of the pilot mine!
If they had any integrity, they should put it to a shareholder vote.

SK - consider Roach's age. He's not going to wait until 2032 to take his options. The other 2 guys will take them as soon as they can... they're at nil cost. The majority will be taken this year.
These guys don't deserve 5% of Prem!!!

Seems to be rather generous and, disappointingly, it shows where GR's priorities are!

Atlas could well become a long term holder... I reckon they've already made more than they put in to Vast and, if they haven't forward sold, there doesn't seem to be a need for them to sell. Surely they should be compelled to issue a TR1 now?
Clearly there was bad blood but I wonder if they do believe that there is a profitable future for Vast. If they do then they might see this as a multi-bagger like the rest of us.

Pecten11 - I think you're right. Previously, I had thought that they had forward sold. What do you think... Atlas will want the sp to motor on???

Spot on FTH - the last few weeks have been ugly but the turnaround is on!

Not surprised to see the sp avoid a drop to 0.7 or below... if Atlas have forward sold these shares then the dilution has already been factored in by the market. If they have not forward sold these shares then ironically, they will want to see the sp go north so that they can get the best price for them... if they don't want to hold. BTW, they don't need to sell shares to get the 800k - they already have that in the bank. The next few weeks will be interesting but I expect to hear less bashing of the share.
AP should resign but he won't - I wonder if Atlas are/were planning to orchestrate a move to vote him out???
Have we seen the last of Atlas - I don't think so but ironically, this could now work out very well for holders! AIMHO!

FTH - not only are Atlas in a bit of a fix but the VAST turnaround is on - there will still be some volatility and, perhaps, some wild swings but the news last week indicates the potential in TAJ.

Snowking, with respect... you don't get me and you still don't get that giving away 13% of Prem for £12m was a poor deal but let's not go over old arguments.
GR should debt-fund the building of the mini-mine - there must be lenders out there who would be happy to lend Prem $25m for a mine which will deliver £m's of profit within months. He should absolutely avoid giving away anything of Prem or Zulu.

Anglebox788 - thanks. There was mention of an interest free loan from Suzhou which would obviously have to be paid back. Seems a bit far-fetched that they would be so generous but, perhaps, they get the remaining 50% offtake at a discounted rate? GR should avoid giving anymore of Prem away.
This is one of the difficulties of going down the pilot mine route... would there be enough evidence of what's in the ground for GR to say, if Suzhou wanted more of Prem, no thanks, we'll go elsewhere.
As SK says, it might not be a major issue in the whole scheme of things but the market might not like more of Prem being given away.

Snowking - first of all, I'm hoping for some very good news next week. Given that the deal was done with Suzhou, I'm pleased, very pleased that the pilot mine approach looks like it's going to happen.
However, I'm sticking by my guns and I'll state again that the deal wasn't the best deal. Your comment that Zulu will keep any profit and Suzhou will get nothing is so naive and I'm wondering if you know anything about shares at all. Prem own Zulu and that profit will find its way on to Prem's books and some of that profit, at least, should be converted into dividend for Prem holders. Since Suzhou hold 13% of Prem, they'll get 13% of that dividend. Not only that, Suzhou will benefit from any other dividend in years to come from any other mine that Prem decides to build. It is completely misleading to suggest that Suzhou don't get any profit because Prem own 100% of Zulu!
I'm very much looking forward to next week but I still have a slight niggle that GR is not going to get the mine built without giving up something else.

Agree with your thinking, Horult. June is key - from my point of view, the dilution is already priced in to an extent... fairly convinced that they've already been forward sold - if not, then I'd expect the sp to be manipulated upwards to get them away... I think the turnaround in the co and the sp has begun... if there's good news on what is happening on the ground and if the Atlas mess is sorted out then I think this will begin the long climb back to LTH's like yourself getting more of your investment back. I'm optimistic!

No worries, Horult.

What do you think? Could something similar happen here as has happened at Prem... granted Prem has still some further upside but it was pummelled into the ground with billions of shares issued (dilution after dilution)... just like Vast. Dodgy management but they're sitting on great assets... just like Vast!