Member Info for steward1

Surprised that anyone is questioning the consolidation, etc at this stage. What is surprising is that the consolidation hasn't happened yet!

The other very interesting comment in GR's statement is at the end of the piece quoted by Acker -

" Following completion of the agreed share consolidation at Premier's Annual General Meeting, a Special General Meeting will be called to increase the number of shares free from pre-emptive rights by such number of shares required to cover the Group overheads until the Zulu Investment has been secured."

What do you think 'the Zulu investment' refers to? If that investment is secured soon then there is no need for a SGM!

GR clearly expects an investment in Zulu and I'll stick my neck out and suggest strongly that the investment will come from Glencore.

So... no consolidation yet, no SGM yet and no mad rush to to use up the remaining headroom... imho, it's pointing to that investment from Glencore!

Acker - that does sound like trading!

Pleased that you think that there is news in the pipeline for a 70/80% intraday rise!

Hopefully, Acker, you haven't found yourself on the wrong side of the trade too much in the last few weeks.

Market cap not even £20m yet. I'm expecting more positive news from Zulu.

It isn't news that Prem will need more funds - they can only issue another 7% or so of shares with the current headroom - shouldn't put much, if any, of a dent in the sp. Look at how many shares have been issued this month and the sp is up almost 200%! I'm not even sure that they'll use up the headroom - I believe that they'll be talking to Glencore and Canmax about longer term funding. At the very least, I expect an off-take agreement with Glencore but more likely that Glencore will take a majority stake... they're not going to be prepared to depend on Prem to satisfy the obligations to Canmax that they'll have to take on.

Yes, Acker and Jaglith are very active this morning.

Acker openly admits that he trades Prem so you can clearly see his motivation for posting on the dark side this morning.

Jaglith is simply obsessed with willing Prem to fail and just can't accept that Prem can get anything right. Any good news is deemed as a lie. He/she must have some unfortunate history with Prem/GR.

Can't blame folks taking a profit... but there's more to come. Of course, the doomsters have been doing their best to cast doubt on what has been achieved at Zulu and what is now happening. Friday's RNS was the most significant in the last 2 or 3 years and it is now clear that Zulu will be a working, producing plant soon enough.

And there is no fundraising RNS this morning. Even if there had been, Prem can only dilute by another 7% or so... it would have been easily absorbed. There's a bigger update on finance due and I'm holding strong for that.

Despite all the attempts of the shorters and doomsters recently, momentum and sentiment has significantly changed. Look at a weekly or monthly chart. Hoping that they'll stop their nonsense and stop willing Prem to fail.

A very big week for Prem. Today's RNS shows every confidence that they have a working plant... a huge step forward! I bet GR and GH are both relieved for different reasons.

My guess is that Prem/Glencore/Canmax will now start negotiating about the next phase. We should see a re-rate on Monday morning.

Have a very good weekend everyone!

23% up this week. 170% up this month. Who said the sp was falling?

Don't have much time to post now but I'm expecting Enprotec to finish this phase of adjustments and hand the plant back to Prem. Production to then start for real. Glencore may have seen enough to commit now.

Glad to see that the sc6 price has gone back over $800 and the rise should continue to above $1000.

Last time round, the market cap hit £100m on the eve of production. This time round, hoping to see £50-£60m... and if Glencore move to take a majority stake, I'm pencilling in £100-150m market cap.

Surely, you can do better than that, Jaglith!

If Enprotec succeed this week and Glencore convert the LOI, I'm expecting 100% plus. Depending on the nature of Glencore's relationship going forward, it could be much higher.

I think it is still weeks away, dax1.

They need to finish this phase of work (Enprotec completing the plant adjustments), get the results and get a decision from Glencore. They can then do some financial planning to see what they need.

The Glencore approach will influence the need for cash massively and we don't really know what their intentions will be.

There'll also be the need for Prem to call a SGM to get more headroom.

I'm taking the view that there'll be positive news before the next fundraise and the sp, IMHO, will be significantly higher.

'barely above' - 100% above is a pretty big gap, Jaglith. It's comments like this that just make a mockery of yourself. And now you're claiming a scam... and expecting us to ignore what Canmax have done, ignore what Glencore have done, ignore Enprotec, ignore Graham Hill... so what qualifies you to state that all these guys are wrong and misled by GR? How much time have you spent at Zulu?

100% up in the last two weeks, Jaglith... with more to come... certainly suggests to me that there's confidence.

'Scam'? Getting desperate now Jaglith... just buy back in and stop your nonsense.

Jaglith - you're completely misrepresenting the situation regarding Glencore. They issued a LOI and we await their imminent decision on taking the next step.

You're also very aware that Glencore's involvement comes with commitments from them to Canmax. They are not simply buying spod but, hey, an offtake agreement with Glencore will do me very nicely, thank you very much.

As for Enprotec, I'm happy to wait for their work to complete this week and then we can judge whether they know what they're doing or not.

If you had some balance to your comments, folk might take you more seriously.

Jaglith - I don't doubt that Prem will need more cash at some stage soon but I think that we'll get a positive update from the Enprotec work plus I'd expect to hear about Glencore (next week, I think). That sequence should see the sp re-rate. After yesterday's placing to cover the interest to GR (and the placing has gone to sticky hands), Prem only have a few percent of headroom left and, if they use, I don't expect it to have a major impact on the sp.

We know that a 10:1 consolidation is going to happen at some stage in the future - by that time, everything is going to look way better than it has been for 2 years. There are still plenty of challenges ahead but there's a route to success that is becoming clearer.

Acker,

I don't know how GR has managed to keep Prem going given all the challenges (and problems he's caused) - for them to succeed longer term, Prem needs to get the LOI converted (next week?)... not only will that deal with what is owed to Canmax, the sp should get a massive boost and that opens the door to begin dealing with other debt.

I believe that there's a route through this mess to success for Prem and for a very healthy return for investors... keep the faith!

GH is the real deal. Very interesting that he spent some time last summer at Zulu. I guess, if GR had had the money last summer, he would have been appointed then. Sounds like Enprotec see the Zulu plant as a reputational issue and have brought in some of their best people to get the job done.

I could be adding again this morning! My 'hopefulness' has increased... feeling confident now!

Hasiba - don't get me wrong, I want Prem to succeed but GR's actions do not help the cause! I think GR has gone to the board and asked for his whole loan plus interest to be paid back and that it has only been by negotiation that he has accepted the shares for the interest. Whether he does well out of it depends on whether he has been forward selling any shares or where the sp ends up in a few weeks time. He was caught out trading Prem shares without advising the market before so... I wonder... I'm more inclined to think that this is his last chance to grab more shares cheaply because he wasn't going to get the cash.

The optics of this are just not good at all. I'm sure some folks would use much stronger terms. Last week's update was far from convincing and now this. My hopefulness has waned significantly!

Because no-one else was prepared to pay for the shares even at 0.012p would be my guess, Craignews.