Member Info for steward1

As I've declared previously, I sold out of prem a few weeks ago. I've got every sympathy with folks who are still holding.... not a good day at all! I'm sure that there's a more up to date phrase but what a brass neck GR has - ARCM shares sold without declaring to the market, still hankering for new things to buy and still filterng a huge wodge of cash out of Prem. SP at an all time and GR needs more than a miracle to get Prem back on track!
I think it was Mojln who suggested that Prem should just become a holding company, give up on RHA, etc , reduce outgoings to an absolute minimum and wait for Circums liquidity event. Doesn't sound like a bad plan now!

Agree with that... spot on and sounds like sour grapes! Here's hoping we might get a small nugget of info re q3 tomorrow or on Monday. Always good to send out some good news when negotiations are under way!

Happy to be called a bad loser, Mr Magoo, but there is absolutely no evidence on past performance that GR can make a success of this - look at the 1yr/2yr/3yr/5yr charts. Look at the decisions he has made - virtually all of them have decimated the sp.

Throughout that period, GR has failed to take the bull by the horns and get finance sorted - there is zero return for the millions that have been spent.

In other hands, the sp would be a multiple of what it is today!

As you can imagine, CF, the decision to sell completely and take a massive hit was a big one. I think this morning's desperate loan agreement justifies my decision to sell (aimho) - perhaps one of the few calls I've got right on PREM... apologies for the gloating.
I've argued all along for GR's departure and I'm keeping a watching eye to see if he finally does go. This morning's piecemeal attempt at shoring up PREM is further evidence that he needs to go - $50K of the $350K raised goes in to GR's pocket for salary for the next 2 months!! Take all the other salaries and costs into account and there's very little that is left to make any progress. The $6m from the Zim gov't isn't going to make a difference to Zulu (or the sp, in my book) and GR will still need to raise more cash.
GR's stewardship has been abysmal and there is nothing in this morning's RNS to suggest that he's going to change.
Call me a bad loser or whatever but until GR goes, PREM is going nowhere!
These assets are going nowhere under GR's watch!

Just to repeat that, for transparecy sake, I'm no longer invested.... but if GR had said in the RNS that the loan was to progress Zulu and/or RHA then he may have got a better response. Unfortunately, he has said that it's for general working capital... and he has no way of generating income in the repayment period except by further dilution or giving up the Circum shares at $1 each! It's a nightmare scenario and the only way out is a miracle!

Have to agree, Moljen. And I'll declare that I sold out of all my 90m holding a couple of weeks ago after GR's holding pattern interview and the Circum news. This RNS confirms that PREM is on its way out now.

I reckon Baldrick's plans have got a better chance of success than GR's!

I'm afraid that I'm now of the mind that even if the RHA funds arrive and we see a spike in the sp, GR will immediately raise funds for ongoing costs, etc. and the sp will then retreat once more until such time as Prem actually get something out of the ground.

My reading of the signals with Zulu is that it's not happening soon either - GR seems to be waiting for the EPO before doing anything and the DFS is going to take all the longer to complete because of the extra acreage.

Desperately disappointing!

Napom's gang are unsurprisingly silent today! Just can't understand how they can justify supporting GR... no doubt they'll come out of the woodwork throwing insults around rather than focusing on the real issue.

Hi Moljen -you called it right.

I'd have been happier if the update had given more of a definitive date for Circum and, whilst accepting that it's out of GR's hands, he was the one who painted us into this particular corner.

With the sp at this all time low, I just can't see how GR can raise any funds to progress Zulu and, given where we're at with RHA, I can only see nothing happening until next year (yet again!). I've changed my view about the Zim gov't delivering the cash anytime soon too so I'm pretty negative about the next 6 months.

GR is now well out of his depth and there doesn't seem a way out where he can deliver some value for holders.

Where does GR go now?

No funds from Circum until...… who knows when! And even if that liquidity event happens there is a major, major question of what GR intends to do!

And, he's still not found a driller for Zulu!

Prem needs a radical shake-up and GR needs to head for the door.

Can't fathom at all what the point of that interview was! Is this GR justifying his business class flights to London by having an interview.

And what a very odd question about the Zim gov't wanting to fund RHA on the sly! Can only assume that the question was planted by GR to suggest that funding might be happening without us being told about it!!!

Bizarre!! But I suppose if the Zim gov't are going to drip-feed the funding (which would make sense) then they're not going to have a fanfare about it.

And we've heard it all before - things are happening imminently, very soon, can't allow things to go on as they are, etc, etc. etc.

Jessell to the rescue! They're ganging up again...

I thought we were being proactive last week but then some folk got the hump that their position as chief groupies was being challenged by Smiley and MTL. It really does take me back to playground stuff at Primary School - have you all got your own gang hut?

I don't understand the rest of your post and you haven't answered the question so since you don't seem to have anything meaningful or helpful to contribute, I'll say goodnight!

Mal - some of us do email the company but, for whatever reason (perhaps because we're not a member of a certain group), we don't get a reply.

Even if we got a reply, GR could not say anything to us which is price-sensitive. Since some of you have implied that you know something about what's happening with Circum but are not prepared to give the detail or the source, the suspicion is that you've been told something which is price-sensitive and there is the further suspicion that GR has fed that info to a particular, favoured (?) group of people. That smacks of insider info, imho.

The other explanation is that you haven't heard anything and you're attempting to mislead which to me is just as problematic!

Which scenario is it?

Where is it available, Mal?

And was it one of GR's "imminently" comments?

I thought bootieone's post was a bit wild, Tedoby, but just to give a bit of credibility to your statement, where did you get the specifics of a "shareholder news letter" being issued "imminently"?

I've no reason to disbelieve you and when you use the word "imminently", I'd be expecting something within days (not weeks or months). Is that what you mean?

So jessell is now our resident know-it-all... we're certainly learning a lot about him from his petty, bullying approach!

Jessell, I just don't get your rationale. Somehow, I'm being "had over" by Smiley? You need to explain more because I'm just not getting it. He was doing what I wanted and that was to put some pressure on GR to step aside and to influence other decisions regarding Prem.

I just don't understand why you think that Smiley has made a fool of me or anyone else.

Just in case you don't understand what you're doing, you've just said that there was no need to attack me but you've just called me a fool. But then, I think you know exactly what you're doing.

As I said, I can make allowances for most people but I'm afraid, Jessell, you're the kind of faceless person that I simply can't trust.

Hey Jessell - I'm prepared to make allowances for most people. He was a bit hyper but he was prepared to get things done and bring everyone on board to do it. Sadly, oddly, suspiciously, you and your crew were not prepared to get on board and all you could do was attack him... playground bullying pure and simple.

Now I await your personal attacks on me...…...