Member Info for steward1

This is all very constructive now!

I've assumed that GR has exhausted all other options regarding Zulu so there is a stark choice - keep Circum and forget about Zulu for many years possibly or sell Circum and develop Zulu as soon as.

I have no issue with GR diluting at a much higher price but the likelihood of a jump to the levels that I'm thinking about (above 0.4) seems to be low in the foreseeable future. So I support selling the Circum stake (and any other non-core asset) sooner rather than later.

I can't imagine that he can sell them quickly so he still needs to keep up the pressure with the Zim gov't. The cash will boost the sp. The Zulu EPO will boost the sp. And, of course, positive early news on the Circum liquidity event would increase the value of our holding and boost our sp. And, perhaps, if all 3 landed in the next 1-2 months, GR could safely dilute and we might not then need to sell Circum immediately.

But my overriding prioirity (and it should be GR's) is to move heaven and earth to develop Zulu!

PS Would it be right to assume that the Circum holding was always intended to fund Zulu or was GR really looking to be a long term holder?

Hi Smiley,

just a quick clarification - is the funding of Zulu that you refer to for the funding beyond the recent placement of shares? These are still sitting there, aren't they? So these could still be used to fund the initial stage.

Smiley - this is a massive step forward, Thanks to you and MTL.

BUT...… GR's response re buying another profitable asset highlights his complete inability to grasp the situation. Why would we spend money that we don't have on a profit making asset when we could be spending money that we don't have on Zulu? Perhaps, the correct way of thinking about this option is that the profit-making asset should be buying Prem!

And,,,, he is still thinking about future dilution! Is that the only tool in his toolbox?

It is interesting what he's said about Circum but the wait is never ending and what he is saying is all speculation on his part. If we could sell our Circum holding and keep the loss to a minimum, we can move on with Zulu. I don't mind making a loss on Circum - a bird in the hand and all that!!!

RHA - I don't think that it would go down well with the Zim gov't if we said no thanks at this stage.

As far as the questions that we asked, even given what he has said about the limitations placed on what he can say, he should be able to confirm what went on with KME and the share issue... it's historical. He's dodging answering BUT he's happy to casually throw in the option of buying something else..... he just doesn't get it!

I suspect that the site visit is more about publicity and for the government to show the Zim people that they are creating jobs!

Lockedin - I agree with everything that you've said.

I think GR should be asked directly by our group to publish the timetable for RHA. I can't believe that the Zim gov't would not offer a timescale for handing over the cash.

Zulu - I don't understand why things are still in limbo with KME. Surely it doesn't take over 2 months to get this sorted. GR needs to set a timescale for getting this resolved - if a satisfactory deal cannot be reached, he needs to find another company.

Circum - hands are tied regarding what he can say about what Circum are doing but the big question for me is whether the Circum holding should be sold or not to fund Zulu (and HBR?). I think that he needs to answer that question and justify his answer.

Whilst we got a response, I was disappointed with the content and the tone... rather than an acceptance that things are not good, he chose to blame circumstances on the LSE board!!???!! Even if the cash for RHA arrives, if the Circum liquidity event happens, if the KME deal is sorted and even if the Zulu EPO comes back to our benefit, I would still say that GR needs to step aside as he has indicated before - he needs to tell us what his plans are and stick to them!

Smiley - thanks for nominating me but I couldn't even promise to check in daily.

I run a company which is going through a bit of growth just now and we're just entering our peak period.

I've only just had the time to read the email in detail and I have to say that I have mixed views. Clearly, they do read this board so they will understand that an EGM is a possibility and they will see the to-ing and fro-ing and different views that are expressed.

Whilst, we did get a response, he did not answer many/any(?) of our questions. I wouldn't soften our stance until we get some better responses and progress.

Just seen the same response in my inbox.

I agree Napom - it's not good. I happen to think that no shareholder should need to go to any company to find out what's going on. I definitely would have a real issue if the company is feeding someone with info that isn't available to anyone else... I feel that it's got to the point where Prem needs to be open to everyone.

Hope that the ankle heals well.. when my old man broke his ankle, it took ages to heal.

Anyway, I'm off for some beauty sleep!

As I said, Napom, I've never had a response to anything, not even an acknowledgement!

Never had a response to any email that I've sent to the company, Napom! I think others might have had the same experience. For Prem to pick and chose who they communicate with and what they say doesn't give a level playing field. It's all sounding a bit shady, Napom.

Hey Napom, I'm not sure that I have your email address but, even if I did, I wouldn't want to be party to some secret info that is only passed around by a few.

Glad that you're back, Napom.

What's the score with last week's Circum meeting - what have you heard?

The real issue here is not whether someone is a ramper, deramper, troll or whatever. Anyone looking at Prem will quickly come to the same conclusion - assets with huge potential but very poor stewardship of those assets! The issue is how do we get an improvement on that stewardship.

Hey Smiley - just to confirm that I've sent my email to the BoD.

I hope Napom can add his group's weight to the pressure even if he doesn't use the wording in our email. I believe that we all want the same thing.

Smiley - good job! I'm on board.

Tedoby - there is never a good time to do this sort of thing but GR has treated us with some disdain since I've been invested. If you want to take KME as an example, quite apart from the impact on us, how on earth did he think that it was ok to issue shares at 14.5p one day to KME and then 9p the following was going to be something that KME would be happy with. He effectively reduced the value of the shares to KME by a third knowingly in 24 hours?

Just catching up - Smiley, I agree with your proposal (9:07am). Thanks for taking the time to put it together.

in the past, I've said that GR should sell everything that is not core so that Zulu can be progressed... that is the prize! I'd have to make it clear though that it would be dependent on price and not at bargain basement prices!

I have to say though that any plan must, must, must come with GR stepping aside!

In fact, some of Moljen's suggestions about cutting costs to the bone would be positive.

It would be really helpful for Napom to give us a post on where he/she is at - haven't heard from him/her for a while.

So what do you suggest, mal?

Hey CF - I think my point is that if the MO of people on this board is to continually attempt to discredit one another (as some are inclined to do) then we'll get nowhere. Let folks decide for themselves whether they accept or reject anyone's opinions on here rather than attacking each other.

Ted and Moljen have just had a very useful and respectful exchange... more like that, please!

Exactly the kind of comment that I'd rather not see, CF!

Absolutely Chippy!