Member Info for steward1

Yeah Joey - of course the RNS said that BUT it didn't say that there would be a 100% loss or a year's suspension... you're simply scaremongering for your own ends.

The RNS also mentioned interest from 3rd parties and it also mentioned that GR and Canmax were still engaging with each other. It also mentioned raising funds BUT you chose to highlight suspension. Get a grip!

I agree Sharebel - the scaremongering is scraping the barrel. GR still has plenty of options - I'm expecting to hear positive news before the end of the week.

Aimisalaugh - there are two sides to that coin. If shares are suspended then there is no upside either. Personally, I think that the bottom has been hit already... there is likely to be more good news coming (e.g. a new deal with Canmax, a new partner, even a placing would be good news in my view) than bad news.

I hope that common sense will prevail... as has been said countless times over the last month, it is in everybody's interest to get a revised deal.

Acker/johnny - I agree about GR (surprisingly)... I think he's doing the right thing to protect our interests. I wanted him to get the additional headroom yesterday and I think that would have helped in a major way. We will see new shares being issued one way or the other but I think that we'll see a recovery in the sp before then. Not so sure that we'll see a share suspension and I'm not sure what benefit there would be other than locking out Canmax from selling. Whilst relationships have soured, I think the next step is for both parties to get round the table for an amicable agreement. I'm afraid that GR will have to give something to placate them... increase their share of the output to 60%??

Oh and I should add that SK and crew claimed that they had influenced GR to go down the pilot plant route (with no DFS) and ignored the risks of it going badly... they should be hanging their heads in shame!

Johnnypc - I agree. FM is a tactic for buying some time and showing that he's not to be messed about but I think that he's done permanent damage to the Canmax relationship. If Canmax are willing to negotiate any more then I reckon GR's removal could be added to their demands. In any event, I can't imagine that Canmax's next move is going to be a positive one for lth's.

GR might've been having discussions with interested parties this afternoon but I doubt if anyone is going to rush to make an offer and there would need to be a period of due diligence.

Canmax might want to make an offer but I think that they will want to squeeze GR a bit more... for the time being, Prem can only get income from selling whatever it is that they've processed and, I might be wrong, but they can only sell it to Canmax. If I was in their shoes, I'd be making it pretty difficult for Prem.

In the meantime, GR is running out of cash... not a good place to be! If GR had won the vote then I'm100% certain that the placing would have been RNS'd already. He needs to do something pretty quickly.

That means more volatility for the sp.

What do you think? A RI to raise enough cash for the next 3-6 months? A RI to pay back Canmax?

Personally, I think he should do a RI to get the whole amount required to pay Canmax. There might be an initial shock in the sp but I think he needs to get released from the Canmax shackles. He can then renegotiate from a real position of strength.

Wolf - strange one... he lost the vote on a placing but won the vote on being re-appointed??

Highenergy - Unless GR does a deal with Canmax, he is going to run out of money pretty soon. He doesn't have the option to issue more shares. Canmax have played GR and he's painted himself into a corner. If he wants to get anything meaningful from Prem, he is going to have to accept an offer either from them or someone else. And, I'm afraid that we're not in a good position - the plant isn't working, the grades are unknown, we don't have an RUS or DFS and we're running out of money very quickly! If anyone can see a different way out of this then let's hear it.

Milnrowmug - they'll definitely want the EPO area... which could have multiple Zulu's in it.

Levs - there will be no placing. AGM didn't pass it.

I agree Raaydaar. I'd take 2p without any question at all... I'd be disappointed but I would take it. I think that we're in the territory of an offer from Canmax or a 3rd party. I said a long time ago that I'd rather have a majority partner and still have a holding but I reckon that whoever wants Zulu will want the rest of Prem but will not want GR. I'd be shocked if GR can get financial support from a 3rd party AND retain his position.

I reckon the rumours are going to start very soon and that GR will not be slow to let us know if there is a serious 3rd party.

Am I right in thinking that if Canmax reach 30%, they would then have to make an offer for the rest at the highest sp in the last 6 months or year?

I think that is the minimum that they would need to offer if it is hostile.

What price do you think GR would accept?

It's not just SK... it's the whole pandora group... I wonder if the FCA would take an interest in their trading over the last month?

Watcher36 - I'm disappointed with that. Yes, the sp might have fallen temporarily but I think it would have strengthened GR's negotiating position. I'm concerned now that we're playing straight in to Canmax's hands. In my view, it's just gone from bad to worse!

So we've got a plant that might, I repeat might, operate at 50% capacity, it'll be 4 or 5 months before full capacity is achieved, we don't know the grade, we don't have any cash, we don't have a RUS never mind a DFS... what an absolute mess!!!

Looks like Canmax voted against issuing new shares? GR is now running out of options - he needs Gandalf to appear over the horizon when the sun comes up!!

GR is shoehorning the issues in to FM to prevent Canmax from taking any action... he may or may not get away with it!

I've got some cash waiting on the sidelines... whilst we don't know how this is going to get resolved, there's a compelling reason for GR to raise some funds so I'm not going to add until we know the scale and the price.

Accusing Canmax of attempting to take advantage of the situation isn't a good negotiating stance... I'm not sure that the partnership is going to survive this!