Member Info for storm

Now we seem to have left grotesque and gone back to UG(L)Y again. Another £1 or so and I will be back at break-even.

Realms of lunacy at 128 - 130p or just an old fashioned stake build prior to a bid? However, the metal prices are through the roof again today, it could be that simple even though I do not believe this. Anything is possible.

I asked about two classes of warrants, this because in my mind I had an idea that there had been a deal and that they had issued some warrants that had a longer life than the one's that are now traded which have a final exercise date of end June 2008. I was told that all the warrants expire at the same time i.e. June '08 and that the exercise price is 6p. I guess that if a warrant exercise period is so far away - (surely no one is going to avail themselves of the opportunity to exercise this June since they will probably be still 'out of the money') - and you are in the process of reviving a business you really are not that focused on events 17 months away. I can understand this - just - (notwithstanding that it could represent a future £1M.) because a lot will happen before final exercise is even within hailing distance. At this stage I myself could not really give a fig except it really ticks me off that in this wonderful information age in which we are supposedly living it is not possible to get an answer to a simple question.

In fact I called the coy and they couln't give me the precise number other than 'around 20M, the exact figure will be in the report'. Then the London Stock Exchange who say that they will not give any information to the public so I was sent to their web people who couldn't find it on the site anywhere - there must be transparency issues here when even the London Stock Exchange is unable to give information to the public. Next I called the company brokers and they said that someone would get back to me, of course they have not bothered to do so. So I have to accept about 20M and guess what the word 'about' really means.If there are any 'professionals' reading this perhaps they might like to check the exact figure with the Stock Exchange and then be kind by letting us know. This is not secret information it is just that no one can say. All very odd!

In fact I called the coy and they couln't give me the precise number other than 'around 20M, the exact figure will be in the report'. Then the London Stock Exchange who say that they will not give any information to the public so I was sent to their web people who couldn't find it on the site anywhere - there must be transparency issues here when even the London Stock Exchange is unable to give information to the public. Next I called the company brokers and they said that someone would get back to me, of course they have not bothered to do so. So I have to accept about 20M and guess what the word 'about' really means.If there are any 'professionals' reading this perhaps they might like to check the exact figure with the Stock Exchange and then be kind by letting us know. This is not secret information it is just that no one can say. All very odd!

It seems that there are 'about' 20M. The annual report is to be published at the end of May and the exact number will be given then. On 100% exercise of he warrants this should bring in about £1.2M.

Before anyone asks: I have no connection with this company whatsoever other than holding tooooo many shares at 16p. The word 'we' is used in the old fashioned sense that as shareholders we are all members of the company.

According to the Company Refs book of February 2006, the only remaining directors from then will be Graham Stephens now a non-exec and V. Valdovinas-Cangas who remains a non-exec. Everyone else is new! It would be interesting to know the real power source behind this reconstruction.

As a result of a call to the company following their very own 'night of the long knives' I have been told that the new board is as follows: Giles Clarke - Chairman. John Wardle - CEO. Nick Harrison- FD. Graham Stephens - Non-Exec. V. Valdovinas-Cangas - Non-Exec. Also there is a new Company Secretary, Brian James. It is interesting to see that GED who had a dry hole next to us has now made a strike elsewhere and their shares are up about 25% this morning. We should have completed drilling within a few days.....

Great stuff substp!

substp, are you in fact planning to contact Mr. Yuta Ito? There used to be a British holiday coy called Sunmed, maybe there still is!

substp. Thanks, that is the figure the broker finally came up with. You state that there are 28,386865 warrants outstanding my broker now says that the figure is about 29.7M! Why can't companies be more transparent and make an announcement when there is a change.This sort of stuff drives me mad, it is such a waste of time.

substp. I called my broker before posting and he got the number straight off his machine! I will re-check.

scrod. Please do stick around, your input is most valuable. Thanks.

substp, have you seen the price of chocolate bunnies? You really could get a surprising amount of shares for the price of just one. Time to go on a diet and get rich instead?

My latest time-line is June 30th of next year when the warrants are called at 6.00p each. The only present underlying value of warrants is time. This because the ordinary share price is under 6p therefore on the face of it the warrants are worth less than nothing since it would be cheaper to buy the fully paid shares in the market rather than the warrants which have no value being as how they are 'out of the money'. However the warrants are about 2p each in the market, thus their present value is merely the length of their life, people buy them as it is a cheaper way to have a punt, 'more bang for your buck'. The real bet is that these shares will be worth closer to 10p than the present 5.5p in June of next year. At the moment there are 302M warrants outstanding which if exercised up will bring into the coy a very useful £18M, so it is much in the coys interest to ensure (through good results etc.) that the ordinary share price is above 6p. thus everyone pays up to convert and they get £18M cash. Interesting!

Clearly a person of discernment and taste! In view of everything that is going on, often exposed by you, it gives rise to the thought that these shares are probably dirt cheap.

Up another 10p, 116-118p. Is there a bid or something?

They got 12.5% on their money overnight, a very good deal. Meanwhile it was announced first thing this morning that CHP have started drilling in th Llanos basin and will be completed in a couple of weeks. Interesting.

I would be very worried if a company I had money in lost two directors and then these ex-directors started dumping stock. This would not appear to be the case as far as HCEG is concerned. Your friend Dr Wood continued to do work for the coy, Nigel Wray seems also to remain involved somehow; through a connection with PIHL and Fertiligent? Generally speaking,when there is a management change it often is an indicator of life and a pointer to evolution. Pat makes an interesting point though. With more and more aspects being opened up, often involving overseas situations, is there sufficient management? substp seems to think that they have taken on board the lessons of the the recent past and will have the Institutions down their throat if there is any regression. All in all I am inclined to agree with substp and feel that the future will be exciting for the coy and us shareholders. God Knows Best!