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Just on the OCIM withdrawal, the only reasonable explanation I can think of is that following consideration of their due diligence (which would have had to be completed mid December in order to meet the end December draw down) they decided they required additional security and so added the mining licence condition. This showed they were already feeling uncomfortable and so when the condition could not easily be met they took the opportunity to withdraw. Anything or nothing could have made them uncomfortable so I don’t think we can really extrapolate further.
Could we re construct the departure of the chairman :-
‘Look guys, I’m perfectly happy to lie about production numbers but this share lending stuff goes well beyond the vaneer of respectability which your £40,000 buys you from me, I’m off’
1. Congratulations although I’m not sure that good news is really appropriate here.
2. Can’t blame you for selling up at all. To my mind when a positive long term holder like you sells we must be near the bottom, so I’ll take it as a positive (in the nicest possible way).
‘ The Company has been informed that Philoro remains committed to the financing and is working with the Company, existing shareholders, and other institutions in agreeing a financing package to replace the previous funding.’
I wondered if ‘working with the company’ might suggest a willingness to join a fully revised funding deal.
Looking at just the AGM point; of course they want the resolutions to pass but given they repeat last years it seems to be more of a tick box type event with the full scale of shares required etc to follow at a further meeting.
I’m not sure that is necessarily correct Bebeto. The general level of admin is so poor I can readily accept an RNS was just overlooked. Additionally, hasn’t someone said many resolutions are identical to last year ? If so, it seems more like a half ****d rushed job than a cleverly calculated attempt to hide anything.
The excellent Ian Cassel posted this on Twitter:-
‘This is so savage and true. Written in 1930.
"The day you sell is reasonably certain to mark the end of the decline, because you are not the only one who was finally scared into selling. You, being an average man, were merely representative."
- Fred Kelly’
- Almost 25% of the funding announced is still potentially in play.
- Gold price is strong with physical gold price stronger still.
- Heap leach is a cost effective, well understood and straightforward process.