Member Info for Tangodog1024

TW has been removed from the website so perhaps an announcement is on its way. Mind you, the blank space could probably do a better job than what's been happening for the last couple of months.

@HH - It was the RNS issued on 20 Feb 2023 07:55

There ain't much blood left in this Alien body!

Benelong Limited whose only sole employee, director, etc. is Richard Shemesian holds 7.24% of UFO shares, equating to approximately £870,610 at Friday's bid price. I believe, but stand to be corrected, that many of those shares have been held for a fairly lengthy period of time. However, latest accounts for the company (March 2022) claim to have assests of only £371,495 when the UFO share price was considerably higher (0.80p). Where are these assets? Why are they not being declared? Any help to understand would be appreciated.

If that was the case, @Lyndon, they would have to issue a corrective RNS or else may be construed as misleading the market. Hypothetically, if it was an error and they did not correct, then that may cause the SP to crash.... Oh, but wait.... Nonetheless, I think the market has been misled but proving it is a different matter.

You may be right, CJ, but I do not remember any shareholder consultation on the establishment of the subsidiary company so I'm not entirely convinced that there should be any on its disposal or any other action regarding its future status.

Not necessarily, CJ, the Amended and Restated Articles of Association for Alien Metals states in Clause 12.8 "For the purposes of Section 175 (Disposition of assets) of the Act, the Directors may by Resolution of Directors determine that any sale, transfer, lease, exchange or other disposition is in the usual or regular course of the business carried on by the Company and such determination is, in the absence of fraud, conclusive." That seems to imply that if it wanted to sell, transfer or anything else to do with IOCA, it does not require shareholder approval.

@wentsland - I recently posted and opened my posting with a declaration of my holding. This was to demonstrate that I have a vested interest and to prevent accusations of not being a holder. Too many times, individuals have been criticised for not being open about holding any shares when they have made a post. Even if they have stated they hold shares, others have pilloried them, accusing them of basically lying and that applies to both the positive and negative posters on this forum. It seems even when you attempt to be open and honest and offer valid commentary, some still like to snipe. I'm being honest - you hit a nerve but I'm old and ugly enough to get over it.

Much has been made of the need for a placement in coming weeks but I'm not so sure. By mid-August 2023, UFO had £2.5million in the bank from the placement and first tranche of funding. That, according to recent accounts, is enough for just over a year of operations which comfortably takes the company to the FID expected by the end of Q1 2024. There will be a need to fund the construction but that is a different kettle of fish by that point. There has been no suggestion, simply because of the lack of RNS announcements, of a money burn since August but I may be wrong and happy to be corrected and apologise if necessary.

Before I begin, I will declare that I hold UFO shares - 11 million at an average of 0.246 pence per share. The following are my personal observations of UFO. Fundamentally, it has promise and occassionally it moves closer to achieving that promise but if there ever was an example of two steps forward and twelve steps backwards, this company is it. I have no experience of running a mining company but I do have years of experience in senior management and the key to successful management is communication. Under TW, it appeared to improve for a short while - regular announcements of progress but something happened in the last few weeks of 2023 and I don't think we will ever get to the bottom of that. It culminated in TW getting pushed - I don't for a moment believe he resigned of his own free will - companies do not let a CEO go before a replacement is announced because of the effect on SP (exactly what we saw happen but I think that was more a case of MMs taking advantage of unexpected negative news)). Uncertainty unsettles the markets and that has certainly happened in respect of UFO's SP. However, since the unexpected demise of TW, the volume of share trades has surprised me - or rather the lack of has surprised me. Despite other posters' comments, I have not witnessed the dumping of hundreds of millions of shares which would happen if the company was in freefall. I have studied the trades in UFO shares and there are certain traits to be gleaned.

Human behaviour, as such, tends to like order, roundness and ease. So, when I see a trade for a round number of shares (e.g. a million) or a round amount of money (e.g. £1,000), that usually indicates a retail investor. When I see haphazard amounts, that suggests MMs buying or selling because they need to do what they need to do to cover orders. Much of recent UFO trade volumes have been 'haphazard' so I guess the MMs are positioning themselves although the volumes are such that that is arguable. Today's volume of trades so far are all sells but only account for 0.0007% of shares in issue and most days the volume of trades is very small. Does not suggest the markets are unduly worried.

Nonetheless, the following observations do highlight some concerns - TW's LinkedIn profile still stating he is CEO, his profile is still on the UFO website as CEO - all indicates that the company operates a 'laissez-faire' attitude which is not what one wants when you are responsible to shareholders. Another point I noted over the Christmas break whilst reading the 'REMUNERATION COMMITTEE TERMS OF REFERENCE' is that any performance incentives should be approved by the Board and Shareholders but I don't ever remember being invited to vote on all the performance incentives announced in the RNS dated 4th August but I could be mistaken but there was certainly nothing in the October AGM.

Isn't the performance payment only applicable if UFO decides to dispose of the assets, having either decided upon disposal, IPO or to mine. If they just keep on mining, beyond the 5 years, then no performance payment is due as it has not disposed of the assets.

@Bfdinvestor - it's not just a NED position but also COO which will be more than a few hours a month if he's expected to refloat that sinking ship

I'm sorry, Max, normally I like your posts and believe you've been a stalwart of UFO despite the negativity you often receive but this absolutely stinks. There are obvious conflicts of interest in this development and it smacks of us investors being set up to be shafted. I had my doubts about TW at the beginning of his reign but he won me over by improving communications and appearing to deliver milestones to eventual production. Now where does it stand? The BoD needs to come out with a statement pretty d*mn quickly or else the SP will only go in one direction. I cannot believe that UFO did not have a statement ready to go out at the same time - are they that niaive to think such an announcement by another company does not adversely affect UFO?

There were 80million plus buys that day - if it was a sell, it was probably to cover those buys.

Yesterday we had a volume of 0.001% in share trades. So far today, it is running at 0.0006%, not exactly a sell-off to be concerned about. Even last week's 69million trade was rather limp on its impact on the share price. Fundamentally, despite the recent positive news, UFO is not yet income producing so the share price isn't going to be doing anything spectacular, it's just ambling along, occasional uplifts on good news but then it settles. The DFS and mining licence will probably lead to another uplift in the share price if it is as positive as we all hope for. Will that lead to share placement? I don't know but to be that close to actual production and the BoD can only raise through share placement doesn't feel right.

Not since 28/11/2023 - last significant share issue was in August

Fair Value on 28/11/2023 - 2.7pence per share

Fair Value today - 2.3 pence - typo or what? Almost 15% downgrade - hopefully a typo.

70% more buys than sells - no panic - typical MM behaviour. They got what they wanted (share price down) and now they are hoovering up.

Seen this before, MMs forcing the price down, creating a little fear so they can hoover up because they know what is coming. Volume is not sufficient to suggest negative leak.

I'm sorry but a 2,000,000 sell cannot be considered dumping - it represents 0.00031% of issued shares - even a hundred sells of 2,000,000 represents only 0.31%. It's probably one of the institutions from the recent capital rise taking some profit knowing there are buyers out there.