Member Info for tbow112

Just to illustrate how ridiculous the Companys financing has been - in return for having borrowed £22.3 million the company has issued or is proposing to issue over £200 million worth of shares.

CSD - "If you hold shares in your account with us and wish to submit a vote at a meeting please send us a secure message with your instruction. Please clearly specify how you wish to vote against all resolutions. Your instruction should be sent to us no later than around 6 business days prior to the meeting, which will be arranged on a best endeavours basis."

The resolutions can be found on the Tungsten West website - https://c694f10a-a066-43cb-b7e3-9625fcd598f8.filesusr.com/ugd/3e92e8_80de8fb2ac68425b9dd6807ad69952fa.pdf

Note that the resolutions contain a proposal to give options over another £10 million worth of shares to existing management (who, with the benefit of hindsight have made a total balls-up of the fundraising).

Do not be afraid of the warning at the end of the letter. It is very unlikely that the resolutions will fail to pass, but even if that should happen

the company will simply have to sort out some better proposals.

The shenanigans have already ensured that the share price is about half what it would be if they had borrowed money on a sensible basis.

The project is a good project but the more shares they issue the lower the share price will be.But if the people who control the company get the extra shares they are not bothered about that share price

Voting is normally done by your stockbroker or whoever holds your shares. If you cannot find the route yourself tell us who your broker is and someone will hopefully point you in the right direction.

For HL there is a section labeled "shareholder meetings" on the opening page for the account, and if you tick that you are offered the voting schedule.

Has anybody got a broker who can be asked about the significance of microtrades ?

Once again. Who are Quark financial and why are they alloted chep shares ?

"Keith - Pensana do not intend to consolidate. With the pipeline of expected announcements, the belief of the BOD's is that the $4 will be achieved organically."

Any such belief would be idiotic. A collapse on Wall street and we could be waiting 5 years for $4.

Seems to me that minority shareholders should do their best to vote down the whole B share scheme. It a totally unnecessary scheme put together for the benefit of some exceptionally greedy shareholders.

Anyone able to calculate why the number of B shares has been reduced?

I am rather busy at the moment.

Anyone know who Quark Financial are and why they were alloted cheap shares ?

Would anyone be kind enough to explain why MGAM do not appear to be a major force in battery anodes.

Is that $107 convertible just one loan or several separate loans ?

The second paragraph exists only for the benefit of the CLN holders who now want to be compensated for its existence. The whole business is ridiculous.

"· On the Final Termination Date, the CLNs (including any PIK to be paid on such notes) will convert into new Ordinary Shares at the lesser of 3 pence per share or, where applicable, a 50 per cent. discount to the offer price of an Equity Raise

· The conversion of CLNs held by any Note Purchaser into new Ordinary Shares shall be subject at all times to a cap of 29.9 per cent. (including existing shareholders) of the Company's issued share capital."

https://www.lse.co.uk/rns/TUN/replacement-convertible-loan-notes-documentation-nkizks21ynhdsal.html

While the whole business of TUNs CLNs has an unsatisfactory smell, the issue of bonus shares to the CLN holders is simply ridiculous.

The CLN holders have had years to remedy the problem created by having two contradictory clauses in the CLN documentation - a contradiction of which the CLN holders were well aware and for which the holders may well have been responsible.

That those holders should be compensated for doing nothing is absurd.

Mumbles, Pleased to see that you are still here.

Has anyone found a definitive statement as to what the RNS actually means in terms of the number of EUZ shares to be issued ?

Results certainly make one wonder how the company came to issue the CLNs.

"Even an open offer that can be completed quickly still introduces additional process, cost and loss of agility. "

This seems to be where we disagree. An "open offer" sounds difficult and complicated but , in reality, in the internet world it hardly needs any company involvment. A simple instruction to an appropriate financial adviser and it will all be done for you.

Mumbles, on investigation it would appear that you are correct on the distinction between primary and secondary markets and that I am well out-of-date – possibly because US definitions have taken over.

That said, there is a significant distinction between IPOs and subsequent share issuance . Historically, subsequent issuance (it appears that I can no longer call it secondary issuance) has repeatedly been used to cheat minority shareholders of their appropriate rewards.

Consequently subsequent issuance is subject to regulatory restriction with the general presumption that discounted issues are to be avoided unless made available to all shareholders.

Shareholders can certainly vote to disapply pre-emption rights but the intention is not to give the management carte blanche, but to facilitate specific actions without forgetting the general presumption against discounted share issues.. In effect, discounted shares should not be issued without good reason.

In the case of M&G no good reason has so far been suggested, and surely you are not suggesting that a company capitalised at £300 million would have had difficulty in raising £5 million from existing shareholders in an open offer – particularly as the company could have put some figures to the heavy rare earth project as part of the offer.

The last open offer I participated in took 1 week and was not underwritten.