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Novice I’m sure you’re right. Curiously there might not be much difference between administration and a finance deal. The company’s negotiating position is so wretched that any upside for shareholders may be extremely limited. Whichever way I foresee total humiliation for Atherley. Interesting if you look back to the RNS of 26th October last year and in particular Tim George’s comment. Those statements are at best misleading and at worst downright xxxx. The writing was on the will the moment Hohnen and Maclachlan walked out. If you listen carefully to Atherley’s interviews, at Berkeley Energia, Murchison, Leyshon, Pensana, Alkemy there is a pattern. It’s like a template you just slot in the name of the company and the resource and bingo you have a world beating once in a lifetime slam dunk opportunity to catch a 20 bagger. And lots of people fall for it, there’s now a twenty year trail of wreckage. Take a look at the Alkemy chat on LSE. There’s really only one person who posts and sometimes he posts five times a day. Look when he started posting. Independent upramper or hired hand??? Atherley has already moved on to the next scheme. Alkemy share price imitating the heady £2.00 days of Pensana. Real people putting their savings into that, I shake my head just typing this.

In case anyone else is bored of Jeff here’s a thought. It is incredibly rare to see a takeover at a premium in excess of 300%, especially outside of pharma. In fact there have been only a handful of takeovers this century at 200% plus. Which of course makes sense, before Apollo came along an informed market valued THG at 60p odd. To my mind it is inconceivable that an offer would come in north of 120p. There would have to be a fit between THG and Apollo that generated the most exceptional synergies or economies of scale. I don’t see that. I’d love to see it but it is not realistic. Anything in the 90p to 120p range would, to my mind, be a fantastic and irresistible Houdini!

Or the receivables had just come in. Anyhow not enough receivables of any description to make any difference. If you want to see another accident waiting to happen look at the Alkemy chat on LSE. It's Pensana all over gain. Except they've hired some muscle to dominate the share chat. I just shake my head at the naivety or downright stupidity of it all.

Looking at the SP. They think it's all over.

Tony you love your charts. I have been wondering for a while if there is someone mopping up the stock at 140p. SP has been extraordinarily stable for some time, almost never falling below 140p exactly. It’s uncanny. Would not surprise me if someone friendly to Glencore was quietly accumulating.

Thank you wasrunner! Very very helpful, I did a back of the envelope and came out around 105p, so we are roughly in consensus. Did you see my earlier post re the bhp report? My interpretation is that the nickel price will exceed the $16,000 figure Tony referred to but over the next two years at least would struggle to get north of $25,000 because of the Indonesian impact on supply. Given today’s rns the ducks seem to be lining up quite nicely for HZM. I think it will re-rate towards 200p over the next six months, maybe higher if nickel price holds, but of course nothing moves in a straight line!

Agree with you 100%. You can just imagine the script. PI’s never win!

Thee weeks since the company announced it was basically out of cash and since then zip, nothing. The $200,000 must be gone, the monthly burn was up to around $1m, yet no update on finance. My guess time is up, there will be an announcement before the end of the week. My money on Wednesday.

MM has the standard duties of a director. He has no additional duties because he is CEO or a shareholder. It’s not very complicated.

Tony have you ever sat down and figured exactly what the impact of the convertibles will be? This is my one concern, how much of the potential upside from a revaluation of the asset (resulting from de-risking/commencement of production) will be lost as a result of this dilution? What will the top shareholdings look like assuming all the convertibles are converted?

I see that Glencore’s full year guidance is actually a small year on year increase in nickel production. What Glencore have made very clear is their enthusiasm for nickel. I don’t know what Contrarian’s agenda is, just to annoy everyone I suppose, however it could be as little as 10 months until HZM is in production. There is bound to be a re-rating of the stock during this time period as the project risk recedes. HZM is the share in my portfolio that I am the most enthusiastic and confident about. I am sure it will outperform LLoyds and BP!

If there is one thing all of us have learned over the last 12 months it is that MM has performed extremely poorly. It makes you really wonder how he managed to put THG together in the first place. He obviously has a brain but falls to pieces under the spotlight of public scrutiny. He must be desperate to get this thing private again, which is why I think he will throw his lot in with Apollo and support an offer around the £1.20 mark.

If you assume that MM partners with Apollo then MM’s incentive is to engineer the lowest take-out price he can. On the back of some very average results and in the absence of an alternative offer who wouldn’t accept £1.20 say? It’s still a massive premium to the pre offer Sp. I think the £1.50, £1.70, £2.20 hype will prove to have been ridiculously optimistic though I’d love to be wrong. My guess is £1.20.

My money would be that tomorrow is the day, finance or administration. That would be over two weeks since the company flagged the crisis. The $200,000 must have gone, wages have to be paid, I say it’s all over red rover.

Hi, is this MI 5 I’m talking to?
Yes it is, who’s calling please?
It’s Sundrum, would you like me to spell that for you? It’s S, U
No that’s fine thanks, how can we help you?
I’m calling about a bird.
Could you be more specific please Mr Sundrum?
Yes it’s an owl.
An owl?
Yes, a wise owl. A Chinese owl.
And Mr Sundrum what has this bird done?
The owl posts messages on a bulletin board that is disparaging of Paul . It’s upsetting me. And China. And the reptile. And….hello..are you still there….hello……

Good luck with this Sundrum, think you could be on a real winner. For a change!

Tony. The only thing that everyone who posts has in common is the fact that none of us has the foggiest clue what is going on.

SmartOwl he talk sense! A very refreshing take on this farcical situation. I am guessing that it will be this month’s payroll that tips this over the edge. The board must be very very close to a lifeline otherwise they could not be running the insolvency risk. So maximum of 10 days to determine if the company has a future. And if this goes Alkemy will follow.

I found last night a really good source of info re the nickel market. If you visit bhp.com and look at their economic and commodity outlook there is an extensive and very positive forecast re the nickel market. This report has only recently been published so is much more up to date than the world bank report.

Bless you Sundrum, you really are thick as siht. Downramping didn’t make the company run out of cash, fail to secure finance, cause the board to fib about their qualifications and cv, fail to produce a bfs, fail to convince the govt that they were worth backing, stuff up Saltend 1, lose the two key non execs, hire Alison who, and so the list goes on, page after page of broken promises and commitments, and still they chant his name as the ship slips quietly beneath the waves!

Wiseowl does have a point. You really couldn't make this up. The company pops up to tell everyone it has a massive crisis, $200,000 cash and $10m of unpaid bills, a hope that it can secure last minute finance and then nothing! Are shareholders informed? Absolutely not, nobody has an earthly clue what is going on. If I were a shareholder I would be going mental. Instead you lot are more interested in throwing rocks at WiseOwl, who is doing his or her best to keep us entertained, or posting links to sad articles that tell us how badly the west needs Paul. What's even more incredible is the number of posters who, having watched this farce unfold for two years, want a bite of Atherley's world beating lithium venture. That has to be the most miserable little trumped up get rich quick scheme I've ever seen. That is just throwing away money, it's literally stuffing more money in Atherley's bulging pockets, I bet he cannot believe his luck. Presumably China is in there, looking for his 50 bagger. Incredible.