Member Info for Theorist

Hogsnipe. 8000 shares isn’t a short position, it’s a rounding error. Share price tumbles following £4,000 short. I don’t think so!

Reallymental. Every car needs an accelerator and a brake.

China. If I was ignorant and stupid that would make me a shareholder!

China. I admit I love your rants, bonkers as they are. So let’s have your take. When will finance be announced? What will the SP be a week after the announcement? When will the company run out of cash? These are the real issues. Forget about Jacob, Louis, Hammy, Cedric (a nasty piece of work). Oh and here’s a funny little fact for you. No company with which PA has been associated has ever released disappointing drilling results. Ever. Lucky to hit the jackpot every time don’t you think? As a former mining engineer you might acknowledge that is incredible.

Reptile. I just looked down the back of the sofa and have scraped together enough to go in February to one of my old favourites. Highly recommend you try Uxua, that’s in Trancoso Brazil. I recommend Terraco de Ceu. Check it out, it is just out of this world. A favourite haunt for bankrupts like me.

Hogsnipe. A very entertaining diversion you have created. I haven’t a clue who TK is or where he or she posts, we all know of Hammy, I am quite happy to be associated with him. That is when I am not working for my Chicom masters! It is all totally bonkers but as I say an amusing diversion.
Cash. Firstly I would observe that the institutional backing is extremely weak. There appears to be some pin money from the ATF although I don’t think this has been confirmed either by the company or the ATF itself. Not what I would call “significant institutional backing”. AWF is definitely a plus so I agree a big tick there. M & G no. A small investment to buy a seat at the table for which they paid over the odds. And aside from this the cupboard is desperately bare. I would say worryingly so. You will know that the Company has scoured the market for finance, very unsuccessfully. So now their’s is an extremely weak hand, no leverage whatsoever, shekels left in the bank, they will have to take whatever they can get. And maybe they will get nothing in which case they could be gone by Christmas. And if they do get something the terms will be ghastly. Study the HZM deal. They did everything by the book, fantastic resource, and still they got crucified. This is what will happen with Pre. Your analysis re the PI’s is weak. The PI’s will be left alone, there will be no accumulation, just a massive dilution by way of discounted placement or bargain convertibles. As with HZM. All of which explains the current SP, flashing around on low volumes and likely to dip a fair bit lower. Anyhow we will see which of us is right soon enough, in fact very very soon.

Hogsnipe I think this is brilliant. There’s an even closer match between China and Sundrum. No surprise there. So what do you reckon about the cash then? Can’t see them getting past Christmas, can you??

It’s an insult. I tested my own posts against political sound bites and found out I was Jacob Rees-Mogg. None of which escapes the fact that Pensana are facing an extremely urgent cash flow crisis.

Lizard. you are right. I am almost bankrupt. £6,500 for a business class return to Melbourne. Savage. At least I got to go to the T20 final!

According to the Consolidated Statement of Cash Flows on page 90 of the 2022 Annual Report the company spent $29m over the year. It started with $17m cash, raised $13m and at 30 June 22 had just $3 of cash left. Since then it has raised $10m from the AWF, that must have been a colossal relief, they would have been down to their last few shekels. But now, nearly 6 months on, with all their recruitment and ramping up of activity, the situation must be desperate. Cash burn for the 6 months has to be at least $10m, I imagine they could go for just a few weeks before it becomes absolutely desperate. Indeed on page 93 of the report under the going concern section the company says it is aiming to complete the main financing by Christmas. So whatever happens there is going to be an announcement in the next four or five weeks, finance, a placing, or a full blown crisis. Call this downramping if you like but I am only saying what you can read for yourself in the annual report and recent announcements re recruitment and construction.

Can you imagine anything more disappointing than finding you could hack China's email. A veritable treasure hove of off the wall rants and diatribes! Like breaking into Fort Knox only to discover the gold had gone! And what a bad day! The soon to be 20 bagger failed to lift off after the company had announced it was on the threshold of something even bigger than Mount Weld! World beating of course. The market stifles a yawn and China flies to Singapore (economy of course) on a hunt for Chicom shorters.

Nice try China. So Pensana have magically hit upon the solution that has evaded Lynas for 20 years. You have to hand it to PA and his team. So brilliant no patent required.

Mumbles I think your “excellent reputation for integrity” is pushing it a bit. The company has not communicated in an open fashion. It never came back with any frank and open explanation re Great Wall, Norwegians, Saltend 1, ATF. That left many posters like yourself guessing at what is going on. Remember you were left convinced by the board that finance would be announced by the end of July. You might admit now that frankly you don’t have a clue what is going on there. I am not for a tiny moment suggesting dishonesty, but there is a clear pattern of ineptitude and an unwillingness to come clean when plans founder. Same as happened with PA’s previous failures.

Something is very wrong at Creo. In the middle of Covid, when sales growth was non existent due to hospital restrictions, the remuneration committee awarded the top brass extraordinary bonuses. A bad bad sign. After a share price collapse of more than 75% the company announces an investor presentation. Where? Chepstow! So the two main men couldn’t be bothered to come to London. Incredible. Then at the presentation no mention of the cash crisis. And a sales forecast showing growth over the next three years from £30m to £35 to £40. Basically a prediction of the company’s demise, because if that is all they can manage with 300 employees and a suite of ground breaking products then they are going under. Cash will be gone in 6 months and the next raise will need to be huge. With a sp of 40p it doesn’t even bear thinking about. Yet no sign of urgency, either these guys are resident on another planet or they have some colossal trick up their sleeve. Unfortunately I think it’s the former!

It really isn’t very complicated. Pensana is effectively run by a guy with a shocking track record. Everybody who has backed PA has been wiped out. That’s a fact, China might protest but this is the brutal reality. Is it going to happen again? Ever since Hohnen and Maclachlan legged it I have been convinced that history is going to repeat itself. We have had Great Wall, the Norwegians, the Green Bond, the ATF farce, the Saltend 1 and 2 debacle, the stuffed up placements, the Feed debacle, the announcement of construction at Saltend and Logonjo. But still no finance. Am I a downramper or I am simply someone with the brain cells necessary to be able to join the dots? I really don’t care.

I would agree that Eloro could be more tactful but he has a point. We are in this bizarre situation where the company has announced full steam ahead at Saltend and Logonjo but has forgotten to inform the market how it plans to finance the construction. If the finance is finalised you can announce construction. If it isn’t you can’t. Unless of course you are Pensana where all conventions are flung out of the window. Which might be why the sp is so fragile. And so low. It is the most bizarre state of affairs.

China. Senility is an awful thing and I know it has you firmly in its grips.
You quote a post by me from 16/06/20 which 7 of your dim hapless followers have recommended. Unfortunately the post is not one of mine. I did not post until 2021. I can’t be bothered to scroll back 2 years to find out who did write the post you have got exercised about, you can do that yourself. And don’t worry, I can live very happy without an apology!

Here’s a good little question for you, Humdrum. Has Rocky Smith ever been to Angola?

Humdrum, living up to your name. Again! Of course if finance were to be announced, which I acknowledge is theoretically possible, the sp would fall. Because the necessary equity or quasi equity component will be priced at a nice discount. All this of course is hypothetical, I think the sp is only heading in one direction. It’s got A & E written all over it!

Tony you are almost as bad as China. SP is falling because shorts are profit taking. Really??! Or do you just hope that was the case? Nothing to do with no finance, hopes evaporating, liquid silver a hoax, mumbles’ finishing touches?