Member Info for Theorist

China what a gem. Now you’re at it. One of your advisers has informed you that Tornado Tony really does know at least one director!! So the letter must be real! You two are digging yourselves the most extraordinary large hole. So what happened? You got a random call from someone (a person unknown of course) who says at least one director knows someone called Tony? Did you ask them if they knew someone called Dumbpunter or the Greek Lizard??!! One idiot prints a false statement, another endorses it and three more uprampers recommend it! Desperate times, desperate measures.

Classic. Theo is losing credibility because he calls me a liar. Just because I posted what I declared was a letter from a director (though I have to admit the English was shocking) and then wouldn’t say who the director was because I didn’t want Theo to disturb him whilst he is putting the finishing touches to the finance package!!!! Tony you got caught. , plain and simple. The more you look at the letter and your defence the more pathetic it appears. Shame on you.

Sundrum. I follow 50 to 60 companies very closely, I spend hours and hours studying and researching them and the people behind them. The single greatest and most important factor is the track record of senior management. People that win, win again and again, people that lose tend to be serial losers. Of the companies I study there are perhaps 10 to 15 that I have never had an investment in, usually because I simply don’t like them but sometimes because I do not know enough about them. I have never shorted a stock but I do trade the beta on selected ftse 100 and 250 stocks. So I might disappoint some who like to think of me as a fud or downramper. I post because the companies I follow are my hobby, along with sailing, golf and fly fishing. My view of Pensana and its BOD is obviously contrary to some of the vocal hopefuls, I do understand that some just don’t want to hear views and opinions that run counter to their hopes and aspirations. To be fair that’s just human nature and water off a ducks back to me.

Sundrum you are totally wrong about my motives but your reckoning is actually fairly accurate. I think if this forum was dedicated only to the worship of Paul it would be extraordinarily boring, even more Humdrum! And think how much money you all would have lost without a counterbalance, you would have mortgaged your houses and bet the kitchen sink on Pre! All that glitters is not gold.

Well I thought I had heard it all! Paul is sent by God to save us from the Chinese. China is his bodyguard. Sulker and Skewy bathe his feet. If you write such nauseating unctuous stuff you have to expect a response!

I think that may of us do derive some genuine interest or enjoyment out of this forum but it does seem to be going off the rails. I am sorry MJM but your posts provide neither interest not enjoyment, saying stuff like the sp is going to be 20p by the end of the week is just daft. I readily admit to being provocative too but usually with some form of argument. And China you need to calm down. You can't shoot every FUD you see in your back yard, now and again you could let the odd one escape!

Theo knows that Hohnen and Maclachlan were not on 3 year contracts which ended the precise month they departed. Hohnen joined August 2017 and Maclachlan January 2018. They resigned on the same day. Tony brave of you to show yourself after your disgrace. It’s sad you still hang off PA’s speeches. If you genuinely believed what he says you would have to also believe that finance was already in place, Saltend construction commenced in Q1, etc etc. Desperate stuff Tony.

Sundrum. To assert there are only two people on the planet who could pull off a financing would be odd, I agree. It’s certainly not what I said, maybe you need to read again? I do not know Hohnen personally. I first met Maclachlan in Sydney in 1986, that’s as much as I am prepared to tell you but it should answer your question.

Tony I think you’ve overstepped the mark. Your post is simply not true. The English is so poor. You wrote this yourself . Tell me who at the company sent you this email and I will contact them immediately and test it’s veracity. You say it is easy to become seduced in looking for things to support your opinion. You weren’t kidding! But making stuff up? You just blew your credibility away. Greek lizard, yes I do know what Hohnen and Maclachlan’s shareholdings are, I know the vehicles in which those shares are held, who the beneficiaries are and why there have been no disposals or additions. Mumbles your post pathetic, hairs on a peach, did you really think that up all by yourself? Desperate stuff from a trio of uprampers.

Sundrum I genuinely believe that Pre’s chances of a financing walked out of the door with Hohnen and MacLachlan. It wasn’t about achieving a better outcome but about pulling off a financing period. Even your pal China would acknowledge that financing is THE obstacle for all wannabe mining companies, Maclachlan in particular has colossal hands on financing experience. There was clearly a major falling out with PA, no doubt over the direction PA was taking. And whilst I’m here Mumbles I couldn’t give a fig about shorting, fuds, flow of shares, even the share price. I have no financial interest whatsoever in the company or its shares. Every time I read that tripe I just shake my head.

Tony. I think you need to understand the precise structure of HZM’s funding. Sure they got their finance but sadly it did come at great cost to the pi’s. The reason HZM shares will not shoot up as you either hope or surmise is the conversion terms on the debt and the massive effective prospective dilution of the equity holders. This is the exact same problem that Pensana could face. The negotiating position of the Company is exceptionally weak. They are not looking at a beauty parade of prospective lenders. Realistically the equity holders could land up with no more than 10% of the upside. And of course this makes absolute sense. If you were putting $500m of debt finance in and the company was putting in nothing or next to nothing you would expect to have to give the debt holders substantially all of the upside. If The Company could raise say $150m from its shareholders or a good slice of mezzanine or junior debt then it could retain a much larger slice of the upside, but looking at the register I can’t see this. It may seem unfair to sum but Pensana could easily land up with no more than an effective royalty of say 5% max 10% on earnings. Who will be the winner at HZM? Glencor the pi’s? The answer is pretty obvious. The only two people who could financially engineer a better outcome for Pre left on the same day. These are fiendishly complicated financing structures to put together and the Company does not have anyone with the necessary skills and experience to not just put this together but to also successfully fight the corner of the existing equity holders. It is these reasons, plus the ill advised FEED approach, plus the poor track record of management, plus the scatter gun decision making and announcements, plus plus plus, that the shares are 80p and looking down not up.

The Greek Lizard! I am not a shorter, I have no masters, so I guess I must be a saviour sent from god. I'm not concerned about striking PRE from the history books, as you know I reckon Atherley will do that himself. Maybe you could have a proper sensible go at explaining why the market values PRE at £180m when the FEED outcome is a £2.5bn PV. Put together a serious analysis of the discount and what that discount is telling people. Don't just sit there and throw out insults or complaints about bizarre behaviour, show us if you have a brain. Mumbles has had a go and come up with thin volumes as his hypothesis. Surely you can do better than that?? If the task is beyond you just say that you haven't a clue, there's half a dozen posters here who would probably recommend that as a reply!!

China, there is one problem you cannot escape. If you are right and I am wrong the SP wouldn’t be 80p. The company has published its FEED. $3.5bn PV. That’s right, the company has done all its analysis and told the world it is worth £2.5bn or approximately £10.00/share. The market has had a little s****** at the analysis and decided 80p is the mark. That is a totally inescapable fact and one that is entirely consistent with my analysis.

China. This is where you start to slip into very dangerous water. Drilling and results analysis by David Hammond. Would that be Dave Hammond formerly of Pensana and MP?? For a BFS, the normal route, the analysis would be conducted by someone genuinely independent, not an old mate of PA. SRK yes, highly credible, but I don’t believe they have published their own analysis? Certainly nothing I could find, indeed the only mention was in Dave Hammond’s script. This is the problem with this company. Whenever you start to scrape back the layers you start to find stuff that just doesn’t sound right, everything’s too off pat, mine to magnet, world beating, $3.5bn PV, money back by next Christmas, the identical script for Murchison and Leyshon. To me nothing passes muster, there is a very unpleasant odour about all of this.

So Mumbles, you think £4m, a sum which exactly covers the share bonus to three directors announced last week, is “just about right” to “meet the objectives”. The company needs to find $500m. Assuming that in this age of rocketing costs their capital costs really have gone down. The company should have just one objective, namely to find someone to believe all their figures, all the drilling results, all the ore assessments, to be happy with Angola, the Erin Brokovich thorium solution, the track record of the management, the completion guarantees, the off take commitments, and cough up $250m to finance Longonjo. So how does the £4m (if indeed they are getting £m) tick all the boxes????

Agree with Mumbles, £4m is a pointless sum. It will not help to unlock finance for the mine, as I said before it just covers a few expenses such as Rocky’s bonus. MJM may be a halfwit but he is right too, it’s money down the drain.

MJM living a charmed life. Meanwhile the company finally announces FEED and confirms an unleveraged NPV of Only $3.5 billion and ebitda $650m, full recovery of capital outlays in 18 months. Company market cap £190m. Which must either tell you that the shares are the greatest bargain of all time or that the FEED is a crock of something unpleasant. Which is it to be???

So here’s a question. What do you do if your six month figures are down on last year but higher than they were two years ago? Simples! You announce that your latest six month figures are up on a two year basis! I think that’s almost childish. Whoever advised the directors to make that statement should be shot. No investors are that stupid, although having said that the sp still went up on the back of the results!! I think we will see a pattern developing, sp rises to low 60’s, falls back towards 50, the true value IMO, maybe Radcliffe buys a few, back to 60 etc etc. With EPS sub 4p cannot see any great incentive to take this private so just meandering from here.

Yes I hold my hand up and admit it seems like I got this wrong. I had what I thought was an impeccable source but obviously not as impeccable as I thought! Awful decision now for the company. Do they take the money and use it to cover the cost of the directors share bonus announced last week or use it towards the cost of the Saltend fxxx up?

DP you can ignore Sundrum. He has got his knickers in a twist because he hasn’t a clue what’s going on and is playing his children’s game of secret squirrel. I’ve seen more intelligent things crawl out of cheese. Tony on the other hand is a regular publisher of inside information he dreams up. China just sits on his back porch cradling a shotgun because he thinks a FUD could be lurking in the bushes. The Greek lizard is manning China’s howitzer. The awesome foursome, expect they sleep with a photo of Atherley under their pillow. China’s gaff probably a shrine!