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Here’s a thought. What happens if Pensana fail to get planning permission for their new site? They’re paying a lot of very high salaries, do they just keep everyone on while they look for a third or fourth site? Next week will be the anniversary of their “first phase progression” with the ATF. I imagine the application contained a lot of spiel about Saltend. What a bloody mess.

Wrong. All the fanciful mine to magnet stuff is what makes the plan less bankable. Pensana has made a giant mistake, that is why the sp has been shredded. They should have concentrated all their limited resources on producing a conventional bfs, arranging the off take and financing the mine. Mucking around with sites in the Uk to process a material they don’t have is entertaining in its hopelessness but not very constructive. And no, I’ve never had anything to do with Atherley or any past disaster of his, I couldn’t give a fig about him, what I can say is that his performance here is consistent with all his past ventures.

It will be a long time before the company generates any substantive positive news, though their sponsors are bound to lob in the usual flannel. The current sp is probably very close to a correct valuation of the business. And for every chunky buy there must be a chunky sale!!

It’s the sleight of hand that gets me. Take the line “concurrently it is reported…miners investing in the country”. They are careful not to say “these miners are investing in the country” because they no that statement would be false. But they can hide behind the claim “it is reported”. Why do they do this? Why on earth can’t they just be straight about the facts? Instead they continue with fanciful and often quite ridiculous claims. Think about it. You issue the RNS and it is silent, totally silent, on the only thing that matters. Finance. Why? Even China can figure that out.

IRR 61%! You have to admire the sense of humour of the authors. How they can peddle this bull**** is beyond me. No word on the imminent Norwegian bond financing. Nothing on ATF. No apology for the Saltend farce. Nice salute to the abstaining Angolans, I still believe that if the Chinese decided they liked Longonjo they would take it.

Odd choice

i hear you but we are all facing possibly the biggest cost of living squeeze in a generation, VP is 85% retail, bathrooms very high on the list of discretionary expenditure, shipping costs hurting VP like no tomorrow, and then to boot there are a lot of UK stocks out there at extremely modest valuations and with much greater upside potential. BT, Lloyds, ITV, Rolls Royce all at sub ten PE's and multiples of between 5 and 7 free cash. Radcliffe has £200m in the bank, a stunning smash and grab, do yo think he's losing sleep? I doubt it.

Yes a real shocker, another City stitch up of private investors, how utterly ridiculous does the IPO price seems now. I have no doubt 50 to 60p will be the bombed out floor however there is not a single good reason to buy, limited upside, no dividend, no takeover prospects, wish I could find just one positive thing to say!

Sundrum you surpass yourself. What an absolute load of garbage. You might be the only one who doesn’t get why the sp rocketed today. Join the dots.

350 index 19600 to 12940 roughly, a fall of 33%, Pensana 98p to 50p, a fall of 48%, roughly. Maybe not exactly locked together but obviously on similar trends. Perhaps more of a worry is that activity in capital markets has fallen off a cliff, so any progress on finance likely stalled for the forseeable future. Genuinely not helpful that Angola abstained, markets are not going to like that. Good news for shareholders is that 50p feels like a floor for the time being.

Dao that makes absolute sense. I haven’t found anything positive to say about Pensana since 21st June 2021. Is there some news I missed??

China you need to understand and accept that Pensana is not going to get any money from the ATF. And if you pause from your diatribes to think about it you will realise why. First there’s a clue in the title. Automotive Transformation. Second Pensana don’t have anything other than some scrubland in a Ukraine abstention country with some mining rights. Third it seems Pensana may not even have a viable site in the Uk. Fourth even if the company got finance, developed a mine and found a new site and somehow acquired the expertise, the technology and the colossal resources to become a viable producer, processor or manufacturer you’d be looking five years down the track. ATF is pure fantasy. On the subject of M & G this is a pocket money investment that buys them a good seat in the stands, that’s it. And whilst I’m here my prediction for the week coming is that we will see the share price head into the 40’s though that is likely a Ukraine consequence, everything will be hammered.

It strikes me a lot of posters worrying unnecessarily. Earnings per share are 15.3p. At the current share price that means your shares are effectively yielding you a return of over 20% per annum. In fact the free cash generation on your shares is roughly 30%. ITV’s earnings are robust. So these are quite incredible figures and there is no doubt whatsoever that the share price will return well north of £1.00 when Ukraine is resolved. And yes, the company will review its strategy, in part due to institutional pressure, the non execs wading in too. It is highly likely this share price shock works in everyone’s favour by placing the strategy under review.

I think Contrarian is right. Sure the timing of the results was unlucky given the whole market is being hammered just now, however to get that reaction to the results I think there had to be strategic misjudgements. There are clearly elements of the strategy the market does not like and these have been covered in the press the last 48 hours. Personally I would like to see ITV accumulating broadcast content as quickly as possible, particularly in the US where they have done well. The appetite for content from the big streamers is insatiable, I could see the US operation being spun off and creating a huge windfall for shareholders. Certainly they have to go back to the drawing board because the market thinks they've got this wrong. SP tells you pretty much everything you need to know.

China old boy the share price hasn’t fallen from 200p to 60p because of manipulation. It has fallen because there is more selling volume than purchasing volume. There is more selling volume because people are slowly starting to realise that this is a company that does not fulfill its promises or substantiate its claims. Even on its own website it publishes details about its team that are incomplete or misleading. Inevitably people now take with a pinch of salt pretty much every announcement the company makes. You can abuse me all you like but you are directing your frustration or disappointment in the wrong direction. The SP is obviously heading for the 50’s and that’s not my fault!

Does anybody truly and honestly believe the JORC ore estimate? ? I reckon it’s an absolute load of tosh, more world beating, drum thumping, inventiveness, like Saltend, like the Thorium disappearance trick, mine to magnet, ATF bonanza, Norwegian bonds, Great Wall, do I need to go on??

With the shares down to this level very possible that the drift will take the SP to 60p. My guess is that finance could come in lower than I originally predicted, 45p would seem to be the mark.

As I said, a little prospecting. Not even drilling. An aerial survey. Wow!

I stand by my comment, none of the top mining companies have invested in Angola. Yes Anglo are doing some limited prospecting but that’s it. Dao your comment that Anglo have started mining is totally incorrect, ENI have not spent a nickel on mining in Angola. So Dao, China, no need to apologise, just get your own facts right next time.

Dao. Higher oil prices definitely a plus however the structure of Angola’s debt is as important as the quantum. There will be some major refinancing requirements in the next 24 months. There are political uncertainties in the mixer too. Have you ever asked yourself why none of the world’s top mining companies have invested in Angola? No BHP, Glencor, Anglo, Rio, doesn’t that strike you as odd??