Member Info for Theorist

Do we think that the company has heard nothing from the ATF since last March or that the company has heard something but doesn’t particularly want to share the news with its shareholders? Which is true??

I understand that the post-Brexit regulatory principles are based on equivalence etc and I acknowledge that to date the divergence has been small, we see such things as the difference in short selling thresholds, scrapping of caps on trading in dark pools, lighter regulatory compliance requirements for small banks, changes to some rules re financially settled derivatives, the list goes on. So there are areas where we are not fully compliant with EU regs, if you want evidence just look at some of the new rules, Short Selling Regulations 2021 a perfect example, and compare with ESMA. I hear you when you say these are the same rules, just improved detail, if you wish to describe it thus no problem, though the rules are obviously not the same, different percentages, different caps, different capital requirements etc etc.

We are seeing considerable divergence between the way the EU and UK regulate financial markets. This is going to continue and broaden, basically because there is a difference in the underlying philosophy, the EU does not buy into almost any level of self regulation. So whilst the starting point was for us to adopt or rather continue with the EU rules there has been and will continue to be a steady drip drip drip as we go our own way.

Disagree DP. The European (EU) threshold is 0.2% and set by the ESMA. The UK has gone it alone and set 0.1%, this is set by the Short Selling (Notified Thresholds) Regulations 2021.

The threshold for reporting short positions was reduced last February from 0.2 to 0.1% of issued capital.

Here’s a question for you Tony. There are obviously no publicly announced short position so how would Ortex, or anyone else for that matter, know that a particular number of shares were out on loan? And how would you know that was a short position, for example could the shares be borrowed but not necessarily sold, ie no short position created? A lot of people are very circumspect about some of the Ortex data, what do you think? I genuinely don’t know.

I think it would be a mistake to sideline ITV and buy back in nearer results time. I believe the SP will continue to move up in anticipation of the results, which we already know are going to be extremely solid. Return of the dividend is also going to be a major plus. Add to this the potential for a takeover. The appetite for content amongst the big players, your Comcasts, Liberty Globals, etc is insatiable. ITV is much bigger in the US than many realise and the production arm is looking very strong and potentially immensely valuable. None of this reflected in a SP at a forward PE ratio sub 10.0. The retailers have had a great run but I see ITV coming through very strongly on the outside and I would feel sick if I reinvetsed for a couple of months only to miss the boat.

Definitely listen to M & G. I think everyone should invest 0.00002725% of their wealth in Pensana! And don’t be so harsh on yourself, I’m sure you have limited intelligence!

Dump and Accumulate. Classic. Falling SP the result of evil interventions not the lack of finance, not the failure of the ATF application, not the vaporisation of the BFS, Great Wall, the Norwegians, not the fact that latest placement reflects a 25% fall in 2 months, no it’s the Zeiglers! Of course it is. How could we have been so stupid? China you’re a genius!

The argument is ridiculous. Betaville is entertaining rubbish nothing more nothing less. What should be concerning the uprampers is the continued absence of a BFS or any sign of finance. Forget about shorts and charts, none of that relevant here either, finance is the only thing that matters. Good for PA finding a mate to contribute £5m to the company’s costs, though hard to see why anyone would celebrate a placement that effectively confirms a 25% loss for the suckers that stumped up at 120p. It’s a total shambles that only serves to make the financing task even more difficult.

SunDrum what on earth motivates you to post something so utterly childish? Look at it another way, how pointless would this share chat be if the only posters were yourself and your uncle Chinasyndrome? I am always interested in contrary views. I listen to Hogsnipe and Tony though I don’t always agree with them. I don’t hold shares in Pensana , quite happy to admit that.

Centaurus Minerals (ASX) has a market cap of A$400m. It’s Jaguar nickel project in Brazil has a resource of 90mt at 0.95%. Horizonte’s resource is twice, possibly four times that size at 0.90%. HZM is financed and good to go. HZM market cap is half of Centaurus. I think everyone is worrying too much, nobody buying at 6p is going to lose money.

Nberzins if you review your own posts for the last 12 months you really will find some rubbish. It’s having the contrary views that makes the share chat interesting. There are things that DP posts that I don’t agree with but there is other stuff that’s pretty incisive. In the case of SDX you got into bed with all your fellow up-rampers and landed up taking a bath. It could happen again!

Worth taking a look at the details of the HZM finance package. Offtake with Glencor, convertible notes, senior debt. My views on the likelihood of Pensana ever financing this project are well known however HZM have shown exactly how it should be done. Note the cost to small shareholders. Note too that HZM still capitalised at just £100m. Can expect the Pensana share price to continue to drift south, particularly as nothing is going to happen until February at the very earliest.

Arafura is not straightforward. About 50% of the contained rare earths is tied up in the crystal lattice of another mineral and hence was not recoverable. This is alluded to in the feasibility study. Also there is sweet FA there. I mean absolutely nothing – no water, minimal dirt roads, no people, no infrastructure at all and so the remote access will be a major impediment and add significant amounts of cost to the operation. They also have to pump water 25kms to their site. However they do have access to gas if they tap the Armadeus pipeline and the Stuart Highway is not too far away. The sheer scale of the capex required is a major obstacle.

Don’t even think of trying stand up if that’s the best you can do sitting down.

Totally agree. Pensana can access the shareholder register daily. One things for sure, with a US listing you would never get away with an announcement that is downright misleading. Sometimes I think that if this turned out to be one colossal scam you would read back through all the company’s announcements and think “why on earth did I miss all the clues?”. Incredible irresponsibility and just the worst corporate governance.

Disappointing webinar I thought. Reading between the lines, as you seem to have to with this company, they have made next to no progress with financing and ATF dead in the water. No progress with off-takes, some cryptic b***S*** about American funds, suggestion of a US listing just laughable. They just don't seem to learn that it is better to play straight but they just cannot help themselves, they gild the lily, make fanciful claims and then just look totally incompetent. Why on earth didn't they approach this conventionally, produce the BFS, line up the off -takes as the wannabee Australian RE companies have done? Still not too late for PA to realise he is charging down a blind alley and make a U-turn.

Robbie, obviously I know what LCM do. My point was that the people driving LCM are eminently well qualified to have made the mine to oxide judgement to which DP referred. Read first, write later.

China, had to smile at your post, honestly you do yourself no favours.

I have researched LCM as thoroughly as I have Pensana. LCM are solid financially though undoubtedly operating well under capacity, no doubt as a result of the difficulty in sourcing material for processing. In addition there are some astute and highly experienced people at LCM, your comment that they would not have a clue is ignorant. Interesting though that you are actually agreeing with DP’s assessment of the time frame.