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Ok Mumbles so when will the finance be concluded? Worst case.

Mumbles. You really haven’t figured PA out. Take a really close look at the recent Alkemy RNS’s. Do you see anything familiar? Like a pattern maybe? Btw China not taking a bet wouldn’t make me a bludger. It would make me a very compassionate person. Mumbles probably cannot afford to keep shipping wine to fellow posters. Which I why even after I won I shipped some wine back to him. There is no more daft notion than thinking that an institution would put its hand in its pocket and give PA 50,80, 100m. I have been telling you this for 3 or 4 years and still you don’t smell the coffee. Of course Mumbles I will consider a bet. What sort of timeframe would be reasonable?

Quite happy to be proven wrong but there does seem little appetite for the risk. And this is definitely not an AFC project. Still as China loves to point out I got HZM wrong……as did $550m worth of banks! But when you bet on the horses you always study the form!

Meanwhile PA baits another hook. Finance is just round the corner. Again! How many institutions have shown PA the door? Literally hundreds. Why? His track record of failure? The incredibility of the numbers? It could be worse. You could be invested in Alkemy!

I cannot understand why the sp has fallen. PA has just announced that he has financing at last from the banks, conditional only upon finding someone else to underwrite the political and commercial risk. Must be time for another £250,000 drawdown on the interest busting directors loan facility. Don't think there is any truth to the rumour that termites have now consumed buildings 1,7 and 10 of the accommodation blocks, blocks 2 and 5 have been nicked and unseasonal rains have washed out 3,4 and 8. But then again why would you build the infrastructure if you didn't have finance for the mine itself??

……….to the last syllable of recorded time.

I think it might be because next month is the anniversary of the financing announcement. PA stated “we are grateful to the lender consortium for their work in concluding the term sheet”. I wonder if anyone was misled into thinking finance was imminent? Time for another £250,000 drawdown to pay the directors?

I don’t know what a fart coin is however it would seem to be a reasonable value for a company like Pensana. Btw Hogsnipe have you got some good photos of the mine??!

Nice one Hogsnipe, that made me smile.

As I understand it the company has built the accommodation blocks for the mine they hope to establish if they get finance. I am not an expert on African termites however it has to be a worry that they might easily consume the newly built accommodation block before the finance materialises. A couple of wet seasons thrown in and suddenly Hotel Longonjo has lost a few stars! Which reminds me how is that construction work at Saltend getting along? And when is the next drawdown on the £2m directors’ loan? The funny loan where the repayment is made in shares to save interest.

First is it a project or a deposit? Second do we know for certain what the deposit is? If you look at the Coola drilling results published by the company you will see that they are all spectacular. Not a single disappointment. I find that very, very odd. Even China would concede that no deposit is uniform or regular. As you map it you are bound to get sets of results that are disappointing. Personally I don’t trust a single utterance that comes out of PA’s mouth. Within the coming year we will find out. You cannot kick the can forever.

So we arrive at Christmas and the share have climbed 1.1p over the 12 months. Directors have fared rather better than shareholders. The directors trousered $1.8m over the same period.

Apologies Sundrum, I have just turned 95, Ruanda was the original name for Rwanda. My assertions re Pensana are not very complicated. I do not believe the management to be competent and they are led by a septuagenarian with a history of failure. They are not straight with shareholders, gilding the lily would be a generous description. Their approach to financing has demonstrated extraordinary naivety. So there you have it, all my assertions in a nutshell.

Tony I think you’ve come up with a winner. I think we all know the mine isn’t going to happen and re-purposing the accommodation block for UK asylum seekers could save the company from further drawdowns on the £2m facility. Maybe Pensanatorium PLc?

Always happy to answer questions, if you have a sensible one, not a blank clue about your panel body language stuff, and when do you think the finance is going to turn up? Hate to think of those accommodation blocks deteriorating in the Angolan climate with nobody in them.

Tbow, SunDrum is right, I have spent three years warning investors that they would lose their shirts backing this Atherley venture. The share price when I started posting was 180p. Over the three years there have been many announcements indicating that finance was imminent, sadly none of these has come to fruition. Meanwhile against a backdrop of soaring costs the company has apparently found a way to build a mine for $200m. Sadly it seems that no one believes these numbers. As you will see from the company websites and presentations building work has continued apace at Longonjo, accommodation blocks, roads, everything except the mine itself. All fantastic stuff. Then suddenly the share price drops, odd given all this great news. And Pensana runs out of money. It literally does not have a nickel. But don't panic, Atherley produces a £2.0m loan facility. In fact he sells £250,000 shares at 17p odd and the company repays him by issuing him with new shares to replace the ones he sold. And then the share price recovers back to 25p. Now if the financing was as imminent as Atherley says it was why would the company need to repay the loan with shares? The announcement says this was done to save interest. But £250,000 for three months at 8% say is £5,000. It must have cost more in fees to arrange the placement. And despite the cash burn the company has not had to use the £2m facility again. Thats odd too. In short nobody but nobody really knows what on earth is going on. If you believe Sundrum and Chinatown, relax, we are already in the second year of production and China's grandchildren have been sent to Eton. If you are going to bet on a horse you start by studying its form. And if has dnf next to its name for the last three outings then best give it a swerve.

SunDrum. Here's one for you. Back in July all of a sudden the company draws £250,000 on a £2m facility from the directors. And according to the company it then repays the loan with a load of shares issued at 16.66p. So how come the company needed £250,000 back then and hasn't needed any since? Could it be because PA does not want shares at 25p? Did the company really need the £250,000 in the first place? It is incredibly brazen. The stuff about saving interest is just guff. I don't think the company needed £250,000. Has it spent the $15m? What was the £2m facility actually for? What cash is left? 9 months since the term sheet and since then nothing? Has activity at Longonjo stopped altogether? Why didn't the chairman's address last week deal with any of these matters? PA is treading a very fine line.

Hogsnipe. I realise you are bored. Waiting for PA to produce finance requires infinite patience. One day you are going to have to confront reality, it will never happen. Only one person will make money from Pensana. That won’t be you.

Yes. Sleepy Joe pardoned PA for misleading investors into thinking finance was imminent.

Mumbles. FFS of course it’s a fabrication. Tongue in cheek. Finance has been announced at least half a dozen times. I would bet my bottom dollar that the term sheet is history. And there must be a raft of unsecureds out there getting very anxious. Odd that there hasn’t been another drawdown on the £2m facility don’t you think?!