Member Info for Tommo1985

Not sure about anyone else but I’m 70% down on my holding. So I hope for good news and soon.

Maybe this share price is good for new purchasers it just depends how many more shares are issued and how much further this price has to fall before any good news. LTH’s are getting slaughtered at the moment.

Because we have death spiral financing going on where we are raising funding via share issues which are then sold...

So unlike most folks heading for the exits, I decided to buy. Only about £1k worth but a buy. These are my reasons.

There is stuff in the ground and planning permission and buyers.

Fund raising may be possible - and might be horribly dilutive. Equally though the company could be subject to a takeover at a bargain price for a major. Or a deal done like a ‘farm in’ where someone agrees to take 50% of the profits or whatever in exchange for the cash.

Sure some of these scenarios could be painful. It is a gamble. But at 3p valued roughly at cash with no credit at all for all the things done so far I think the drop is overdone.

I also am fairly confident the mine will be built, just maybe not by SXX.

Good luck all, just thought maybe worth sharing my perspective.

Main risk here is the prospect of significant dilution.

If they can't get the bonds away at 13% interest, they will either have to offer yet more interest or attach warrants (share options or free shares) to the issue.

If they still can't get them away, they will need to pass the hat around via shareholders, meaning significant dilution to raise the funds (even if this is possible).

How much cash have they got at present to keep the lights on and the project moving forward?

My concern is they don't have a lot of headroom / time IMO...

I did buy some more yesterday, mainly on the basis that there are large shareholders who paid much more for the shares than they are now priced. Indeed, the current price is lower than when planning permission was first underway... and the project has moved on a long way since then. And keeping my eye on the endgame - production - unless there is very significant dilution buying at this level should be profitable.

I had a nibble earlier. It's near a 52 week low, very small MC for the cost of development. Eneo have paid 2 months of bills and hopefully will pay more / the outstanding, there has been a capital raise not too long ago so hopefully not need another for a while. etc.

Hope I'm not getting suckered in here.

Gold

1,409.39
+11.89+0.85%

PE is lower than its peers, given it is debt free and iirc is sat on a large pile of cash.

Definitely underperforming the market.

Prices going down faster than in a DFS sale. Sorry for holders.

Can Shareholders vote this down? Or is it a done deal?

That this dropped on that RNS. Intention to undertake big placements, probably at a sizable discount like the last time. Claim and counterclaim both taking up company time and litigation cost and uncertainty, and probably a settlement cost. Speaking with bondholders to get more time to pay, no certainty this will work and not long left otherwise. Did I miss anything?

If they can clear the debt with the travel sale, that means the Crete project is clear profit to shareholders. I recall its valued pretty highly (this says 267m euros). https://www.sfakia-crete-forum.com/phpBB3/viewtopic.php?f=1&t=610

Just wondering how many ounces AAZ have in the ground, and at what g/ton? Also, what is the expected life of mine at 70,000 oz/year? I note some of the debt cost is considerable (10% land) - real risks here and they have not been able to pay down debts....

PS these guys look ideal: http://www.southamptonrowsolicitors.com/blog/2013/04/royal-bank-of-scotland-targeted-in-4-billion-class-action.shtml

Leon Kaye look decent, though note no mention of 'no win no fee'. As I stated before 'no win no fee' tends not to be the best option, as the lawyers are purely seeking any settlement so they get paid, not the best result for the claimants. In addition, you are unlikely to get the best lawyers by going for a 'no win no fee' crowd (who likes not being paid for years until they possibly may win?) which is not helping matters when going up against legal heavyweights appointed by insurers who are far from keen on paying out and who I promise are not on a no-win no-fee ticket. 0.5p per share donated to a legal fund would give a fighting fund of £250k - maybe not enough to bring this to trial but certainly enough to get someone on board, and get an opinion or two on feasibility and prospects of success (indeed £25-40k should be enough for that IMO). IMO we need a specialist firm. Some ideas include: http://www.theguardian.com/business/2014/nov/25/uk-firm-tesco-shareholders-lawsuit-stewarts-law-compensation-profits-scandal http://www.edwincoe.com/services/groupaction.asp (look competent / good marketing) http://www.harcus-sinclair.co.uk/hsl https://www.yourlegalfriend.com/ (QPP) http://www.southamptonrowsolicitors.com/blog/class-action-litigation/ I don't have time to go through all of these - can someone please do so? http://www.legal500.com/books/l500/directory

george.osborne.mp@parliament.uk would work....

Sold BMN to buy AAU, which is currently up 50%+ so not everything has been a disaster. You in SULA? If so take a peek.

Got out with a grand. No Aston for me today. Best of luck for all holders.