Many have sold large % of their holding. I know I have sold 100%. Had I not sold when I did, I would be under so much, it would now be a serious concern.
Free advice: We often say DYOR (Do your own research), but now it’s time to do it again, because the landscape has changed and is changing. Today it’s day 2 of two week leading to mid Aug for the review. If SP reaches less than 1p today, what it will be like at mid Aug ?
The “review” will most likely throw in the unexpected. The bid “D” for dilution frightened me.
Please be sure of your own position and what you can afford to loose.
Please don’t chase a share going on downward spiral.
You are picking my words and making your own interpretation. You need to read them in context. Yes that is what I said and I stand by it. I did say “if it dropped after the review (I have guessed correctly) I would buy more” that is what I said and today, I also said “In the long, long term when the SP comes up for air, the fundamentals are still there and I see a buying opportunity” so I am consistent in what I say, what I did NOT give is timescales.
If I got this completely wrong and the SP goes sky high after review (which I doubt) I would stay out of SML investing altogether. All in my view: The SP will go on a deep sea diving expedition, leading up to the review and several weeks afterwards, I could then have a buy opportunity at a massive discount ready for the 2++ years. IF SP rockets, I am wrong and I’ll leave SML, this BB altogether.
Now, let’s see how this develops and evolves. Let’s give it time.
I will say something else I have not said before. Because of SP achieving very low levels now and going lower, I potentially see Traders coming in by droves, (the “herd”), then as soon as SP makes 10%-20% they will sell it for a small profit, then the most dreaded cycle ensues and the SP will became stagnant. I am going silent now.
best wishes to ALL of you.
First, You don’t know me, so your claim that I could possibly be influenced by anyone, is preposterous.
Secondly, let me address your point (raised twice) which you so eagerly wish me to respond:
Based on data available, analysed and processed, each investor will sell, hold and buy for different reasons. No rocket science !
I have sold because I now believe SML short term does not look appealing to me, so SML is not where I want to put my money. I am all good with the BOD, however, the Major client changed ALL that. The ramifications leading up to the “review” due shortly and the “fall out” afterwards for sometime, will take the SP on a deep sea diving expedition. In the long, long term when the SP comes up for air, the fundamentals are still there and I see a buying opportunity.
Each investor to their own. Period.
It is very regretful and very insecure of some individuals here being so quick to call out “derampers” to the likes of djryan and Fira who have extensively contributed and have balanced views on this BB. Just because some posters are honest enough to give their opinion, don’t call them derampers ! If you don’t listen to people’s opinions contrary to your own and you always listen and thrive with people of your SAME opinion, you have your head buried in the sand and you never learn anything - you might even miss investment opportunities.
It’s VERY clear to me (and others) what SML’s short term is going to be in the next weeks or months.
If you continue buying or continue selling, it’s your prerogative, but don’t chastise individuals who don’t meet your approval. It’s called an opinion.
Yes it’s a complete U turn for me, but only short to mid term. I was extremely bullish the 4m would be paid in a reasonable time frame, now a have changed this view and the 4mil will be subject of litigation, time and costs - my position changed. I was overloaded here big time, but recently getting very uncomfortable with my position and have offloaded. I will sell some more, even at a small loss because I believe the market reaction to the planned strategic review is not going to be good.
If I am correct, I will buy again at even lower sp and keep for the longer term 2++ years, if I am wrong (which I doubt), then I made a loss and will likely stay out of SML investing altogether.
With the 4mil we would have 2 “strong horses” in the race + another 2 “excellent horses” in the making to be developed, instead, due to cash flow, e v e r y t h I n g s l o w s d o w n .
I don’t blame the BOD for this situation, but the accountability rests on the major secretive client which imv their business dealing are shocking, shameful and disgraceful. Apologies for the ranting but they have cost us our hard working cash. I am going to keep quite for a while now.
.......undeniably fascinating crunch time !!!!
I never thought we would be in this situation - having excellent “world class” projects and yet having to prioritise because of Mr Major Client lack of payment.
In the long term, SML is well positioned, but I believe this is time to take our positions, and mine is “alarm bells ringing”, too risky for me.
Have off loaded my interest here and continue to do so before the strategic review.
It’s ironic, on one hand we relish the thought that we now control our projects, but we are now considering third party involvement with all the implied ramifications. Prioritising (slowing down) projects due to cash flow (thanks to Major Client). I believe the sp will suffer another substantial decline at the strategic review announcement. May see you guys on the other side of the review !!!
I have checked past RNS’s to establish since when the major client has been overdue with payment. The 11 Apr RNS says “Major Cobre client currently overdue with latest payment”, maybe it has been for longer, I cannot find anything previous.
So, we entering the 4th month of waiting for payment !!
I don’t blame the BOD for this, as I am sure they done all they can. I have been bullish about the payment eventually coming, however, the Fly in the ointment is the major client. Yes I could wait for the payment, but I now believe that sooner or later an RNS will come out and it will shock me (us). The sp will plunge even further at that point. I got annoyed when someone suggested we might get to 1p, but now I do believe it will easily happen, because I can smell a “dead rat” (major client).
There has NOT been an inkling, not a ray of hope from the major client of their good intentions to resolve this in an amicable way. SML has been bending backwards, but the major client has not been interested in taking positive steps, otherwise some payment would have already been made in good faith if they really wanted a resolution. A contract which they seem to ignore, they have forfeited agreed payment(s), there is no commitment or demonstration from the client they want to resolve this major issue. SML has done the “soft” approach for obvious reasons, but I think in the end the crunch will come, a protracted litigation process will ensue, more dilution and so on, at a time when we need cash to develop our other projects. Bad timing for us.
Words fail me to express my absolute disgust towards the major client, their business dealings have been totally shocking and shameful. Regretfully, because of their disgraceful business conduct , I had no alternative but to reduce my stake here substantially and continue to do so, as I can only see this going one way for the time being. This “secretive” major client can not be trusted. I wish I knew who this so called “major client” really is, synonymous with scum and dross.
....and I thought the 1p suggestion on a few days ago post mentioned by
Propinquity was laughable, I Do Apologise to Props. I now think this is possible, because I have watched JP video over and over and over again. I don’t like a LOT of what I hear, which we all hate. Dilution, litigation, time and costs involved, raising money, etc.
Yes, SML will be ok in 2 years, but good in 3 and even 4 years maybe. I am DEEPLY FRUSTRATED and annoyed TO SAY THE LEAST on the going’s on since May.
Fira2011, great analogy for the juggernaut being more like a tuk tuk, laughed my head off !!!
have you got one for the tsunami of cash ?
The “tsunami of cash” analogy I can think of, is a young child (PI Investor) putting a 50p coin (investment) in a machine (SML) and getting some smarties (return investment), then realising they passed their sell by date and throwing them away! (making a loss)
I think you probably come up with a better one !
When the Manners Family bought into the placement at 1.40, I think it is logical they must have known and fully understood the major client issues and reasons of not paying the US$4m+ PROMPTLY. They must have felt comfortable enough to go ahead with purchase at 1.40, so I am thinking their judgment must have been on the basis the US$4m+ would eventually get paid.
That is what I meant with my post last night....we flogged this to death.
No point in regurgitating old RNS’s or talking until the cows come home (.....and they are very late) This is out of our control and even out of our circle of influence. Let’s leave it to JP and BOD.
All we can do is - Buy Shares or Sell them and buying them again.
I am not posting anything here, until there’s news.
I feel your pain, because your pain is my pain. ATB to LTHs
Some great posts from very good level headed people. In my view JP and BOD is still in the best position to make the right decisions, make the wisest negotiations, because they have access to ALL the data. We are not privy to that (unfortunately), so we will have to let the BOD to steer the boat. We have trusted them before, so on the basis of past trust and experience, let us (me) trust them UP to next major announcement(s) at least. I believe if any of us (with business heads) were in JP “shoes” we would do the “right” thing, and ANY hurried, unthoughtful - RNS, announcement(s), communication could plunge the SP further. Therefore, JP and BOD are cautiously assessing, calculating their moves.
We should not hurry or pressurise them. Let us allow them to do “their job”, because if we were in their “shoes” we would like the same.
It ALL be well in the end imo.
A personality LOL.
Anyway I agree with dvharrison, I received a response from JP on Tuesday but too busy dealing with nonsensical posters...
I am happy to share some what I received: JP stated: There is no immediate podcast but probably once acquisition of Redmoor settled, (podcast) expected soon.
(Maintenance) There was some impact into the quarter relating to closures but I (JP) think it was minor, the rest is just variability of demand.