Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.
On the plus side, GGP has doubled in less than a month..........I have no shares there any longer because I sold them to buy another company that has so far been a Dog...........I'm great at this investing (gambling) lark.
As soon as you see Layla (despicable creature), Leno, Mac and the other cretins posting over there, SELL!!!
The options CAN'T be taken up while in a closed period, that's why they EXPIRED twice and had to be renewed. My question (which should be obvious) is why has ONE individual been permitted/decided to exercise options by handing over cash and being issued with 6 million shares when EVERY other member of the company has decided not to/been prevented from doing so? Posters have been stating a guaranteed sale so why not extend them again which costs nothing? Clue.....They KNOW nothing is happening that will make it worthwhile taking them up.
It's clear and obvious, 'something' has now changed whereby the NOMAD has decided exercising options is not a breach of market rules. So that means either we have completed our strategy and SOLD the assets, or all the negotiations have ceased (conveniently at the last possible day for the exercising of options), and the company are figuring out how to word the 'We are delighted to inform shareholders that we are going to Develop MT etc etc'.
Followed immediately by the shareprice dropping below the strike price for the options, and also a suspension on LSE while they figure out how to delist and move their HQ to a 'friendly' country, you know, just like an actual mining company did, POLY.
They played with fire, shareholders got burnt.
Wage cuts all round??
Cheers Spikeyj
Well it looks like the BoD and staff have all decided it's better to put their cash in an ISA than it is to back the company they WORK for who have a Buyer.......Sorry.......Interested parties with low visibility......Sorry.......dis-interested parties with NO visibility........Sorry.........Nobody at all because there hasn't been a single elbow resting on a table willing to offer ANYTHING for anything we have pitifully failed to sell.
Incoming suspensions all round, mass selling in the background from all the suddenly silent cheerleaders who have been 'pretending' to top up and signalling their 'got another chunk at these no brainer prices' virtue to their fellow DELUDED pom pom wavers.
See you all WHEN the bad news RNS lands. Hello 1p my old friend........
Wonderful logic, so to 'align' with shareholders, every individual APART from the boss of the company altruistically allowed their free money options to expire after rolling them over for a YEAR, yeah, right.
So Christian couldn't give a single gram of fcuk about his flock then? Which 'aligns' with the fact that he also hasn't SOLD a single gram of PGMs since the end of 2021.
Masterstroke
The gaslighting about inferior grades that aren't 6.0% Spodumene (the CONTRACT) will continue until we receive an RNS confirming the actual grades being put in the bags.
The price in the fastmarkets arena (the CONTRACT) is considerably lower than it was only 1 month ago. Therefore, seeing as though the contract is discounted from the 6.0% Spodumene price, a lesser grade such as SC5 will be for even less money.
All of this fluff and videos means nothing until we are told what grades are in the bags. The plant has been producing for well over a month so we should already have more than 1k tonnes on-site.
GR, put out an RNS and put an end to this nonsense.
The options were rolled over twice during a sale process because they couldn't be exercised. If they could've been exercised they would've been taken up at some point before the expiration date, which is what happens in EVERY other company on the LSE.
How can a number of different individuals (all the BoD, management and staff who had these options) all decide unanimously to NOT exercise their options for a guaranteed profit over the past 2 years? They were obviously prevented from doing so, hence why the options expired TWICE because the company still hadn't sold anything.
But now all of a sudden and in complete unison, all but one have decided to throw free money away and let their options at a fraction of a penny expire. Do they not have 'hope and confidence' that a sale of assets will be complete this year? That's what we've all been led to believe by their RNS releases.
I'm expecting a NO SALE announcement, because if we HAD sold something, all those free money options would not have been allowed to expire.
Rip of the plaster you bunch of cowards, you've taken enough underserved wages over the course of this clusterfcuk YOU created.
Campanologists all round.
Morning
One connected individual has been allowed to exercise his options when all others have lapsed when they were in the money. WTF is that about? How can Christian pay £25k for shares at a fraction of a penny in his own company when we have 'apparently' numerous NDAs and a reem of material information NOT available to shareholders?
Why did all the options 'finally' expire after being rolled over twice?
This exercise of shares for a no risk profit 'should' mean all available information is to be out in the open. So where's the follow up RNS telling us EUA have actually sold something for cash? Or is a NO DEAL RNS being prepared as we speak prior to the company going into Zombie mode (or yet another unexplained suspension)?
The nigh on 10% drop was expected so clearly there's no 'inside information' about any land of milk and honey asset sale anytime soon.
Where is the update about the ongoing 'sale process'? Where is the explanation of why only Christian decided/was allowed to exercise the options, did all the other members of the BoD and management decide NOT to exercise them?
This stock needs putting out of shareholders' misery ASAP.
Ambiguity all round.
Jag
Are you being serious? The paragraph states 'minimum DELIVERED product', which means 1k tonnes of SC6 NEEDS to be delivered by the end of November. Failure to do so results in Canmax being paid $1.5 million in CASH.
They have paid for a plant to produce SC6. The whole point of what I'm saying is that we have no idea if SC6 is CURRENTLY being produced. The cash and payment terms has nothing at all to do with it. It's the FACT we need to 'deliver' SC6 so they can turn it into Lithium Hydroxide. They can't do that if they don't have the raw material.
This board is infested with deluded cheerleaders. I'll be back after the next RNS. We either DELIVER 1k tonnes of SC6 to Canmax by the end of the month or all you pom pom wavers can do some more 'top ups'.
End of
2nd May 2023 11:32 am RNS Extension of Company Options
2nd Nov 2022 2:41 pm RNS Extension of Company Options
Or maybe they have now decided to NOT do what they did the previous two times, and instead keep shareholders completely in the dark which is their preferred strategy for...............everything.
The options have now EXPIRED, the company didn't tell us during trading, it's bad form no matter how long people 'think' they have to inform the market. They do have form for withholding price sensitive information and nothing at all being done about it don't they? Licence transfers anyone? Legal Actions against the company anyone?
We should have the RNS before 1830, if not, it sums up what they think of us.
So the BoD haven't even bothered to put out an Options RNS during the trading day (they did for the past two expirations that immediately resurrected).
Maybe the 'fair and reasonable' line has caused them to keel over and they haven't stopped laughing yet before pressing send?
Or maybe they have a miniscule shred of human decency and they are going to tell us they have 'actually' expired this time?.........Yeah, I know.
See what tomorrow brings.
And just to save you typing a response with the word 'despatched' in it which isn't in the contract, only your empty skull, I've filtered you so I don't have to waste precious seconds reading your inane garbage.
nelly idiot
it's difficult to respond to stupidity but i'll try one last time because you clearly can't read:
'settlement of the advance purchase amount should commence no later than 1 november 2023 at a minimum rate of 1,000 tonnes per month on a rolling average basis plus or minus 10% ("minimum delivered product"). if the minimum delivered product does not occur, then premier will be required to make a cash payment to canmax ("cash settlement") for that month as follows:'
again, notice the term delivered, which means 'received', not on a ******* ship. the word 'despatched' appears nowhere in this paragraph.
there's no point responding to anything you spew onto the screen any longer because like nelly the elephant you belong in a circus.
goodbye, hopefully you get reading lessons for christmas.
NellyB
'Tygra, the 1st of Nov is there purely to mark the date when monthly production is to be COMMENCED by. It's a monthly quota, with a start date of 1st Nov, going forwards.'
So what has COMMENCED yesterday, making cheese? Where is the RNS to say we are producing SC6 which is what the contract stipulates? Where's the RNS to say the full plant is now optimised and in full production? There isn't one is there, hence the fact Snowking the Terrible has returned and the price of the stock is falling.
And now we're into semantics about what shipping means. So Canmax are happy that the ship leaves South Africa on 30th November and then takes 45 days to get to China? Or, is the actual meaning of the agreement that they expect the product to be DELIVERED by the 30th November, hence the wording of the contract as follows:
'Settlement of the Advance Purchase Amount should commence no later than 1 November 2023 at a minimum rate of 1,000 tonnes per month on a rolling average basis plus or minus 10% ("Minimum DELIVERED Product"). If the Minimum DELIVERED Product does not occur, then Premier will be required to make a cash payment to Canmax ("Cash Settlement") for that month as follows:'
From yesterday, the legally binding contract was in force, so what all of you pom pom wavers keep saying about 'commence' means literally nothing because we have received no RNS to say we have 'commenced' anything have we? It's very simple, even GR should be able to understand it, the market have zero TRUST in this company based on the consistent failures and downright mismanagement. Until we get an RNS, we have no idea what grades are being produced, period.
And seeing as though a lot of the usual suspects keep bleating on about SC5 being great (even though it isn't what Canmax have a contract for), I wouldn't surprise me if we still haven't yet produced actual SC6. And just to be clear, again, SC6 is exactly what Canmax require (notice the word DELIVERED Nelly, it means actually there in China, not on a ship that might sink):
'In respect of the SC6 DELIVERED by Premier, a price based on the average middle price of all contract prices for 6.0% Spodumene concentrate (CIF) quoted by Fastmarkets less an agreed discount'
And also notice the 6.0% Spodumene concentrate, that is what our pricing is based on so anything less that Canmax 'might' accept will be for a lower cash amount.
That's all from me until we get the RNS telling us whether or not we are producing SC6, tweets and videos from 'supporters' and the Stark bloke mean nothing.
Just another point on these loans that are repayable on demand.
Where is the money coming from? The subsidiaries used the loans to 'progress' something that no longer exists. In order to repay something you've spent either partially or fully, you need to SELL something to bring that cash back into the company. EUA (and subsidiaries) are producing literally nothing. We are not mining, we are not processing raw materials from previous mining seasons, we are actually PAYING to store sand, and we have no other assets anywhere in the world that generate revenue.
If you give a number of sibsidiaries $28 million or whatever it was, they will have utilised it to operate as a business. A business loan means you need the cash to do 'something' that costs money to do. It isn't an EUA savings account so obviously a large portion of what we 'loaned' is no longer there because it will have been spent.
Let's see what happens when 'repayment on demand' becomes essential due to the company having no money left. I didn't see an RNS stating that all of the BoDs, advisers, lawyers etc have decided NOT to take any wages, so at some point the measly amount of cash we have will..................Expire.............And unlike the invincible Options, you can't 'renew' cash without diluting or selling something.
Good here isn't it? So much clarity from the BoD, no ambiguity at all.
Morning
With regards to these phantom loans that are repayable on demand from subsidiaries of our loss making company. How much is there? Was it not used to pay a shed load of expensive geoligists and engineers to 'progress' the Rosgeo developments that (all but one) expired? Has it not been dwindled via wages, costs, overheads and normal business functions? I ask this because I see no 'current cash position of subsidiaries who we loaned this money to is $5 million, $10 million' etc.
What if 'on demand' a post-it note appears saying, 'there's no money left'. Do we take ourselves to court? We have good experience of that seeing as though two of our major shareholders have already done it, Simmons and Simmons are well warmed up by now (on a retainer and hourly fees naturally).
Maybe the breakdown of our company cash position is available somewhere but I didn't see a total amount. I just saw the pitifully low cash position and some guff about getting Russia to give us back some VAT, along with a few bags of sand we can't seem to sell even though we've been 'assured' 3 interested parties have bid for them...............months ago. Maybe they have turned up with shovels and are filling up a Lada Riva to take it away one lift at a time.
On another note, I see our Sainted BoD are leaving the Options Extension RNS until later in the day or after trading.
It doesn't matter really though does it? We have a GUARANTEED sale of assets for multiple BILLIONS within the next 6 weeks that will be voted on, agreed, funds transferred to EUA's bank, fees, taxes, 'contributions', legal costs, UBS costs, banking charges, royalties etc etc paid, and then all that cash (roubles) will be exchanged for £ and paid into our UK broker accounts before the fat man comes down the chimney.
We might all then be able to put a tangerine in our Christmas Stockings, because there's no way we will have enough cash left over for an apple and a Freddo.
The BoD have worked so 'hard' for us all these years, they 'deserve' their options and they 'deserve' a break.
Let's see if we get any VERBS specific to the never ending story tacked on to the Options RNS.
Good Luck, we'll need it, Market Makers in the starting blocks...........and........
NellyB
Then why does the contract state clearly that it must be 'NO LATER THAN' 1st November????? Yes, I can read, I know 1k tonnes has to be in China by the end of November, Canmax also know this, that's why they worded the contract to state it must be in force by 'no later than' 1st November. They obviously require conformation that SC6 is being produced, and they've given PREM 1 month from confirmation to send them a tiny minimum amount (that should easily be achieved and surpassed).
If the 1st November is such an irrelevance to all those who choose to ignore it, WHY did Canmax put it in the revised agreement? They could just as easily have put 'the revised agreement must commence no later than 30 November 2023' but they didn't did they? They put 1st November, hence the FACT that the revised agreement is now in force and Canmax will obviously want to know if the plant is producing or not. That's the whole point of this project, get SC6 from ZULU to China.
The plant is producing 'something' (according to Stark) but again, only GR can tell us the grades so until an RNS lands with confirmation that SC6 is being produced and Canmax agree that it is an acceptable grade to them, we have no idea what % of Spodumene is going in bags.
If we don't produce a grade acceptable to Canmax, they 'might' take a lesser grade for a lesser amount of cash, or they 'might' say no and demand payment in cash. If that happens, the Spodumene we do have will need to find a new home in exchange for upfront cash, so will have to hope GR has contingency plans and has pre-agreed potential buyers just in case Canmax don't want anything less than SC6.
We'll see soon enough when an RNS lands, they've had over 2 months to produce 1/4 of what the plant was designed to produce in one month. If Stark can't manage that, they are incompetent.
Anything other than an RNS about production and grades is nothing but fluff and rumours from people who don't know. Only PREM can tell us what we have and how much is being produced. GR agreed to the 1st November deadline in the contract, so GR should be telling the market that the plant is operational officially.
Nothing more to say until an RNS lands. We should be filling bags with SC6 right now, and I 'believe' we will achieve the measly 1k tonnes by the end of November (before the infantile 'sell up then deramper' bullocks gets trotted out by the usual suspects).
Let's see what GR has to say
WWP
You're a blinkered fool who struggles to read and 'understand' the FACT that we have a contract that needed to be honoured 'NO LATER THAN' today.
Where's the RNS saying it has/hasn't been?
Let's see what the next RNS says and then we'll see if Stark fixed what they caused.
I'm not arguing with you any longer, you stick to your opinion, I'll stick to what the contract states and as soon as PREM manage to SELL something, we can all then sit back because they will have generated funds to pay back our debt.
Goodbye
Hammered11
We have a contract that is legally binding and come into force today. PREM 'should' inform the market whether we have succeeded in honouring the terms of this deal or not. So yes, if ZULU isn't producing SC6 and Canmax can't be supplied with 1k tonnes of it by the end of this month then we should also be informed.
Either way (SC6 or no SC6) we should've been given an RNS today as the whole point of building ZULU was to provide Canmax with what they paid us to provide.
It's very simple and seeing as though GR has previously tweeted and 'stockboxed' the most irrelevant things specific to production (pictures of a load of people standing next to one person doing 'something'), the least he could do is inform his shareholders whether Canmax are satisfied that SC6 is 'currently' being produced or not.
Anyway, it's tiresome going over the same obvious points. The contract states clearly we now have to be producing, so why is GR silent??
We'll get the answer one way or another soon enough. As of now, we have no answers.
All the best