Member Info for volmer

Equity Development have produced a research note on Destiny that increases the fair value of the company from £138.0m (224p / share) to £156.9m (262p / share).

https://www.equitydevelopment.co.uk/research/differentiated-anti-infectives-0-1-0-0-0?utm_campaign=Destiny%20Pharma&utm_medium=email&_hsmi=101104020&_hsenc=p2ANqtz-9OOpwbcGUT8FdT9yuIIIsWNL0F5r8CwT6Ybj1h8CFO89KEKULKUaI4KdN9kJ3d6SNydpara_99ZvYe99ffE9S8FU3qXA&utm_content=101104020&utm_source=hs_email

Hi SocialistB, it's good to have a discussion on the topic.

I don't know Peterhouse and cannot answer your question about an ISA. But you can move a shareholding to another broker and then bed & ISA the holding. But it's a bit cumbersome. It's far easier to buy shares in a placing and then bed & ISA the shares with the same broker. Many brokers not online do not charge ridiculous commissions these days.

Coming back to the GUN placing with warrants attached, the question is why did they attach warrants? This placing had to succeed if GUN was to raise the full funds and subscribe for the shares wanted in the Rincon placing. It had to be priced right. The 100p price was an average of the last x days share price and IMO was reasonable, given that the rise to 125p was a little bit of a spike. By attaching warrants the company was able to avoid have to reduce the placing price further, ie. raise the money required for the least number of shares.

The warrants have a short 18 month life at 2p. For the warrants to be of any value the company's share price has to perform quickly.

The proceeds of the placing will be used to buy Rincon share in their placing. I may be wrong but I think GUN's strategy is to buy shares pre-IPO and sell post-IPO. Here it is making an exception. Post-Rincons placing, will GUN sell the shares or hold them? I suspect it will hold them until Rincons assets are proven and value established - what this means in practise I don't know. Do they want to sell for a quick profit or wait until a smaller version of Greatland Gold might be achieved? If so GUN might not want to release funds from Rincon for other opportunities in the short term.

If Rincon does well over the next 18 months and GUN continues to hold its shares, then the warrants might be exercised raising money for GUN to invest in other opportunities at possibly less than the share price at that time. If Rincon were to disappoint then the warrants would expire worthless.

As far as I can see there is not a different and better way to raise capital. It was not only outsiders that subscribed to GUN's placing, existing shareholders also subscribed. If we are talking about the feeling of being left out and sidelined, then that is a choice. As I said previously, something can be done about this by registering with a broker for such placings.

SocialistB,

I’m going to be quite blunt in this post because this is the way the market works.

The easiest way to treat existing shareholders equally in a share offer is to raise funds via a rights issue. The problem is this method is too expensive, especially for small companies, and is nearly extinct.

On the issue of dilution, many of us have been shareholders in companies that have raised money where we have not subscribed. Percentage dilution can be irrelevant and it probably is in this case. For me the question is whether the new funds will be invested to enhance the value of all shares in the company. If so, then we need to look at the prospective asset value per share and the share price. Is your shareholding worth more than when you bought it? If so then previous placings have probably not been dilutive in terms a assets per share.

In any case as has been pointed out already you could buy the shares in the market at around the placing price. Did you do that? If not then there is no reason to complain, unless.......

So it really comes down to the warrants. Maybe you would have liked to subscribe for new shares to get the warrants. This cannot be done in retrospect. You have to work with the market and not fight against it. Understand how the market works. If you really want to be able to participate in placings you need to sign up with a broker who can facilitate this for you - online brokers are usually not suitable for this purpose. Then you would have to pay higher commissions than charged by online brokers. I suspect you know all this already and have done nothing about it. If so there is no reason to complain.

So encouraging others to vote against the resolution is, I believe, a waste of time as nothing will or should change.

IMO we should focus on the strategy of the company and its investment decisions as has been done by many on this board. I believe the urgent placing for the Rincon investment is non-dilutive for existing shareholders as the increase in the assets owned by the company will exceed the increase in the number of shares in issue.

On 24th October I made post below. My reason for looking at Thor was its involvement in Ragged Range Pilbarro project. For the reasons below I decided not to invest at this stage preferring Gunsynd which has an indirect 22% stake in tenements south West of the Telfer Gold Mine (Patterson), that already has 260 holes drilled by Newcrest identifying a large copper/gold system. I think either Thor's market cap is on the high side at £18m or Gunsynd is on the low side at £2.9m. We are all looking for the next "Greatland Gold", let's hope that one of us has found it.

24th October 2020
"Trek, thanks for posting. Very interesting. The two main problems, as I see it, are that Mark Billing has been in the job for 10 years and achieved little. When you combine the jobs of Executive Chairman with CEO you end up in most cases with a tunnel vision management - inadequate checks and balances. This seems to be the case here. Another concern is that he has mainly a finance and secretarial background with inadequate mining qualification/experience. I would like to see an Executive Chairman with relevant mining experience appointed above him. Surprised that Metal Tiger have tolerated this situation for so long.

Secondly, he is spreading his resources, money and management time, far too thinly. Too many projects. The company needs to focus on the two most promising assets and discard the rest."

I have just become a shareholder and being new to this board I wanted to say Hi. I just want to say how good this board is; its serious and the quality of the posts is excellent.

My reason for becoming a shareholder is Rincon but now I have discovered the strategy of the company I really like their business model and low market cap. Rincon attracted me as I am already a shareholder in Artemis that has tenements only a few kilometers from Havieron. We have all. no doubt, been following Greatland Gold and looking for other opportunities in that area. Rincon looks as if will have a market cap of some A$9m (£5m) at the placing price of 20c. If GUN ends up with 17% or so that would be worth £840,000 I think. However, Ricon looks as if it is priced to go. Let's see.

It makes sense for each family, who can afford the £100 or so, to have a scanner. The whole point must be for transport, event locations, restaurants, pubs and offices to scan that staff and entrants are cv free. There is no point in going to the office for the scan only to find that you have cv. If you have cv then don't travel. Therefore it needs best to be done at home. But what about families that can't afford the £100?

The government is spending £ billions as a result of cv. Businesses are losing huge amounts of money due to cv. Perhaps the gov will decide to subsidise the scanner, or at least for low income families. But there is no point in the gov trying to save a few pennies in this by means testing. The country needs a speedy solution to get the economy working again.

Even with a vaccine, probably similarly as effective as a flu jab, we will all need cv testing on a regular basis. As far as I can see, currently there is only one effective solution and it is the Microtox breathalyser.

HawaiifiveO, Paul a good summary and very good point about every £10m drop in the debt is effectively worth .50p on the share price. Also, for every increase of $100 in the gold price it's worth around 1p on the share price of Metals.

I think coronavirus will have affected Q3 operations but we have had a strong gold price.

Les

Trek, thanks for posting. Very interesting. The two main problems, as I see it, are that Mark Billing has been in the job for 10 years and achieved little. When you combine the jobs of Executive Chairman with CEO you end up in most cases with a tunnel vision management - inadequate checks and balances. This seems to be the case here. Another concern is that he has mainly a finance and secretarial background with inadequate mining qualification/experience. I would like to see an Executive Chairman with relevant mining experience appointed above him. Surprised that Metal Tiger have tolerated this situation for so long.

Secondly, he is spreading his resources, money and management time, far too thinly. Too many projects. The company needs to focus on the two most promising assets and discard the rest.

Does anyone else find the podcast cuts out after 46 seconds? This is the main website for the CV breathalyser!

At FDA approval the company will likely have only $1m, that's far too tight for a serious business and not something that management will allow. Covid has put back progress in many businesses.

Good progress made. FDA submission due to be lodged in October 2020. FDA decision likely autumn 2021. Cash plus trade debtors less trade creditors at 30.6.20 is $7.7m. Net cash burn for last 6 months was $2.6m. Projected net cash at 30.6.21 is $2.5m indicating a fund raise in H1 2021. IMO no urgency to investe yet and I will revien in H! 2021.

Roy,

Log in to ii. Choose Portfolio and from dropdown menu. Select Voting Mailbox. Then select Vote alongside Metals Exploration. In new window, check boxes and click Vote. Then Click Final Submission.

robortsmith, ask him the question on Twitter and you will get a reply

If anyone sees from a discussion board that an email has gone out from the Shareholder Action Group that they not received, do check your Junk or Spam folder.

Thanks,
Les

It looks like the average gold price for the second quarter could exceed $1700. This is good news for the results and hopefully will offset the effects of the coronavirus on the mine's operations. Let's hope the results will be announced promptly.

MRLOLOL, not possible - see Shareholders Agreement if you have time.

George, send the copy of your email to me at mtlsag25@gmail.com

Thanks,
Les

George, tell me are you a member of our Action Group? In any case, just send me an email with a copy of your letter to MTL and I will let you have relevant updates.

The company must issue an RNS when there is something to report.

The post that accipter has just made could just as well have been written by me.

I know it has been a long wait but it could be the wrong thing to do by by writing to the company, the press etc. It could work against us. If we do our own thing and head off in various directions, we lose the strength we have.

If there are issues you want to raise, send me an email or telephone. Just let me know.

Others have done this and know I always reply as best I can.

Les

If anyone has written to the company or to the two major shareholders, or is thinking of writing in, would they please make contact with me at mtlsag25@gmail.com

Thank you,
Les
mtlsag25@gmail.com