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Feel its pretty harsh kicking a guy that has lost heavily in this shambles.
I have lost six figures and certainly blame my naivety as to how grotty this market is, and ignoring some warning signs.
I am massively struggling with a board that issues an "on time and on budget" RNS to the market, 2 weeks before tanking the share by announcing it is at least 35% under-financed. That is utterly extraordinary to me.
I certainly have learned and will not be looking at AIM stocks again. Retail stand absolutely no chance, unless you are a very savvy trader and know what you're doing.
I invested in what looked like a seriously good prospect with great financials.
Erroneously I looked at the cornerstone investors as a positive, not foxes in the coup. I ignored some warning signs - like JM not buying shares and milking salary, funding commissions etc. I lacked the cynicism to see how this was set up and how bent this market is.
I did not know what I was doing.
La Mancha, Orion and Glencore do know what they are doing. Glencore have said that they make their money nailing juniors to the wall. That is what has happened here - someone has nailed us to the wall.
I will not be making the same mistakes again.
I think this is an extraordinary scandal.
JM telling us that the scheme is on time and on budget 2 weeks before detonating the at least 35% bomb ande then walking off with his millions in to another seat - fing outrageous.
Disgusting.
Directors have an awful lot of protection, but can they be protected against this sort of corporate cowboy-ism.
JM and cronies fully milked this company before causing this disaster that has caused so many to lose such significant funds.
Is there a shareholder action here?
Absolute snake or best case totally and utterly hapless. Either way he is toxic and investors should run a mile.
Quite how HZM has arrived at zero is beyond me - what a resource, what an opportunity.
At least JM got his £3m in the years 21/22
RUN RUN RUN
...you realise they need at least $150m and that is going to smash the share count or worse put the company in to administration.
Total gamble at any price. Market seems to be realising that.
It's simply a trader's share to gamble on until then.
Lesson for future - never go in to anything that the CEO has no personal hurt money in.
Depends on the size of the hole.
Given interim update as at 30 June - looks like the shortfall in cash terms is c$50m with the liquidity and finance they had available then ($344m).
However, the tests on their loans will not be satisfied for further drawdown given the overrun fiasco and it may be an event of default.
What is the best way for the banks to recover the loans already made. It isn’t to pull the plug.
Could they insist on a sale to GLEN for a song, leaving the loans in place or paid up? I think that depends on whether they are fixed or floating rate instruments. If fixed and uncompetitive in today’s market then…..
If anyone is interested
https://www.fca.org.uk/markets/issuer-complaint-form
Capex increases by 35% to 725m. $329m spent with $344 available as at 30 June.
Not remotely ideal but that is is not insurmountable at 125p
Shaken out to 16p….. different. A plan so cunning you could put a tail on it and call it a fox
the funding gap is not so devastating - c$50m.
at 125p that’s not devastating
rns was designed to cause carnage.
at 16p - that’s a matter for glen, la mancha and others.
cynical.
pis - don’t ******* fall for it!!!!
US$344m of liquidity and funding sources on 30 June
US$329m spent on 30 June
US$ 396m to find (Capex budget of US$725m as at 30 June assumed)
Not an insurmountable problem.
COMPANY NEED TO CLEAR THIS UP
At least state what the current liquidity is.
Completely agree.
Lesson 1 from this - if the board don't have their own skin in the game then I won't be touching it.
Grotesque incompetence and massively self-serving.
He has misled investors terribly at the last update.