To be fair, there's not much I disagree with in your last post Da_gee. Well, other than your optimism anyway! I agree completely that without Baja we would have gone bust. I suspect the China investment will come to nothing and I can see a placement before any loan facility. GEM has been terrible, but what makes it worse is the concern that JB will use more of our funds to prop it up. It's one thing to make a bad investment (we've all made those!) but to then loan that investment $100,000 when you know the true story. That's cr... cretinous. I actually do think we would see a bounce if we got our loan back and got shot of any involvement with GEM. It's turned into a toxic investment that I am sure will hold us back.
Coggy, just do a Google search for Sedar.com Gem International. That will take you to the Sedar website where you can view company documents. Just don't start posting anything on here or you'll upset Da_Gee...
No point in bringing up GEM?!?
Oh ok then Da-Gee...let's sweep our $100,000 loan and vast shareholding under the carpet. That'll do the trick and restore trust back into the BOD. Much better for Mosman to keep tweeting inane images of dirt tracks and completely unrelated news stories than clarify what the hell is happening with that basket-case investment.
No. It doesn't look like it. A 10:1 share consolidation was agreed last month, which would probably be better news if GEM's shares weren't still suspended! And it looks like GEM has been moved to the NEX exchange. I could have misunderstood, but it also seems that the proposed name change to Norseman Capital was also dropped.
Our $100,000 loan remains unpaid, 10 months overdue. Though we are charging interest at 5%, so we are now due $102,000! Can anyone remember how much we invested in the first place to become major shareholders? $750,000 rings a bell to me. Think what we could do with that now.
As of June 2019, GEM had net working capital deficit of $613,409. But it's not all negative, GEM also has cash on hand of $1,604. That's not a typo. I think we can be reassured that JB is on the case and is still playing an active part in the company, he's owed just over $15,000 in consultancy fees.
Anyone relying on GEM news to boost the share price is going to be disappointed methinks...
The problem is that Baffins (and certain others) mistake information for propaganda. They're like that little fella from the Iraq Ministry of Information during the Iraq war. We are winning, the infidels - aka shareholders - will be defeated! Just like Comical Ali, we should probably all just ignore him,
Spary, perhaps you could help me out. Where have you read that we have been invited by the NT Government to go to China on their behalf and meet investors? I mean, I can see we've been invited. But in my experience of trade events, this normally means we have paid for the privilege. It's like an advertiser being 'invited' to write an advertorial after taking out a full page advert. As always, happy to be proved wrong by you and Sweaty.
'Another thing to take into account will be Oz licence conformation, this should give the SP a massive kick up the backside ?...'
You can read can't you Spary? The confirmation is all there in black and white. Honestly, some people will do anything to try to get a lower buy-in price.
Again, where does it say in black and white that our permit has been extended for one year? A simple copy & paste will suffice. Where does it say we are being 'endorsed by the NT Govt'? I mean, if you are alluding to the contact details on the pdf, you might also want to note the disclaimer on the back. Always read the small print.
'The information is general in nature and is for information purposes only. The Northern Territory Government makes no representation about the veracity or accuracy of information provided by third parties. You must rely on your own due diligence before proceeding.'
PS: out of interest, did you have anything to do with the Yellowhammer document?
Can someone point out the connection between us going to China for a speculative investment conference and how that means we've obviously had a permit extension? And in terms of that investment, how will it reflect on the company (in the eyes of the NT) if they come back empty handed? Genuine questions before anyone questions my motives...
On the face of it, this was a very good RNS. But as I think most recognise here, trust is now a big issue. That and the fact there are just too many unknowns. How much money do we make on each barrel? What is happening regards our Australian permit? Why no news on the GEM investment? How much money is in the bank? What are the plans for further investment - bank facility? I think once we have clarity on these questions (and so long as it's positive) we will start seeing real value.
Now that we are primarily mere investors in Baja's operations, I will be expecting a significant reduction in the administration costs, travel expenses and consultancy fees charged by both Directors. So if they have both travelled to Texas I would expect it to be for good reason.
Spary, I assume you must be a Leaver. Because they are the only people I have ever met who never change their viewpoint - no matter what evidence is placed before them.
I still believe that the Baja partnership has saved MSMN. I think we got lucky. It's their technical expertise we are relying on. I would love to know what value AC brings to the party other than being the competent person who signs off every RNS. But, while there has been progress, there are still problems. Why can they not raise bank finance? What has happened to the GEM investment - imagine what we could do with that money now? Why are Directors' costs and fees so high? Why are we always relying on the goodwill of planning departments to extend licenses? Why do we still not know our breakeven figure on every barrel of oil? Perhaps you have all the answers...
Spary, Sweaty, Pugh, Pugh, Barney MgGrew, the difference is how we use these boards. For me, they are simply message boards to discuss shares that I have an interest in. I suspect for you guys (or guy), this forum is a shop window for Mosman and you are its Senior Sales Managers, trying to convince the unsuspecting to part with their money by promising them returns of over 1000%. Each to their own says I.
Yet despite all these incredible achievements, the share price hovers around historic lows. Some posters on here would have us believe that's all down to market abuse, ignoring the fact that many punters wouldn't touch it with a large bargepole. Why is that? I mean, Spary's right, we are producing more oil than ever. And we have no debts. Must be down to all that bad luck that has seen us relinquish Murchison, lose Pine Mills, lose all the money we invested in GEM and could yet see us lose Amadeus. Such rotten luck.
I can't help thinking that, not for the first time, we are about to be screwed over. Remember Pine Mills? I don't know whether it's commercial naivety or just bad luck, but these things happen to us. Santos appear to be delaying any news to coincide with the extension decision. For JB to say they have no control or influence over that decision is a little concerning. Surely they know what milestones they need to meet. Let's be clear, if we lose the license and Santos pick it up while simultaneously announcing a huge find, JB will have no one to blame but himself. *
*He won't actually take any responsibility because he never does. It will all be our fault with our unrealistic expectations.