| 18:03 24/05/2012 | johngilchrist/LSE |
| Has asked a good question on lse "Does anyone know why Richmond aren't being compelled to take up the existing open offer at 25p? Has some condition been triggered that invalidated the under writing obligation. e.g. de-listing on TSX" They are still under the obligation to subscribe to the full and at 25p, unless existing share holders release from this obligation. Read the new proposed open offer at 6p you will see that the exit from the obligation is included in the wording. "The proceeds of the Open Offer will be used to repay the previous loan of $6.8m advanced by Richmond, as announced on 10 January 2012. If the number of shares made available under the Open Offer are taken up in full, the Subscription with Clawback Agreement between the Company and Richmond announced on 19 August 2011 will be cancelled." Make sure your vote count, vote against dilution and force Richmond to honour their obligation. We have more value if it goes into Administration... By daruom |
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| 14:20 24/05/2012 | Re: EGM |
| agreed. wish they'd put the Co up for sale. By thetimestheyareachangin |
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| 11:21 24/05/2012 | EGM |
| We were told the EGM will be held in the 1st half of June, AIM rules requires a minimum of 21 days notice be given to shareholders.... if we don't hear anything by tomorrow then the EGM wont happen in the 1st half of June.... I feel that IIs are not happy with the current Board an performances to say the least.... Richmond are cornered. administration gives more value to shareholders than the devious options offered... By daruom |
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| 8:37 14/05/2012 | Morrua |
| The last sentence of one of the emails I received off Mr Bechis back in November: "..............blah blah blah. The next 3 months will be key with the plant commissioning but the real value will only be unlocked with Morrua and Mutala also coming to production." The latest RNS included some promising news on this front, saying: "The Group continues to explore available financing options for Morrua. A number of companies have approached the Board regarding the possibility of financing the development of the Morrua concession through offtake agreements. The Board anticipates that a bidding process between selected companies will be initiated in June 2012 which will provide the initial funding for the completion of the bankable pre-feasibility study. In addition the Board has received initial interest from financial institutions to finance the development of Morrua via secured loans." I sold out a while ago (at a whopping loss) but still follow the story unfold. I won't be buying back in but will keep my fingers crossed for holders. GL Inthetin By inthetin |
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| 20:12 13/05/2012 | Re: Bechis choices |
| I've recently bought a small stake in noventa and was considering buying more as the news concerning the new plant and production ramp up is positive. Just come up to speed on this Bechis/ richmond relationship which is troubling to be honest. I would sincerely hope the BOD's are working in the interests of share holders but the way richmond have demanded share options/warrents in a possible share placing is a concern. Will the BOD's just roll over to any further demands by richmond in the future? I did notice in the last RNS this paragraph which states Bechis is to be replaced in June which is good news but with whom? I think i'll wait until this share placing or loan is sorted out before buying anymore, the loan is the best way to go IMO as less risk of takeover. Whats the chances of a share placement being forced through by the BODs? Any thoughts on this? The Company is planning to strengthen its board of directors during Half 1-2012 with new directors whose expertise and experience reflect the Company's transition to larger scale production. The appointments will include a new Non-Executive Chairman to replace Mr Luca Bechis who was appointed as the Interim Non-Executive Chairman on 1 October 2012. By limited edition |
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| 8:12 13/05/2012 | Re: RNS |
| I doubt the Clawback agreement is valid anymore as in the August RNS there was a clause, "subject to admission of the Subscription Shares to AIM, the TSX and PLUS" and seeing how they resigned from the TSX this clause is probably invalid. Why did they resign from the TSX? if it was down to costs why not resign from Aim or Plus as well to save more money? By Sidevalve |
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| 18:36 12/05/2012 | Re: Mandatory Offer? |
| My thoughts exactly. As mentioned in the RNS, Richmond could end up majority shareholders, and a hostile takeover wouldn't be far away. Their 118 Million warrants are far too cheap, 6, 7, 8p shares when exercised in 1, 2, 3 years time? They get those just for underwriting the placing of course, meaning the best case scenario is for every share they buy at 6p they also get a free warrant to buy another at 6p in one years time. In reality they'd get >1 warrant for each share bought. There is no way they don't expect to use those, this looks suspect. I will take up the open offer if it ever exists just to stop Richmond getting the shares I'm entitled to. But even then they will still have so many warrants the company is basically theirs regardless of who does and doesn't take up the placing. Having said that, considering the huge placing and number of warrants being suggested, I would say the benign market reaction is a good indicator of just how much bad news is priced into this company. There are other big investors here, who are either supporting the board in their decision or hope to vote against it after their own financial aid (or idea) was deemed sub-standard. I am surprised, especially at the weak market reaction. Perhaps this was known earlier hence the drop from c. 15p. By mix master mike |
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| 12:49 12/05/2012 | Re: RNS |
| Having considered it in more detail I think we should gobfor the loan. The open offer only goes ahead if the egm resolutions regarding the placing goes ahead. If there is no open offer at 6p then richmonds don't get to escape from the 25p clawback agreement for $6m which would benefit all shareholders except for them. If richmonds make good on the 25p shares as was previously agreed and there is a loan the share price should rise short term which has to be a good thing By weaver12 |
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| 19:45 11/05/2012 | Re: RNS |
| Just had a more detailed read if the news.. the open offer at 6p answers a couple of questions. The purpose of is to pay off the previous Richmond loan of $6m. If shareholders don't take up the 6p shares then richmonds will and in doing so they get of the 25p clawback agreement from august 2011. The open offer is a cert. The placing vs loan is a different matter, richmonds probably aren't bothered either way, the loan will make them a fortune unless noventa go under, 25% interest plus 7% of the total, nice. That will take some paying off imo. Overall news could be worse we have chance of making a return on our investment. Bet bechis isn't too happy, must be 300k down, suspect he's hoping for the loan like most on here. By weaver12 |
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| 12:23 11/05/2012 | Re: RNS |
| It would be helpful to know how much the insurance claim is for? The debt/loan might not be as bad if this figure comes in at a decent level. I wonder if the II's will help with the funding also given the positive advancement of the mining plant? By limited edition |
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| 11:31 11/05/2012 | Mandatory Offer? |
| Should Richmond end up taking the Placing and the Open Offer would then they not end up owning cr. 65/70% of the company and need to make a mandatory offer for the company as they're north of 30%? Or does AIM waiver that rule? Seems like a stealth way of taking the company private? By Fromireland |
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| 11:07 11/05/2012 | Re: RNS |
| Go for the loan. If Noventa is pulled around and is a success the company can pay it back if things are not turned round it will hardly matter either way. recent bit on GAM http://www2.electronicproducts.com/Global_Advanced_Metals_Joins_the_AVX_Solutions_for_Hope_Project-article-news03_10_may2012-html.aspx By robjm66 |
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| 10:54 11/05/2012 | Re: RNS |
| If there was a strong BoD they would have forced Richmond to take 25p Subscription Shares. Will the other IIs let it go by without raising even an eyebrow ? Has Richmond secured one or two II backing? IMO, According to today's rns wording it doesn't look that way?! RNS of 19-08-11: "In the event that the proposed Open Offer does not proceed, regardless of the reason or cause, then (subject to admission of the Subscription Shares as mentioned above) Richmond will remain obligated to subscribe for the Subscription Shares pursuant to the terms of the Subscription Agreement." By daruom |
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| 10:37 11/05/2012 | Re: RNS |
| yes, i thought when i was reading through that we'd get a loan and because of the current stage in the ramp up, we'd hold fire and issue shares later on. seems silly to fix at 6p when in 12 months, the sp could be 25p? By DShox |
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| 10:31 11/05/2012 | Re: RNS |
| I think it's obvious that more than doubling the number of shares in issue to keep us going until we are cash positive is less beneficial than borrowing money to keep us going until we are cash positive. As I said before, in one year we may be able to pay back some or all of the loan (plus the crazy interest and fee), and any fundraising in one years time when we are generating more than $20m in revenue will be better than now when we are generating a paltry amount. If I am struggling with paying my monthly mortgage payments, I'd rather go overdrawn and pay interest for a while than give away half of my house. The current shareplacing is at a completely pants price that values the company at next to nothing at the very time when it is about to flourish. This is the absolute worse time to have a placing. The share price is at an all time low!!! Dont issues more share at a rubbish price, borrow some cash and issues some shares when the company is generating lots of material and cash flow. Surely??? By RichChapman |
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