Ferro-alloy Resources Share Discussion Threads

[dell314] 06/9/2006 12:23

Knowing - Surely, you haven't done it again??

Rgds
dell

[jotoha1] 06/9/2006 11:54

Hf the company is in no position to pay it back at the moment, the company should seek legal advise and not be taken to the cleaners!

[jotoha1] 06/9/2006 11:51

I'm no company lawyer, but it could be interpretd that by conversion the concert party would have to make a formal bid for the rest of the shares, if that is the case, then they may be trying to get their hands on it through administration , very dodgy if you ask me, the city should really clean up its act and not allow cowboys from the valleys to get away with it!

[jotoha1] 06/9/2006 11:45

Martin, this is the current situation...The "concert party" investors entered into a Deed of Variation with the company
on 28th November 2005 to extend the Conditional Secured Convertible Loan
Agreement for an additional period of two years to 28th November 2007.The
conversion rights into ordinary shares shall, if exercised, be subject to the "
concert party" complying with the rules of the City Code on Takeovers and
Mergers, which, because the extension to the conversion rights has not been
subject to a Rule 9 whitewash waiver, may mean that upon exercise the concert
party is required to make a mandatory offer for the Company.

The directors are satisfied that with the financial support provided sufficient
funds are available to the Group in order that a return to a net cash generating
position can be achieved.

[hotfinance14] 06/9/2006 11:43

hey have paid back the loan perhaps!!!

[munchkinpumpkin] 06/9/2006 11:38

When do you think this will all be resolved ?

[martincoops] 06/9/2006 10:43

Jotoha1

I thought the date to convert the loan had passed and they now have to stump up the money or lose the business.

The Loan is to be secured by a debenture from each of Farsight plc, Farsight
Security Limited and e-surveillance Software Limited and a cross company
guarantee from each of these three companies and is to be non-interest bearing.
The Investors have an option to convert the outstanding balance of the Loan into
Ordinary Shares at a conversion price of 1p at any time prior to the second
anniversary of the date of agreement but if that option is not exercised then
the Loan shall be repaid on the second anniversary of the date of the agreement

[jotoha1] 06/9/2006 09:05

Come on Thomas , jack it in now and let the real boyos get on with it!!!!!!!

[jotoha1] 06/9/2006 09:04

I think this is a ploy to oust Top Cat, they should have got rid of him a long time ago, should save on a golden goodbye!!!!!!

[knowing] 05/9/2006 21:28

LOL HF any FAR attendees at Beechy Head ?

[jotoha1] 05/9/2006 20:24

My sources suggest that some of you may be jumping the gun here.. if they are men of honour they will convert....taking it private via administration is not the answer, but then again they are Welsh...so anything may happen!

[pinhead3] 05/9/2006 16:28

Looks like they're insolvent!

[jotoha1] 05/9/2006 09:30

Well if they convert loans into shares, then at least it will show commitment and bolster the balance sheet and the share price should rise nicely , looks like they are not yet ready to , I wonder why?

[olivepeel] 05/9/2006 09:11

except that there is no cash

[seangwhite] 05/9/2006 08:27

Nothing seems to be going well with this one, might make a good cash shell for someone.

[jotoha1] 30/8/2006 14:09

He reminds me of a man on a escalator...we are nearly reaching profitability...not long now... nearly there! poor sod ,has been saying it for the last 3 years...come on concert party, be tough , it's for your own good!

[hotfinance14] 27/8/2006 09:28

I am expecting a turnover of £1.6m with a profit of £50k on results day.

Some new big contracts will help to shift the price north.

Any other forecasts ?

[hotfinance14] 26/8/2006 21:59

Look forward to next results.

[maxk] 26/8/2006 21:09

Not another one of your barkers avvy?

[knowing] 25/8/2006 15:58

YEP !

LOL

[hotfinance14] 25/8/2006 15:53

When will we see 2p plus ?

[knowing] 25/8/2006 14:24

Well missed that. Have to wait until next time now.