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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Paragon Res | LSE:PAR | London | Ordinary Share | JE00B3YDHF95 | ORD 0.05P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.22 | - | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
---|---|---|---|
27/1/2016 11:32 | So what targa? Noventa was a fraud. Im not worried about the rest of them. Its hard enough to get the authorities to look at just this one! | sirigold | |
26/1/2016 09:15 | If you look at most chinese companies that existed on aim, you can see how the mozambique companies followed suit. Here today gone tomorrow! | targatarga | |
25/1/2016 11:49 | There are now 3 Shareholders in touch with the relevant Authorities. Mike, time to face facts. Paragon isnt coming back, we were screwed | sirigold | |
23/1/2016 13:36 | I'll email something along the lines above in the next day or 2. Though I'd be amazed if any action is taken | john6185 | |
23/1/2016 11:56 | I too have seen photos of the Marrapino plant. My guess is that important equipment was procured with funds but never used on the plant. Everything was ready to be moved to Morrua. The plant was never fit for purpose, never produced Tantalum.. because it was never supposed to.... | sirigold | |
23/1/2016 11:52 | John. Will you send the above to the authorities for their consideration? It is a massive rotten fraud, and if we sit back and do nothing, What does that make us? | sirigold | |
23/1/2016 09:56 | I never really took much interest in Paragons progress after the settlement event,and I didn't consider Simon the villain, though he certainly failed in his duty of oversight as chairman. $14.5m actual debt turned into $55.3m of fabricated debt, happened on his watch. What sense did this explosion of debt ever make? As was the failure to more robustly deal wit the technical default. However, I have always found Simon straight in my dealings with him. But clearly my judgment of character maybe in question. | john6185 | |
23/1/2016 09:49 | I believe that documentary evidence may have existed that proved that Mr Torres was skimming the top on the plant build contracts, but that evidence disappeared into the grass when I asked my source to provide me a copy. The suspected collusion just seems likely due to the way the company folded so easily when head grades dropped in early 2013. The lack of a more robust defense of JORC resource evidence seemed completely lacking. Basically Mt Torres gave up far to easily for that to be credible. After all my source may just have been a disgruntled ex-employee, so its had to judge the veracity of his claims. I did receive independent corroboration that the sub-contracted work was sub-standard and not properly acceptance tested by NVTA. But that's about it ... all hearsay really, in legal evidence terms. | john6185 | |
23/1/2016 09:40 | This is vaguely what I recall as the key sequence of events for NVTA that is evidenced by public RNS. I particularly loved the way they turned actual monies leant by Richmond of $14.5m into a $55.3m supposed debt. Which was used to set the minimum acceptable bid in the Sale Offer. That I recall was stated clearly in the sales brochure. Apart from this rather shocking financial manipulation, I have no firm evidence of the suspected collusion between the CEO Mr Torres and the ex-chairman and boss of RCP Mr Bechis, that led to the scuttling of the good ship Noventa. But the last chapter below stinks in my view. 2010 Capital raising of $38m to build new plant at Marropino Initial capital raising for the project to build new plant, as old plant was grossly inefficient. Aug 2011 Further Capital raising of $30m to complete plant commissioning Due to delays further capital was required Jan 2012 Debt position Debt and lshort term oan from Richmond Partner Only a few months later an additional Bridging Loan of $6.8m was required from RCP RCP now with 12% of company May 2012 - funding crisis and discussion of long term secured financing with RCP Plant now over 1 year late in planned commissioning date Aug 2012 - Further short term Debt Financing $6.8m bridging loan extended to $10m, so $3.2m of new money to be drawable 23rd Nov 2012 - Secured Debt agreed to fund Marropino into production $10m max short term debt has somehow become $26.9m existing debt to RCP?? Basically they added all future expected interest of the lifetime of the secured loan from day 1 of the loan $2.5m of new $15m additional loan facility drawndown A handsome charge of circa a $2m arrangement fee and costs were added to the debt on this first draw down 26-28th Nov 2012 - Sell-off of entire 12% equity stake by Richmond Capital So just creditors now 11th Feb 2013 - Warning of technical default of secured loan terms as mine head grade dropped significantly No such issues had ever been reported before, and the head grade seems to have superceded the entire resource definition. This was a very suspicious event, considering all the asset became secured so recently 1st Mar 2013 - Discussion with lender regarding default, Darwin EFF and forward short selling of entire subscription prior to announcement Darwin blatantly forward short sold their entire subscription of $5m, which is illegal April 2013 - Settlement agreed with creditor and initiation of sale with minimum price of $50m With penalities the amounts now owed to RCP have magically become $55.3m . Basically $10m existing + $2m fee + $2.5m drawdown, means actual figure was $14.5m. So the penalty includes the inclusion of all expected interest to be accrued over the full 2 year term + penalties! HMAC assets put up for sale through agent Key point was that RCP demanded a minimal sales price of $50m. This meant that the sale was undermined from the start. April 2013 - Failure of sales process and final settlement to RCP Not surprisingly no bidders came forward and RCP took HMAC by way of settlement | john6185 | |
22/1/2016 17:14 | John. The question is, Are you willing to share your beliefs that we have been defrauded, with the relevant authorities. ? The platform is in place. The authorities in the FCA and the Channel Islands are aware of the matter. They could do with more help piecing it together. I dont reckon we need to hold hard evidence... A reasonable doubt should suffice. If they want the evidence they can investigate. Which they will if enough shareholders/ex shareholders come forward. Especially you john. You lost £100,000 in the fraud. you believe the ship was scuttled = shareholders were defrauded. Could you articulate this to the authorities? | sirigold | |
22/1/2016 17:09 | If you look at the bhr posts they are now of neg value[we knew that already]. | targatarga | |
22/1/2016 16:58 | The point is these Moz companies really didn't stand a chance. Get a mining licence and float on aim. Keep raising money at every opportunity. Friends in the city will join in at the trough! | targatarga | |
22/1/2016 16:34 | I did make a complaint to the regulator and NOMAD at the time, and threatened Simon to the same affect .... which he didn't take kindly to. Surprised that he ever talked to me after that. Though I didn't think that he was the villain of the piece, but certainly it happened under his watch as chairman. Nothing came of those complaints. Never really knew whether my complaints were valid or not, as no concrete paper evidence ever came to me. Some paper evidence was mentioned by the ex-plant manager that I often conversed with at the time, but when I asked him to forward me the same he disappeared. In hindsight I'm not sure that my company source was genuine, and was probably serving his own agenda. Water under the bridge now, but I do feel robbed. Maybe a little wiser and less eager to trust now, but it was an expensive life lesson. | john6185 | |
22/1/2016 14:17 | John Gilchrist. john6185. Here you are. Your above post ^ you would Email something along those lines to all the Fnancial Authorities, that shareholders are currently engaged with? dominic.hind@ci-fo.o It might do no good as you say, but isnt it worth a try? | sirigold | |
22/1/2016 13:33 | More of a boring volvo man :) You can consider yourself corrected, but I fully understand your sentiment. As it was a pretty horrible experience all around. And I'm still sure that Noventa scuttle the ship, as their demise did not seem natural. Less than 1 month of being fully funded, but with a secured debt, suddenly out of the blue the mine head grade came into question. Less than a month after that a technical default, that delivered the assets to the creditor. I was probably burnt more than anyone on Noventa/Paragon Resources. £100k to my reckoning. Quite keen not to repeat that, but Valirx aren't exactly helping me at present :( | john6185 | |
22/1/2016 12:30 | Ps, John Gilchrist (john6185). On your website and on pinterest, you like to photograph the Porsche 911 "Targa"... So, your job here, was to be some kind of calming bulletin board influence? When we were all losing our heads and screaming injustice, you told us to just accept it was a dog and walk away. I see you have been doing this on a lot of boards. it is making sense now..... | sirigold | |
22/1/2016 11:38 | Targatarga, is john Gilchrist, a bulletin board mole. I see what you are doing, but its not working. A movement is underway. We are in contact with FCA/aiminvestigation | sirigold | |
22/1/2016 09:00 | siri - Just look at mdx, you said it doesn't concern you but management got away with murder. Problem with par is finding something to charge management with! | targatarga | |
21/1/2016 15:11 | Clive, hows it goin now. Have you sent the form to dominic.hind@ci-fo.o Mike and targa, you guys arent going to put up some resistance... youve supposedly been conned and your content to do nothing. Mike, i am surprised at you, | sirigold | |
19/1/2016 22:28 | Ok Clive, good to have you with us . I got the same reply, and so did our other guy. It is to be expected, but each move we make is a step forward. I think it will take effort. Because Paragon is registered in Jersey, the Channel Islands Financial Ombudsman, are the people we need to talk to. I suggest drop them an email of complaint against the company and its actions, they will send a form, which you need to print off and fill out sign then send back. The more of us doing this they will have to take notice. This is the email address, enquiries@ci-fo.org | sirigold | |
19/1/2016 12:30 | Thank you for your e-mail below regarding Paragon Resources plc (the “Company” As you may already know, AIM Regulation is the department within London Stock Exchange that is responsible for the regulation of AIM. We can assure you that AIM Regulation investigates all complaints made as regards the conduct of AIM Companies and Nominated Advisers in respect of their compliance with the AIM Rules for Companies ("AIM Rules") and for Nominated Advisers ("Nomad Rules") and takes action where appropriate. Please note that AIM Regulation's remit does not extend beyond the AIM Rules and Nomad Rules. If you have information to suggest that the Company has been in breach of its AIM Rules obligations, please provide us with details for our consideration. As indicated, we can assure you that we investigate all complaints which relate to the AIM Rules. However, you will appreciate that confidentiality is essential in maintaining the integrity of our work and, accordingly, please note that we are unable to comment on individual complaints. Thank you for bringing your concerns to our attention. Kind regards AIM REGULATION The anticipated brush off | theunluckyone | |
19/1/2016 11:37 | Why arent any of you doing anything? | sirigold | |
17/1/2016 15:47 | Simon recieved $225,000 directly from Paragon,in the two years ending, 31may 2014. He absolutely deserves it, you all agree?.. | sirigold | |
16/1/2016 11:43 | ironing clive. Did you send the email of complaint to the channel islands financial commission? | sirigold | |
15/1/2016 16:21 | Mdx is not my problem | sirigold |
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