|the quality of management is exceptional, just look at the track record.|
|why is that?|
|Only SMA stands out for me and I'm expecting it to be concluded shortly|
|Assuming they do a RTO, so a very high risk punt, there are quite a few of these AIM co's now, cash shells promising buying up undervalued commodity assets in Africa at reduced prices or buying into Lithium asets
|Understood and agreed. Could get suspension and a placing at higher price than suspension price.....depending on the subject of the RTO :-)|
|I don't. Just saying if as 30 June 16, 7 months later even if they still have this cash balance doens't leave them much to buy a good asset even at knock don prices...so they may have to raise some funds. Nothing wrong with that so long as they are buying a good undervalued asset|
|Seen that euclid - how do you get £287,000 spent in 6 months? TIA|
|sorry seems they had as at 30 June 2016, doesn't really buy that much in asset terms really!
Following SMA's successful fundraise at the end of 2015, in which both Rupert and I invested in to provide additional funding to the Company, it had cash resources of approximately £452,000 at 30 June 2016.
|Could be. Where's that thread from?|
|euclid521 Jan '17 - 21:39 - 1175 of 1176 4 0
don't think SMA has much cash behind it from reading the recent rns's - about £165,000 from last a/c's. so possible fund raising there?
No track record there at all. Its far better to stick to proven entrepreneurs like Clarke with huge wealth to back it all up.|
|Next shell to boom. WTE. Ex- cove energy guys there. Cove went 12p to 280p|
|These are our main movers in Sovereign Mines of Africa.
Giles Clarke began his career as an investment banker with Credit Suisse First Boston. In 1981 he bought from receivership the assets of what was to become Majestic Wine, where, as chairman, he built it into a UK national chain. From August 1987 to May 1988, Clarke was chairman of Majestic Wine Corporation Inc, a United States company which owned a chain of 104 stores trading as Liquor Barn in California and Arizona. Following disposal of the US based businesses, he sold the UK plc business of Majestic Wines for Â£15 million in 1989.
In 1990, Clarke founded Pet City, where, as CEO, he built it into a chain of 94 stores (also dressing up at Xmas in the Swindon Store). After making the business public in 1995, he sold the business for Â£150 million in 1996 to US based PetsMart. In 1998, Clarke founded Safestore, building it into the UK's third largest self storage company, selling it to Bridgepoint Capital for Â£44million in August 2003. In 1999 Mr Clarke became CEO of Stepstone, an online career portal. Since he came on board, the company has raised NKr1.8bn ($197m) from the IPO in 2000 and grew from four countries and 200 employees to a staff of 1,385 in 18 countries.
Clarke then became Chairman of the Cricket Board, got his CBE and also the following:
2002â€8220;2007 As a National Council member of the Learning and Skills Council, the largest quango in the UK with a budget of Â£10 billion, responsible for all UK adult learning and a member of the Adult Learning Committee, a statutory body set up by the UK Parliament.
Clarke was Deputy Chair of the EU Task Force on Skills and Mobility and presented its report to the Barcelona Summit in 2002.
Deputy Chairman of the Bristol Old Vic theatre until 2007.
Patron of Changing Faces, the UK national charity supporting and representing people with disfigurement.
Master of the Society of Merchant Venturers, Bristol (2011)
Jeremy Sparrow was bought in by Clarke to SMA and along with Clarke invested as follows:
Giles Clarke as Chairman and Rupert Fraser as a non-executive Director of the Company with effect from completion of the Subscription (as defined below). In addition, the Company has raised GBP500,000 through a subscription of 500,000,000 new ordinary shares of 0.01 pence each in the Company ("Ordinary Shares") at a price of 0.1p each (the "Subscription"). Giles Clarke and Rupert Fraser have invested GBP100,000 and GBP125,000, respectively, in the Subscription alongside existing and new shareholders, including existing director Nathan Steinberg.
Nathan Steinberg was an existing director.
Mr. Jeremy Sparrow was a Managing Director at Investec and ran the Asian (including Australian) resource investment banking businesses. A highly distinguished investment and financing professional, Mr. Sparrow possesses over 25 years of extensive deal-making experience across multiple geographies and has led equity teams that have raised a combined total of over $23bn.
Prior to Investec, Jeremy spent 12 years with Renaissance Capital, as a Managing Director heading up Equity Products in New York and the UK before becoming the CEO of Renaissance Capital Asia, where he established the company's first Asian offices in Beijing and Hong Kong.
Notice Jeremy Sparrows interest in Hong Kong.
Now, today, we learn we have a CEO, his background is also Hong Kong as follows:
Rupert (48) is a former Officer in the British Army and is a highly experienced investment and frontier markets operator having run businesses for over 26 years across multiple geographies, with particular experience in Asia, Hong Kong and China. Throughout his career, Rupert has served as CEO across a range of companies, successfully building and growing Ptarmigan Eden Asset Management, a private Special Situations Company with significant experience in execution across global exchanges, private equity and venture capital investments supported by Credit Lyonnais Europe and UBS, a global commodities trading company and most recently Eugen de Buren, a resource focused Asia centric PE and Public Markets team, advising international resource companies and both regional and global PE equity funds.
At this stage its clear Clarke has something up his sleeve and has deliberately bought in people with very substantial connections / careers in Hong Kong / Asia.|
We may be in with some decent news flow since these types of change are often consequential in that the next step cannot be enacted until the previous one has been completed. So this may now release the next agreement sooner rather than later. And Clarke has been in Africa dealing with his other rather meteoric success story.|
|Fingers crossed, it's pure punt money but should come good all the same|
|Clarkes away, brilliant, with this team he has now it could be a right cracker|
|There's the confirmation.
I feel they should have reiterated the 7/11 RNS comments from Giles and told us something regarding the progress of the potential acquisition. Hopefully that's because it's close and finalisation has been triggered by concluding the Mandiana farm out, but as a minimum they should have confirmed that it is all on track.
The Company has entered into an exclusivity agreement to acquire new assets in the mining industry, and is carrying out detailed due diligence on these. Further announcements will be made in due course.
Giles Clarke, Chairman of Sovereign Mines of Africa said:
"This is an important step for the Company and realizes immediate value for shareholders whilst retaining an interest in the future of the Mandiana Gold Project. The Company is in a transitional period whilst we execute our new vision following a detailed strategic review which includes a potential acquisition within the mining industry. We look forward to updating our shareholders further on these activities in due course."|
|Could well be worth adding at this crazy price as news should be close imho!|
|I doubt it has gone pear shaped Georgia or the company would be forced to make a statement. However I did say at the time, IF they are dealing with the Chinese then progress can be glacial.
That said there is nothing to stop the BoD updating the market.|
|Nearly back down where I first boughtMy average .56 Hindsight millionaire !!!!They said news wasn't imminent in November, so why would anyone sell, I wish I had and then re bought at this level The board has a lot to answer too Or has the reverse gone pearshaped !!!|
|The annoying thing is that they have not updated the market for so long.|
|Suprised they haven't actually completed the farm out yet|
|Falling again ????|
|Still holding here but question myself most days. The sticking point for me is where upside can come from? We don't have any tangible assets apart from a bit of cash and 10% of an unproven asset, and an AIM listing (whoopty do). Is it not better to await the news and get in on the inevitable fundraising? I don't know, which is why I ask.|