Canisp Share Discussion Threads

[jimmyjagger] 03/8/2010 18:08

Canisp, a brief history

2004: Joined AIM priced at £0.35 (12m shares in issue)
2010: Suspended trading at £0.0035 (850m shares)

3.1 billion shares issued at £0.00005 to raise £150,000
Another 383 million at £0.001 to pay debts of £385,000

Original shareholders diluted by -80%

[wdurham] 03/8/2010 18:07

It's not what "some may think", keya500 - it's what has been stated, categorically, by the company, in the existing RNS announcement.

The new shareholders will hold 3,100,000,000 shares, which equates to 77.62% of the company.

What do you find so hard to understand about that?

[keya5000] 03/8/2010 18:03

Michael Hirschfield, Chairman of Canisp, today commented:

"I am delighted to supply Shareholders with notice of the Annual General Meeting at which approval will be sought for the acquisition of Tri-Star and other matters, and at the same time to issue the AIM admission document in connection with the Proposed Acquisition and the Company's re-admission to AIM. The Board believes that the acquisition of Tri-Star will give the Company the opportunity to create significant future value for Shareholders. We believe that rare minerals will be an increasingly important sector and are pleased that the Proposed Acquisition, should it be approved by Shareholders, will give the Company significant exposure to that sector."


Seems a very strange comment if we are to be diluted to the extent some may think??????

[kevin1962] 03/8/2010 17:54

Redimp / Gozo

Told you not to order the new motor, now you know why I've written my cash off.

[safman] 03/8/2010 17:53

I understand that, but from an overall perspective on AIM, i think this sort of thing lets it down.. Corvus will own most of the company if they convert at par that is, over 10 billion shares in issue!

I saw the rubbish sprouted by shareholders but felt it a complete waste of time trying to talk in one direction when all they could see is the other. Cash shells are a 50:50 bet, if they pull off you either get huge gains or huge losses. There is really no in between. This however is complete wipeout. I don't think i've seen that before..

saffy..

[waldof] 03/8/2010 17:39

Take your point Saf'...but it was a shell and a punt just the same and, put the two together i am not miffed.
Furthermore i have never advised purchasing either.

[safman] 03/8/2010 17:35

Waldorf SRSP was different in the sense that ord was 0.25p. It at least gave shareholders both BOD and private an opportunity of grow from the point of almost zero i.e. from my perspective "growth from obscurity" or in SRSPs case speculatively..

saffy..

[waldof] 03/8/2010 17:32

I did just fine with SRSP when that was a cash shell, though that may come to little - which i am inclined to doubt.

So i will wait and see for six months.

[safman] 03/8/2010 17:31

WDurham, if they convert the outstanding equity loan at par, in addition there will be an extra 7 billion shares in issue, excluding the current no.of shares.

That will make in excess of 10 billion shares for canisp, which for no doubt there will be a cap reorg..

saffy..

[waldof] 03/8/2010 17:30

Well there is some huge punting going on here.

First the massive bets placed and RNS'd.

Then Ali Baba who has sold his mine for £150,000 and sheds of shares.

It comes down to will the mine produce.

On reading quickly it appears, and i am sure i will be swiftly correted if wrong, that the existing shareholders as it stands today, get a 25% stake in the mine for £300,000 providing the mine comes out good.

[carrbradshaw] 03/8/2010 17:17

Where're Redimp, Hooster, waldof, share cruise, Lti now? Will we even get a fifth of our money back?

[safman] 03/8/2010 17:15

Zaitoon i don't think you understand, any CURRENT shareholders in the shell will be wiped out... to even get to the old ord of 0.1p the share price versus the placing price would need to go up 20 fold, a 20 bagger!..

saffy..

[wdurham] 03/8/2010 17:06

zaitoon - I have been pilloried here for many weeks for forecasting billions of shares in issue following any acquisition by Canisp that was worth having.

I don't have any agenda. At all. I don't own the stock and I have no intention whatever of owning the stock. It's a scam and a rip-off by a very shrewd bunch of professional finance experts against whom your average PI has absolutely no defence. It was drawn to my attention, and it seemed necessary to try to make people understand the reality as opposed to the rubbish that was being posted here. Some people are still relatively altruistic and like to help others, you know!

They STILL haven't published the Admission Document, so no detail is available, but the fact remains that billions of shares HAVE been issued to pay for this acquisition. Like more than 3 billion.

And par, suddenly, instead of being one tenth of a penny, is 0.005p. What does that do to the Corvus debt of £383,000 which is repayable at par?

[legia1916] 03/8/2010 16:56

kewll - you bought these shares at your own risk

[safman] 03/8/2010 16:55

wdurham - 3 Aug'10 - 16:52 - 2485 of 2486

No, par *WAS* 0.1p. One tenth of a penny. It is now 0.005p.

Correct, and if you ever bought at at 0.3p, you'd need to have a 60 bagger to break even..

Not impressed for shareholders certainly..

saffy..

[wdurham] 03/8/2010 16:52

No, par *WAS* 0.1p. One tenth of a penny. It is now 0.005p.

[kewll] 03/8/2010 16:52

Comedy this is the last time you sucker me into the dogs you buy.

[zaitoon] 03/8/2010 16:49

the confusion is that it is not 0.005 of a £ it is 0.005 of 1p