Firestone Diamonds Share Discussion Threads

[sg1972] 21/11/2013 16:40

VarrirobMy understanding 5 years ago the management were planning to build the main site with the cash from the satellite pipe, they have taken so long they have blown the cash from the satellite and soon the satellite won't be any use. So now they need lots of money, not a few million, hundreds. So who will fund the main site? Take over? Right issue? Loans? I don't think so

[sg1972] 21/11/2013 10:29

How will this company raise the money they need, they need millions

[andy] 09/11/2013 23:30

Earnest,

That should bring the house down!

Are you planning to attend?

I wonder if the CEO will attend via conference phone this year, or in person?


Brian,

Many thanks, date in the diary.

[earnestwipplethwaiteiii] 09/11/2013 11:03

I'd lead with "Has the Company pencilled in a date on which to commence paying a dividend?"

[valentine] 09/11/2013 10:51

Should be good for a laugh anyway Andy..maybe not! leopard and spots come to mind.
I will be very unlikely to make it..but would love someone to put the boot in for me.

Q. Have they had their computers returned??
----------

Annual General Meeting

The Company's Annual General Meeting will be held at the office of Tavistock Communications, 131 Finsbury Pavement, London EC2A 1NT on 29 November 2013 at 2:30p.m

[andy] 09/11/2013 10:31

Varrirob,

What date and venue please?

I'm away from home at the moment so cannot access my snail mail.

[varrirob] 08/11/2013 19:11

Andy - Are you going to the AGM this year? Just had my pack in the post and I am seriously planning on going provided I can get time off work.

[andy] 06/11/2013 11:09

earnest,

Exactly, the race up to £2 on the pump I think!

And it WAS a pump, IMHO.

[earnestwipplethwaiteiii] 06/11/2013 10:32

Andy - as perhaps the longest-standing - well, sitting - PI here, perhaps you can remind us when Firestone shareholders last "enjoyed some upside". It's gone completely out of my mind!

[andy] 06/11/2013 10:05

Lucky,

a bit selective there!

There are some sobering caveats amongst the quotes in that article that are far more significant!

Ie Finance not resolved.

Pilot plant now stopped, so no more revenue.

Wooly statements like "expected" and "hopefully", rather than firm commitment.


Charley Long sums it up perfectly "Hopefully, existing Firestone shareholders and those that follow their money will own a significant enough stake in the financed project to enjoy some of the upside."


That's about as doubtful as it gets IMO!

[warnado1] 06/11/2013 09:36

Henderson don't share the same opinion.

They offloaded more yesterday and mid October.

21 October 2013 - 93,615,015 to 89,122,132



05 November 2013 - 89,122,132 to 82,122,132



They have offloaded 11,49,883 in less than a month.

Those on iii seem to think Henderson have increased their stake. Little wonder the company is still around when you have idiots on iii thinking the opposite.

[bam bam rubble] 05/11/2013 13:27

- Ceased operations. Mine site effectively on care & maintenance pending financing

- Total initial capex up more than 30% on Oct 2012 model (was R1,406m now R1,854m)

- FDI to cover full cost of grid power (prior model: cost share with nearby mines)

- IRR reduced by quarter: 40% > 30% despite 7% increase in base case diamond price

[earnestwipplethwaiteiii] 05/11/2013 12:29

I thought the MMs marking the share price up at the opening this morning was a nice touch. Unfortunately for them, there were no takers. One wonders why....
The grid power saga is also instructive - it appears, after years of trying, that no other local mines want to share the costs any longer. Why not? Could it be due to the "complexities" of dealing with several Lesotho entities at once - local bank, local power company, local contractors....? ;-)

[andy] 05/11/2013 09:39

wamado1,

The only surprise for me is that anyone is surprised by anything FDI do or say!

I gave up believing the management here when they announced at an AGM that BK11 (remember BK11? "temporarily suspended" LOL!) was "fully funded to production", and then they diluted us to hell a few weeks later at a 50% discount to market!

Just after that, the Deswana tailing project was "temporarily suspended"!

LOL!

[tradermel] 05/11/2013 08:20

It really is all about how are they to raise the funds. Perhaps the new CEO will do better than the last?

[swong21118] 05/11/2013 08:16

The BoDs need to understand that issuing RNS stating the same things over and over again will not help to push the share price. Instead a RNS confirming a finance has been secured IMO will be much better.

[tradermel] 05/11/2013 07:21

RNS



Pretty positive to me, but fund raising to come

[sg1972] 29/10/2013 12:17

Are they trying to raise money?

[chrcam] 25/10/2013 12:23

I fear that they have not been 100% upfront with the latest news release or they fail to understand the implications of their selective mining of the deposit.

The recent annual report clearly states they have been mining the K2 kimberlite rock and from the Kopane study this was shown to have an average diamond value of US$104 in 2009. The other rock units have a lower diamond value (low US$80) and they have just projected the higher figure for all of the units.

Not very professional!