Firestone Diamonds Share Discussion Threads

[andy] 20/2/2020 09:31

Well who would believe it?

24% up and fourth on the leaderbaord!

No news announced, so has FDI been tipped somewhere or has has good company news leaked?

[andy] 19/2/2020 20:03

Dave,


We'll see, not many trades today so possibly not been tipped somewhere, but if it has we should see a lot more trades tomorrow.

[davethehorse] 19/2/2020 19:27

Speculators again??

[andy] 19/2/2020 16:47

17% up on no news, either it's been tipped somewhere or someone thinks they know something not yet in the market.

[abtwo] 12/2/2020 10:18

Have they found a big one?

[andy] 30/1/2020 08:58

AB,

Funnily enough De Beers released positive news from their recent sight indicating a modest recovery in diamond prices, and that they predict rising prices this year.

[abtwo] 30/1/2020 08:05

Given the continued low grade and lack of large diamond recovery, it looks like they will have to make a permanent change to the Resource Statement.
(just saying this so it may preempt a big one being found!!!)

[andy] 17/1/2020 13:31

dave,

OK I hadn't seen the 2nd RNS,

So another 46 million shares issued after the AGM:


"Accordingly, the Company will issue, in aggregate, 23,413,244 new Ordinary Shares to Pacific Road and 23,413,244 new Ordinary Shares to RCF in respect of the interest due on the Series A Eurobonds, for the quarter ended 31 December 2019.


On Admission, the Company will have 691,898,724 Ordinary Shares in issue".

[andy] 17/1/2020 13:26

dave,

I guess that was the final 3 resolutions, where 25% voted against?

The ongoing dilution is being used to gradually erode all shareholder value here, it's happening by stealth.

Amazingly the shareprice rose!

Next dilution will occur in April after the March quarter end, based on a VWAP, I wonder how many new shares will be issued?

[davethehorse] 17/1/2020 12:49

Next round of dilution approved I see

[andy] 17/1/2020 12:10

I couldn't be bothered to go in the end, if anyone did please post a brief synopsis.


17 January 2020

Firestone Diamonds plc

("Firestone" or the "Company")

Result of Annual General Meeting

Firestone Diamonds plc ("Firestone" or the "Company"), the AIM-quoted diamond company, is pleased to announce that at the Company's Annual General Meeting, held earlier today, all the resolutions proposed (the "Resolutions") were duly passed.

[andy] 14/1/2020 20:12

VArrirob,


I'm not planning to go but may change my mind nearer the time.


I was hoping somebody was going to save me having to go to be honest.

[varrirob] 14/1/2020 19:41

Hi Andy, hope you are keeping well. I didn't go to the one last year and probably won't attend this one. I'm afraid the news won't be any different and I only have a couple of days AL remaining so can't really justify it. Hopefully someone can give a summary on this board or another board if possible.

[abtwo] 14/1/2020 08:48

If anyone is at the AGM maybe ask why no big diamonds?, what is their diamond breakage? and what tailings audits are they undertaking? In summary "Where are the diamonds"??!!!!! or "Why is the recovered grade so much lower than that predicted"??!!

[andy] 13/1/2020 12:33

Anyone going to the AGM this week?

[andy] 06/1/2020 10:45

The spread is 0.65 - 0.80, large enough to drive a bus through.

[andy] 03/1/2020 00:11

FDI AGM on the 17th January 2020 at 10.30 am at Tavistck's offices at 1, Cornhill.

[jack1236] 22/12/2019 15:10

Andy

O/T you have a PM.

[andy] 21/12/2019 08:47

De Beers predicting a rough 2020.

[abtwo] 20/12/2019 11:57

So maybe the delay was to finalise the debt and loan facility?
The uncertainty about being a "going concern" is troubling (as is the npn-binding aspects of the term sheets) and required the Auditors to undertake additional work - so maybe this also delayed the report?

Seems they have told everyone that things will be fine once Argyle shuts down so just let us get on for the next 12 months or so and you will get your loans/money back.
Fingers crossed!!

[andy] 20/12/2019 09:06

Currently there are 565 million shares in issue, so an extra 66 million will increase that to 631 million, an increase, or dilution, of some 12%.


And that's just to pay the interest for the quarter, no value has been added at all, but shareholders have been diluted 12%, just for one quarter!


If the shareprice falls 12% as a result, the dilution for Q1 2020 will be even more horrific.............

[andy] 20/12/2019 09:01

Dave,


In March each bondholder was issued with 9,449,732 shares = 18,899,464‬ additional shares when the share price was 2.1p


Currently the shareprice is 0.6p mid, so around 3.5 times as many shares will have to be issued, in my opinion, or around 66 million new shares.


I'm open to correction if anyone can see a flaw in that argument.

[andy] 20/12/2019 08:53

dave,


Done their job, moved on to their next target, leaving those newbies attracted by their posts well underwater here.


It's amazing that people still fall for the ramps, where do they find so many new gullible people?


Looking at the shares issued last time. and the share price at the time, if they use 0.55p this time, I would imagine we will be seeing over 50 million new shares issued to the bondholders.

[davethehorse] 20/12/2019 08:45

A fair assessment Andy, where have the rampers gone?

[andy] 20/12/2019 08:43

Results out at last!


Key points:

Financial

-- Lower revenue of US$57.2 million (2018: US$62.2 million);
-- Lower average diamond value per carat realised of US$73 (2018: US$75);



I would suggest they are between awful and terrible, but I suspect that is being kind in this season of goodwill........


The next dilution is a couple of weeks away based on the VWAP of these last trading days, so it was indeed fortunate we had the ramping recently that has given a 50% higher price, reducing the horrific dilution about to occur.