Gcm Resources Share Discussion Threads

[baxtea1] 23/3/2017 16:17

Looks like a Binary bet

[sportbilly1976] 23/3/2017 16:15

or both... :)

[legionnaire2] 23/3/2017 15:38

10p or £3.00 this year.

[baxtea1] 23/3/2017 14:56

Re: ....back to 18p.....;....
rRomeo29
...and the 50k seller again who managed to sneak out several houndred K's within 27-23p range.

Tad unfair, if someone is tipped off by the company:
13:05:07 / 22.5p / 50,000 / 11,250


This is renowned for being pumped so the ii's can offload at higher prices. Shouldn't come as a surprise, how many times has it happened now?

[double double] 23/3/2017 14:16

Never understimate the private investors ability to find a hopeless case, shut their eyes and ears and love it to death. Time and again.

Some years ago someone some where on a bulletin board said Hasina was waiting for AEC to go bust.

[baxtea1] 23/3/2017 14:14

"Until sufficient, definitive and reliable funding is secured there is a material uncertainty that may cast significant doubt over the Group's ability to continue as a going concern. "

Just leave this here

[letz troll and roll] 23/3/2017 14:05

back to 10p funding?

[al h] 23/3/2017 13:57

That's what comes of listening to the ramping clowns on LSE ... bunch of fruitcakes.

[sportbilly1976] 23/3/2017 13:55

A few of the rns buyers now selling at a loss.

20p not really holding, so imo it is back to the 12-14p support levels from late 2016

[chesty1] 23/3/2017 13:44

Red it goes....it's a dog.

[sportbilly1976] 23/3/2017 13:12

The important bit:

The Group activities for the period ended 31 December 2016 have been funded by drawdowns of GBP450,000 from a GBP1.1 million temporary loan facility with Polo Resources Limited, GCM's largest shareholder. As at 31 December 2016 the unutilised balance of the temporary loan facility was GBP550,000, while the unutilised balance of the GBP3 million convertible loan facility remained at GBP2,490,000 with no further drawdowns during the period. As reported in the 2016 Annual Report, discussions continue with a potential new investor, a private investment company, with a view to taking over the remainder of the undrawn convertible loan facility.

To strengthen the Group's financial position, we have been in discussions with a number of interested parties to obtain further equity funding. Until sufficient, definitive and reliable funding is secured there is a material uncertainty that may cast significant doubt over the Group's ability to continue as a going concern. We are confident that the necessary funds will be obtained as and when required. Please refer to the accounting policy note on going concern for further information.

[al h] 23/3/2017 12:56

Noobs were seriously buying off the back of that ?

[bean02] 23/3/2017 12:55

They have plenty to drawdown

[landmark2] 23/3/2017 12:50

They is broke

[letz troll and roll] 23/3/2017 12:42

RNS Number : 3521A

GCM Resources PLC

23 March 2017

23(th) March 2017

GCM Resources plc

("GCM" or the "Company")

(LON:GCM)

Interim results for the six months ended 31 December 2016

GCM Resources plc (LON:GCM), a resource exploration and development company, is pleased to report its interim results for the six months ended 31 December 2016. The Chairman's Statement and the full unaudited interim report are presented below, and will shortly be available at the Company's website www.gcmplc.com.

Chairman's Statement

I am delighted to report to our shareholders for the period ended 31 December 2016. The last six months has been positive for GCM Resources plc ("GCM"), as we reposition the Phulbari Coal and Power Project ("Project") to be in line with the objectives of the Bangladesh Government ("Government").

The Government continues to prioritise the development of coal fired power plants, as part of their broader strategic plan to dramatically increase power generation for the country. In doing so, agreements for thermal fired power plants are preferably within a government-to-government framework, and to-date contracts have been signed with China, Malaysia, Japan and Singapore.

In November we were very pleased to announce the Memorandum of Understanding (MOU) with China Gezhouba Group International Engineering Co. Ltd ("CGGC"). Under the agreement, CGGC and GCM are considering the feasibility of a joint venture to develop coal fired power plants at the mine site of the Project, generating up to 2,000MW. CGGC is owned by China Gezhouba Group Co. Ltd, which is a core member of China Energy Engineering Group Co. Ltd, a super central state-owned enterprise. CGGC has a wealth of experience in developing large infrastructure projects throughout the world, including thermal power plants.

The aim is to have an integrated mine-site project generating up to 2,000MW using Phulbari coal, and with such a well-respected partner as CGGC, we believe GCM will be in an advantageous position to proceed to development. In this scenario, and assuming ultra-supercritical power plant technology is employed, only approximately 33% of the thermal coal production from the mine would be utilised for this phase of mine-site power generation envisaged in the MOU. This would allow the remaining 67% or 8 million tonnes per annum, to support potentially additional mine-mouth power generation and other thermal power plants within Bangladesh.

I am pleased with the work our team is doing to assist CGGC and the joint collaboration is mobilising to complete a prefeasibility study. We do not underestimate the challenges ahead in relation to completing the prefeasibility study and in achieving subsequent approvals. However, we remain optimistic about the opportunities and determined to achieve our primary goal - to develop the Project for the benefit of all stakeholders.

Engagement with local communities has continued throughout the period within the Dinajpur District where the Project is located. It is imperative that such projects have local community support and we have a strong focus on enhancing our 'social licence'. Project implementation will mean substantial investment into the locality and we are committed to ensuring that host communities appreciate a significant sustainable benefit from the Project.

Financials

GCM's results for the six months ended 31 December 2016 showed a loss after tax of GBP399,000 (31 December 2015: loss after tax of GBP640,000). The GBP241,000 (37%) reduction in the loss compared to the comparative period was primarily due to a large reduction in share based payments (2016: GBPnil, 2015: GBP271,000) and an 11% reduction in administrative expenses. Capitalised Project expenditure also reduced by 25% to GBP250,000 for the six months ended 31 December 2016 (31 December 2015: GBP335,000) reflecting our continued efforts to reduce costs where possible.

The Group activities for the period ended 31 December 2016 have been funded by drawdowns of GBP450,000 from a GBP1.1 million temporary loan facility with Polo Resources Limited, GCM's largest shareholder. As at 31 December 2016 the unutilised balance of the temporary loan facility was GBP550,000, while the unutilised balance of the GBP3 million convertible loan facility remained at GBP2,490,000 with no further drawdowns during the period. As reported in the 2016 Annual Report, discussions continue with a potential new investor, a private investment company, with a view to taking over the remainder of the undrawn convertible loan facility.

To strengthen the Group's financial position, we have been in discussions with a number of interested parties to obtain further equity funding. Until sufficient, definitive and reliable funding is secured there is a material uncertainty that may cast significant doubt over the Group's ability to continue as a going concern. We are confident that the necessary funds will be obtained as and when required. Please refer to the accounting policy note on going concern for further information.

Outlook

Over the next six months GCM will be working with CGGC towards determining the feasibility of a joint venture in respect to mine site power plants, while continuing our advocacy efforts with the Government. We will also continue discussions with other potential partners who may assist GCM in fulfilling its goals.

I would like to thank the Board and staff for their continued hard work during the period and shareholders for their continued confidence and support.

Datuk Michael Tang PJN

[baxtea1] 23/3/2017 12:34

Blue day

Release the rampers

[baxtea1] 23/3/2017 08:03

Morning nob jockeys

[mrshaungcm] 23/3/2017 06:46

good call beny boy

[benjamin15] 23/3/2017 03:52

bounce coming or free fall...

[baxtea1] 22/3/2017 15:25

21p support?


Lols