Ironveld Share Discussion Threads

[aceuk] 15/7/2022 14:01

Leave you to make up your own mind on that one Ladeside ;-)

[al101uk] 15/7/2022 13:40

Giles Clarke sleeps with a list of his shareholders under his pillow to keep them safe at night and I'll hear not a bad word against the man.

A true saint who has been known to don a white beard and red & white outfit at Christmas time to deliver presents to his shareholders.

I believe he once crossed the road to urinate on shareholder who was on fire.

[ladeside] 15/7/2022 13:35

Is that between us on here or RJ and GC ??

Only joking...

[aceuk] 15/7/2022 13:33

So the great Clarke is rattled .... he wouldn't do anything to promote his own personal gain against the interests of other company members would he - LOL!

Patt - we're hardly off the bank yet :-)

[purchaseatthetop] 15/7/2022 13:24

The mutual hatred and distrust is palpable. And kind of lovely.

[al101uk] 15/7/2022 13:21

So many quotable lines.

Giles Clarke feels bullied... yeah right!

"These proposals, which include expensive debt and highly dilutive warrants would suit Mr Jennings very well, but would be to the detriment of the Company's shareholders"

"Mr Jennings' Align Research business operates by selling a promotional research product to smaller companies, taking a shareholding as part of his research compensation and then typically offering other 'funding services' to those companies. If they do not take it up, he often tries to replace members of the Board to get his way."

"In the case of Tectonic Gold, Mr Jennings' GBP100,000 original loan ended up being worth GBP600,000 to him when he accepted an asset in lieu of cash repayment and sold it into another company for a significant shareholding."

Confirms my suspicioun that Align could use the debt against shareholders and steel assets. Also the examples of how the warrants would work in the event of a further placing chime with my thoughts that it would make any further placing practically impossible and effectively kill the company... or at least wipeout shareholders.

Unusual for such a response from GC.

[ladeside] 15/7/2022 10:44

GC has really gone to town on him that's for sure and the sad thing is it's impossible to argue with anything that's been stated.

What I do find strange is why RJ bothered to redact the proposed placing price in the original E-Mail from ME and WHY has he not confirmed this since ?

By the same token, WHY has the board not just confirmed the same if it was indeed going to be "substantially above 0.30" ?

It matters not as we are where we are, however I'd really like to know whether the blame for this 0.30 placing lies solely at the door of the board or whether or not RJ has caused this by going public and basically smashing the price along with all the shareholders.

If RJ is responsible, then I'd think that the authorities will need to be having a word.....

[bigwavedave] 15/7/2022 09:00

That's some RNS. Gloves off!

[tomboyb] 15/7/2022 07:55

Late start -

Quite a lot to read through in a few mins. -

Lets see -

[rec0very stock] 15/7/2022 07:54

"The acquisition of the smelter will provide the Company with up to 7.5 MW of smelting capacity within six to nine months, enabling processing of approximately 40,000 tonnes of magnetite ore on an annualised basis. Once the acquisition and refurbishment of the smelter have been completed, first product sales and cashflows are expected within 12 months."

See earlier discussion on what is not funded and we don't even know the costs. The company would have zero chance of repaying the debt or getting anywhere near production without mega diluting placings under the RJ scheme - he absolutely 100% would screw the company with his proposal even more than he has already screwed all shareholder by blabbing it publicly.

At least with the placing the company does have a chance, but there is a long way still to go. RJ has made that route much harder and I doubt, if they finally get there, the juice will be worth the squeeze even at 0.3p. Ie NPV/Share at first sales is likely to be less than 0.3p.

[rec0very stock] 15/7/2022 07:46

hazelst15 Jul '22 - 07:39 - 6482 of 6483 (Filtered)
Use the other thread this is a discussion thread about the company.

[hazelst] 15/7/2022 07:39

Never trust a charity thief.

[rec0very stock] 15/7/2022 07:19

That GM is 12th Aug and separate from the approve the placing GM on 1 Aug. Yet to see the circular for that but I expect it to have only 1 resolution - back the placing.

Interesting move having 2 GMs and probably a smart one - lock the stable door after the horse has bolted if you want RJ. This one is in London at 4PM on a Friday. If I can put some other useful things to do around the meeting I might attend in person.

[purchaseatthetop] 15/7/2022 07:07

That’s a pretty devastating circular. It makes all the points that we have covered and it even looks at aligns net asset position. Jennings is toast.

[al101uk] 14/7/2022 17:02

RS,

I think "ME misleading the market in his unregulated PR/IR fluff piece" is what I was going for ;-)

[rec0very stock] 14/7/2022 16:43

al,

IMHO ME needs to keep Grosvenor on lifesupport in its PVS because to pull the plug would open up all the wounds about getting involved with a group of investors who have no money.

However "not sure how that would work" is absolutely the key question that has no answer, if you don't believe it was just ME misleading the market in his unregulated PR/IR fluff piece yet again.

[al101uk] 14/7/2022 16:34

Martin talked about them taking over the debt on the smelter, not sure how that would work. It sounded to me like he wasn't that interested anymore, he just didn't want to just say "you're too late".

The good news is that Ironveld are currently trading near the bottom set by the placing, a bunch of new investors have done due dilligence and decided that there are potentially a good risked return available from this level.

Could this RNS have been Glencore?

hxxps://www.ironveld.com/docs/Ironveld%20supplies%20potential%20off-take%20partner%2026.09.18.pdf

It shows a 10,000 tonne commercial scale test, which would hint at Ironveld owning more than just a muddy field with some ore underneath it. It could be that the equipment and manpower was contracted in, I don't know, but should that be the case, surely it can be scaled up again.

[rec0very stock] 14/7/2022 16:34

LADESIDE

What value do you think having the Luge licence adds. There is over 100 years of resource (based on 15MW smelter so could be 200 with 7.5MW). A licence with more potential resource to prove up and do things to satisfy licence conditions sounds like a liability to me.

I note that the company does not seem to be rushing to get the GM circular out, which will confirm the precise resolutions. However I expect to see only 3 Ordinaries:

1. Authorise the BoD proposed placing

2. Sack GC

3. Sack ME

So no opportunity to vote for the Align proposal and no replacements for those sacked.

The GM is on 1 Aug, the minimum notice needed is 14 days so we should see the circular V soon (I niavely expected it this morning).

The exclusivity period expires on 19th so if the BoD has not been sacked and can pull its finger out and actually wants to, they could have a second bite of the cherry ahead of the exclusivity period ending. If they did do this then I would expect there would be just 1 resolution: Back the original placing proposal (or totally screw the company).

If I had a significant holding, I would sell now above 0.3p. I would keep the money and take part in the Broker Option if I still beleived and the placing was still on - That way I would have more shares than I started with AND a nice juicy CGT loss to offset against my profits from much wiser investments. If the placing is not approved then the route to 0p is pretty clear and even if it does not go to 0p there would almost certainly be an opportunity to buy in the ensuing chaos at way less than 0.3p. Those who think Align proposal would offer a short term 1p have missed the key point - you can't vote for the Align proposal.

As it is, with my tiny holding, I remain comfortable with my position and intend to vote for all the above expected resolutions and to continue to enjoy this most exhilarating roller coaster ride.

[ladeside] 14/7/2022 16:00

We've covered most of the potential negatives, so potential positives could be the Luge licence finally coming through which would give a boost.

The Grosvenor situation is a strange one, assuming they are still wanting to "come on board" then I'm assuming a new strike price would need to be negotiated and would be surprised if it was anything above 0.5, however assuming they did and gave us a cash injection, the question would be what would we be doing with it now as we'd already be funded to production (presumably).

[ladeside] 14/7/2022 15:52

If GC comes through this and the funding comes through as planned along with the smelter complex purchase, then I'd think we'd be trading back at 0.70 to 0.80 range by September.

[tomboyb] 14/7/2022 15:48

"but if GC won I'd pretend to be a long termer investor" -

lol -