We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Paragon Diamnd | PRG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 3.90 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 3.90 | 3.90 |
| Top Posts |
|---|
Posted at 28/11/2020 17:47 by dreambig295 I have revisited Paragon Diamonds for my sins. If you go through the proactive investor youtube videos Manduca never once went to them in person. A red flag in itself looking back. A dodgy stealing b*st*rd who is a fraud.If you are reading this Philip I hope we cross paths some day soon. |
Posted at 07/2/2018 20:15 by sclper I'd be seething if I had believed Manduca and given him more cash for the loan notes. The funds were completely wasted and it seems like he deliberately misled investors again. |
Posted at 07/2/2018 06:12 by sclper What happened the loan note holders? The funds Manduca promised and were always "about to be transferred" by the mysterious investor never arrived. They must be felling pretty sore after being shafted by him twice. |
Posted at 25/9/2017 13:38 by club sandwich Latest update from Peter Petyt sent to CA 'preference' members today, and quoted with his permission..."By way of brief update, we are now in contact with approximately 90 investors who have invested in excess of £1.4 million in Paragon Diamonds. We now need to do some additional work on the numbers in general, linking the investments to periods following the issue of the RNSs signed off by Northland, so that we can validate the claim value further for the purposes of funding. We have also received and analysed some very valuable research from one of the investors which will certainly strengthen the basis of the claim. Capital Law are currently working on bringing this all together and I am hopeful that we will be able to obtain funding approval before the end of October, at which point we will be able to issue you with formal paperwork to allow the claim to proceed. You may be aware that we are also working on a very similar claim for shareholders in a company called African Potash and it is likely that the two different cases, although independent of one another, will be run in tandem as they both rely on the same cause of action." Super - I think that's you he's referring to in his second para. Good work, man ;-) Sounds very much - as I suspected - that CL are keen to proceed with this; but obviously can't unless a funding application is successful to part-pay their time while they work on it (the balance, plus presumably a bonus, paid on success). If you've wavering about whether to join the CA, sounds like crunch-time could be approaching in the next month or two. Once the paperwork has gone out to s'holders agreeing for CL to formally represent them, the CA subscription list closes and - as I understand it - no new s'holders can join. If you're not on-board by then you have two hopes: that Manduca will deliver (I know! I know! It's the way I tell 'em...) or that a second CA will happen. But given that the total losses have increased even since I last communicated with PP at the beginning of last week, it now seems very doubtful whether there's enough quantum left for a second CA. I'm not stating that as fact, of course - decide for yourself. |
Posted at 10/9/2017 11:12 by club sandwich Incidentally, for those of the 'Manduca is covered because the Nomad signed off all the RNSs' school of thinking - here's the RNS from 24th December 2015:"Corporate Update Paragon Diamonds Limited, the AIM quoted diamond development company with diamond mining interests in Lesotho, announces an update on activity and corporate matters. The Directors of the Company have been working tirelessly to finalise the required funding to bring its Lemphane Kimberlite Pipe Project (‘LemphaneR The Board now believes that it is unlikely that any conclusion to the current funding discussion in the form of transferred funds will be achieved by the year end. The delay in funding has meant that on-going discussions with several Nominated Advisors have not been successful, which means the Company’s shares will be delisted at 7 am on the 29 December 2015. The Directors are of the opinion that the value of investors’ share holdings will not be materially affected by the event of a delisting. The Company retains the same prospects and remain highly confident that the funding discussion will be concluded successfully in the near future and will enhance the existing value of the Company when finalised. The Board continue to seek completion of the required funding as a matter of urgency and will update shareholders regularly via the Company’s website, which we encourage shareholders to monitor closely. The Company will continue to act in the best interests of all shareholders and, assuming the required funding is obtained, work towards a new listing on AIM or the main market as soon as practicable in 2016." Couldn't have been signed off by the Nomad, BECAUSE THEY'D RESIGNED A MONTH EARLIER! 'The Directors are of the opinion that the value of investors’ share holdings will not be materially affected by the event of a delisting.' Always thought that was bonkers statement, myself: how can our holdings be worth the same, when the company is suspended (soon to be delisted) and we can't trade them? Something you can't sell (but want to) has zero value. 'The Company retains the same prospects and remain highly confident that the funding discussion will be concluded successfully in the near future and will enhance the existing value of the Company when finalised.' A clear representation, I would suggest, completely at odds with what the Mining Minister said in the Lesotho Times article a month or so later. Someone is lying - and I can't think of a single reason why the Minister should lie... 'The Board continue to seek completion of the required funding as a matter of urgency and will update shareholders regularly via the Company’s website' There have been precisely two web site updates, both relating to the grooming sessions in Walsall and Luton. There have been *no* updates *whatsoever* relating to funding or the company's position or prospects. |
Posted at 07/5/2017 10:06 by superg1 CSJust picking up up similar things elsewhere which demonstrates and action against the nomad. GLA From Shareprophets As you know I have been keen to ensure that all those who cost investors millions of pounds in facilitating the fraud that was African Potash (AFPO) face justice. Thus I have been pushing to assist those who did lose to get some of their cash back with a legal case against the Nomad Cantor Fitzgerald. The man in charge of that is Peter Petyt who has just sent an update to those who have contacted him. If you lost money and want to get on board it is NOT to late. Peter writes... We continue to push forward with establishing a cause of action against Cantor Fitzgerald for signing off negligently and then issuing misleading RNSs which influenced investors to purchase African Potash shares. On Tuesday a conference call took place with myself, representatives from Capital Law and three large individual investors. This was very productive and these investors are in the process of preparing statements for us and supplying information that supports the view that investors relied on these RNS's when making their investment decisions. If we establish a strong cause of action, we will most likely launch an initial action based on these three investors and then follow with a large multi-party action to include all other investors. It is difficult to give you a timeline at this stage, and much will depend on the outcome of the initial case should it proceed, but I will keep you informed periodically of any key developments. I am sorry that I cannot enter into individual correspondence with you at this stage but I am sure that you will appreciate that this is not feasible with almost 60 investors now in the group. If anyone has yet to provide me with full details of the dates, amounts and prices of their purchases and sales of AFPO shares, please do so at your earliest convenience so that we can enter the details into our master spreadsheet. This email address: peter@4rivers.co.uk is the best address to use for this matter. Ends. If you want to join the party email Peter NOW with your details. Against this backdrop it beggars belief that Peterhouse Corporate Finance wants to risk more than its reputation by continuing to act for the fraudsters, led by lyin' Chris Cleverley, as its NEX markets adviser. If the Potash case proves successful the next case will be against Cairn Financial, Nomad to the Cloudtag (CTAG) fraud. - See more at: |
Posted at 20/4/2017 15:34 by superg1 CS I was hunting for something and dropped on this post which I'd forgotten about. Have you seen it/sent it off, it looks very interesting on the comments supposedly made by PM.Imo not very clever things to say and look at the spread bet comments too. I'll mention it again as I did a while back. While PIs were piling in buying many millions of shares who was selling as the share price never took off? swooped - 05 Jun 2015 - 14:03:21 - 5774 of 7335 Paragon Diamonds - From development to full production - PRG Ok Guys, as you all asked here is an email from Philip Manduca received this morning, my suggestion is forget about the temporary flucuations and take full advantage, please note I asked all the questions recently raised here (includig the spreadbetting) I am more than happy with the response and remain fully invested: Email from Philip Manduca: Dear XXXX The share price action has been disappointing since the release of very positive news over the last four months, and in studies of its movement, the following analysis arises: 1. The current investor base remains too narrow and too weighted with private investors within the free float. They appear to possess either too low an investment quantum to invest and thus positively impact the share price on a sustained basis and/or too short a timeframe to retain a position, requiring constant positive news flow on which to feed rather than focusing on the successful construction of medium term enterprise value in this company, which has been occurring. Until the market capitalisation rises above a minimum of £30 mln, and more preferably above £50 mln, we may find it more difficult to attract the necessary amount of initial institutional buying that tends to have a longer term timeframe in their investment. That level of market capitalisation translates to a share price of about 12p. Itâ€T 2. The share price does not appear to want to move higher on either the Mothae acquisition nor the funding MOU until either the contracts with Lucara (and subject to government approval) have been concluded and/or until the subsequent funding is released. We have now received the initial draft contracts this week from Lucara. Once they have been concluded, and government approval has been granted, (for which I do not expect a material delay) then we can move straight to getting the pre-designed plant to site and commencing actual production. Not long now, then, and the 3rd quarter remains the plan. 3. The prevailing low daily volumes suggest that there is not a major seller placing stock in the marketplace. This thesis would be consistent with assurances I have received in the second quarter from the larger existing shareholders that they were not selling. But the Board are considering taking immediate action to acquire shares from any existing major shareholder prior to the completion of the Mothae acquisition and associated release of funding, to ensure that we have a fair reflection of share valuation in the market in the interim. 4. AIM and its brokers are struggling to operate optimally, and it is very disappointing to most companies listed there. I do feel that the brokers are culpable in accentuating the short termism that pervades financial markets, as they are so wholly focused on “ 5. Investors in the small cap area surely are buying great potential at a deep value point. It follows then that it can take time for the value to be identified by larger investors, as corporate developments occur as anticipated. in the case of Paragon, one is not just investing in a company nor a sector. One Is also diversifying into a portable currency producer with a product that provides strong fiscal and monetary system hedge characteristics, and a Board of Directors, who are fellow shareholders, that will be precious with shareholder capital, contrasting markedly, I feel, with large corporationsâ& 6. Much fuss is being made of spread bets. Titanium Capital deployed some of its shares into a spreads bet structure to utilise the cash in the interim elsewhere and to control its overall shareholding levels. It is a temporary mechanism has no other implications. In the meantime, there have been several developments occurring both directly and indirectly affecting Paragon. We have been receiving several exploratory approaches for additional funding. It means that industry specialists appear to agree with us that we have two great assets which amount to more in combination than apart, in terms of the potential to aggregate our scale of distribution and improve the company†In the field of technology, both X-Ray technology at the plant site (to which we committed early in the design process), and the newish Sarin technology, which accurately predicts how to cut a rough diamond optimally, and precisely what output one can achieve from a rough stone, have improved the quality of the recovery and subsequent financial return for diamond producers from their output quite significantly. Once production commences in the 3rd quarter, I expect the share price to increase significantly shortly thereafter (which is consistent with what I have written to you before) as annual net revenues 24 months after production commences are forecast to reach $80mln at current diamond prices. Furthermore, I would speculate that the stronger share price will gain an additional “ I recognise that the market is always hungry for constant news on developments, but a process has to be formally followed here with both a Canadian listed company that has an intense focus on accuracy and proper practice (which bodes well for the integrity of the science at Mothae), and of course with the Government of Lesotho which must approve the acquisition. Yet developments at a macro level continue to enhance the potential for diamonds both as an investment and as a currency store of value, as both the geopolitical and monetary policy picture worsens, and the global banks continue to be forced to support governments in exacerbating the bearish environment for cash and both onshore and increasingly offshore deposits. Investors should be focused on these developments more than they are. In addition, gold continues to deteriorate as an investable and low visibility asset that can be utilised outside the banking system (given its high density to value), which means there is likely to be accelerating asset re-allocation from gold holders into other more mobile, less dense stores of wealth that also act a currency. In this respect, investment grade diamonds are top of my chart, and in my opinion, Paragon represents the best corporate proxy for investors to be exposed to diamonds, given our tight controls on cost expenditures and self-remuneration, which will be through equity participation alongside shareholders and not through constant large annual bonuses unrelated to performance. Paragon is not losing time in the interim. We have continued working on the design to enhance the existing plant at Mothae, finesse the existing plant design at Lemphane, ensure that we will get prompt implementation of the plant assembly and commissioning at both sites, complete all necessary drilling work, commencing the plant design for the full production of Mothae at 2MT within two years, ensure that all senior level recruitment is in place in time to expedite prompt production at both sites etc. The board are working flat out preparing to accelerate production and the related revenue stream. I still expect a double digit share price by year end. I hope this helps to answer your letter comprehensively. Kind regards Philip Falzon Sant Manduca Executive Chairman Paragon Diamonds Ltd 103 Mount Street London W1K 2TJ |
Posted at 13/10/2016 12:11 by club sandwich any comments or factual corrections?-------------- The Financial Ombudsman Service Exchange Tower London E14 9SR Re: Paragon Diamonds Enclosed: letter to Philip Falzon Sant Manduca, 3rd April 2016 12th October 2016 Dear Sir I am writing to bring to your attention the circumstances surrounding the suspension 11 months ago, of Paragon Diamonds, which was listed on the AIM market, and the representations made by its officers and in particular its Executive Chairman Philip Falzon Sant Manduca. I am writing to enquire what enforcement action can be taken when statements made by a company or its officers turn out to be at best negligent and at worst fraudulent, and/or where breaches of very clear stock market regulations occur. On 2nd October 2015 the company released an RNS entitled ‘$15 million Debt and Revenue Sharing Facility’, the second positive funding announcement of 2015 pursuant to the company’s ambition of establishing diamond mines in Lesotho, South Africa. That RNS included the following statements: “This term sheet sets out an important investment and funding agreement, which I expect to be concluded promptly and which will be coincident with the separate execution of the purchase of Mothae from Lucara, and thus validates what the Board of Paragon have believed for some time: that we are a company with exceptional assets poised to produce high quality, investment grade diamonds, which, through our vertically integrated model, distributing diamonds to investors and consumers, is positioned in the right space at the right time to generate a highly positive earnings pathway in the long term for all stakeholders.” And… • “Achieve first production at Mothae and Lemphane in 1Q 2016 • Establish comprehensive distribution infrastructure and network to ensure the value of each large diamond recovered is optimised • Within two years, bring Mothae and Lemphane into full capacity to transform Paragon into a 5Mt/yr producer of in excess of 100,000 carats with average values exceeding US$1,500/carat&rdquo On the same day Manduca gave an interview with Proactive Investors (available on YouTube at ). About 4 minutes in he makes the very clear representation that Phase 2 funding would be completed ‘by month-end’, as well as making very many other bullish statements about the company’s prospects. On the basis of that RNS and interview, I sold other holdings and increased my stake in Paragon – and I know several other investors did the same. The company was suspended without warning 6 weeks later, on November 16th 2015. It seems clear to me, regarding the RNS and interview of 2nd October last year, that one of two things must be true: 1/ The contents of the RNS and Manduca’ statements in the interview were not true, in which case the company and the man were guilty at the least of negligence and perhaps even deliberate fraud; or 2/ The statements were true at the time, but the facts changed between October 2nd and November 16th when the company was suspended; in which case the company was under a clear legal obligation under stock market rules to update the market to the changed facts (since they were very clearly price-sensitive), so that investors could make an informed decision about whether to stay invested or not. I’m afraid I can think of no third alternative. So either the company and its officers are guilty of fraud, or they are guilty of a clear breach of AIM rules. Or there is some other explanation which hasn’t occurred to me – in which case surely the company would have communicated it by now? The company has not made a single official announcement since suspension, beyond announcing that the Nomad resigned on 24th November last year. I have written to Manduca at Paragon Diamonds in April of this year (copy enclosed), but have received no reply. That being the case, would the Financial Ombudsman be prepared to investigate this case? I have personally lost £60,000, and I know of at least one other shareholder who has lost more than twice that amount. I’m sure there are others who have lost still more – all of whom invested, or stayed invested, or increased their stakes, because of very clear representations made by the company. With recent changes to ISA rules, allowing AIM stocks to be held within an ISA, there will be many more investors tempted by the stories told by AIM companies. It is, I would suggest, or paramount importance that investors be able to have confidence that the market is regulated such that where failures or frauds occur, they are adequately investigated, the results communicated to shareholders who have lost money, company officers held to account for their statements, and appropriate enforcement actions taken. I would submit that the facts as laid out above certainly warrant such investigation. Yours sincerely, |
Posted at 11/10/2016 10:59 by club sandwich comments, or any factual inaccuracies?----------------- Marcus Stuttard, Head of AIM, London Stock Exchange 10 Paternoster Square London EC4M 7LS CC: File on 4, BBC Broadcasting House, Portland Place, London W1A 1AA 11th October 2016 Dear Mr Stuttard I listened with great interest to the File on 4 programme Little Brother’s Big Secret. As someone who has been investing in AIM companies since the late 90s, I’m afraid I completely failed to recognize your description of AIM as well-run and well-regulated. While there are of course some high-profile successes on AIM (ASOS and Dominos Pizza, to name but two), my own experience of the exchange is that it is a casino where frauds, liars and incompetents run free, at liberty to make whatever extravagant promises will attract investors, and with no consequences whatsoever when those promises come to nothing. After a string of disasters (Yoomedia, Blinkx, Kefi, Strat Aero), the latest company on which I have lost money is Paragon Diamonds – currently suspended and with, in my opinion, zero chance of ever relisting. The story of this company since August 2014, when Philip Manduca became Executive Chairman, encapsulates, in my view, everything wrong with AIM. When he took office, in an RNS dated 27th August 2014, Manduca said: “I am assuming the responsibility to procure for Paragon Diamonds its funding needs in both Stage 1, and within two years, Stage 2 of its development of the Lemphane mine, whilst concurrently exploring further options, including the Company's assets in Botswana and Zambia, that can accelerate Paragon's revenue profile.” He further added: “I am committed to ensuring that shareholders benefit substantially from Paragon's future success. To this end, I will seek to ensure that management and shareholders will be aligned through ownership of the Company." As you might imagine, this was a breath of fresh air to investors used to company managers who practise ‘mushroom management’ as far as shareholders are concerned: feed them sh*t, and keep them in the dark. At first things went well. Manduca sorted out a funding agreement with a company called Lanstead, which had been a drag on the share price. Throughout 2015 the company released a string of positive RNSs. In addition, Manduca gave several interviews (currently available on YouTube), talking up the company and its prospects. On 2nd October 2015 the company released an RNS ( ) . That RNS included the following statements: ““This term sheet sets out an important investment and funding agreement, which I expect to be concluded promptly and which will be coincident with the separate execution of the purchase of Mothae from Lucara, and thus validates what the Board of Paragon have believed for some time: that we are a company with exceptional assets poised to produce high quality, investment grade diamonds, which, through our vertically integrated model, distributing diamonds to investors and consumers, is positioned in the right space at the right time to generate a highly positive earnings pathway in the long term for all stakeholders.” And… • “Achieve first production at Mothae and Lemphane in 1Q 2016 • Establish comprehensive distribution infrastructure and network to ensure the value of each large diamond recovered is optimised • Within two years, bring Mothae and Lemphane into full capacity to transform Paragon into a 5Mt/yr producer of in excess of 100,000 carats with average values exceeding US$1,500/carat&rdquo On the same day Manduca gave an interview with Proactive Investors (available on YouTube at ). About 4 minutes in he makes the very clear representation that Phase 2 funding would be completed ‘by month-end’, as well as making very many other bullish statements about the company’s prospects. On the basis of that RNS and interview, I sold other holdings and increased my stake in Paragon – and I know several other investors did the same. The company was suspended without warning 6 weeks later, on November 16th 2015. It seems clear to me, regarding the RNS and interview of 2nd October last year, that one of two things must be true: 1/ The contents of the RNS and Manduca’ statements in the interview were not true, in which case the company and the man were guilty at the least of negligence and perhaps even deliberate fraud; or 2/ The statements were true at the time, but the facts changed between October 2nd and November 16th when the company was suspended; in which case the company was under a clear legal obligation under stock market rules to update the market to the changed facts (since they were very clearly price-sensitive), so that investors could make an informed decision about whether to stay invested or not. I’m afraid I can think of no third alternative. On 24th November 2015 the company’s Nomad, Northland Capital Partners Ltd, resigned without explanation. I have heard (and this is just hearsay, I can’t prove it) that they resigned because they advised the company to make such a ‘price-sensiti It is possible, of course, that I am a naïve and gullible investor, who keeps falling for stories spun by con-men and incompetents: but even if that is true, isn’t that why regulations are in place, to protect such people? In the File on 4 package a company director said “You can’t check all the numbers yourself”; if a company director is unable to do so, what else can a private investor do except rely on official RNS announcements and statements made – on the record – by company officers? Of course investors can carry out due diligence to the best of their abilities and publicly-available information; I know, for example, that many investors called Paragon seeking clarification on certain issues, and were given information which contradicted what later became available in the public domain. There is, for example, a discrepancy between what investors were told on the telephone and subsequent statements by Lucara, from whom Paragon were seeking to buy a mining license. I cannot think why Lucara would have a motive to lie. You stated in the Radio 4 programme that the authorities “Cannot prevent fraud or failure”, and of course that is true. The question is, when fraud or failure occurs, what do the authorities do about it? In my view the authorities need to be much more proactive, looking at company failures and attempting to get to the bottom of why it happened – and taking enforcement procedures where criminality or fraud has occurred. Paragon was suspended eleven months ago, since when shareholders have been told nothing about what exactly happened, why it happened, and what future – if any – their investments in the company have. Towards the end of Little Brother’s Big Secret you stated that you take action where there is ‘an actionable breach of AIM rules’. I suggest to you that the facts as laid out above indicate, prima facie, a very clear breach of those rules. I have lost £60,000, and I know of other investors who have lost more than twice that. So one question for you, Mr Stuttard: what are you going to do? Yours sincerely, |
Posted at 03/6/2016 17:02 by richie1218 last paragraph "search for an investor to take over Mothae Mine has been narrowed to two mining companies" is that PRG and GEM?hxxp://lestimes.com/ Govt to find new investors for nine mines Posted by :Lestimes Posted date : June 3, 2016 In Business 0 MINISTER of Mining Lebohang Thotanyana says the Mining Board would soon call for new investors to take over nine mines that were not being utilised. In an interview with Lesotho Times this week, the minister said the revocation of nine prospecting licences was nearing completion, with two holders having already surrendered them after failing to get their exploration activities off the ground. Mr Thotanyana said seven of the nine had, however, appealed the decision to cancel their licenses to the Mining Board. “We are currently finalising the revocation process after some of the mining companies appealed the decision. I have sent their cases back to the Mining Board. We are doing this to give them a fair hearing in order to determine whether they can continue or not,” he said. This was after the ministry assessed all the 19 mining companies holding prospecting licenses in the country to ascertain the progress they were making and to award the licenses to companies that would demonstrate their capacity to prospect. “The study revealed that very little progress was being made. It was then presented to the new Mining Board which was appointed in January this year and has since recommended the cancelation of licenses for companies that are not prospecting,” said Mr Thotanyana. “We have revoked a total of nine prospecting licenses which include two that were surrendered. These prospecting licenses were revoked because the mining companies holding them could not carry out the intended operations due to a lack of capacity.” He said the mining companies had not submitted progress reports with some not even based at the locations they claimed to be their offices as required by the law. “The law is based on the principle of use it or lose it. We cannot allow people to hold on to prospecting licenses under false pretences of being investors when they don’t have the requisite financial resources or technical skills. As a result, they are holding the entire nation to ransom. It cannot happen,” the minister declared. He said as soon as the process of cancelling the licenses was completed, the Mining Board would declare the sites open again and then call for new investors to takeover. “We really need serious investors who will not hold the country back as were are grappling with high levels of unemployment we need to address.” Meanwhile, the government’s search for an investor to take over Mothae Mine has been narrowed to two mining companies. Mr Thotanyana said they shortlisted the firms from five applications that were received. “We are hoping to make an announcement on who has been awarded a stake in the mine in two weeks’ time,” he added. |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
