South China Resources Share Discussion Threads

[simon54] 29/5/2007 20:22

strow - FWIW, I think you have always posted your honest opinion, you have spoken with integrity and you have done your best (as I have) to research what was available. There's been a bit of 'personals' between you and Idioterna, so I just discount it as that, it's of no more significance and, again FWIW, I think it's somewhat unworthy of Idioterna to stick the knife in at this stage, when I think he must know that you have lost paper money today.

It's a rough do at the moment. I wish all investors well, and better fortune than we have experienced with this share.

[nobull] 29/5/2007 20:14

Strow, I only have my poor judgement to blame. However, I have emailed AC 3 q's I want answered. I shan't be posting any reply here if I get one. Agree with Rapier's thoughts that it is unfair to post contents of emails that have been answered without as much thought as has, say, gone into the wording of an RNS. Hopefully, he won't reply in the same tone as I've asked them! Regards.

[tonystringy] 29/5/2007 19:54

Sorry to learn that you've lost a lot here strow.

I halved my position in........Feb I think.

A case of- good news and I would have added. It wasn't so I reduced. Have lost a lot of faith in AC now so not likely to return after tomorrow.

Best of luck!

[strow] 29/5/2007 19:43

Well-really dont know what to say-im exhausted-sorry to everyone whose lost-obviously this was a hard decision to make,but if it doesnt fulfill what they want then may be best to get rid-obviously was too marginal and they think their remaining cash can be better off spent elsewhere-ive lost a lot too and probably will hold on-not much left to lose now-i just wish people would take responsibility for their own decisions and stop blaming others-i have only ever tried to provide and share information-im very sorry it has gone wrong

[simon54] 29/5/2007 18:33

Cheers Tony, Wendy, Drewz - ah, no problem, I don't really take too much damage from idiots, but I guess I will respond when challenged.

I feel anxious for those who may have lost a substantial proportion of their funds on this share, though I know we can only be responsible for our own decisions, of course. As deepesh says, there are too many grim stories to be read. I feel like prefacing every post with a disclaimer and the injunction "DIVERSIFY!" Perhaps I'll just change my user name to that!

Something to be said for this thread is that people have sold their shares at various times and others have simply wished them well. I'll miss that courtesy and sense of all being in the same risky boat if I'm the only one left here! ;-)

I still think Zhunuo will be developed, though I'm not at all sure how.

[drewz] 29/5/2007 18:26

Well said, wendy.

RA1's ignorant yobbishness is totally uncalled for.

He/she should grow up and stop behaving in public like a delinquent child.

[wdurham] 29/5/2007 18:12

simon54 -

Ignore the idiots. I do not recall anything other than optimism from you.

Optimism is not "ramping". Stating one's honest opinion is not "ramping".

"Ramping" is lying or misrepresenting information in order to DELIBERATELY give a false impression of the company and suck others in so that you can exit at a profit. And quite often, those that hurl the nastiest accusations are some of the biggest offenders on other stocks.

You might have been mistaken, or deluded, or just plain wrong in your optimism (some of which I share re: Zhunuo) but none of those things is a hanging offence.

Those that call you a "ramper" are either (1) stupid or (b) even stupider.

[deepeshmodasia] 29/5/2007 18:11

same here tony, nearly sold on friday both my dogs, seo and scr WHAT A DAY!!!!

I suppose you have to look on the bright side, someone posted on lse that they re-mortgaged their house and lost absolutely everything.

[tonystringy] 29/5/2007 17:48

Damn!

I decided to dump SCR over the bank hols and almost did this AM! Then I thought- 'why bother......what's the most you could loose?'.

I had a funny feeling about my late change of heart.....wish I'd acted on it!

Still......just a drop in the ocean really. Hope no-one here has lost too much....today that is.

Not even sure why I kept my position really. Fear of missing out I guess.

Sorry to see you being attacked by RA1 simon. I've filtered that poster to save future grief. I don't think any of us who have been here for the last year or more would consider you a ramper.

I'll be out of SCR tomorrow and I'll miss the banter here but who knows......I may be back some day! Doubtful but still possible. I'll keep SCR on my watchlist for a while just in case.

May pop in tomorrow eve just to say tara and thanks for all the recipes!

[nobull] 29/5/2007 17:40

Thanks Simon. So can they raise money equal to their market cap., bearing in mind they've blown £6m, and already had 2 fund raisings? and is Zhunuo any good? are the two things to ponder about. Thanks.

[simon54] 29/5/2007 17:19

(RA1 - as I thought, you are incapable of finding a single post of mine which any reasonable person could interpret as a ramp. Your accusations have no foundation whatsoever, not even the semblance of anything that I have posted seriously).

Thanks, Sidney - the respect is mutual. You are right that I was optimistic, although I have also expressed caution at various times. Well, there we are.

nobull - I'm not sure that one can calculate total dilution through to a possible realisation of a major project (if Z were to turn out to get there, for example). In the short term, the need would be for the remaining funding of the licence plus, perhaps, a couple of million to do a first season's drilling. That would either then meet, exceed or disappoint expectations, with a consequent effect upon share price, so the level of dilution for the next stage can't really be anticipated. There would doubtless be very large dilution somewhere around a BFS stage, and then again for the capex requirements, but if such a stage were ever to be reached I'd suggest the market cap would be many times greater (although not necessarily the share price!).

They need $8M for the Zhunuo licence, plus say $4M for some drilling, plus say another $1M to get through the time from here to there (I don't know whether others think those suggestions reasonable - just my rough idea) - so, say round that up to £7M, of which they have about £2M, so £5M funding need to get somewhere with it. Let's just be simple and suggest a funding need equal to the current mcap... that's quite a big call! Can they do it, and if so how? I'm not at all sure, but if they can, and if Z is indeed as significant as it looks to be, then I would remain interested in holding my part in half the value of the position they would then have.

There are two big ifs in that last sentence, though.

[nobull] 29/5/2007 16:59

Thanks Wols.

[sogoesit] 29/5/2007 16:56

How bitter the sound of jingling shillings going down the drain...
mmmhhh... I went away, left this to cook and it has disappeared... FFS!!
aah well, another one to write off, then.

[wolstencroft] 29/5/2007 16:56

AFAIK Midwest is owned by him alone.

[nobull] 29/5/2007 16:51

Looking to the future (if there is one) do people now think our share price reflects the full extent of the dilution risk? Or are we about to experience further dilution to the point of having a zero stake in the company's other projects? Does anyone know if AC's company is 100% owned by him (Mid-West Solutions Inc. or whatever it is called?). Thanks in advance.

Edit. RA1, Simon's posts strike me as being fair and intelligent, and show a cosiderable amount of knowledge: a lot more than I possess, and I value them.

[sidneyslacker] 29/5/2007 16:48

I have just seen the RNS - and read the posts. Sorry to see this outcome for those who held on, although it is not over yet. FWIW with hindsight I may have been fortunate that I exited in January when my over sensitive nose suggested I had cash in another Minco (Intuitively I did not like the way the Moly information came out) (

RA1 - I would add for the record that I respect Simon's opinions and knowledge, and that they are shared, in my opinion honestly, and that respect does not change because of the apparent adverse outcome in what was and is a high risk/reward share. He might have seemed optimistic at times - but then there seemed ample rational reason for it. We must remember it is always all about probabilities, not certainties.

I do not recall any ramping?

Good luck to you all,

Cheers,

Sidney

[simon54] 29/5/2007 16:41

RA1 -

Quote one post of mine, with its date, which you consider to be a ramp, and let everyone consider the basis for your claims.

As for you, every single post you ever make would do for evidence, as every GGG shareholder knows.

The fact is that you have never forgiven me for having to point out your total ignorance of the difference between reserves and resources or your inability to understand the difference between tpd and tpa! Take your petty personal spite elsewhere - you are making an even bigger fool of yourself than I thought possible.

[phil2003] 29/5/2007 16:35

ouch,

Alistair Clayton / SCR have learnt another lesson in dealing with the "simple chinese farmer types" & managing UK investor expectations that most won't forget.

good luck with the next attempt in the driving seat Clayton, you'll need it.

[simon54] 29/5/2007 16:09

Very well aware of all that, Idioterna - I've lost a good deal of money on this share, so I am unlikely not to recognise the realities!

I was expressing the caution that Danfeng might be dumped some months ago, and especially after the evident emphasis on Zhunuo in the Interims. I guess I'd hoped that there might be some positive development in respect of Z before fears regarding D might have to be realised - a bad gamble, as it's turned out.

Well, Danfeng is now cleared off the table and it may yet turn out to be interesting to see what is put down in its place. If the Chinese still want to play ball in Tibet, I think there will be those with an interest in investing in such a project. A new MD, at least.... there are many examples of it, of course - backers can use a company as a vehicle if they wish to.

I'm not going to kick the cat because a high risk play doesn't work out!

[wolstencroft] 29/5/2007 16:04

...I imagine to AC as well as it was only recently that he bought shares in SCR - how very strange.

[valentine] 29/5/2007 16:02

Sorry to hear the news people. Slıghtly incredulous as abroad presently and access to 'net limited. I withdrew and put my money in XTR last week as SCR was somehow not making the right noises and XTR are, I believe.
I hope the rumours of a JV in Tibet wıth a Canadian outfit prove true. Meanwhile must be painful. Sincere commiserations

[wolstencroft] 29/5/2007 16:01

it was and and still is a high risk share. high risk means potential for high reward for high loss. But AC's management does IMHO leave a lot to be desired. As did his shareholder communications. I think his credibility is pretty non-existent now.