South China Resources Share Discussion Threads

[idioterna] 13/6/2007 16:32

Bloody 'ell - AC's gone. Should pave the way for the bond. Don't know if anyone noticed, but I did mention this from a discussion in Singapore just prior to the rns pertaining to the Danfeng collapse. And yes, I think Wolstencroft is correct in that Danfeng will be mined. Unfortunately long suffering SCR shareholders stand to be considerably diluted. The bondholders will reap the rewards, if there are any. Still high risk even as a bondholder.

[nobull] 13/6/2007 16:31

Nathan McMahon, the replacement for AC, looks like he got his 18m shares as a a freebie from S.L., so his only financial commitment to this company has been the 350,000 he purchased at 5p (not much different from my own at around £16k). One encouraging thing is that another (imo) basket case company that had a duff project (CMR with that Lomos Poyatos) at least managed to have two subsequent fund raisings, although in that case there was some residual value left in LP. So maybe there is some hope now we can pull through. Still holding my 270k. I assume the insti's have demanded these board changes. Maybe now we can get a new Board hired and get another fund raising completed. Does anyone think there is any residual value left in Danfeng?

[strow] 13/6/2007 16:25

nobull dont think zhunuo comes under tar anyway

[hiram abiff] 13/6/2007 15:56

RNS - one of the 'duffer board members' now gone; - replace the rest of the under-performers and SCR may have a chance. Once bad decision after another.

Full of their own self importance. What a useless bunch IMO, no wonder the share has been a 'shorters paradise' over the last year.

DYOR

HAb

[strow] 13/6/2007 15:11

Why dont they just ban all mining and be done with it!-dont think this applies to the whole of tibet,and also seems to apply only to the environmentally protected areas,and one can understand that

[nobull] 13/6/2007 14:40

Duplicate post.

[sidneyslacker] 11/6/2007 09:04

wolstencroft

thanks for your posts on this - they are very interesting and highlight lessons I have learned here (and unfortunately elsewhere) to. For me I think it can all be boiled down to one golden rule - always properly value and evaluate any information that does not agree with your existing view of a story.

[nobull] 11/6/2007 06:43

Thanks Simon and Wols for your thoughts on this stock. I still haven't sold any, but remain alarmed about the inconsistent story portrayed through the past RNS's and about the excessively general statement on "progress" in the latest RNS, which seems strategically positioned at the end to counter the bad news on Danfeng. (Designed to give hope when none is perhaps justified, at least not from such a general statement).

The recent "director purchase" by Midwest Solutions Inc. is actually a different company to the one mentioned as being owned by our CEO in the Danfeng acquisition document (Midwest Solutions Ltd.) It is odd that this "director deal" didn't get mentioned anywhere in the press, and director deals usually mention a purchase price and the name of the director making the purchase. It is very odd that the only RNS we got was one claiming Midwest Solutions Inc. had increased its stake.

Looking back at some of the old documents,

AC appears to have purchased 8m shares at 1p each a few weeks before the flotation of the company. i.e. spent £80,000.

The next purchase was 200,000 at 10p. (£20,000)

The latest purchase by Midwest Solutions Inc. would have cost at least 5p a share i.e. £90,000. So AC's total investment in 10m shares is no more than £190,000?

It would certainly be interesting to know if we will be able to sell our stake in Danfeng for anything like the purchase price we paid S. Leithead: 36m shares at 4.75p.

A poster on another board states that AC recently spent Aus$240,000 on Banner Resources options.

No further thoughts for the time being.

[simon54] 10/6/2007 22:58

strow, I think a remarkable thing here is that wolstencroft, who has held a large number of shares in the company, has always been completely up front about changes in his position, even though he continued to hold a large number. Basically, he just tells it how he sees it, for which he has my great respect. It's not at all common.

As for what happens going forward, I'm inclined to think we can't really form much idea of that from our position. It may very well be that something is going on in the background (and one wonders who is buying the shares and whether they might have a view of that - perhaps not, perhaps it's simple bottom-fishing), but whether such things will come to fruition or not is unknown.

In the meantime, having a laugh about what's happened can hardly make any difference to what happens next. I think you're right that the share could readily double if some relieving news comes along, though I have no knowledge that it will, but any such news won't really make a retrospective difference to the assessment we make now of how the money's been spent so far. Not very wisely, it must be said.

[wolstencroft] 10/6/2007 22:27

strow: Well I have lost lots of money on SCR and I'm trying to see the funny side. I am less annoyed at having lost money (I lose money a lot!) but more annoyed at having invested so much in SCR instead of putting it elsewhere where I made lots of good investment decisions (i.e I can see the funny side of SCR turning out the way it has but am less forgiving of my asset allocation - i.e. I was right about moly but didnt invest enough in other moly miners). I guess poetry is just a way of coping with loss!

I dont think I am being ubfair on the company - let me know if anything I've posted is unfar slagging off and I'll reconsider it and retract if I think you are right.

However, I have learned lots however which I hope over time will make me much more than I've lost which is

No project is management proof - I'll bet you 1000 SCR shares that Danfeng goes into commercial production within 5 years

If the RNS's appear inconsistent, are perennially delayed, or dont really follow on from each other or represent a steadily unfolding story - sell

If the AGM is intentionally held in a small room for a limited time - sell

Dont take private conversations with management as a replacement for real RNS newsflow.

If news doesnt appear when you expect then call the management. If they dont have a convincing story - sell

Take profits! Better a fool for not having made more money than for having lost money. (I learned this with AEN but forgot it here)

My attitude to risk management has been fine-tuned. It was hard to start selling my holding down, but in fact selling the first million was the hardest. After one has lost attachment to a share by selling some I find that it makes one treat it more rationally. I (and this is true) now sell a bit of some of my large holdings when I feel that I am getting too attached to them. It keeps one detached.

I dont wish my remaining holding lower, but I cant see it going higher until SCR actually do something. I hope that they do. I dont wish my holding higher without news in fact, because I would just sell. With news, I dont know.

Dont forget that SCR have been looking for JV opportunities since Dec 2005 at least. So far that has not resulted in a single drill hole. The JV announcements have not been followed up.

"The Company is however continuing to make positive progress with respect to advancing all its other business activities in Tibet and elsewhere in China."
G|ood luck to them and AC. I am sure he is trying bloody hard.

[tippingpoint] 10/6/2007 20:12

reality of a dire situation strow I guess...

[strow] 10/6/2007 19:33

Wols-id almost think you were trying to buy more lower,if i didnt know better-why all the constant slagging,even though youve sold down your holding?Seems that youre wishing your remaining holding lower,or doesnt it matter to you any more and you just like continuing to denigrate shares that have not performed well for you?

[davethechef] 10/6/2007 18:55

I see they've not up-dated their website, excluding Danfeng.
Maybe we'll get some nice pics of the Tibetian mountains. No more AC holding any moly please. Scouring for copper, my 'ticker could take that!'

[wolstencroft] 10/6/2007 18:41

thats quite a slur - accusing SCR of employing geologists. You'll be suggesting they're drilling for copper next!

I assume not a drill has turned in SCR's name for about 6 months now.

[nobull] 09/6/2007 11:00

Two SCR geologists ready to look for copper at Zhunuo.

[simon54] 08/6/2007 20:13

Yeah, I guess the postman knocked... or whatever it was that happened to Coleridge in full flow. I've decided to turn my attention to a programmatic orchestral piece in the style of Sibelius (which is remarkably close to an anagram of libellous, I note), which I will post in due course. I made need help with the HTML.

[sidneyslacker] 08/6/2007 20:07

Simon,

as you are abandoning your sonnet then it is only fair that I cast aside my re-write of Molly Malone.

[wolstencroft] 08/6/2007 20:06

Results of above Vogon poetry generator:

See, see the sky
Marvel at its big Bulk Sample depths.
Tell me, Clayton do you
Wonder why the China ignores you?
Why its foobly stare
makes you feel Adit.
I can tell you, it is
Worried by your Danfeng facial growth
That looks like
A Drill Rig.
What's more, it knows
Your Assay potting shed
Smells of Copper.
Everything under the big sky
Asks why, why do you even bother?
You only charm Molys.

ok, I'll give it a rest....

[strow] 08/6/2007 19:26

Wols-yes a gamble,but if it pays off will be well worth it and off course we will need news of progress-lets hope we get it-im sure they are not just sitting around twiddling their thumbs now they no longer have danfeng to worry about

[wolstencroft] 08/6/2007 19:13

Sorry strow still holding some - my poetry was not a disguised effort to say I'm selling.

Or to put it another way, if you're lucky I'll sell out of South China, if you're unlucky I'll read you some of my poetry first.

Apologies to any Vogons listening.



Double or death - sounds like russian roulette or rather gambling. The only thing that will change the share price wil be proper news of real progress.Good luck anyway

[strow] 08/6/2007 19:11

Well in the best possible way,i hope you have,as it leaves the rest of us,with a better chance-less people to sell into any future strength-i still havnt and will probably hold to the death-good chance of a quick double or more if things go the right way

[wolstencroft] 08/6/2007 18:58

can't think of a suitable ending for this one either

South China just ran out of luck
Danfeng's shown to be a lame duck
But there's hope for us yet
If they perform in Tibet
But I've sold so I dont give a ????

[wolstencroft] 08/6/2007 18:55

well I said the story had a bad ending.....