South China Resources Share Discussion Threads

[strow] 14/6/2007 08:28

Is it me or is there no selling lse shows no trades so far?

[strow] 14/6/2007 07:59

Rightly or wrongly,im not selling,i still think they can make something of it

[valentine] 13/6/2007 23:17

I knew someone would ask. I was being generous Andy.
A married man's glass is always only half full because the 'other half' has the rest!

[andy] 13/6/2007 23:02

Valentine,

"where the wife only gets 50%; shares can walk away with the lot!."

If you are talking from personal experience, she was a very generous woman, and if not, I hope it's not an experience you ever suffer, as the percentage demanded may surprise you!

[simon54] 13/6/2007 20:15

strow - well, maybe. But to me it's more a matter of "It wasn't what you said, it's what you didn't say" (Mary Chapin Carpenter, whom I recommend to all - why did we never get onto music on this thread?). Maybe it's a good new start, but we've had a few indications of that now, and let's not forget AC's enthusiasm for the 'new team' he anticipated. I feel very gloomy about the lack of any reference to Zhunuo, so I think I might shed the small amount I have remaining here - Z was the only reason I've stayed with it this year.

Some say that shell companies are the ones to look for in terms of buying into future appreciation, and it may well be this is such a case. It's just not my thing - I want to figure out what mining companies are actually doing, look at their drill results and so on. I don't have any handle on what might be going on behind the scenes.

Sorry to be negative - yes, they have cash, and who knows what might be thrown up? Obviously, somebody is buying the shares recently. Perhaps they know something I don't, but that's simply to reiterate the fact that I don't know.

[wolstencroft] 13/6/2007 20:05

My guess is that AC has been sacked by the institutions for wasting all ther money - that's how they will see it. He bought more shares recently which is not the sign of a director about to walk.

strow yet you are right, mostly. "surely they will come up with something half decent-we know they can do it-danfeng was very very bad luck-think due diligence will be more extensive on any future projects". Well there are about 1000 tsx-v companies with money looking for something half decent. Most dont ever make it. But no doubt fairish-value at the moment - but then so many things are cheap right now.

[choppa] 13/6/2007 20:01

Its a shame. I bought into these last April at 25p and from then onwards watched it march down to 5p where I took a monster hit and sold out. Confidence has gone with this one.

[strow] 13/6/2007 19:57

Just think again,that some people are overstating the "disaster" here-we now have an exploration company with £2.1 million of funds,with a huge amount of experience now in china/tibet etc with a few potentially interesting projects in sights that we know about-this change to me signals buisness as usual and i think is psychologically meant to herald a new start
A/C always said convertibles were not the preferred option ,being too expensive,and my guess is they will not be needing or wanting to raise funds(certainly wont need for working capital for a long while)until they have something to raise them for-it all depends if they can find those projects
In my view they have about 2 years to do it in with their current cash-that is a very very long time,when all you have to do is look-surely they will come up with something half decent-we know they can do it-danfeng was very very bad luck-think due diligence will be more extensive on any future projects

[valentine] 13/6/2007 19:43

Simon that's what they all say after divorce!

[simon54] 13/6/2007 19:39

What's love got to do with it? Yes, I should have got out earlier, but that was simply a poor assessment of the remaining prospects. The last thing I felt was any feeling of affection!

I am in love with Oilexco and we're thinking of raising a family. I am also quite fond of Mano, which is already having little babies ;-)

[strow] 13/6/2007 19:37

Is this change so bad?it doesnt change what they may or may not have lined up,and both of them are still there,so really whats changed since yesterday-a board shake up,a fresh look,just hope itll all come off
nobull-what were they meant to say with this rns,it was only recognising a board change and nathan stating what they have already stated?

[nobull] 13/6/2007 19:32

Yes, it's vague woffle just like the "we have plans" sort of stuff I got, so the pain and nightnmare continues.

[valentine] 13/6/2007 19:29

Never fall in love with a share, eh?. Unlike marriage, when it breaks up, where the wife only gets 50%; shares can walk away with the lot!.

[simon54] 13/6/2007 19:18

Well, it's the end of an era. Or something. I have not got the foggiest idea what is going on here. What does

"We shall continue to review mining opportunities with the intention of obtaining benefit for South China Resources Plc and maximising shareholder returns"

imply? Sounds very much the sort of thing to be said by a company which doesn't have any current prospects at all.

:-(

[nobull] 13/6/2007 17:20

Idio, "a convertible bond would effectively hand >75% of SCR to bondholders. They put in the management team (or pick and choose from the existing team) and pursue subsequent business strategies - including mining Danfeng and signing a new JV via a shell. Bye bye SCR as we know it."

Yes, that sounds terrible, but I can believe it. The company is so weakened it doesn't have much choice, after what has happened (and it is no punishment for the directors given the level of their financial commitment : the paltry cost of their big stakes in the company)

[idioterna] 13/6/2007 17:12

nobull - a convertible bond would effectively hand >75% of SCR to bondholders. They put in the management team (or pick and choose from the existing team) and pursue subsequent business strategies - including mining Danfeng and signing a new JV via a shell. Bye bye SCR as we know it.

PS. I have positioned myself to be included in any convertible bond issue but want no part of AC as a senior manager, with or without the ponytail.

[nobull] 13/6/2007 17:09

Some letter that, Wols! It merits a prize for bluntness and politeness at the same time.

[wolstencroft] 13/6/2007 17:04

idioterna: Well if Danfeng is mined then we can't complain that it was stolen by the Chinese as some may fear, just given away.......

[wolstencroft] 13/6/2007 17:03

idioterna: Well if Danfeng is mined then we can't complain that it was stolen by the Chinese as some may fear, just given away.......

[wolstencroft] 13/6/2007 17:01

Well he cant be a full time director anywhere else. I always got the impression that we was working full-time but perhaps I am mistaken. Lets remember that SCR is a DISASTER and something big needs to happen to turn it around otherwise it will become another Minco or Cambridge Minerals. Can Nathan do it?

[nobull] 13/6/2007 16:54

Wols, I thought Nathan was part time, hence the low salary. He certainly had more directorships than AC at the time of the flotation. He also went to the same Uni as AC (maybe they don't have many to go to downunder? :). He is also a full time director at Cazaly Resources, an ASX listed company, is he not?

[strow] 13/6/2007 16:46

Look-they have £2.1 million cash at present-why do they need a rescue equity issue??!-if the right projects come up,funding will most likely not be a problem-it is a matter of finding those projects

[nobull] 13/6/2007 16:41

Idio, I don't think this company can afford interest on a bond, even a low coupon convertible: a rescue equity issue with blo*dy zillions of warrants is what will probably now occur (with that RAB Capital demanding a king's ransom).

[nobull] 13/6/2007 16:37

Strow, I think Zhunuo is in the Tibetan Autonomous Region: it's near Shigatse (West of Lhasa). Anyway I am holding.