The Mission Share Discussion Threads

[giant steps] 16/11/2007 19:15

Yes tim, balance sheet needs to be addressed

Given the original spring 2007 plans we have completed the cga transfer,
seems likely the other part follows, namely the restructure (20p ?).

[tim00] 16/11/2007 17:21

Of course they won't have any dosh post-PSGM. I assume there will be a share issue to clean up the balance sheet and they need some cash to finance working capital (admin etc).

The investments presumably might be in eastern Europe.

[simontemplar] 16/11/2007 16:56

Well at least we can wonder!


Thistle Mining Directorate Change

RNS Number:8694Q
Thistle Mining Inc.
07 February 2007

Thistle Mining Inc

Directorate Changes



Thistle Mining Inc. (the "Company") (AIM: TMG) is pleased to announce the
appointment of Alekseev Sergey Aleksandrovich as a non-executive director of the
Company effective 7th February 2007.

he held the
position of First Vice-President of Rosneft, the oil company, and was
responsible for finance and new business development.

Current Directorships

Siberian Services Company

SoyuzNefteGaz Vostok Ltd



Previous Directorships

Sakhalin Projects

Russian Regions Development Bank

Elvary Neftegaz B.V.

[katsy] 16/11/2007 14:41

Of course I'm being overly pessimistic. This company had about £5m to invest then dwindled it down to nothing. Recent changes to stock market cash shells meant that needed to purchase something or lose their listing. so the directors convieniantly reverse this co into another. I stop following them aearly last year. Luckily I sold when they still had some value in 2004.

I know it's hard to say just how much in assets TMG will have left after this sale and restructure of debt. Lets hope they can move this forward. But my point of being invested in here was for the gold leverage position that we all forcast due to rising POG. Shame the rise in POG came about 1 year late for TMG.

[dogberry202000] 16/11/2007 13:24

Fascinating stuff. I speculated as much a few days ago that Casten and MC might use this listed company as a vehicle for an investment company. Thistle would then have the same business model if they had controlling interests in their investments.

There's LIFE in this old dog, still!

LOL! (And BTW, GS, I was not laughing AT YOU the other day, only at your ripost.)

[bbbb] 16/11/2007 13:04

'Katsy - did your dot com investment have over $150m capital/trading losses ?

(probably not)'


but for shareholders in said dotcom company,
the question of (their own) losses might well have been
of no inconsiderable concern!

if mc/c can introduce thistle to any investment where expertise can channel
income from a prior charge on such investment direct to thistle and exceeding
thistle's own ongoing liabilities so as to benefit from brought forward losses,
that could underpin any value introduced. if it works out.

[giant steps] 16/11/2007 12:48

Katsy - did your dot com investment have over $150m capital/trading losses ?

(probably not)

[giant steps] 16/11/2007 12:46

The Thistle Board has resolved that, of the options available to Thistle moving forward, Thistle should not be delisted from AIM, wound down or become a passive investor and instead should be used to develop business opportunities that may be available to it, including any that are introduced to it by its two major shareholders, Casten Holdings Limited and MC Resources Limited.

[giant steps] 16/11/2007 12:35

Looks like new life beckons for thistle shareholders !!



RNS just released

Extract :

"
Proposed Investment Strategy

At the Meeting, Shareholders will also be asked, if the Sale Resolution is
approved, to consider and approve Thistle's investment strategy as set out in
the Circular to be implemented post completion of the Sale Transaction.

As the Sale Transaction will divest Thistle of all or substantially all of its
active business activities, under the AIM Rules, Thistle will, upon completion
of the Sale Transaction, be treated as an "investing company". The Thistle
Board has resolved that, of the options available to Thistle moving forward,
Thistle should not be delisted from AIM, wound down or become a passive investor
and instead should be used to develop business opportunities that may be
available to it, including any that are introduced to it by its two major
shareholders, Casten Holdings Limited and MC Resources Limited.

It is proposed that the primary business sectors for Thistle's investments will
be oil and gas, mining, real estate, telecoms and/or finance. Thistle intends
to focus on investments in public and/or private companies mainly in the
emerging markets of the CIS, Eastern Europe and Middle East, but will not limit
itself from developing other opportunities in Western Europe, the United States,
Canada or elsewhere. Thistle proposes to obtain a controlling interest in the
majority of its investments or certain control rights over key decisions taken
in relation to its investments.

The Thistle Board expects that expertise will be required to assist with the
evaluation of its proposed investments. It also expects that expertise will be
required in the area of general business in the emerging markets of the CIS,
Eastern Europe and the Middle East.

The Thistle Board proposes that due diligence of prospective investments be
performed by persons appointed by the Thistle Board with specific expertise
relating to the investment under review, as required. Consequently the Thistle
Board intends to appoint management in line with the business opportunities
identified. Following the completion of the Sale Transaction, it is the
intention of Thistle to focus on recruiting persons having skills aligned with
new opportunities and on reconstituting the Thistle Board in line with the
strategic aims referred to above and in order to conserve costs pending the
conclusion of any new investments to be made by it.
"

[giant steps] 16/11/2007 11:53

"
that could concievably include the concept of shares to thistle in lieu
of cash for the first 'payment' as covered in the rns.
"

conceivably yes, that had already been noted recent RNS

Recall (for cash portion):
'conditional on a placement of shares of Pamodzi failing which Pamodzi will
allot and issue Pamodzi shares to Thistle at a 10% discount to the volume
weighted average traded price over the 30 trading days prior to December 1,
2007'

[bbbb] 16/11/2007 11:40

'and the remainder would be placed with other shareholders'

that could concievably include the concept of shares to thistle in lieu
of cash for the first 'payment' as covered in the rns.

if so, effectively (apart from the offset against working capital loan a/c) psgm
would be being bought entirely with paper, i.e. a diluted share in the holding
entity, which would presumably also include orkney. even the rolled up non compounded 12% interest would be paid with new shares, even though tmg's liability to controlling holders presumably would continue in some part.

[giant steps] 16/11/2007 11:11

Placings will never be a problem all the while Pamodzi Resources preserves
its 50% stake in Pamodzi gold !




13th November 2007

Extract

"
JUNIOR gold miner Pamodzi Gold planned to raise R550m next year through a share issue to pay part of the price of its recent acquisitions and provide funds to recapitalise those mines, CEO Peter Steenkamp said yesterday.

He said about two-thirds of the shares would be taken up by majority shareholder Pamodzi Resources and the remainder would be placed with other shareholders.
"

[bbbb] 15/11/2007 16:34

would that be a similar type of plan to thistle's plan to pay off its hedge, which involved paying lots of money?

presumably if the pzg price falls it might be more difficult for them to get the placing
away, which means tmg get shares instead of cash up front. if it falls a lot, they may get more

[dogberry202000] 15/11/2007 16:09

GS, is it in TMG's favour that the price of PZG falls like this. Will TMG get more as part of the transaction?

PZG's hedging puts a downer on its price, although they seem to have a plan for dispose of the hedge.

[giant steps] 15/11/2007 14:23

WED 07 NOV 2007 - PZG closed 16.45
THU 08 NOV 2007 - PZG closed 16.45
TUE 13 NOV 2007 - PZG closed 15.50
WED 14 NOV 2007 - PZG closed 15.00

[giant steps] 14/11/2007 16:52

Yes, financial viability has been uncertain for many years,
yet suspension was restored in May 2007 to the detriment of
market value, share price eroded from 20p to 7p before
suspension Sept 2007.

Trading should resume in Dec'07 imo

[bbbb] 14/11/2007 16:32

maybe the lol is an ironic recognition that
' share price best left suspended until deals complete'

is not necessarily the same as
"A lifting of this suspension is conditional on the Company being able to
demonstrate its financial viability, which remains uncertain at this time"

[giant steps] 14/11/2007 15:34

Something funny ? ! LOL !

[giant steps] 14/11/2007 13:48

yes

recall "A lifting of this suspension is conditional on the Company being able to
demonstrate its financial viability, which remains uncertain at this time."

[ 5th October 2007 ]

[bbbb] 14/11/2007 13:47

have we seen any reference in rns to intention to have the quote restored?

[giant steps] 14/11/2007 11:54

Katsy, TMG is a wonderful stock ! share price best left suspended until deals complete

[katsy] 14/11/2007 11:32

GS is that good or bad? I never know now if we have shares in them or a loan note maybe we owe them money as well, arrrhhhh can't keep up with the the towing and throwing of TMG.