West African Share Discussion Threads

[arf dysg] 25/7/2012 12:38

longsight and deltrotter, you were a great double act back there. Hilarious!

[acta_topup] 25/7/2012 11:15

Well those who called the peak in the 90s were entirely correct. This was an obvious short and as close to a guaranteed successful trade as you can get

[theprovosts] 25/7/2012 10:50

your not telling why because you have no clue.

I value his comments, far more interesting than the clueless rampers, £2 next stop pish.

This isnt the time to go long, if anything, time to cover some of a short position, but not go long.

[longsight] 25/7/2012 10:48

So what is WAFM worth? The BOD obviously thought they did rather well to get a placing away at 55p. They clearly never imagined that it wd get to these levels.

As to the CEO in the interview, didn't really like that silly grin on his face. Looked a bit smug as though he had just mugged a few suckers.

[longsight] 25/7/2012 10:45

Allotment - don't worry - I am not short at all. But I can understand why you are so angry that I shd ask perfectly reasonable questions.

That you have no answers whatsoever, that's OK - join the crowd.

[allotment] 25/7/2012 10:33

longsight why are you talking to yourself you silly little prat....

If you dont understand the stock why are you shorting it...

You are just as culpable as those who bought at 90p......

Time to go long again I think and no I am not telling you why

[longsight] 25/7/2012 10:31

Consider again that CEO interview. He states that drilling was to commence in July [I assume he meant July 2012] yet he doesn't state which licence they are drilling & where. I compare that with other Cos that give very specific info on their drilling campaigns indeed. I think this is unacceptable - it just sounds like made up waffle. I still have no idea if this Co has a single drill rig. Why can't they put this info out - they clearly think shareholders are idiots.

When this share starts to fall - & obviously a revisit to the 55p placing price might be a sensible first stop - the problem is that no one can come on here & actually make a case for the shares at this level. Why? Because no one has a clue about this Co other than Dattels makes shareholders lots of money. Sorry - not good enough, imo.

Give us some info Dattels - stop treating shareholders like idiots.

[theprovosts] 25/7/2012 10:22

88.5p short closed at 70p.

GLA

[longsight] 24/7/2012 22:29

Seriously, I spent 3 hours reading up on this when it was 10p & I was attracted [despite resevations about Dattels, rightly or wrong]. I decided that there were better value opportunities out there so I didn't buy - of course I missed out hugely. But as far as I see it, this is good value at 10p - though I still wd not buy because I dislike the BOD - too spivvy for my taste.

I have no idea what it is doing at these levels at all. I have yet to read an argument on here explaining how this valuation makes sense. I asked a very well known & respected chartist a few weeks back his opinion on it & he said it is just chart driven so who knows whether there was another leg up but that there wd be a serious fall at some point. imo, greed is tricky - no one can justify the value here but at some point this will go horribly wrong - just who wd buy it at these levels?

[bossman1978] 24/7/2012 20:59

I agree this is an overvalued stock st the moment. Lucky i sold out 2 weeks ago. The only stock i have made money on for a while. LolIf it keeps falling would be interested buying again but at what price? Any thoughts fellow posters?

[theprovosts] 24/7/2012 19:48

I think people have been buying this just because its going up, and also the implied strength of the management.

As you say Longsight reality will come home soon enough that they are currently paying a massive premium.

Just like PMG (Parkmead Group), this will come back down, and the fast money will leave to find another home.

Down 7% on only 200k volume and with a very bearish chart, clearly the Market Makers dont want to hold any stock and the buy orders are drying up.

Sell.

[eelanguilla] 24/7/2012 18:17

lol - yeah they are going bust - nothing to do with the euro mess at all - markets are in a great state lol

[jordan87] 24/7/2012 17:35

Access to Infrastructure

In addition, the Company is pleased to report that it has received correspondence from Mr Emmanuel Bonde, the Minister of the Ministry of Industry, Mines and Technological Development and the Secretary General of the Ministry of Industry, Mines and Technological Development confirming the Republic of Cameroon's commitment to providing the necessary infrastructure to support all mining in the country, and ensuring the Company will have access to the infrastructure on equal terms, including the proposed harbour and railway infrastructure, once completed.  Copies of the letters are available on the Company's website at www.westafricanminerals.com.  Previous news, reports, commentary and announcements on the proposed development of infrastructure in Cameroon had suggested infrastructure projects would be developed by private groups, potentially excluding some operators from access. 

- Ends -

[longsight] 24/7/2012 16:40

I noted in the interview with the CEO that he referred to using lorries to ship any DSO from the licence near the coast. Rather surprised by this given the grandiose resource they think they may have. I know from AFF that they are looking at using lorries on their currently small scale DSO resource but they have talked in terms of between 1m t to 2mt pa. The constraint is not on rail capacity but limitations on just how many lorries can be used on the roads. AFF are looking at 35mt pa on the magnetite but this wd use the new rail corridor. No mention by the WAFM guy on access to this [unsurprisingly since the 105mt pa capacity looks like being used by Core / AFF / SDL].

So I think the CEO at WAFM hasn't done his homework at all here - unless he reckons on WAFM having a very small operation.

I guess this type of stuff though is just more details. Or is it? At some point folks are going to have to wake up & realise that WAFM are just talking this share up unless they actually begin dealing with the realities of exploration & development. Very disappointing, imo.

[longsight] 24/7/2012 13:08

Reality will hit when these guys actually start drilling & then run out of cash.

The first MRE - which typically takes a minimum of 6 months after drilling stops will be the moment of truth. The problem as I see it is that they have ramped up expectations so high [without any published data] that if they don't have at least 500mt of commercial DSO [frankly impossible] then everyone will dump this. I suppose by then the subscribers will also be free to sell.

Anyway, anyone got any views on when the next placing will be and at what price?

[theprovosts] 24/7/2012 13:00

The worrying thing was those 'big buys' someone was nubbing on about earlier didnt move the price.

Clearly, we have found a seller, now, lets just see what price they stop selling at.

Most overvalued stock on LSE atm?

Please tell me if you think there is another one out there.

Only semi-support is 60p (as stated two weeks ago). We'll see if the buyers at that level want more or have had their fill.

Dont be left holding the baby.


Current Chart:

[longsight] 24/7/2012 12:47

"someuwin 13 Jul'12 - 10:43 - 279 of 315

Can't even buy £1000 worth now!"

Good news someuwin, you can buy plenty now. Good luck

[longsight] 24/7/2012 12:20

Chart looking OK - there looks like a strong support level at 15p, imo.

[longsight] 24/7/2012 12:19

What about fertiliser - they cd have 5000 sq km of bullsh*t?

[deltrotter] 24/7/2012 12:11

No need to be cynical LS.

6,000 sq miles could make one of the biggest pineapple farms in the world if they dont find DSO. Remember there is a food crisis going on.

[longsight] 24/7/2012 12:10

If that CEO in his nice shiny suit trotts down to B&Q there is a special offer on now on Black & Decker hand drills

[longsight] 24/7/2012 12:09

Interesting del - if they budget at 10p a day drilling per rig then the cash shd last a long time

[deltrotter] 24/7/2012 12:07

I am guessing they must have 30 or 40 rigs LS.