HPC Follower
29 Sep 2017
Re: RNS Extract I have written to FDI and, like last time around, sought an Open Offer at the same price per share should there be a placement... I have discussed this with the directors a few times at general meetings and they were supportive of an Open Offer before to keep all their smaller shareholders happy even if this didn't bring in much more cash than the cost to have such an Open Offer last time, i.e. it is the right thing to do.Today's sell off is over-done in my opinion, so I've added another 16% to my holding with more shares at just under 20p in order to average down.Clearly this isn't a strong buy at present, but not a time to bail out either, I suspect we have attracted a few day trader's today and, if so, there could be a small recovery later on. If not, the SP could slip further until the FDI plans are firmer - which may yet change significantly now they are just starting to mine some of the better areas for larger gem stones.
BADDOGREX3
29 Sep 2017
Re: RNS Extract So now we know the reason the price fell off a cliff .They are failing to meet expectations and the market dos'n't like that . Now it will be a deeply discounted placing.for the main investors doubt very much if there will be an open offer .Why on earth did they not see this coming .I suppose the drawing down of the facility was the first indication that all was not as expected Just a couple of world class stones and they could have avoided this.One has to ask Are they really there?? We have sold 1 million $ diamond and 51 other stones larger than 10.8 carats have been found as well as 31 Rare fancy stones.So that is not smoke and mirrors The stones are there we just have to keep going until we get to them. How delighted am i that i didn't rush to top up at 25p I expect that this will come good with time. Lucara have been going for five years now and they too experienced problems in their first couple of years.Lamb stated in an interview that he was watching Firestone because he didn't believe they could make the plan.
nat-king-coal
29 Sep 2017
The turn of a shovel This has always been a gamble obviouslythey could dig in another 6ft and hit the bigone we are still looking for the big one andi await the big one (hopefully)
Gbgold
29 Sep 2017
The news is terrible. The share price clearly being manipulated down to jump how it has this morning. Gliderpilot2, I also wish I had got out months ago. But I held strong on Petra years ago, held while they halved but then gained when they more than doubled. Providing finance is sorted out, this will go back up to 60p within 12 months. Let's face it the financier want to earn more money than just loan interest (assuming FDI can sell diamonds to pay the money back when they dig deeper).
gliderpilot2
29 Sep 2017
Re: RNS Extract This (Sept) is the point at which I thought we would know if we were onto a winner.It now reminds me of that old definition of a mine as a hole in the ground into which investors pour their money! Oh if only I'd sold more earlier!
WOisME
29 Sep 2017
Re: RNS Extract This is a carefully orchestrated and very well crafted dumbing down by the board who are controlled by the finance providers - I don’t like it at all.
HPC Follower
29 Sep 2017
RNS Extract Ends with the reason... some uncertainty and extra funding needed:-"Whilst, over the medium term, both market conditions and diamond values are expected to improve, the Board recognises that a revised mine plan needs to be developed in the context of the short-term pricing pressures currently being experienced, and with a view to achieving optimal value for shareholders in the longer term. It should be noted therefore, that at current values, the Company would require additional financing and would need to restructure its existing debt obligations in order to be able to deliver such a revised mine plan. In this regard, the Company has been in productive discussions with both its major shareholders and its debt provider ABSA Bank Limited, with a view to reaching a solution. Firestone will update the market further once those discussions are complete and the revised mine plan is agreed, which is expected to take place in Q4 CY2017.Looks like there could be a placement unless some bigger stones are found in the next few weeks... hopefully with an Open Offer.
HPC Follower
29 Sep 2017
Re: Re: So why are we down 16% today after just a handful of small trades?
BADDOGREX3
28 Sep 2017
Re: [link] Checkout the video on this link.In past interviews Lamb has said that he is watching Firestone with interest,he didnt think we could get the plant up to name plate capacity in the time scale.Looks like he under estimated us..In this video he mentions that investors are wary of single asset companies and he sees the way forward to building value for investors by merger and acquisition! With the Lundin Millions behind him and Lucara's ability to generate cash Firestone could be acquired by Lucara not long after they have started to prove that the resource has world class potential. We will probably end up owning more Lucara shares Not a bad thing to look forward to.The buyers are returning to Lucara now that the Graffs have the LLR. We eagerly await the next Auction results and sight of the specials catalogue. The more money they make the better able they will be to bid up our share price. We need to be a good clean act .The old mine needs to go. Lets hope that the sale goes through and that the Government remains a good and reliable partner.
BADDOGREX3
27 Sep 2017
Well that's long awaited and a refreshing bit of much needed good news .Interesting to see what happens to the share price .Wm Lamb has stated that the latest regular auction went very well,perhaps "The darkest time is before dawn" The words of the song .
JohnyCash
26 Sep 2017
Re: Petra has problems (Lucara) And yet RNS last night as follows (For the benefit of those who may not have seen it) >>("Lucara" or the "Company"
is pleased to announce that the historic 1,109 carat Lesedi La Rona recovered from the Karowe mine in Botswana in November 2015 (see news release dated November 19, 2015) has been sold for US$53 million (US$47,777 per carat) to Graff Diamonds. Laurence Graff comments, "We are thrilled and honoured to become the new custodians of this incredible diamond. The stone will tell us its story, it will dictate how it wants to be cut, and we will take the utmost care to respect its exceptional properties. This is a momentous day in my career, and I am privileged to be given the opportunity to honour the magnificent natural beauty of the Lesedi La Rona."William Lamb, President and CEO, comments, "The discovery of the Lesedi La Rona was a company defining event for Lucara. It solidified the amazing potential and rareness of the diamonds recovered at the Karowe mine. We took our time to find a buyer who would take the diamond through its next stage of evolution. The price paid is also an improvement on the highest bid received at the Sotheby's auction in June 2016. Graff Diamonds is now the owner of the Lesedi La Rona as well as the 373 carat diamond, purchased earlier this year, which formed part of the original stone. We are excited to follow these diamonds through the next stage of their journey."On behalf of the Board,William Lamb, President and CEO---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- --SP up over 5% today ............JC
BADDOGREX3
26 Sep 2017
Re: Petra has problems I have tried to access the proposed legislation revisions on the Government portal without success so I just do not know what changes have been proposed.It seems the information is barred."The Government wants the right to buy Stones at Market value" Do they propose buying the mine output from the producer and then Auctioning it themselves? What do they mean by market value? Rumour has it that William Lamb is currently involved in negotiations with the Government .The Lucara Diamond share price has almost retraced 50% from its peak.There have been no recent insider buys during this weakness.There have been no new special stone auctions since the spring?? There is something not going right for African Diamond miners and I am beginning to get a little concerned that we are being kept in the dark about some serious issues with Government control. Is Firestone's price retrace related to this? I am scanning The Lesotho and Botswana press for reports.
BADDOGREX3
21 Sep 2017
Re: Petra has problems I can only guess.Look at it from the Governments point of view.The stones are sold by Auction so until the hammer goes down no one really knows what each stone will actually fetch.The sorters and valuers will have some idea of the ball park value of each stone.At the Auction say a stone that they have set a ball park valuation on of say of 20 million realises just 5 million They may suspect that there is a ring operating in the Auction where after viewing the catalogue buyers collude and agree to a bidding sequence and will not aggressively bid against one another. There by obtaining stones on the cheap .I guess this is where the change in the law gives the Government the right to suspend the deal and buy the stone themselves at the hammer price thus defeating the ring.???? If that is the case then I don't think I have any problem with that idea.
JohnyCash
21 Sep 2017
Re: Petra has problems What do you think is the motivation behind Botswana's government in purchasing diamonds that are unusually large or have unusual features?Might they have specific plans for these diamonds? I cannot understand the logic unless it is something underhand JC
BADDOGREX3
21 Sep 2017
Re: Petra has problems Firestone and Lucara have been suffering a price erosion that is hard to explain.Uncertainty has been created by the situation at Petra something that we learned of just a few days ago but this may have been simmering for a while ...Will that issue lead to issues at either mine ?.I believe that the Management of both Lucara and Firestone is above any malpractice, if indeed there has been any at Petra.I was not however aware of the News story about the change in the legislation that may have caused uncertainty for Lucara www.miningreview.com/news/lucara-diamonds-not-affected-proposed-change-mining-legislation/ I have looked at the wording as published in Miningreview and it is not abundantly clear that Lucara will not be affected even though they have stated that they will not be affected .If there is no change in the situation regarding revenue what is actual fact is changing? I think that these external factors are to blame for the malaise in the share price ,but i find the lack of communication from the companies disconcerting.I should not have to trawl the News reports to unearth this stuff. The company should keep investors posted This information is of importance. I feel that both Firestone and Lucara need to make it clear to investors.
