The good news is the number of 'clowns' employed by ECR has reduced from 5 in tax year 2014/15 to 4 in 2015/16.
Of the 4, one is an administrator and the others are a Non Ex director a non Ex Chairman and and CEO.
This is good news for all investors as the aggregate wage bill has been reduced considerably from around £583,280 in tax year 2014/15 to £252,724 for tax year 2015/16. This was achieved by getting rid of an administrator leaving just one person to run the administration for this global mining exploration company.
I applaud this sound and sensible approach to cutting cost which will significantly reduce the cash burn which in turn will make sure ECR make the shareholders funds last longer before raising more money by issuing new shares and warrants.
ECR will go from strength to strength as this new powerhouse profit driving investment team take shareholder investments to new highs.
All the good news and information are available from Companies House records
Ive lost a couple of grand on these clowns, don't buy,you will loose.Just wait for the next rights issue to pay the coffee bill followed closely by a consolidation.Its the old story they keep it going until the mug investors dry up and then move on.Sorry to say I was one of those mug investors.PLEASE DONT WASTE YOUR MONEY, YOU HAVE MORE CHANCE ON A 100-1 IN THE NATIONAL.
As I said, got it all wrong, ECR has been transformed. No longer is it a rampers paradise share but a solid opportunity to invest for the long term.
I can see no downside from now on, this share will continue to rise as the quality of the assets become clear and maybe, just maybe they will be subject to a takeover by one of the big boys when the opportunity comes to their attention.
Don't let my previous misguided negativity sway anyone. ECR have risen from the ashes of burnt shareholders to live another day, it's a bleeping miracle!
AIMHO and please, please DO NOT READ my previous post.
If you check my profile you will see that I was posting elsewhere yesterday.
I don't hold ECR, I got stop lossed out but I do have them in a virtual portfolio of shares I've flogged which I somewhat sadomasochisticly keep to see what would have happened if I hadn't sold. It's a way of assessing my judgement.
Good luck to all holders. I am certain with the new management and backing ECR will go from strength to strength.
PS, you can generally tell whether the same person is posting under another handle because the style of writing and use of language is hard to hide.
Funny how he registered over there on Monday and started his tirade of negativity on Tues morning.
Just wondering if it was you because it would fit in with me telling you on Monday about the lively discussion over there???
Something smells a bit fishy, you claim not to have any shares in ECR yet you relentlessly post negatively here to the point of exhaustion, hitting the `strong sell` button almost as often as you can get away with. Whats that all about?
Well well, not sure if you`re being sarcastic or you did buy late on when you saw the price rebounding again, which was an excellent sign.
Whenever there`s been a spike on questionable news in the past the rise just gets sold into and bought back to where it started.
Not today though, this was a very strong rise on very high volume, and held on to most of it into the close. This was positive news today make no bones about it, junior explorers need investment and this new engineering and machinery company are a world away from the likes of GA who just raped ECR`s sp supervised by SC.
If you read back over all of the RNS`s since SC `resigned`, or was pushed, you get a definite sense that the new board are no-nonsense movers and shakers which shines a spotlight on how incompetent and out of his depth SC was.
This is what Craig Brown (CEO) said in the update RNS on 3rd Feb `17.......
ECRs recently announced plan to drill the El Abra and JV prospects in Argentina is in addition to the drilling planned in Victoria, and as a result, the Company is set to enter a particularly exciting period with plenty of news flow.
T&C, I think you may be putting too much importance on the amount of posters commenting on here having an effect on the share price, I couldn`t give a rats arris what others post on these sites unless they are informative rather than getting in to petty squabbles about opinions.
I only posted today because I saw your `strong sell` negativity in the face of many positive recent statements and activities by ECR and its recovering share price, otherwise I probably wouldn`t have bothered.
If you like reading plenty of opinions on ECR then try the LSE discussion, 37 posts today...and most are rightly optimistic.
I have reflected on everything Botmzup has said and I've clearly missed the transformational effect the new management have achieved at ECR.
How could I have been so wrong?
All we need now is to get enough posts on this board, over 30 will get us onto the most active discussions list and then just think how many people will plough in and buy. It's a bleeping gold mine, forgive the pun!
Good luck all, sorry for being so negative before, I'm truly converted now, what an opportunity.
Should say potential dilution; the unambitious strike price is little more than 25% of current share price. It's interesting that all the RNS didn't come out at the same time today which would have shown the full extent of the dilution/potential dilution at one time. The initial one about the new Chinese investors was issued at 7.00 before the market opened the latter at around 11.00. I can't see a justifiable reason for this
It is noted that these are unapproved option. It is hard to see how an approved option scheme based on results could ever be voted for and agreed even if you just consider the performance since the so called 're-birth' of this dog. The attempt at justification in the RNS for this unwarranted 'nose in the trough' reward is excruciating.
It really doesn't matter what I say, I know that. I'm not really an interested party anymore as I do not hold the shares. ECR enter what has the potentially to be an orgy of ramping and after all, that is what the Director, the Chinese investors and some PI's are counting on.
It has nothing to do with mining or exploration ECR is about speculation and getting in and out at the expense of others. Make sure you are not one of them :-)
Tired and confused is a very appropriate name for you.
You have been spouting your venom and desperate hatred for this company for ages, sometimes endlessly with no replies other than your own.
I think you have been burned badly by this share and probably lost more than you could afford.
ECR have always been high risk, everyone knows that, and I certainly gave up on them and put it down to experience. I forgot about them and moved on, but I never sold.
Now there is a new feel to the company, that's why I added more at 1.17p to average down and back the new team, and yes, to try to get some paper losses back. I think the price will rise to multiples of what it is now and won`t be selling with a meagre 20% or so. That's what I believe, and no amount of desperate deramping by you will change that.
My money, and I win or lose by my decisions. So far, buying more when I did was the correct decision boosted by todays RNS`s...including the holdings RNS stating that someone called Wayne Gibson has had to declare his holding going over the 3% threshold.
You`re so desperate to claim some sort of points scoring that you aren`t even reading my posts right....`Buying now @ 1.50p` was the title of my post referring to what price people were paying, I didn`t say `I` was buying at that price!
You should get a grip, calm down, and might do yourself a favour by looking at this company with a fresh head, as if its the first time you`d heard about them.
If you`d done that last week instead of concentrating on slating the hell out of them on Friday you could now be well into profit, closed Friday @ 1.15p high today 1.64p!
It was always going to retrace on a bit of profit taking today after such a nice rise, so there`s still time for you to get in early.
Lets revisit this again in a few months and see....my hunch, with the news flow due, is that it will have reached 2.5p by then!
Buying now at 1.50p but now you say you bought at 1.17p which is it?
'This is a new Company now' oh yeh it certainly is, one that had to give 30% of it value away in new shares for £550,000 and if you add it the value of the warrants that could increase to over 50% of it value.
The reply is not specifically for you, just like the so called de-ramping sell posts were not for you either. This post is for those who read or stumble accross this board and maybe it will discourage those inexperienced investors, which you are certainly not, from ploughing in and giving this share the unwarranted momentum so that rampers can sell and get out, cutting them off at the legs, leaving them to hold the proverbial baby.
Your post on 6th December 2012, that is 5 YEAR AGO!
This site (ecr discussion) is hard to understand, not too many months ago there was a frenzy of optimism...`2p by the end of the week` etc with the first Themac good news.
Now, when the good news is starting to take hold its like everybody has died and no one wants to talk about it! Just the sort of time when the bottom is defined...`when all around are fearful` and all that.
2p by the end of the week!!!!.
Five year on and the shares that were then 2p have been consolidated. 200 of the old shares for 1 new share which is now trading at 1.5p!!!!!!!!!! Where has all the money gone? Answer in digging pointless holes in the ground and management wages and expenses. ECR have also instructed lawyer in the last month to fight for there 25% of some godforsaken project in Canada, more money down the drain.
The price rise is a ramp, ride it if you can or want to try. The Chinese are not investors, they are gamblers who have taken a punt on ECR and are working for a payoff which is probably to buy the shares in the market and ramp them to the point where they can exercise the warrants on a rising market to dump the lot and get out.
Take your chances if you want and try and guess the market but this is not an investment it is a punt on a shell company that does nothing other than talk and has never made a penny in profit from the very first day it was incorporated.They are parasites that live on the capital they raises and then spends, mostly on funding the lifestyle of management, employees and associated cronies.
You are an experienced 'investor/trader, don't try to ramp others into this stock. You may get out on a profits but most won't.
RNS today confirms the inevitable issuing of more shares to keep the gravy train going.
The directors of ECR Minerals plc (the Directors) are pleased to announce that the Company has conditionally raised gross proceeds of £553,564 (Gross Proceeds) pursuant to a subscription by the Shenyang Xinliaoan Machinery Co Ltd (Shenyang or the Investor) based in the Peoples Republic of China, for 55,356,391 new ordinary shares of the Company (Subscription Shares) at a price of 1 pence per Subscription Share (Subscription Price) (the Subscription). Conditional on completion of the Subscription, the Investor will also be issued warrants over 83,034,586 new ordinary shares in total (the Investor Warrants). Of the Investor Warrants, 55,356,391 are exercisable at a price of 2 pence per share and 27,678,195 have an exercise price of 5 pence per share. END
Of course, should the warrants ever become redeemable the dilution then goes through the roof. The warrants are the bait to get the initial investment and it is now the aim of the new 'investor' to romance the share price to a level where their warrants can be exercised and dumped into the market to make a profit for them before the share price collapses again. Good luck with that one!
All this for a paltry £553,564 but I guess this will allow the business to carry on skimming of wages for a few more months whilst the new investor plots their exit strategy right from the day of entry. They really are going to need a creative writing expert to produce the RNS reports from now on to pull this fiasco off, maybe one with a background in writing fiction?
You really do have to admire ECR for their bare faced but legal, some might say, abuse (not me) of existing shareholders as they selfishly destroy yet more value in the existing shares.
ECR have just performed a masterclass in dragging out the death of a business for nothing more than to drain the very last drop of wages and emoluments they possible can. ALL IN MY OPINION.
The Management team should ashamed of themselves. Their actions are no doubt legal but the they are, in my opinion, morally reprehensible.
On the plus side there is probably more chance of making a return on investing in ECR than spending money on the lottery but that really isn't saying much.
I suspect that ECR is effectively a shell company now. Having a listing on AIM may turn out to be the only thing of any real value, something to back into in a reverse takeover?
The 1 new share for 200 old consolidation which still left shareholders with new shares worth less than 1p is quite startling because the only real purpose and benefit of this was to create the situation where raising yet more money to burn would be possible. Watch this space!
The fact that this new lot are soldering on taking wages shows just how easy it is to abuse investors on AIM.
The previous management, had they an ounce of integrity, would have liquidated the Business but as we all know, whilst there is still some money left to take wages, the pointless assessing and drilling of holes in the ground will continue until either the money is gone or all other methods of raise further funds in the market, by any means possible to keep the gravy train running a little longer, have been exhausted.
Now for those who like to see how Companies like ECR sucker in investors you could do worse than watch this masterful performance from The Wolf of Wall Street.
Turns out that the new CEO of ECR may have a little bit of the Leonardo about him :-)
In any case the premise of the film and the habits of vampires have some serious similarities between ECR and many other 'lame duck' Companies which make a living on the peripheral of AIM in those dark and dingy places 'penny share' dreamers frequent. Don't Vampires suck the living blood out of their victims?
THIS IS FOR ANY POTENTIAL NEW INVESTORS: A health warning, or should I say wealth warning, if you like.
In the coming year we can expect more revenue raising from the 'reinvigorated'and 'transformation' BOD and many new avenues of exploration.
The approximate 97% destruction of shareholder value consolidated by the 1 new for 200 old shares, A CONSOLIDATION WHICH GAVE NEW SHARES WORTH LESS THAN 1p!!!! will be carefully ignored as they boldly go where others have failed before exploring mediocre assets, discarded and disregard by successful 'miners' time and time before. Each one will be dressed up prettier than a 10 dollar wh-ore (forgive the pun) with glowing inferences of profits to come but, as anyone who has followed ECR knows, will never be achieved.
ECR is nothing more than a vehicle for generating wages for Management and those drilling, or facilitating drilling, pointless and doomed holes in the ground. The track record of this sorry excuse of a Business is dismal and only a fool would invest in ECR given the opportunities elsewhere. Never-the-less, these warning will fall on some deaf ears and those who invest on the same basis that they would buy a lottery ticket will plough money in on the hope of getting lucky.
Thought you might have a New Year dabble on some penny shares? Well move along and consider yourself luck if you read this in time.
Investing in ECR has been the triumph of hope over experience for years.
Even after a 1 new share for 200 old consolidation the shares of ECR are valued below 1p.
This staggering reality, simplistically broken down, equates to pretty much each £1.00 raised through recent placings and other financial mechanisms being spent down to just 0.5p, 99.5 pence in the £1 totally lost, never to be recovered.
Investors dream of getting a 10 bagger, not even the least sophisticated consider a 50 bagger, let alone a 75 or 100 bagger but that is what would be needed to recover the years of attritional waste that has been the sorry history of this management money cow.
Yes we have new management but as ever they will turn out to be just another set of rotating 'heads in the trough' as more and more funds are spent prospecting and on management wages.
If they find a rich seem of gold, they'll need to raise further funds to explore and evaluate, if they 'strike out' then all the costs are wasted and ECR either folds or have to raise more funds to keep going. Either way, a placing with further dilution, upon dilution, upon dilution will be announced soon. Almost unbelievably they will find a way to do this.
AIM has a broad spectrum of listed Companies but I am afraid ECR are a shocking example of the very worst. Management nonchalantly ignore catastrophic losses as if they hadn't happened and predict a bright future. You really do have to admire their cheek.
The old adage says 'a fool and his money are soon parted'.
Those PI's considering investing in ECR would do well to remember this.
Now I wonder what constitutes a respectable period of time before they issue some more shares and warrants to keep this gravy train going.
Just before Christmas to pay bonuses for executive performance?
New equity will be hard to get away so look out for a whole raft of shares at about 0.4p or maybe lower. They would have to be low enough for those stomping up the cash to dump them in the market at a slim profit immediately ensuring the existing shareholder pay the real price through further dilution.
Do the BOD have all skill sets required to audition for a new production of the Wizards of Oz. Surely they must be lacking a brain if they think they can turn this around, they must be lacking a heart by disingenuously raise the hopes shareholders, and what about courage, the courage required to do the right thing and to close this down without taking more wages and fees.
I thought we might see assets, such as they are, being sold off and 'peanuts' back to shareholders but it seems they may be going for the option to bleed this business dry before finally burying it.
I'm guessing the prospect of creating shareholder value by drill more holes in the ground with other peoples money will deliver about as many results as the promises made by Donald Trump in the US election.
One thing is for sure, they will need more money to keep this money spinner for management going!
ECR rises from the ashes of burnt PI's to fund another day in cuckoo land and burn a few more?
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