My take out of this is that PM likes to maintain his legal integrity.
In other worlds you can not take him to court, for something that has been said by someone else.
It should create a good picture of the subject in question.
On another subject
I wonder if ANY of the shareholder that attended the meetings, had the courage to as directly to PM why he misled investors, by declaring certainty in been able to receive funding for the mining project, when it as been years since prg had a license to mine but never receive a penny from finances, beside the poor shareholders that have been miked to the bone.
Last year Swooped was posting regularly on Advfn and this site.He seemed to have regular optimistic e-mails from Philip which he posted.They seemed genuine but why Philip would pass this info through a third party was a mystery.This poster has not appeared for months.Anyone any ideas as it seems very strange?
I'm 6' 3" tall, greying hair nowadays, so feel free to introduce yourself with your III User Name initially.
In some respects it's actually nice to be on the "inside" for once (especially in comparison to GKP over the last year or two) although we must all respect the confidentiality in this.
Lemphane will be enough to start with, although I do wonder what might be leveraged from working with FDI, just 15 km down the road and 3 months away from re-starting production from the Liquobong Main Pipe with all new facilities so they will be able to capture very large gem stones without breaking them. PRG must ensure they capture their best gem stones without damage if they are to get cash positive quickly, to justify the main plant which will be needed - hopefully to even better deploy equipment bought for the first phase.
Mothae will be mined eventually... but when and by whom are open questions.
..unfortunately work commitment won't allow me to take part, in the coming shareholders meeting.
I was looking forward to meet you all, they say misfortunes are less painful when shared...
Anyway if anyone of you is bothered to send me few paragraphs to update me on what discussed at the meeting, my email is [email protected]
Re my wrist it is most frustrating. I am not a patient patient and am having to postpone trips to Panama and the Dominican Republic which are becoming quite pressing. Oh well.
I understand the need to restrict comment away from public places. Indeed I am registered with the PRG SA and receive Vince's missives. I won't quote those comments from him but in his recent note he referenced being asked to confirm the status of Lemphane and I have presumed that was prompted by me and possibly others. If you received Vince's email you'll know what he said but you'll also appreciate that this was not directly answered.
Lemphane alone is a potential gold mine (well diamond!). Mothae was the cherry on top as it allowed for cost savings but wasn't part of the plan when PM was still as optimistic as an English football fan! So Lemphane alone should still be enough to get excited about if we can get funding in place and, as you say, answers to all the questions why PRG was delisted, the NOMAD issue etc.
I too have written this off in my mind but, like you, still hold out hope that this could be a massive success.
I've been rereading all our posts on this bb from beginning of November 2015, and it has been an edifying read. One can sense the feelings of excitement and dismay, confidence and disbelief, which we all expressed at that time. It has lifted me a little out of my current gloomy outlook. After all, little has changed except that we are now a private company (therefore cannot trade) and still seeking finance, with a seemingly highly investible leader in PC. There must still be a better chance of my 1 million shares making me a millionaire than of winning the National or Euro Lottery! I look forward to meeting HPCF, Luciano and Scholomo (if we can identify each other! - how might you be recognised?), and am very sorry that we won't be seeing Guitar with whom we had such excellent dialogue.
The ruling is strictly no posting of any details on public boards which can be accessed by non-shareholders, as this could then get back to those with whom the company is negotiating and thus scupper or damage our chances if they know the strength or weakness of our hand. However, if you have registered your shareholding with PRG by supplying the required evidence, and are on the Share Association's mailing list as a bona fide shareholder, then you will get limited feedback from Vince through those mailings. If they are being cagey with you regarding current state of licences then perhaps you have not proved your shareholding? You could ask Vince by email. But once you are on PRG's list of verified shareholders and known as such to the Shareholder Association, the best way would be to telephone and speak to PC.
Good luck to all shareholders here!
My portfolio was split almost 50/50 between MARL and PRG, but just a few days before PRG share trading was suspended I sold a third of my MARL to add to my PRG with the aim that when the deal was announced I would take the same out of PRG and return it to MARL. Whereas my PRG is now showing 100% loss on my iii portfolio, my MARL is showing 229% profit. My biggest concern is to understand why they locked shareholders into PRG by suspending trading prior to resignation of the Nomad. Many companies if they see themselves becoming delisted would let the nomad resign and keep trading open so that shareholders could sell up if they wished. It is no advantage to PRG to have delisted at a higher share price. Hmmmmm.
I'm pleased to hear that another meeting is about to happen and hope there's still life left in this puppy. Unfortunately, I am unable to attend as I broke my wrist a week ago and can't drive (from Devon there aren't many options). Plus I have a 3 and 5 year old to help look after.
Anyway, good luck to those that are attending and I hope this time feedback can be shared with non-attendees.
It is my understanding that PRG still has the mining license for Lemphane but Mothae is uncertain. However, I would seek PM's confirmation that rumours of the Lesotho government revoking 9 licences does not include Lemphane and PRG. I've asked the Shareholder Association to ask PM directly but haven't had a straight answer.
Good, that's 4 of us there so far. Will be great to actually meet with you! I'll be wearing a navy blue blazer with a small pale blue badge in the lapel which on close inspection is a Photographic Alliance of Great Britain (PAGB) badge (awarded when I achieved the Credit Award of the PAGB entitling me to add CPAGB after my name and call myself an 'Award-winning Photographer').
I've mentally written off the investment here; so if things manage to come together so that something is returnable I'll be happy. The upside could be great IF things can fall into place; but that IF is very high risk! Bottom line as an investor is Do NOT post any details anywhere!! When you hear Philip Manduca describing the intricacies of potential negotiations and scenarios it becomes obvious that as investors we do NOT want potential deals personnel to know what cards we may - or may not - have in our hand. Poker player faces all!!
I also hope to be there, but I'm sure the company will be looking for additional funds... not so easy nowadays for any plan they might present with diamond prices still relatively low.
The kimberlite they have is relatively small for the mining investment ($100m+) which may be needed to mine the resources and extract the highest value gemstones - looking at FDI as a comparison.
Right now it's difficult to know whether any of our investment money is left; and obvious questions are a) how much cash does the company have now; b) what is owed presently; c) what are their assets worth and d) what is planned and how is this to be funded; and, e) what is the forecast return (NPV).
Why not a merger with another diamond mining company in Lesotho, to share facilities and save costs?
Can they return any cash to shareholders if they don't proceed to mine the resource?
Shareholders with this site still on their watchlists may wish to attend the upcoming meeting (very strictly for shareholders only), which is Sunday 24th July at 12 noon, near Luton. The announcement is now showing on PRG's website at:
If you have attended the last meeting, or have subsequently provided proof of your shareholding to the Company, then you simply need to reply to the PRG notice and they will send you an invitation, which you will need to show at entrance to the meeting together with photo ID. If you have not previously attended then you will need to provide proof of your shareholding. My holding is with Halifax Online Sharedealing, so I photographed the screen showing my holding and account number details, then sent the photo to PRG as a jpg. I will again be attending. Hoping to see a few of you there!
KDL is quoted only in Australia.
A word of advise on this share. Although potentially, by looking at the market capital and the planned production of some 350K Carats once at full speed, this share look very cheap.
One recent development that is not so clear to me, is that KDL have booked the sale of a portion of future production, at an undisclosed price, in exchange for further financing.
The company is fully financed to production now, but I don't like the fact that we shareholder don't know at what price, some future diamond production have been sold.
Anyway time will tell and it seems current sp could hold for further gain...
On PRG I appreciate that there may be some discussion behind the scene on Mothae, or that PM may like to keep his card very tight, but as far as I remember the main issue was financing, and not negotiation on Mothae.
My only automatic assumption out of this is that if they have still ambition on Mothae is because Financing has (somehow) been sorted......
Hopefully this is true and soon I will see my shares back trading in some market.
KDL isn't coming up on a search of available shares on my online share dealer, so not listed under that ticker on any market covered. I assume therefore it is listed only in Australia?
At the meeting we were well briefed (as might be expected) on the Mothae project, on what actually has happened (not limited to the snippets which get reported) and on what PRG would like to see happen, and why. Imagine that there is a giant card game going on: if you show your hand to the other players then you will never win the game! Hence the veto on public posting of any details which shareholders may have heard on mutual trust.
Following the signing of a Memorandum of understanding for the sale of the Mothae Diamond project to Paragon Diamonds Limited ('Paragon'), a share purchase agreement was entered into effective July 2, 2015. During the fourth quarter, Paragon was unable to complete the share purchase agreement and as such the Company has relinquished its 75% ownership of the project back to the Government of Lesotho and is currently working with the Government of Lesotho to finalize its plan for the rehabilitation of the project. Lucara has no remaining ownership in this project.
hoping for PRG to get it back ???
meanwhile take a look at KDL Australian diamond miner about to come to production.
Many thanks for you reply PB
I can sense a lot of enthusiasm after the meeting,
I really wish it was well justified.
I would imagine that they didn't give any time table
for anything that the BoD may try to achieve?
I attended the meeting, together with 37 other shareholders. The other side of the table sat the Chairman (PM) and 2 other directors (who played very little part).
The opening theme from Phillip Manduca was all about mutual trust. They had been very careful to ensure that all attendees were bona fide shareholders and not what PM termed 'Viruses' - people whose delight is to cause trouble. He emphasised that we would receive frank and confidential information at the meeting, and it would be detrimental and prejudicial to the company's negotiating position and credibility and thus our own investments to let this into the public sphere. I totally get this, I utterly hope that all other attendees did, and therefore I'm not going to post anything of the details of the meeting. PM at the end stated that he would always be pleased to reply to any genuine shareholder enquiries, speak personally with shareholders over the phone and in person if they visited the office.
PM then spoke for about 40 minutes, and gave us a very frank update on the situation. Behind the scenes is a fascinating mix of personalities and political game-play: think of PM as a chess master if you will. I got the impression that (other than an inability to trade my shares if I needed to) as a private company there are significant advantages in being outside the realm of the regulators! There was then open discussion for more than an hour, during which straight sensible 'adult' talking and honest responses were heard. There was absolutely no 'flannel'. The PM we saw and heard was far from the restrained image of him addressing the media. My lasting impression is that here is someone - thank goodness - who has shareholders interests totally at heart - after all, he and Titanium together own over 40% of the company. There have been those on boards such as this who have suggested that somehow we have been let down by him. If I have any credibility as a bulletin board poster, then trust me when I assure you that nothing could be further from the truth. One might have expected that, after the history of the past 2 quarters, shareholders might have been aggressive towards the directors and there would be some 'fireworks' thrown from the floor; but this was emphatically NOT the case. I think we all felt that this is OUR company - and personally (holding just over 1 million shares) my round-trip drive of 415 miles from Newcastle was well worth it. I invested in PRG because I was excited about the 'space' in which they are operating and the sort of integrated company which PM seeks to build; and also because PM himself seemed to be one of those all-too-rare leaders of small companies who are ethically minded, experienced where it matters, doggedly determined and (being a major shareholder) properly motivated to take care of shareholder interest. Having met and heard him I am now confident that I made a good choice. Those who watch 'Dragon's Den' will understand what I mean when I say that PM is himself highly investable.
There was talk that shareholder meetings such as this might become a regular feature whenever there is something new to be updated on. So, to any such genuine shareholders who read this, my advice would be to communicate directly with the company, let them know of your holding (mine is held in a Halifax Online Share-dealing account, I photographed my online statement of holdings and emailed the photo to them, then had to produce ID upon arrival; so expect to be vetted in this way - and please be understanding and grateful, as I'm sure we are all grateful for the security checks on all passengers when we fly). Then if the size of your investment is worth the fuel to drive to the meetings, do attend. And if you have any questions, do address them directly to Phillip, and he will respond.
I'm sorry I won't be able to join you at this key meeting but I'm keen to support and see PRG progress with at least one diamond mine in the next couple of years - otherwise I suspect that we shareholders won't see a penny back from our investments so far.
Please do tell us what is said and what might happen post the meeting, etc.
Hi Pharma Brown
I am replying on this board because have lost the log in info for the
I didn't mean to be naughty
is just that I read the bit about not posting the address on boards afterward.
Unfortunately won't be able to attend the meeting,
but would really appreciate if you could give some of your thought
on this or the other board.
Anyone ( a PRG shareholder) able to go to this meeting on 28th February, I assume in London, and able to report back?
Date: 15 September 2015
Paragon Diamonds Limited / Sector: Resources
5 February 2016
Paragon Diamonds Limited (Paragon or the Company)
The Board of Directors will convene a meeting for shareholders on the 28th February at 16.00pm outlining the current activities of the Board and the business strategy for 2016.
To attend, individual shareholders must register in advance and provide certification of their holding. Only those registered and invited and who have successfully evidenced their shareholding may attend. This meeting is for current shareholders only therefore proxies, affiliates, companions or others will not be admitted.
To register interest in attending, please email [email protected] detailing your contact details, number of shares and attach sufficient evidence of share ownership.
Details will be transmitted by return email and identification will be required upon entrance.
I spoke with my broker TDW, in regard of share certificate as my PRG shares where in a ISA,
They said that there is no problem for them to issue S. Certificates, in case of relisting and the need for share transfer from one exchange to another. The thing is that it may not necessary a S. certificate, as often, a document/correspondence from your broker that proof the purchase of the shares is enough, for this operation.
Let's hope some useful work is proceeding well in the background... may take quite a few weeks/months for PRG to get their revised plan and financing together, especially if they need Lesotho government support on licence transfers, etc.
No merit or means to sell my PRG holding now... so any news welcome from reliable sources, including the PRG web site.
We are advised to monitor the PRG website closely as our source of information; which I'm sure we will all be doing. Once funding and an advisor are settled then relisting will follow 'on AIM or the main market''. Now, wouldn't the main market be an unexpected bonus! I'm not expecting anything so good, just sort some finance out, get a nomad and relist is all I ask for in the New Year.
Happy Christmas, everyone. And may 2016 be highly prosperous!! Speak with you on the next PRG board on iii or LSE when it happens (which I remain confident it will).
As far as I can see, the above gathers all comments from LSE and iii and posts there (I found myself!). So, if iii and LSE shut down then no further posts will be drawn to it. However, you can register on that site directly as well which may work if they continue to provide a BB for investors to keep in touch with each other. It will be more necessary that ever if PRG is delisted.
So we have 8 days to find a replacement NOMAD. That's not much time and opens up a whole array of questions, one of which is what happens to this BB if PRG is de-listed from the AIM? This forum would be more useful than ever to help each other keep tabs on the situation if PRG no longer has to release RNSs etc.
It's frustrating not knowing what is going on and just having to speculate. But, I guess if you owned National Grid you're as much of a passenger as AIM - unless you own A LOT of shares!
FWIW, I think PM has rattled a few cages and p***** off a few of the typical mining financiers by refusing to let them come in at this stage with a dilution for existing shareholders at the expense of the Johnny-come-latelys who want all the glory for providing a bit of finance to get operations going. I thought that is what the initial shareholders also did!
We sit and wait. I remain optimistic that PRG will get the finance it needs to get operations going and then the operation becomes self financing once they start pulling diamonds out to the ground - albeit with a big caveat that prices are falling etc etc. We just need to find one big 'un and it will fund mining for months!
All I want for an early Christmas is for PM to say we have all the funding we need for PRG to commence mining operations in Q1 2016 and then for that to start happening. They are mining in the right area, good licenses, good equipment, good management, distribution channels being developed ahead of time etc.
Yes indeed: Allenby comes immediately to mind as the next nomad, they have recently done their research with 'buy' recommendation, so I'm hoping to see them appointed pretty soon! Am holding just over 1m of these, so share your concerns; but I cannot see anything big to fret about regarding PM's actions and the RNSs all of which bear Northland as contacts for enquiries. As you say, we are passengers on this journey, traveling the AIM minefield. But for Northland to resign whilst their client is in share trading suspension and could arguably most need their services, seems highly unprofessional! We may never learn the full story, but doubtless PM will be asked to comment at the upcoming meeting. 'Clash of personalities' comes to mind as an escape clause.
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