Thanks for contributing an alternative view Bentley .... as I have said I am not fully informed by a long shot ...
Yes, the postings I have made see a glass half empty because I dislike the company, its obfuscation and its obvious behind the scenes dealings with major shareholders or potential shareholders and its chops and changes .
It angered me greatly when I found out the first Brimstone effectively made more than $3 million out of Penny’s after purchasing part if it for $500 grand and that - in a round about way - shareholders were used to buy it back after Liongold recognised it had bought ‘a dud’.
..and then that Empire divested itself of the shares it had purchased back into the hands of the reinvented Brimstone was just absurd.
It made me feel bitter and twisted when I have read announcements saying Penny’s Find was ”ready to go” since 2007 .
I am so suspicious of this company that when you say “they have paid off Blue Cap “ my response is “are you sure?”
They originaly borrowed $7.5 million https://hotcopper.com.au/documentdownload?id=uOMxKKzFkiWRTLKhOROKAxjvTDYC4gq/yBWZpeV1ke92GA== on 21 March 17 - “repayable within seven months”
The announcement on 29 January this year https://hotcopper.com.au/documentdownload?id=uOMxKKzFkiWRTLKhOROKAxjvTDYC5Qe6zhiZpeV1ke92GA== notes the PFJV had been invoiced $8.4 million and had repaid $5.1 ( leaving $3.3 million owing? ) and had paid a penalty of $600 grand to stop further calls and ( I think) that the agreement had been renegotiated so BlueCap got first dibs on all money as it became available
Then on 16.5.18 they say they have paid everything back according to the funding agreement of 16 August 2017.
...but I can’t see any announcement or references to any agreement made on this date !
As I pointed out you are most certainly correct and Peter Lachlan McDonald of the ASIC bans may have no connection to shareholders Peter Lachlan Super Fund, and the various McDonald entities who own large quantities of Empire shares ..... but whichever the Peter McDonald is who is the man associated with both Brimstone and those entities owning Empire shares, no one has said he is a director !
Not me ..not Empire.
As to disgruntled shareholders ....it might be assumed Empire is the disgruntled party .
The board raised funds in 2014 to investigate barite in Angola with Mandara via a JV calked Barola . Instead they bought Liongold 40% back via the JV (with capital raised for barite .) Then they sold out of their half of the JV leaving Mandara (via Barola via Brimstone ) with a full 40% of the mine.
Then they proceeded to cover all Mandara’s share of debts to Blue Cap ..
And there we have Mandara Capital as one of the larger holders in this ‘dissident’ band... another naming coincidence ?
Or else something besides me is twisted .
You are right that whatever views I have I am also genuinely trying to be helpful ...
And I very genuinely wish the best for the ordinary shareholders who have placed their confidence in the company.
Cheers
(20min delay)
