UK 21:41 Tuesday, 27 October 2026
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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
This morning, Sula Iron & Gold (SULA) delivered one of the limpest imaginable excuses for a deeply discounted placement. Apparently the company has signed an NDA with a Tier 1 international gold producer, which is going to send one of its staff monkeys to observe drilling at Sula’s Ferensola gold project in November. This is why Sula has slaughtered its shareholders this morning, to raise £500,000 before expenses at 0.3p (an all time low for the share price, 40% below yesterday’s close). It is most definitely not to keep the PLC lights on and cover its c.£1.65million in annual admin costs.
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Comments
drunken sailor
Ben,
The details are in the full Annual Report – they have to be. The full annual report to Sep 14 gives total director remuneration as £235k for 2014 down from £525k in 2013.
When reading an annual report always flick to the end, normally the last or second to last note is related party transactions, these can show extra fees for certain services being paid to directors or companies owned by directors. In the case of Sula G O’Donavan has £106k paid to SRK ES for director and consultancy services. and there are some more that I can’t be bothered to type out.
You will have to wait for the full Annual Report to 30 Sep 15 to be published to find out how much they trousered this year.
Cotswoldhighlander
Ben, please see page 15 of the attached from their website which sets out full disclosure of what each director earned last year. http://www.sulaironandgold.com/wp-content/uploads/2014/05/Annual-Report.pdf
Ben Turney
@DS – yes, thank you…
@Cotsworldhighlander – thank you. I tried calling the company to ask for this information. I’ll take this down for now, and edit the piece, but points will remain the same
Ben Turney
@DS and @Cotswold – I went back and looked and the Annual Report is missing in the section where the others are stored. Where did you find that document?
FailedQS
I am now pleased to be an ex Sula shareholder – I took part in the Pre-IPO fundraise at 4p, and the IPO at 6p, and have watched the so called “management” totally destroy shareholder value.
Nick Warrell is a master at spending cash, producing absolutely nothing, and somehow having a total lack of shame enabling him to continue stiffing the gullible shareholders with ever dilutive share issues in the faint hope that he will deliver something.
The truth is this is a hopeless company, run by buffoons, and frankly, I would not trust them to sit the right way on a lavatory.
Long term holders are effectively out of the picture now through dilution. I plan to buy a few cases of Bollinger and Laurent Perrier Rose with the money I get back from selling my holding – I have been stung, but maybe I can enjoy the proceeds a little!!
Final Thought – Nick Warrell said recently (in August) that Sula was a 3-trick pony, but it turns out its more like a 3-legged donkey, or maybe an ass……
Cotswoldhighlander
On the AIM Rule 26 tab under Annual & Interim Financial Reports
drunken sailor
Ben,
Companies House beta service:
https://beta.companieshouse.gov.uk/company/07800337/filing-history
All filings are available for free, including a load that do not have to be put on Company Websites. When a doc arrives at CH they put a little sticker on it with the date received – always check this as it often does not quite match with the date that appears in the filing history as it takes CH a few days to scan the doc, with their sticker on and put it on the site.
It is always better to get whatever you want from the Company’s own website (if it is there) as that will have it in a decent PDF format that allows you to cut and paste, whereas the Companies House version will always be a scan and not cut and pasteable.