I don't suppose he really cares. No-one is doing anything about his wrongdoings apart from 'looking into them'. My guess is that his ill-gotten gains are far out of reach of HMRC so when it all comes to an end, as it must, he'll just disappear.
As you have encouraged me to comment on ECOB, I will despite being busy fishing and the wife (was girl friend until last Friday) very busy maintaining employment levels at the onsite Spa in our favourite glamping site in North Devon, broken only by visiting the local gin palace.I could comment on the operations, but that is all about crystal ball gazing, and can be read by all and a view formed about jam tomorrow. I do not question the expectation the new production line will be up and running by year end latest and in commissioning sooner. I would highlight, I do question any activity in the UK market as being of merit given all the unique technical requirements, especially fire related post Grenfell. What I would highlight is the balance sheet (numbers all in euro). For example, I don't like:- 7.5 million of goodwill, which is c.80% of the total net balance sheet strength.- trade receivables increasing to 3.7 million - that is more than 3 times the last 6 months turnover. That's not a great (cough cough) cash conversion generally, and far too much (almost all) last 6 months turnover has not been collected as cash and has been added to the debts due.-trade payables have maintained at 3.3 million.-6.7 million of debt remains, of which 2.1 million is current.As I said at Sharestock, its all a bit of a train wreck balance sheet (I note that Chris very much disagreed with my assessment). I note some debt has been pushed out and the current due debt is stated as not expected to be called for payment, but at some point it has to be sorted (repaid). I wish the company well, but balance is needed on viewing the investment case in my view.
The normal thing in venture type companies is raise 12 months money to enable any next round to be done at a premium off the back of some achievement. That wd be £25m ish.AVCT has however done a bunch of smaller raises eg to cover the next Heights payment, normally at a tight discount. You wd have thought that wd “weigh” on the market - but hasn’t.The play has been to take stock at a reasonable discount and feed it out to hungry retail over a period - an insto/retail arbitrage.
Price, apart from a small minority who come for pre arranged jobs the majority of migrants coming here are low grade people, especially those who are coming here by boat, often not wanted in their own countries, have no education and speak no English. So how do you train uneducated people who don't speak English for jobs that do not exist?? There are over 6 million claiming out of work benefits and there are only 780000 jobs on the market.There is no poverty in the UK which as am Indian neighbour of mine in his 50's, been here for 30 years, recently reminded me. Go to the back streets of Calcutta etc if you want to see poverty.
The huge discount to net present value when mine construction is imminent allows a significant margin of safety at the current price.If and when Kefi are able to give a detailed update on the political and by implication the security position that would give the shares a big boost as would commencement of mine construction.It is for each investor to weigh up the risk /reward ratio as compared with other miners.There is complete transparency in the discussions here.
