On the long tack, it is congratulations to Gary Newman with Vedanta Resources (VED, currently +220%) edging out Steve Moore (Avesco Group, +186%)...
Rare Earth Minerals (REM) has seen its market cap more than double in the space of a month, but it is hard to see anything that justifies such a meteoric rise.
On 19 November 2015 shares in Rare Earth Minerals were 0.8p and I warned that they were overvalued and that a placing was 100% inevitable - HERE. David Lenigas took to twitter and explicitly accused me of lying/being a troll/making it all up. Today the shares stand at 0.57p after a placing today at just 0.55p. So who is the liar now?
Bacanora Minerals (BCN), the AIM and TSX-listed lithium explorer with assets in the Sonora province of Mexico, has stood out from its peers in the junior exploration space in recent years. While share prices have collapsed all around it, this lithium play has maintained a market cap of £70 million despite having yet to release a PFS. Part of this is because lithium was the hot commodity of 2015, but also because (as Peter Secker alluded to when this exact question was put to him at Gold and Bears) Bacanora has a "supportive shareholder".
There are number of reasons why Rare Earth Minerals (REM) is a slam dunk sell. So many that it is hard to know where to begin. But we might as well start with the macro scene and a very important article that appeared on this website a few minutes ago.
Featuring shares in Concha (CHA), China New Energy (CNEL), Empyrean (EME), Emerging Market Minerals (EMM), Independent Resources (IRG) and Rare Earth Minerals (REM) with share price targets for all six stocks.
I commented in a recent Bearcast that Director's options should be set at a price so as to reward success not failure, and to align Directors' interests with shareholders. Recently we have seen Debenhams reset Directors' option exercise prices downwards so that they can still be achieved despite failure and a crashing share price. But this trick goes way back, and no-one is better at this 'move-the-goalposts' approach to performance management than Jabba The Hutt, David Lenigas.
Over the weekend one of our most read pages was a very old article about bogus Tripadvisor reviews of a restaurant called Real Man Pizza Company. This was driven by discussions on the LSE Asylum Rare Earth Minerals (REM) thread about "defending their stock" - down again today BTW - by attacking me. And lo and behold...
Jabba The Hutt likes to get shares at 0.01p in companies he is involved in. So what if other folks have to pay far more at the same time, David Lenigas sees it as a reward for enterprise. We have already seen scandals on this front at Lenigas Cuba (HERE) and AfriAg (HERE) but the Big Daddy is Rare Earth Minerals (REM) as I shall now explain.
