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  3. There is now a Managed funds topic. Enjoy.
TNG 16.0¢

the future

  1. Pokerface

    3,622 posts.

    Folks, I attended a shareholder update earlier this week. Perhaps I was invited because I have been a loyal shareholder for many years...who knows.

    There was no information provided which is not already in the Public domain.

    I was most interested to hear what the view was on funding Mt Peake. At this juncture, to me, this is paramount, to the near term success of TNG.

    I am taking up my full entitlement in the SPP which involves three separate accounts.

    Take from that what you will.

    Best of British to all who sail in the SS TNG !!

  2. "Best of British to all who sail in the SS TNG !!"

    will be interesting to see how many "rats" will leave
    the SS TNG in the next 2 weeks

  3. maxter

    1,014 posts.

    Well for what its worth PF im in.
    I am still very optimistic aout TNG. While I take on board concerns raised I dont share them.

    Always buy when the stock is oversold granpa maxter once said and I will.

  4. Linshan

    612 posts.

    Im just having a beer.

  5. bobadah

    2,067 posts.

    My wife and I have 3 separate accounts, one each plus a DIY super a/c. However, that only entitles us to two quotas. One full quota each regardless of the number of separate holdings is all that is allowed.

  6. Pokerface

    3,622 posts.

    I would have thought if your SF has a separate HIN, you would have received an application for it also, as it is all spat out of a computer

  7. ando1

    545 posts.

    Yes I have two separate parcels I can buy. One personal and one for my super BUT why would you want to buy anymore TNG at 4.5c when you can buy it cheaper on the market? I've donated enough money to line the pockets of management who've only management to stuff up TNG.

  8. bobadah

    2,067 posts.

    PF
    Page 5 of Terms and conditions (and also on the Application Form, I think) -
    "Holders reveiving more than one offer: ....... you may only contribute a maximum of A$15,000 in applying for new shares"

    The next point in the terms and conditions is -
    "Joint Holders: .............. you may still only contribute a maximum of A$15,000 in applying for new shares."

  9. Pokerface

    3,622 posts.

    Yes but, I presume you and your wife, are acting as trustee for the SF Trust...different holder, different entity. Anyway, perhaps by the time you sort that one out, it will be July 27?

  10. Pokerface

    3,622 posts.

    You have a point Ando1, but sometimes you just have to stump up to a cause and not sit on the sideline. Buying the shares on market is not going to raise the money needed. I and others have a longer term view of this perhaps.

  11. bobadah

    2,067 posts.

    Ando - Yes you can get it cheaper on the market (slightly).

    However, if they don't raise some capital they may/will go into receivership resulting in total loss. I believe we have some chance if we can keep them afloat until the DFS emerges. If the DFS is sufficiently sound then we may be able to raise development capital (at least to the $250mil level) and that would bring about a complete transformation of the TNG prospects.

    I got around the problem by contributing $30,000 (including my wife's seperate holding) but half of it came from sales in the 46 cents to 44 cents range, averaging just under 45 cents for my sales. I figure the option will be worth a bit initially, making up any loss. The options will be worth a lot if the DFS is good.

  12. Pokerface

    3,622 posts.

    I think a lot of people have sold around the 4.5c, to pay for this, and so the share price has been under a lot of stress. If we get a funding deal, this is a 10 bagger/no brainer/lay down gift/ within a short timeframe

  13. jadsdes

    227 posts.

    Looking at the SP today, are there others who feel this stock is being manipulated in an attempt to destroy the SPP uptake.

  14. ando1

    545 posts.

    Bobadah with all due respect there comes a point where you have to say enough is enough. I agree that in order for TNG to succeed they need to have a successful capital raising and hats off to those who are buying and supporting TNG but I think MANAGEMENT should have done this earlier when it was around 11c. The recent one at 7.5c to sophisticated investors hasn't helped...only succeeded in driving the price down lower to where it is. MANAGEMENT needs to have a bit of hindsight and these boys don't possess that. I do hold but without any confidence in this going forward. My thoughts are the Chinese will pick this up for next to nothing. It's a case of damned if do and damned if I don't with buy in.

  15. Wombat2

    337 posts.

    Hi Ando1
    You have made some valid and salient points but there are some other points you might want to take into account in weighing up the real value of the SPP.

    Firstly, as a very long term investor I was also at the TNG briefing that PF mentioned recently and we were given a bit of background as to why some things have panned out they way that they have. Certainly Management have been made to appear to have been caught out with too little cash to complete the DFS but they have also been let down by organisations that had indicated they would provide cash flow support but subsequently failed to follow through. My personal interpretation of the situation was that as they waited patiently or expectantly for cash to be forthcoming they were let down and simultaneously the market or investor appetite for CRs sadly soured quite radically for the worse. As they say timing is everything in life and they also say that hindsight is a perfect science.

    Secondly my own personal view is that we are buying the shares through the SPP at 3c per share not 4.5c. I am taking the view that even the shares that I am buying at 4.5c are really "just an option" to participate in the Mt Peake project and the Directors have thrown in a free option to make the SPP quite attractive. My assertion is that if you believe that the Mt Peake project is a risk worth taking than the so called Free Options are in fact very valuable. For many year TNG has traded in a range from 4c to 10c the majority of the time. An 8c exercise price is in my view attractive or achievable therefore is has value to me.

    I am sure that many will not agree with my interpretation of the SPP. I can assure you that I am very much aware that the project still has a number of important milestones to achieve in the next six months or so and failure is possible. Nevertheless if the Mt Peake project is successful then in a few months or six months time many may rue the day that they passed up the opportunity to acquire more shares at an effective 3c per share.

    On a final note, the directors have made it very clear in the SPP documents that they expect to go to outside institutional or sophisticated investors to make up any shortfall in funds raised from existing investors. I am not surprised at all as very few investors have a lazy $15,000 lying around in case they get a call from TNG or any other company that wants to raise capital. I am grateful that current investors have been given an opportunity to participate and secondly that the free 1 for 2 share option has been thrown in as an incentive. From a TNG perspective it would have been far simpler to just go to a broker with a string of sophisticated investors on tap to raise $3m or 15% of current shares held. For once we are given a chance. Make of my logic what you want but I will be participating in the SPP.

    regards
    W2

  16. Sasha39

    292 posts.

    Wombat2 thank you for another excellent post and you are correct when you say that “the directors have made it very clear in the SPP documents that they expect to go to outside institutional or sophisticated investors to make up any shortfall in funds” now as you have pointed out because of the 1 for 2 share option we all are paying effectively 3c per share when participating in the SPP my only concern is that we will not raise enough money through the efforts of the share holders and thus the shortfall will go to sophisticated investors.
    But and here is real question how much are the remaining shares going to be sold for, 4.5C, 3C or maybe 2.5C or they “the directors” might get desperate and sell at 2.0C a share.
    As ando1 had said “I've donated enough money to line the pockets of management who've only management to stuff up TNG.” And I agree with his sentiment this has been totally mismanaged, they “the Board” have spent a fortune on discovering new deposits here, there and everywhere and yet they have no money left to dig it up so as to return a profit to their share holders, they have not even had the decency to put out the quarterly report so that we could make a informed decision about the true value of participating in the SPP.
    Can anyone answer the question:” what if they can’t raise enough money?”

  17. Wombat2

    337 posts.

    Hi Sasha39
    Yes you raise some good points and as I am not a spokesperson for TNG I suggest you give them a call. I would not write an email as telephone calls in my experience are always dealt with on the spot unless the directors are out on site or travelling.

    I have a very old business card from Paul Burton which gives his office number as 08 9327 0900. If he is not there ask to speak to another director or the CFO. Last week they did tell us that there were discussions already underway with alternate financial institutions. Pricing of a placement to sophisticated investors was not discussed at all nor should it have been.

    It would be good to hear back from you if you do ring them as other posters would be very interested to hear responses to your questions.
    Cheers
    Tim

  18. Wombat2

    337 posts.

    Hi Boobadah
    According to Computershare who I rang this morning you can take up to $15,000 of shares in the SPP for every separate holding of TNG that you have. I also have 3 holdings for myself, wife and our SMSF.
    W2

  19. bobadah

    2,067 posts.

    Thanks W2 - very interesting. It makes me wonder why the Terms and Conditions mention it at all then. I noted PF's comment about the Trustee being a seperate entity which makes a lot of sense. My wife and I are joint holders as Trustees of our DIY fund.

    Nevertheless, I have taken up $30,000 (me and her) and a further $15,000 might lead to family problems!!

  20. jadsdes

    227 posts.

  21. Sasha39

    292 posts.

    Thanks jadsdes,
    But what I was trying to say was if no buyers at 4.5cents would they try again at a lower price so as the raise the money needed, or perhaps the Directors might like to buy the shares as I can’t find any on market transaction for any of the Directors buying into the company but then again they do get great options so don’t really need to buy on market even if it is at a great price for a company with such a great future.
    Still haven’t heard an answer to the question:” what if they can’t raise enough money?”

  22. Some are saying that the quarterly ought to have been released by now.

    It may help some in making a decision, however, I think it inappropriate to conclude that management may be holding info back on purpose by not releasing the quarterly.

    It does not seem unusually long in releasing the quarterly when you keep in mind that in the past few years, the dates in July are as follows:

    15-07-09
    22-07-10
    25-07-11
    25-07-12

  23. Wombat2

    337 posts.

    Hi Sasha
    I have given you the TNG telephone number. Why don't you ask the directors yourself rather than complaining about not having an answer from posters who cannot possibly know the accurate answer. If you can get a hold of one of them you may be surprised at the answer. I suggest you try for Paul Burton who I think was in this morning when I rang about the number of times you can participate in the SPP before being redirected to Computershare.

    Look I only ring them once a year or so or if they are in town for conferences etc I go up and chat to them informally. The feedback is always really good and whilst they cant give you market sensitive information they can explain the background to issues they face in much more detail.

    Incidentally I do think you and other posters have a valid gripe about the quarterly report but I would be surprised to hear of any significant changes to the project in terms of any major milestones being achieved or missed that we dont already know about such as Arcann going into receivership. We know they have brought that work inhouse and I understand it will result in a significant saving to having it done externally.
    regards
    W2

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