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This is a sizeable asset and certainly adds significangly value. Helium appears to be attracting some serious interest lately across the market so that should give JAY a fundamental and sentiment boost
Can someone explain how we get anywhere near a £2.75m valuation for a plot that has done nothing? Where do those share price valuations for Whiteflame come from? Is it traded? Is it worth way over half of JAYs portfolio? For one remote asset? It’s simply a made up valuation to consolidate Rods playthings. He had 36% of white so he ends up with an even bigger chunk of J. Sorry 80 mile
All the more reason for him to make a success of it.
Rod seems hellbent on value destruction.....
MBO incoming...?
I agree that it does look like a price tag that is hard to justify, especially given who some of the directors are in that company and given the proportionate cost to JAY. It is hardly a drop in the bucket is it?
Was an external, independent valuation conducted prior to this offer being made, and which gave an indication that this figure was in the right ball park for example? To be clear, I am not insinuating anything, but genuinely curious.
I look forward to the opinions of Ashton on this latest news.
You would have thought it might make more financial sense to sell those other historical assets first (still radio silence on that front as far as I am aware), rather than taking on another prospect, but I presume holders feel differently.
I am wary of promises and spin presented by politicians and business leaders. I appreciate that the senior team at Jay has changed, but I would remind people that Rob Edwards quoted in his interview on 08/12/23 that there was a contractual obligation on Kobold to drill Disko; it hasn't happened.
I am particularly interested in their proposals to fund the exploration.
The fact the SP is down nearly 14% suggests that I am not the only one with concerns.
EnuffRMbs
Precisely, the figure is plucked from thin air - last accounts (2022) show cash of £105k, net assets of £112k and a loss of £50k. There's no record of any subsequent funds being raised. And some folks think this is a great deal - they're either deluded or just plain desperate. Rod's just inflated his 36% share of WF by quite a margin. Jay (or anyone else if they were interested) could of bought it for peanuts or acquired the licences for nothing when WF went bust - even Rod knows no one would have been daft enough to support a cash raise for a company with no hope of ever getting O&G out of Greenland. And do people really think that 80mile has any chance of doing so either?
Any doubts this forum is populated by insiders?
This script is writen from the beggining:
- create a company filling a field of interest (lithium, uranium, copper)
- plant news with foggy scientific backup (more important is to have nothing to deny company's allegations)
- use the market interest to sell and pump up SP and give founders a huge cash influx
- create sucessive field works, field assessments and then the need to raise capital, share issue...dilution...price drops...90%...
- initial shareholders buyback shares at a fraction. They dominate again the share distribuiyiin with some more millions in the pocket.
- merge the company with a another with "promising" resources...by paying in shares...to shareholders in the both companies....
- initial JAY shareholders become now major again with more millions in the pockets and have a reason to change JAY name to 80 Mile.
- reset...repeat process...with a new asset of "interest"...
It's a fraudulent cycle.
Thanks Rach. It’s clear. I was hoping someone could offer some kind of explanation for the valuation.. but no. Something worth zero is now worth over 2 million in JAY shares. Trash
On the 16th April we are told that an exchange occurred with ES and that Jay had no plans for the acquisition of other companies. Are we to believe that a deal that 'mark's a strategic and transformative milestone' for Jay was done and dusted in a little over 8 weeks? I find that extremely hard to believe; perhaps WF had just slipped ES's memory :-)
16/4/2024
In the RNS today, Eric Sondergaard (MD) says: "As Dundas is fully permitted, with a valid mining license, we will continue to review critical aspects of the project, as well as potential value adding acquisitions within the country."
Going by what a few posters have said here there is understandably some confusion over the statement. I therefore contacted ES for clarification. Here is my exchange with him.
Question from Ashton: "The RNS says: As Dundas is fully permitted, with a valid mining license, we will continue to review critical aspects of the project, as well as potential value adding acquisitions within the country." Does this mean Bluejay potentially acquiring new asset(s) within Greenland or potential inbound acquisition(s) of Bluejay's existing asset(s)? I would appreciate your clarification, please. Thanks
Reply from ES: "Potential inbound acquisition(s)." - unquote
Hope this clarification puts to bed the erroneous assumption among some posters that JAY is looking to acquire new assets in Greenland. Good God, in any case, JAY hasn't got any spare cash for such luxuries!
I never once got a reply to my questions. Curious.
RachT2 - Come on, you have to forgive the guy. ES probably did not know what hat he was wearing and what company he was representing at the time! The acquisition is coming Bjay's way so it is inbound isn't it? Just like the shares in Bjay to WF shareholders. ES's literal understanding may not be the same as Aston's. Definitely inbound though, lol. Got themselves out of the fire. The kids want helium, we'll give them helium. Anything to lift this balloon. 80 miles high. Think Rob needs a change of name too.
When's the next fund raise? Yeah he said not this year, but he also said we were digging for tungsten, nickel or was it copper a couple weeks ago.
According to the always out of date website Rod has 6% of 1.5 billion shares. But he will get 36% of the extra 500 million shares in first tranche. So out of the new 2 billion total he will have c 10%. So even if it’s worthless (it is) he’s garnered another chunk of JAY. Please check my maths.
Rod
brave leader
oh lord of the minerals and gases
bring to our miserable lifes
light and ignite the burst we seek.
we are f*****
make the plug quick.
PS. this will a best seller in the financial world
Rod is a strategist and a master.
Well, in the latest TMS advertisement for Jay, sorry I mean interview, I must say that Sarah is reading her pre-scripted questions like a pro. Between her constant smiles she is giving Rod every opportunity to say just what he wants to big up Jay. A true masterclass in how to do a paid for advertorial, sorry I mean interview.
CC reminds us that Rod claimed Jay was funded for the year in his first interview with TMS (presumably meaning since rejoining the Jay BOD). I would think that statement may prove to be as reliable as some of the others Rod has issued and just as reliable as ES recently stating that Jay's planned acquisitions were inbound in nature.
Since that initial interview Jay has found out that they must now meet Kobold $ for $ on any work next year - that'll need funds prior to work commencing. Jay will also be doing further work on the Dundas shelf. It will also have to fully fund any work undertaken on the WF patch - because WF had absolutely no funds itself when Jay agreed to pay £2.75m for it. Can't see Jay going much longer without trying for a fund raise - after all there's still absolutely no sign yet of the claimed interested parties making the inbound acquisitions we were assured would soon be materialising.
Of course the fund raise will probably now be for 80m - the Jay BOD may well be hoping that the name change will sweep any past failures under the radar. The name change alone makes me think a raise may be imminent.
ashton. if you can put a positive spin on this latest pile of ****e i will be very impressed! your researched valuation of the acquisition would be appreciated.