Listen to our latest Investing Matters Podcast episode 'Uncovering opportunities with investment trusts' with The AIC's Richard Stone here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Despite being deeply underwater I remain convinced that we are sitting on some of the best potential areas in the land.
Very successful companies all around us but as we know the only thing that matters is the drill bit.
Time is our friend and our enemy
Time to explore takes money but we await results with high expectations.
Good luck all
Peter
"Potential" ain't profit.
Poulden's had 14 years to do something. He hasn't, except issue shares to the billions, consolidate down to the millions, adn now he's issued so many shares wer'e up in the hundreds of millions. A few more fundraises and we're back to the billions in issue. Anyone else see a theme here?
And still no gold, but plenty of jam for your toast - tomorrow.
> Poulden's had 14 years to do something. He hasn't
Except all that stuff I listed last time you claimed this, with RNSs to back it up, remember?
"I consider myself honest." - well you aren't.
Taken directly from the 29 June 2023 RNS for year ended 2022:
Wishbone Gold Honduras Ltd. is a company incorporated in Gibraltar and the registered office address is at Suite 16, Watergardens 5, Waterport Wharf, Gibraltar. In the current and previous years, the company has not been consolidated into the financial statements since there were no material balances and transactions in the company at a group level.
Wishbone Gold FZ-LLC is a company incorporated in the UAE and the registered office address is at Al Jazirah Al Hamra, RAKEZ Business Zone-FZ, Ras Al Khaimah, UAE. The company has not been consolidated into the financial statements since there were no material balances and transactions in the company at a group level.
Not my words - Poulden's from last summer.
Tastyfish, you accuse me of dishonesty & attacking me, but Poulden's words don't lie, but you keep blindly defending him.
I told you: There is no money, WSBN will needs to fundraise within 9 months. Read the f-ing accounts (if you can).
And your right, the stuff you listed IS in the RNS's, and so is the cut and paste detail above.
I would love WSBN to do well, but reality is clashing with greed & delusion among some here. I've currently written this off, unless Poulden's removed and a younger, competent & driven person is put in charge. 14 years of exploration with nowt to show for it, is unforgiveable. Just broken promises and jam tomorrow.
I await your response.......
Taken from the same RNS:
"At the end of the period under review, the accounts show that Wishbone held cash balances totalling £428,352 (December 2022: £1,457,902). Administrative costs, excluding interest, during the period were £666,656 (June 2022: £384,823).
The £1.4 million financing in early August has significantly improved the company's cash position providing funding for exploration and operations.
The Company continues its strategy of exploration on its properties in Australia and expects to announce further positive results from its drill program in the second half of 2023, which should create more value for shareholders".
By my reckoning thats circa £1.8M cash as at Sep 23. With "expenses" (read Poulden's lifestyle) of £666,656 during the 6 month period. So, from Jun 23 to Dec 24, by my most basic calculations is 18 months. Which brings us to Dec 2024, the end of this year. So for those that don't understad basic arithmetic, here it is in all it's glory: £666,656 for a six month period, multiplied by 3 (Jul 23 to Dec 23, Jan 24 to Jun 24 and then Jul 24 to Dec 24). I calculate that at £1.999,968, which is a deficit of £199,968.
Of course, it's the last 7 words in the statement that really takes the biscuit! Apparently he's created "shareholder value" and we can expect even "more".
Wake up! If you're thinking of feeding this, don't! If you can get out at breakeven, well done! If you're underwater, write it off and learn from the experience - read the company reports in detail.
Oh, one more thing for those still thinking about making a killing here - in the last 6 months or so, Poulden's issued in excess of 50 MILLION shares, that's 20% of the entire share capital of WSBN. Then again, I wrote in an earlier post about his rinse and repeat method.
I await the "blinded by greed" mob to come up with their deluded defence of Poulden.
> Oh, one more thing for those still thinking about making a killing here - in the last 6 months or so, Poulden's issued in excess of 50 MILLION shares
So the guy who has "done nothing" has incorporated companies in Honduras and the UAE and issued share placements? Go on, tell me again how honest you are. And tell me who arranged the purchase of Wishbone II, White Mountain, Red Setter, Cottesloe, Anketell licenses, the heritage surveys, appointed geophysics consultants, sorted aerial and magnetic surveys, drilling, labs, at multiple sites, who applied for the government mining grant and put it to use on Cottesloe drilling for funding without another placing? RP has "done nothing" so it wasn't him, right?
> 14 years of exploration with nowt to show for it,
Several years were trading instead of exploring. We've seen photos of gold and drilling results of gold. And silver. And videos of Honduran gold processing plant. There's things to show and we've seen them.
You seem to be confused about the difference between "doing nothing" and "doing things which haven't made shareholders lots of money".
> I told you: There is no money
That's not the part I'm calling you out on.
> Administrative costs, excluding interest, during the period were £666,656 (June 2022: £384,823).
> With "expenses" (read Poulden's lifestyle) of £666,656 during the 6 month period.
You could just google what administrative costs are instead of making something up.
Why do you keep banging on about Honduras & the UAE? It's OVER!!
Taken from the Annual Report 30 Jun 2021:
Chairman's Statement
Dear Shareholders,
"In March 2020 Emirates airlines, the lifeblood of Dubai, grounded all but a few of its fleet of nearly 300 planes. Overnight the thriving nexus of trade in Dubai from across the world stopped as if it had never existed. For us at Wishbone this cut off our supply of traded gold arriving on daily flights from African capitals and once our stocks were sold it was over".
Have I missed something...? If so, please enlighten me as I would admit I was wrong if I was.
Your next bit was a cracker: "We've seen photos of gold and drilling results of gold. And silver. And videos of Honduran gold processing plant".
Those photos are NOT our gold, they're pictures of someone else's!!!! He's telling you we've bought these tenaments for buttons and showing you unverified pictures of gold that don't belong to us!!!! Question: If the gold in these so called tenaments are so good, why were the sold off so cheaply to WSBN............? If you're that gullible to believe a few lovely random pictures, then I've got a bridge to sell you!
Your next one:
Me - I told you: There is no money
You - That's not the part I'm calling you out on.
So you FINALLY admit what I've been saying to everyone for many months - we will run out of money by Dec 2024 and yet another fundraise has to happen! Thank you for acknowledging that.
And finally:
Administrative costs, excluding interest, during the period were £666,656 (June 2022: £384,823).
> With "expenses" (read Poulden's lifestyle) of £666,656 during the 6 month period.
"You could just google what administrative costs are instead of making something up".
I haven't made that up. Those figures were taken from the June 2023 Results. They're Poulden's figures, not mine. Go check it out if you know how to. Admittedly I was being facetious about Pouldens' "expenses", but again, look into the accounts. Firstly, he pays himself £200-300K per year and secondly - this bit really angers me - he charges WSBN fees for his "consultancy work" though his consultancy company. He's the CEO!!! His job is to provide EVERYTHING under the umbrella of his salary & position as CEO. Talk about having your cake and eat it!!
> Why do you keep banging on about Honduras & the UAE? It's OVER!!
Because they're large, multi-year projects happening during times you keep saying he has "done nothing". Ones you know about because you quoted RNSs about them. Big, clear lies that you can't play off as "joking".
Stock markets exist to place shares to raise funds for risky developments, I'm not "FINALLY admitting" that, I've not said anything else. As I said, this is about you misrepresenting RNS'ed facts, not about what I think of the state of Wishbone. One has to explore licenses before knowing if they're good or not, Red Setter was last surveyed in the days before modern drones and computing made aerial surveying much cheaper, easier and more informative. They weren't sold as "so good", they were sold as unknowns - a gamble that small explorers wanted soon after GGP's success. You keep implying there's no gold in Red Setter because of a photo - but RNS drilling results say there is gold there. It's not a duster, which is pretty lucky. We're waiting to see if it really is an analogue to Telfer - low-grade but huge and cheap to recover.
You make stuff up about his expenses for a laugh in the middle of a thread where you're arguing how honest you are, and play it off as not lying because you said it for a laugh. ha ha, lol, lol, right everyone?
> "Once the trust is gone, its gone :("
Oh woe is you, if only someone hadn't been dooming and glooming with falsehoods, untruths, character-assassinating and trying hard to destroy that trust :( Poor you :(
> "these so called tenaments"
News to me that Red Setter might not be /land/. Is this some Flat Earth thing?
> "He's destroyed 99.64% of investors money in 12 years, with nothing to show for it - unless, like TastyHaddock, you think a bunch of pictures of someone else's gold nuggets constitutes value.... "
That's not what I think. I said that earlier, but truth isn't your strong point.
TastyHaddock,
Lol!
The delusions are strong with you. Please tell me you haven't bet the house on this ponzi? You're living in fantasy/Alice in Wonderland if you don't understand what's happening here. And I'm not the only person on here saying it.
Maybe you should take some time out, learn how to read the Annual & Interim Results, including "notes to the financial statement", and then come back with some thing substantial.
You're in complete denial about the reality here. WAKE UP!