AAM - A1 Minerals

[tja125]

Just called AAM on the phone and spoke to a girl (just a secretary i believe). She took my email address, but was unable to say anything to me about whether there would be an update announced soon. I gather she was more or less "typing my details up on her imaginary tyepwriter" simply to appease me and get off the phone. Oh well didn't expect much more.

 

[AngusSmart]

Damn i didnt get my .235 order in just now.. why would that happen? the price fell to that but my order didnt go thru yet?

i agree the silence is annoying huh,maybe they will announce early into next month. sometime before the meeting on the 14th.

 

[kermit345]

Starting to get frustrated at the guessing games. The last announcement they clearly said 'second gold pour expected to happen next week'. Now it has me stumped as to why they would give an explicit time period unless they are almost certain of meeting that time-frame.

Had they of said 'we are expecting our second goal pour to be completed in the coming weeks' then that is fine and we all could of had fun guessing when the news was to come and got excited about it. However as soon as you infer a time-frame of the announcement and then don't stick to it AND leave the investors with no further communication as to why an announcement has not been made it gets a little frustrating. The unfortunate part is that its not the first time something like this has happened.

Still looking forward to an announcement and very keen on reading its detail, it's just the communcation (or lack of) with us, the shareholders, is beginning to wear a little thin.

 

[condog]

Call AAM - speak to Mark Pitts you will be surprised. They have apparently done the 2nd pour and didnt announce it as they already had announced it was happening. Plenty due in future weeks.

Announcments will not be made every pour.

 

[kermit345]

I understand they won't be made every pour, would just be nice to have constant communication while they are pushing through the teething problems so we know where its at. Hopefully as you say there are some announcements soon then.

 

[tja125]

Condog can you please put the details up here regarding what you were told about the second pour then and anything else you heard. Much appreciated, thanks.

 

[condog]

The 2nd pour has occured as per expected and announced it would occur. No news on size obvioulsy as that would breach disclosure.

3rd pour soon and commissioning on site hopefully by then. thats all.

Sell off based on zilch. Overreaction.

 

[jonojpsg]

The 2nd pour has occured as per expected and announced it would occur. No news on size obvioulsy as that would breach disclosure.

3rd pour soon and commissioning on site hopefully by then. thats all.

Sell off based on zilch. Overreaction.

I wouldn't say zilch mate - if there is "no news on size" then the 2nd pour could just as easily point to underperformance of the plant, in which case it would not be an overreaction at all. Careful how you go IMO

 

[tja125]

I wouldn't say zilch mate - if there is "no news on size" then the 2nd pour could just as easily point to underperformance of the plant, in which case it would not be an overreaction at all. Careful how you go IMO

I think Condog meant there was no news on size because if they just told one person over the phone too much it would breach disclosure rules... But i would still welcome an official asx announcement...

 

[kermit345]

I wouldn't say zilch either, its basically traded down to the capital raising price, and then slid slightly further due to the lack of recent news. It sounds like they are pouring fortnightly and i'd hope they would do an announcement after the 3rd pour, so maybe some news late next week?

 

[condog]

i think you will see an announcment over easter, as im assuming JW will have time to gather his thoughts.

Also the third pour will hopefully be on site, so that would trigger an announcement.

overheads for pouring of site run at approx 25% of pour, so that basically halves the profit of each pour. They will surely now stop pouring till they can do it on site. However having said that each time they load that circuit to test it , they cannot leave the carbon sitting around loaded up if they fail to recover it from the carbon. So several more pours off site will signal circuit problems, while an announcment in two or four weeks would hopefully signal everything resolved.

They have truck loads of gold close to plant and truck loads of capital to fix the problem, so imo just a matter of time.

 

[jonojpsg]

i think you will see an announcment over easter, as im assuming JW will have time to gather his thoughts.

Also the third pour will hopefully be on site, so that would trigger an announcement.

overheads for pouring of site run at approx 25% of pour, so that basically halves the profit of each pour. They will surely now stop pouring till they can do it on site. However having said that each time they load that circuit to test it , they cannot leave the carbon sitting around loaded up if they fail to recover it from the carbon. So several more pours off site will signal circuit problems, while an announcment in two or four weeks would hopefully signal everything resolved.

They have truck loads of gold close to plant and truck loads of capital to fix the problem, so imo just a matter of time.

I'm holding condog so I hope for our sake you're right. Truck loads of gold close to plant doesn't mean squat though, and truckloads of capital? Well a few million anyway - I guess if they can't fix it with that then they deserve to be hung out to dry

 

[BandwagonJumper]

Hello all

Longtime lurker,first time poster.

Im the BandwagonJumper from the other forum whos currently dispairing of the childishness of it. Thats the dillution I mean(and the other forum)

Im mentioned as a holder in a block of holders deciding to vote against the further dillution of our holdings. I will be at the General meeting next week and am keen to talk to any other attendees about what they hope to achieve from their attendance. At this stage I will vote against resolution 5 and possibly others. There is no reason to raise a further $350K through Pattersons as per resolution 5...................its the butt end of an allotment to sophisticated to the detriment of retail holders.

Im not John Williams,I cant sell(if thats what we must call it) myself 6.5 Million shares @ 8 cents to seize/obtain effective control of the company.

Now I ask you is that action to the benefit of Shareholders as per his responsibilities as the head of this enterprise or is that simply for the benefit of John Williams?

Lastly the communication from the company has been dreadfull. Especially when you need to consider that The MD sold 268500 shares at 37.7 cents on 24Dec.
Whats been the disclosure to shareholders before or since?

AAM shareholder(The Poster) was correct about the timing of this meeting and the lack of announcement of a second pour. I think the company is playing games with a pathetic little bar poured in a shipping container in perth and is about to reveal a substantal Gold Pour prior or during the General Meeting.This is about as predictable as the twists and turns on Neighbors. It could be 50-100Kgs and it could be accompanied by requests for further capital and or Pay-rises for Directors. If this doesnt happen next week then they really havnt a clue and heaven help us.

 

[kermit345]

mmm so what your saying is that the recent lack of communication on a second pour could be because they are saving the news for just before the meeting, in an effort to give shareholders a good taste in their mouth before the meeting, so that hopefully the vote goes through for the further allotment?

At least their thought process for trying to squeeze more shares out of the company is logical, make everyone happy with some good news just to get that extra dilution into the company.

If they actually provided a reason that this extra $350k was vital to the company going forward, then the dilution could at least serve a purpose. But by just issuing extra shares for more cash at such a discount with no communicated reasoning, its no wonder a lot of us are scratching our heads.

I'll be watching closely over the next 1-2 weeks to see how it all develops, its definately poised to be interesting thats for sure.

 

[Sean K]

This one's having a shocker, while other gold juniors run away. That first pour really ignited them. I agree, should have been at least a positive but geesh. I've said my bit on the capital raising, but not enough on how management must be made accountable for their decisions. It's difficult for retail holders to make a difference, but make a statement if you can.

 

[DJG]

I have started paper trading.

First pick was AAM - Brought in at .245, up now to .250 - 4.17%

Might hold for a while to see how they do

 

[Joe Blow]

I have started paper trading.

First pick was AAM - Brought in at .245, up now to .250 - 4.17%

Might hold for a while to see how they do

Dan, it's always a good idea to explain - even if it's brief - why you decided to buy in. That way, you offer up something for discussion rather than simply stating that you bought in and what price you paid, which doesn't really contribute much to the discussion.

If you're here to learn, contributing your own ideas/analysis is the best way to start.

 

[AAM shareholder]

Re Resolution 5

Please vote against all resolutions.

My understanding from several phone calls and reading is:
Note: PLEASE DO YOUR OWN RESEARCH as well.

1. under Listing Rule 7.1 the directors can issue 15% of the capital in a 12 months period.
2. A negative vote on any of the current resolutions has no effect on the shares already issued (as they were issued under the prior 15% allowance) BUT it will prevent the directors from issuing that proportion of shares during the next 12 months.

I'm VOTING AGAINST ALL RESOLUTIONS
If they can't issue any more shares we could force them to come to the shareholders and identify what is happening.

Your votes MUST be at A1 resources by 10am on Monday Perth time! see General Notes attached to the document you received.

Taking your proxy form to the meeting does not count...
SO please fax it, preferably first thing Monday morning ......by 9am or their fax might run out of paper.

You can submit your vote proxy form without identifying how you wish to vote but must identify a proxy (whom I assume? can be yourself) to vote your shares at the meeting. If your proxy is late or doesn't register correctly your votes will be ignored.

I'm not sure of the procedure for the proxy to register and get your votes counted.
READ the note on the PROXY FORM re "Attending the Meeting" and download the form referenced.

There are 2 ways in which the voting can be passed.
1. By Poll (count of the actual votes submitted).
2. Show of hands at the meeting.
If the show of hands is called for, you need 5 members or 5% of the votes to be able to demand a "Poll".

Remember the company gets to see and count votes before the meeting...

Generally I fax my proxy to A1, fill it in and nominate the chairperson as my proxy.

Addition Note:
1. What has been happening as of Dec... I can surmise only.
2. At what rate is the ore being crushed? .... don't know
3. Is the gold room up and running........don't know
4. How much capital is left ....... I wonder? (here I'm assuming they have poured people at the problems and that costs money)
5. What liabilities have been assumed and their time frame.... I don't know
6. How much capital is required because of poor management to do a relatively simple set of tasks..... I don't know
7. How long before the mill will be processing ore at the minimal rate of 30000oz pa ..... I don't know BUT from discussions with metalurgists and mine managers etc I assume that with higher grades of ore and approx $1mil for an easy upgrade that rate can be easily doubled.
Do I trust the current directors? .........

Has my shareholding been diluted by over 60% in the last year ...YES
Has J. William's been diluted....hardly.
......That's apart from 6.6 million shares at 8cents now at .24 cents an increase of worth approx +$960,000 plus the sales at 35+ cents and additional value of the converted options at 20c.

Its not only about the price on the ASX
If you own 1 million shares in a 100 million share company you own 1%
If you own 1million shares in a 200 million share company you own 0.5%
If that company actually produces you would see a large difference in its price per share where there are less shares......you figure it yourself

 

[BandwagonJumper]

Re Resolution 5

Please vote against all resolutions.

My understanding from several phone calls and reading is:
Note: PLEASE DO YOUR OWN RESEARCH as well.

1. under Listing Rule 7.1 the directors can issue 15% of the capital in a 12 months period.
2. A negative vote on any of the current resolutions has no effect on the shares already issued (as they were issued under the prior 15% allowance) BUT it will prevent the directors from issuing that proportion of shares during the next 12 months.

I'm VOTING AGAINST ALL RESOLUTIONS
If they can't issue any more shares we could force them to come to the shareholders and identify what is happening.

Your votes MUST be at A1 resources by 10am on Monday Perth time! see General Notes attached to the document you received.

Taking your proxy form to the meeting does not count...
SO please fax it, preferably first thing Monday morning ......by 9am or their fax might run out of paper.

You can submit your vote proxy form without identifying how you wish to vote but must identify a proxy (whom I assume? can be yourself) to vote your shares at the meeting. If your proxy is late or doesn't register correctly your votes will be ignored.

I'm not sure of the procedure for the proxy to register and get your votes counted.
READ the note on the PROXY FORM re "Attending the Meeting" and download the form referenced.

There are 2 ways in which the voting can be passed.
1. By Poll (count of the actual votes submitted).
2. Show of hands at the meeting.
If the show of hands is called for, you need 5 members or 5% of the votes to be able to demand a "Poll".

Remember the company gets to see and count votes before the meeting...

Generally I fax my proxy to A1, fill it in and nominate the chairperson as my proxy.

Addition Note:
1. What has been happening as of Dec... I can surmise only.
2. At what rate is the ore being crushed? .... don't know
3. Is the gold room up and running........don't know
4. How much capital is left ....... I wonder? (here I'm assuming they have poured people at the problems and that costs money)
5. What liabilities have been assumed and their time frame.... I don't know
6. How much capital is required because of poor management to do a relatively simple set of tasks..... I don't know
7. How long before the mill will be processing ore at the minimal rate of 30000oz pa ..... I don't know BUT from discussions with metalurgists and mine managers etc I assume that with higher grades of ore and approx $1mil for an easy upgrade that rate can be easily doubled.
Do I trust the current directors? .........

Has my shareholding been diluted by over 60% in the last year ...YES
Has J. William's been diluted....hardly.
......That's apart from 6.6 million shares at 8cents now at .24 cents an increase of worth approx +$960,000 plus the sales at 35+ cents and additional value of the converted options at 20c.

Its not only about the price on the ASX
If you own 1 million shares in a 100 million share company you own 1%
If you own 1million shares in a 200 million share company you own 0.5%
If that company actually produces you would see a large difference in its price per share where there are less shares......you figure it yourself

I agree wholehartedly. Why bother trying to raise capital by issuing 6.6 million shares to the MD at a paltry .8cents.
The MD of this micro cap has pocketed 1.3 Million this year without considering his option sales. The enterprise to this point has been 12 weeks late in the suggested commisioning timeframe and in the past 4 weeks has informed us(the owners of the company) of total production of 6Kgs of unrefined Gold. Im afraid im not impressed and will be voting against all proposals on Wednesday at the general meeting.

I was silently suffering when the MD got 6.6 Million shares at a discount the final straw was the recent 15% dillution to "sophisticated" investors which was 4 times oversubscribed at Pattersons(Too flaming cheap). These "champs" have then smashed the shareprice by dumping for a "couple of ticks" and returning the shareprice to the discounted capital raising value.

I can guarantee you if there were substantial institutions on the share register the Directors would to too frightened to treat them in the same fashion that WE the retail holders have been. Strangely the small holders where so much of the support and enthusiam for this stock has sprung from have been smashed with 60% dillution of their holdings in 12 months.

 

[tja125]

I doubt they would hold bad news or news of a bad pour until the meeting, so like bandwagon jumper said, i hope we are told good news regarding the pour at the meeting and that everyone votes against the cap raising proposals, that would be our best outcome (fingers crossed for both these things happening).