Sunday 22 July 2018 | ShareProphets: The one stop source for breaking news, expert analysis, and podcasts on fast-moving AIM and LSE listed shares
AIM-listed Conroy Gold and Natural Resources (CGNR) published its interim accounts to 30 November 2017 this morning. Ignoring the jam tomorrow (we’ve seen that all before) it is clear that the company was up to its eyes in debt, not that chairman Prof Richard Conroy was bothered by that as he introduced his chairman’s statement with “I have great pleasure in presenting your Company’s Half-Yearly results”. He’s pleased – but I doubt any shareholder with half a brain cell will be.
Delisted from the junior Irish market but still trading on AIM, Conroy Gold and Natural Resources (CGNR) has put out a business update. The ShareProphets RNS Translation Service, having already had a field day on Telit this morning, is on a roll (original in bold)….
I’ve been wondering what comes next for Prof Richard Conroy’s AIM vehicles Karelian (KDR) and Conroy Gold and Natural Resources (CGNR). From my review of their financial results to May of this year (see HERE and HERE) it is clear that they are both in deep trouble – they are running out of money fast and the results to last May show that quite clearly. Lord knows how bad it is now.
Yesterday I described the FY17 results of Karelian Diamond (KDR) and a series of Red Flags to be found. Today we look at its stable-mate, AIM-listed Conroy Gold and Natural Resources (CGNR) and find a similar story. It is a car-crash festooned with more Red Flags.
It is bad enough that Conroy Gold & Natural Resources (CGNR) faces a potentially massive stock overhang as it tries to arrange a placing to pay the bills but it is now facing an upping of the regulatory ante. Perhaps that is why Conroy has today announced it is surrendering its joint quote on the ESM and being listed on AIM. Or maybe that is just to save cash?
I forgot to ask one big question at the Conroy Gold & Natural Resources (CGNR) GM on Friday - when is the next placing? But before we come to that - and the answer must be soon - there is a little matter of possibly the biggest stock overhang on AIM. The TR1's are flying thick and fast.
Just to give you a flavour of yesterday's farce of a GM at Conroy Gold & Natural Resources (CGNR). The serious implications are outlined HERE. Below you see the board, then the audience packed with Conroy stooges, average age 126. Finally a picture of one old coot who on the second vote of five appeared to switch sides to join the rebels. Was it the power of my quizzing of Prof Conroy that had turned him? Er...no. A couple of minutes later he raised his hand to say that he had voted the wrong way and could his mistake be reversed. It was not a room in which to crack jokes about Alzheimer's although such bad taste would soon have been forgotten by most of those attending.
I have a question for Professor Conroy, of AIM-listed Conroy Gold and Natural Resources infamy. Tom Winnifrith tells us that the paperwork for the warrants exercised by him and by his sidekick (which were announced on Wednesday last week) was filed last Sunday. We also learnt yesterday that the cash went straight back out of the kitty to repay Conroy/Jones by settling director loans - apparently ahead of term.
The Conroy Gold & Natural Resources (CGNR) GM voted c 5 million to 4.1 million to back the current lifestyle funded, rule breaking board led by 84 year old Professor Moriaty and not the rebels From attending the meeting there are two takeaways which tell me the shares will collapse next week and proof of just how grossly misleading an RNS from Wednesday was.
The Central Bank of Ireland handles the sort of regulatory functions that in the UK the FCA makes such a bollocks of undertaking. A source very close to the situation has revealed that Professor Richard Conroy and Conroy Gold & Natural Resources (CGNR) are now under a preliminary investigation after the events of the past week.
At 2 PM yesterday, Capita Registrars signed off on a shareholder list at that point as being those who could vote at Friday's GM called to oust fat cat bosses Professor Richard Conroy and his henchwoman Maureen Jones from Conroy Gold & Natural Resources (CGNR). Shortly before 2 PM the Professor called Capita and added 500,000 shares to the register - probably enough to swing the vote. What he has done is wholly illegitimate and must be reversed at once if Capita, Nomad Allenby and AIM Regulation give a damn about their own rules and common justice.
On Friday shareholders in Conroy Gold & Natural Resources (CGNR) will vote on whether to oust chairman Professor Richard Conroy and his sidekick Maureen Jones The dastardly duo are doing everything they can to cling on as the vote will be tight.
As I explained in today's bearcast, Professor Moriaty, the founder and chairman of the AIM listed lifestyle company pretending to develop a gold mine that is Conroy Gold & Natural Resources (CGNR) is currently the Number One target of the Sheriff of AIM and I am flying to Dublin on 6 October to nail him.
I am going to Dublin on October 6th to do my utmost to see Professor Richard Conroy and loyal sidekick Maureen Jones booted out of the company they founded and have used as a lifestyle business for far too long - and replaced by Messrs Johnson, Heddle & O'Sullivan as I noted HERE. The way that the Prof sodomised democracy at the last Conroy Gold & Natural Resources (CGNR) GM means that he is not fit to run a pissoir in Bora Bora let alone a PLC. So what dirty tricks do you think Prof Moriaty will use this time: You vote - deadline midnight tonight.
Conroy Gold & Natural Resources (CGNR) has appointed two new patsy Irishmen to its board to bolster the home team of Professor Richard Moriaty, his ever loyal sidekick Maureen Jones and another patsy Irishman. One of the new guys comes fresh from Circle Oil where he was responsible for "all corporate financial and funding matters." Hmm given how Circle shareholders lost 100% I bet they are rushing to buy Conroy shares. NOT. I guess there is only a limited pool of Irishmen so desperate for a PLC NED gig that they will sign up to take Moriaty's shilling these days. Meanwhile...
I have received a note from Maureen Jones, the close boardroom ally of Professor Richard Moriarty the founder and embattled chairman of Moriaty Gold & Natural Resources (CGNR). Maureen reckons my coverage of the last GM is unfair and wishes to put the record straight. But I am afraid that she and Professor Conroy simply just do not understand why they are in the wrong here and why that forces me and other campaigners such as the top Irish blogger Wexboy, to ensure that we will turn the next Conroy GM into a media circus to see the two ousted. Maureen writes and my comments are in bold.
I can reveal that papers have this afternoon been lodged in Dublin with Conroy Gold & Natural Resources (CGNR) calling for a second GM to install three new directors: Paul Johnson, Patrick O'Sullivan and Gervaise Heddle. But after the sodomising of democracy that was the last GM, this time the rebels are also calling for the sacking of Professor Richard Conroy and his sidekick Maureen Jones. I will be going to this GM to back the rebels. The Sheriff will get his man, Prof Con you are on notice!
I revealed on Sunday how Professor Richard Conroy had abused shareholder democracy at a sham of a GM for Conroy Gold & Natural Resources (CGNR). In preventing three rebels from joining the board when that is what shareholders clearly wanted he has shown himself no longer fit to run a PLC. I can only compare his pastoral care of shareholder rights at Conroy to that handed out by the Christian Brothers to their wards at so many boys homes across Ireland in darker days of old. The Professor shames Ireland and shames AIM with his antics. Conroy has today failed to fess up to exactly what went on and also what has happened since. Okay, he asked for this, the Sheriff of AIM needs to go to Dublin.
At 2 PM on Friday Conroy Gold & Natural Resources (CGNR) convened a GM called to fire six directors and install three rebels. What followed was such a shameful abuse of democracy that it shames AIM. Yes, even the Casino, has not seen such a disgraceful rogering of shareholder rights until now. Conroy has yet to RNS the result but I can now reveal what happened. And also make clear that Nomad Allenby has a duty to force change or must quit for this is a dark day for shareholder democracy. It is nothing short of appalling.
This Friday shareholders in Conroy Gold & Natural Resources (CGNR) will meet in Dublin to decide whether to oust most of the board and replace them with Paul Johnson, Gervaise Heddle and 28% shareholder Patrick O'Sullivan. Court documents filed in Dublin last week beg serious questions but not for the board but for the rebels.
I've known Andrea Gonella for ages. We have never, to my knowledge, met but have oft corresponded by email. He resides, I think, in Belize and seems to spend a lot of his time fishing. Lucky chap. He is also minted and someone who has for ages believed that Conroy Gold & Natural Resources (CGNR) sits on a very interesting gold deposit in some of those counties of Ireland that are part of God's own Kingdom of Ulster but are these days in the Republic of Ireland. However...
On June 8th Conroy Gold and Natural Resources (CGNR) said that it had received a demand to hold a GM to clear out most of the existing board and replace them with Paul Johnson and Gervaise Heddle linked to Metal Tiger and large shareholder Patrick O'Sullivan. Since then silence.
Earlier today I flagged up the problems Strat Aero (AERO) has with AIM Rule 11. A trusted correspondent asks does Conroy Gold (CGNR) have a similar issue?
Conroy Gold (CGNR) has today put out a laughable release claiming that it is "targetting" 5 million ounces of gold at its deposits on the Irish/Ulster border. I, as you know, am still targeting getting up close and personal with Britain's most talented chanteuse but I've been on my quest a lot less long than Conroy has been, unlike the AIM tiddler I'm pursuing my quest with my own money and there is almost as much evidence to support my dreams as that of the AIM listed money cruncher. That is to say sweet FA.
AIM-listed gold explorer Conroy Gold and Natural Resources (CGNR) produced its results to May 2015 this morning, and separately announced a capital reorganisation. It makes grim reading.
Long-term AIM dog Conroy Gold and Natural Resources (CGNR) says it has discovered an ‘extensive’ gold anomaly’ of 700 by 300 metres in soil sampling at Rockcorry in Co. Monaghan some 14 km. from the company’s existing Clontibret gold and antimony project. The Dublin-based company, whose shares have evaporated from 2005’s AIM float price of 25p to 0.8p now, says four samples showed more than 20 parts of gold per billion of soil and five samples showed more than 10 parts per billion.
John Meyer of SP Angel this morning comments on Conroy Gold & Natural Resources (CGNR), Kefi Minerals (KEFI), Metminco (MNC), Thor Mining (THR) and W Resources (WRES) as well as offering a detailed macro view on the news that is shaping global mining and the AIM mining pond.
Conroy Gold and Natural Resources (CGNR) ‘could have more than 10 million oz. of gold,’ declares Professor Richard Conroy, founder, chairman and 22% shareholder of the unhurrying Irish gold explorer whose unloved shares have lost 97% of their value since floating on AIM at 25p 15 years ago. Also head of Finland-focused Karelian Diamonds and one of the original discoverers of Ireland’s major Galmoy zinc deposit in Kilkenny, Conroy is celebrating encouraging infill drilling results at the Dublin-based company’s Clontibret gold and antimony target in Co.Monaghan.
Ordinarily one would remain wary of suggesting that any mining stock of any shape and size is likely to flourish, if only on the basis that over the past 3 years and more this asset class has delivered an experience akin to 15 rounds with Mike Tyson. However, in the case of Conroy Gold (CGNR) it may be worth suspending the cynicism at least for now.
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