Sunday Long Reads: Arctic Bank Robbery, NY Con Artist, Battle for Books, Boeing blamed Pilots, Mystery Language
TomWinnifrith Bearcast - on the Upper Volta Aquis equivalent these shares would be suspended on Monday but on AIM?
You cannot say that you were not warned numerous times that this crock would collapse but natch Bulletin Board savants and the paid promoters such as Vox Markets knew better. Today Salt Lake Potash (SO4) has appointed administrators in Oz and the Fat Lady is belting out a chorus of Waltzing Matilda. Of course the blame lies with the ex CEO, the aggressive penny share bullshitter Tony Swiericzuk, who “was resigned” on 27 August.
Shares in Salt lake Potash (SO4) have been suspended on the ASX since 27 July although on AIM they have traded since 29 July allowing anyone with half a brain cell to get out. The cause of that suspension was an admission of technical issues which meant a delay in production which, in turn, meant that without new funding Salt Lake would crash land in tits up alley by Christmas. As the meeting with the Fat Lady draws ever closer we have news today. Or rather lack of news on that financing.
I always took the view that Salt Lake Potash (SO4) was an over-pumped promote, touted as the next big thing by the likes of Alan Green and the scumbags at Vox markets and that its CEO Tony Swiericzuk was an arrogant and monstrously overpaid ( A$2.2 million last year) prick. As if there were not enough red flags...
Previously writing on Salt Lake Potash (SO4), last month I concluded including “whereas trading on AIM has now resumed, “SO4's ordinary securities will remain suspended on ASX pending an update on its Lake Way project funding that is anticipated to occur no later than 16 August 2021”. And today an “Update on ASX Suspension” announcement...
Last month Salt Lake Potash (SO4) was “pleased to announce that following receipt of funds from Tranche 1 of its recent A$28m placement… SO4 has drawn down the final US$33m tranche of its US$138m Senior Debt Facility” and on 1st July “that process plant Practical Completion… has been achieved at its Lake Way asset in Wiluna, Western Australia. Plant commissioning continues with first SOP product expected in the weeks ahead”. Today a further update and the shares currently more than halved to below 8p in response!
Hello, Share Scorchers. In Jordan, where I’ve just met some of the friendliest people in the world, probably the main export is potash. If you thought this was a fairly unimportant mineral, you would be wrong. Potash is important for agriculture because it improves water retention, yield, nutrient value, taste, colour, texture and disease resistance...
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