It is now seven months and two days since the supposedly credible buyer of the assets of Eurasia Mining (EUA) completed its due diligence but still there has been no offer. How long can AIM allow this farce to continue? A proper bidder makes a bid and formalises it as soon as DD is done! Meanwhile perhaps we might get clarification on M&A head honcho Dmitry Suschov.
This morning’s RNS from Eurasia Mining (EUA) smacks of desperation. It’s missing any update on the only topic that shareholders are interested in: the sale; or the “liquidity event” as Eurasia referred to it in its 14th of February RNS. We’ve repeatedly highlighted issues with the supposed sale here on ShareProphets, but it should now be crystal clear that the political risk in Russia is off the chart, meaning that no non-Russian company is ever going to buy a mining asset in Russia! And any Russian company will simply do what Putin tells them to do.
Today marks three months since Eurasia Mining (EUA) last updated the market on the status of its supposed sale process. The “sale” is on a par with a DFS furniture sale, having now lasted two years and three months since it was first announced, yet with no sign of an end in sight! Frankly I think that it’s obvious that the sale (if there ever was one) has fallen through. On today’s anniversary I’m calling out to SP Angel to bring this farce to a close. Pull your finger out SP Angel, do your job and force some proper disclosure from your client!
The whole Eurasia Mining (EUA) story stinks more and more with each day that goes by. Today’s episode started at no-one is watching O’Clock, 6.02 PM, with a statement that begs more questions than it answers. You may remember that on January 27, shares in the company slumped by 40% as it emerged that the company’s high profile boardroom M&A Advisor Alexei Churakov had dumped 27.4 million shares at 29p. That evening, I revealed HERE how Company Secretary Keith Byrne had apparently been reassuring private investors who inhabited a secret Telegram group that this was not an issue as Churakov had left some time ago.
Yesterday, shares in Eurasia Mining (EUA) collapsed, by 50% at one point before closing 40% down at 18p, on news that board advisor Alexei Churakov had dumped 27.4 million shares at 29p. Why do that when a bid is meant to be on the way asked the mug punters? Today there is a statement but it does not wash at all. It fails the smell test.
You will particularly enjoy one comment about yours truly. Shares in Eurasia Mining (EUA) crashed by 50% in afternoon trade before rallying to close just 39% down at 18p. The trigger was a release stating that Alexei Churakov, an adviser to the board heading its M&A effort, had dumped 27.4 million shares at 29p yesterday. He still owns 12.3 million shares and a shedload of massively in the money options. But for a company meant to be in a bid process this was not seen as a good signal given his rolde in the company. Understandably so. Anyhow, given how these folks have abused those of us who have questioned the shocking red flag behaviour at Eurasia over the past year, it is a delight to see them squirm!
An article has today appeared in the Russian press and has now been picked up on Bulletin Boards. It is damning evidence that Eurasia Mining (EUA) is itself the source of rumours that created a disorderly market and share suspension. How on earth can the FCA and the Oxymorons at AIM Regulation tolerate this? Surely a statement on various rumours detailed HERE, is needed now. The sixth and critical paragraph of the article with my underline and using google translate is below.
Often pump and dumps only last a matter of a few days or even hours, but occasionally when it is more than just small private investors involved they can go on for a long period of time, and that certainly appears to have been the case with Eurasia Mining (EUA)...
Eurasia Mining (EUA) is a company that I’ve been following for the past five years or so, but during that time, other than the occasional spike, the share price has done very little, and up until a few days ago you could have bought for around the same price as when I first covered it. The share price has more than tripled in the last few days though, to a current level of around 1.9p, following news that the company has engaged two large banks to help it assess the possibility of selling its assets and basically becoming a cash shell under AIM Rule 15...