2984 days ago
Beowulf Mining (BEM) has today announced a placing raising £1.25 million (gross) at 3.25p. The odd thing is that the company could have raised more and at a higher price but did not do so. CEO Kurt Budge and sidekick Bevan "African Eagle debacle" Metcalfe have screwed their shareholders - bar 1 - royally. Here's the story.
3005 days ago
Oh dear. African Eagle has been put into administration in a move akin to pulling the plug on a life support machine for a car crash victim who has been in a coma for three years. Shite AIM investment company Blemheim Natural Resources (BNR) owned 11.4% of Eagle and is in denial.
3546 days ago
Shares in African Eagle (AFE) were suspended from the AIM Cesspit today because as an “investing company” it has failed in twelve months to…er make an investment. In six months’ time if it has made no investment it will be booted off the casino for good. At the suspension price of 0.28p it is valued at £2.5 million but worth NOTHING. Who said markets were efficient?
Of course if you read recent statements from the company you’d have thought that there was bright upside. In light of recent events would chairman Kola Karim like to justify these statements made via RNS on 18th June 2014?
3818 days ago
Commissioned Researcher Edison has set up its twitter account to retweet to its followers and customers all articles on this website with the word Edison in the title. Ho. Ho. Ho. For it seems that its star mining analyst, uber posh Charlie Gibson won’t be going on any field trips soon.
Charlie, you may remember, shot to fame with the classic commissioned research note on African Eagle (AFE) claiming that its lead project was worth $400 million. Weeks later African said it could find no funding for Charlie’s gem and went 99% tits up. But it is not crime against sensible investing that we are dealing with here….
Having been given an upper class fishwife ear bashing by Charlie’s C-list TV presenter Mrs, the porcine Tanya Beckett, a few years ago, I feel some pleasure in bringing you the tale of Charlie and the Old Bill.
It seems as if Charlie and his Mrs were having a bit of a domestic
3950 days ago
The story of AIM cesspit woe that is African Eagle (AFE) continued apace this week with news that all of its assets have been put into a company called Blackdown and that African is to sell 90% of that company for just $100,000. Actually it will not make that much from the sale but more on that later.
The bare fact is that in just over 10 years on AIM and a few years on Ofex before that African has raised and spunked away around £40 million. A good part of that went on fees to greedy City advisors and to a rolling cast of senior management. You must bear in mind that you have to pony up to attract “the right boardroom talent.”
Over the years
3994 days ago
African Eagle (AFE) joined AIM from PLUS in June 2003. Today it is six months away from oblivion. Its rise and fall is a morality tale from the Cesspit. No-one emerges from this tale with any credit. I say this as someone who tipped the stock but a long while ago advised cutting losses. But let’s start at the beginning. This is pretty horrific reading.
African started out as Twigg Minerals on the old Ofex market. At the time it came to AIM it was banging on about its gold assets in Tanzania: Miyabi and Iguribi. But they were not big enough. Miyabi is now part of a JV with African having 25% but still nowhere near production. The other assets were even less spectacular. And so to support fund raise after fund raise (there have been more than a dozen to date) the company started promoting copper assets in Zambia.
Sasare, Ndola, Lunga all were company makers we were told as investors were tapped again and again. That was until the company stumbled on something even more exciting. By 2009 the word was Dutwa – a vast Nickel find in Tanzania. The way to maximise shareholder value was to push ahead with Dutwa (oh can we raise some more money please?) and those other company makers were dropped. African had a new company maker.
