Chatham Rock Phosphate - CRP

[BlackPeter]

So point to one posting which is slanderous or defamatory.

Questioning a director's or a company's track record and history is part and partial of due diligence in investing. Anyone who runs a public company must be able to stand up to scrutiny.

Fact is that you cannot handle tough questions so you try and hide behind accusations of slander and defamation.

So answer the question - 'what is Chris Castle's track record of generating wealth for investors?'

I don't always find myself on the same side as balance (and some could argue that this is a gross understatement), but I think in this case he deserves support.

Haven't seen slander and defamation, but critical questions and some (I think legitimate) irony.

Not sure MAC and croesus, what your problems are? Are you trying to talk up CRP to be able to sell? Otherwise ... what's the problem with some critical questions or ironic comments? If your beloved stock is as good as you think it is, than it gives you at worst another exciting opportunity to buy in more shares at undervalued prices

BTW - just assuming that neither "Mac" nor "croesus" are your surnames as stated in your passport. So what exactly is wrong with balance using a nom de plume as well? Give me a better word, but somehow the attribute "hypocritic" springs to mind when trying to describe the behaviour of the both of you.

Discl: Sold out CRP some weeks ago, but still consider it as viable (but too high risk for my appetite) proposition. And yes, wouldn't you have guessed - "BlackPeter" is just a "nom de plume" as well. Do I now need to feel bad about using it?

[Balance]

Yes, repetitive negative comments in the public domain about any individual that diminishes reputation is defamatory.

Congratulations - you have just invented a new lower threshold for defamation. Now get a lawyer and go make your fortunes.

[MAC]

Congratulations - you have just invented a new lower threshold for defamation. Now get a lawyer and go make your fortunes.

Well ok Balance, but I do think for those like yourself that may have concerns, genuine or otherwise, you should really take them to the AGM.

I'm not defending anyone, that's not my job either, but a right of reply is fair and company management does not have that opportunity on a blog site, that is really my point.

I've not met Chris Castle, he was not at the only AGM I've been to, there's a lot of very smart hard working people at that company though, and if they succeed it will be due to that, if they don't it will not be for lack of effort and experience.

[Joshuatree]

9/8/13
One of the most important aspects of any investment is having confidence in management. Often its very hard to research this. I was a shareholder in widespread some years ago . i dont have a grudge but my personal overwhelming exp is i dont have confidence in management; i don't think shareholders are looked after.I think there is alot of enthusiasm and spin and justification to benefit who? didnt feel like us. Just my opinion. No more from me atp. This is a great forum to share our opinions on making money and not losing it ,but as ever DYOR and good luck .[/QUOTE]

I made an investment mistake back then; my stuff up.; I've moved on. I believed in management ; but not since. Im in good company ;Gaynor for one and many others on here .Also aware of how much risk there is in projects like this. Suggest people read thru the threads as its all been pointed out. Some good research by Mac; also some spruiking by believers, lots of subtle it will happen type language. It may but consent maybe with a lot of conditions as snap points out. Then even if its "viable",Project risk and fluctuating phosphate price risk, weather risk etc a lot of dots to continuously hold together. If you're still a believer; make it small allocation and be prepared to put more in.

[croesus]

9/8/13
One of the most important aspects of any investment is having confidence in management. Often its very hard to research this. I was a shareholder in widespread some years ago . i dont have a grudge but my personal overwhelming exp is i dont have confidence in management; i don't think shareholders are looked after.I think there is alot of enthusiasm and spin and justification to benefit who? didnt feel like us. Just my opinion. No more from me atp. This is a great forum to share our opinions on making money and not losing it ,but as ever DYOR and good luck .

I made an investment mistake back then; my stuff up.; I've moved on. I believed in management ; but not since. Im in good company ;Gaynor for one and many others on here .Also aware of how much risk there is in projects like this. Suggest people read thru the threads as its all been pointed out. Some good research by Mac; also some spruiking by believers, lots of subtle it will happen type language. It may but consent maybe with a lot of conditions as snap points out. Then even if its "viable",Project risk and fluctuating phosphate price risk, weather risk etc a lot of dots to continuously hold together. If you're still a believer; make it small allocation and be prepared to put more in.[/QUOTE]

With all due respect... you hav'nt moved on....have a look at some of your recent sniping posts...

but to be fair ... do you mean you have moved on from today.

Well great...

Lets have constructive criticism, and less of the back biting innuendo.

( in my opinion .. you are lucky not to have been modded )

Great, well done !

[MAC]

It will be really satisfying actually as a long term shareholder, DMC willing, to see Chatham Rock fully capitalised and consented in just a few weeks time, it has been a long road, or maybe a voyage, to this point.

http://www.scoop.co.nz/stories/BU141...nd-options.htm

[BFG]

MAC, I note you have maintained the same share price targets even through several dilutions (some of inconsequential size, others quite large)...

[blackcap]

MAC, I note you have maintained the same share price targets even through several dilutions (some of inconsequential size, others quite large)...

Maybe other parameters like the phosphate price eg, have improved enough to compensate :P

[MAC]

MAC, I note you have maintained the same share price targets even through several dilutions (some of inconsequential size, others quite large)...

Hi BFG,

I have, but for good reason, just like Edison I’ve valued assuming the forward dilution.

From the Edison report, May 2014;

“We have revised our success-case NPV valuation to take into account dilution from the 1 for 10 rights issue, secondary AIM listing and, as before, the full impact of the exercise of the Subsea unlisted options (where the last tranche will be exercised in August 2015). On our base case assumptions, our unrisked valuation is now NZ$1.76/share (previously NZ$1.89/share)”

The Edison valuation at $1.76, allows for full dilution as at the completion of capital raising but was prepared on the basis of an AIM listing which never occurred, CRP opted for the recent local rights issue instead at a slightly higher dilution, but with significantly lower administrative and listing costs.

So, the Edison valuation as it stands still remains a good guide for investors right now, but will require a slight adjustment for the aforementioned reason, it might come down to $1.65 or something like that.

Note also that Subsea’s 36M options at 28.8c may not necessarily be fully taken up, $11M is a lot of cash to come up with for a consortium of investors who only invested around $4M to start with, just a feeling I have, but let’s see.

The only dilution not allowed for by Edison is the CRPOB dilution (now in 2016) which will be by my estimation around 18%, that’s provided all CRPOB 68.8c options are exercised, but that's a fair way off now.

Trust this assists,

kind regards, Mac

[easy money]

Hi BFG,

I have, but for good reason, just like Edison I’ve valued assuming the forward dilution.

From the Edison report, May 2014;

“We have revised our success-case NPV valuation to take into account dilution from the 1 for 10 rights issue, secondary AIM listing and, as before, the full impact of the exercise of the Subsea unlisted options (where the last tranche will be exercised in August 2015). On our base case assumptions, our unrisked valuation is now NZ$1.76/share (previously NZ$1.89/share)”

The Edison valuation at $1.76, allows for full dilution as at the completion of capital raising but was prepared on the basis of an AIM listing which never occurred, CRP opted for the recent local rights issue instead at a slightly higher dilution, but with significantly lower administrative and listing costs.

So, the Edison valuation as it stands still remains a good guide for investors right now, but will require a slight adjustment for the aforementioned reason, it might come down to $1.65 or something like that.

Note also that Subsea’s 36M options at 28.8c may not necessarily be fully taken up, $11M is a lot of cash to come up with for a consortium of investors who only invested around $4M to start with, just a feeling I have, but let’s see.

The only dilution not allowed for by Edison is the CRPOB dilution (now in 2016) which will be by my estimation around 18%, that’s provided all CRPOB 68.8c options are exercised, but that's a fair way off now.

Trust this assists,

kind regards, Mac

AND now there is just a small matter of waiting for the permit to come through....and where away..