NML is due its interrim results now, last year it was the 28th of this month.

They are setting up a new site to explore/research/analyse and all the equipment to do this should be on site now, and drilling should start soon, all this extra news should be covered in the interims.

does anyone have any further positive views on this company ??

asmith2,

Yes I agree with you, this does need some urgent clarification.

Guys,

I will put it to you like this... if this is the 'diamond king' of the future and is going to do what it intends and produce cash generative diamonds, then wouldn't you expect the fd to have more than 7k of shares.

This seems more and more like a scam. Things aren't adding up. All of course IMHO but hope i am wrong.

I held these for a short while last year and i got sick of the excuses made.

Good luck all

legend,

Quite frankly, yes I would!

And the CEO.

They have of course awarded themselves options, but that's not the same thing at all, as there is no financial commitment of their own.

The RNS today refers to salaries due to directors being converted into shares - this is a strong statement of belief in the company by those concerned. How can they buy more shares when they are foregoing their salaries? You can't have it both ways.

Also the conversion of loan stock into equity is a supportive action.

Both these actions were clearly set out in Note 6. of the recent interim results.

Whatever today's dip in price is about, don't go chasing hares that won't run (something us dogs know about!).

We have been trading in the 3.75 - 6.25p range for a year now in quite well defined regular cycles. Why today do you not see this as another temporary dip and a buying opportunity as the others before it have proved to be? What is it that has shaken your confidence? If it is the misinterpretation of the RNS today, then I think you misread it and came up with the opposite conclusion from the correct one. If for some other reason, let's hear it.

Since the price was marked down at 2.00pm today, there has only been buying - why don't you also try that to make the most of this opportunity? I am certainly contemplating the idea, but will wait to see if there is any announcement tomorrow which set the price off early today.

Anyone know any of the directors to ask why the 8% drop after lunch?

IMHO DYR

SD

stockdog,

I think they had no option but to convert their saleries, as there wasn't enough money to pay them! That is not the statement of commitment I was looking for.

It was the same for the Badenhosts RNS , where they "showed their belief in the project" by taking shares rather then the cash due.

In reality, what other choice did they have? Pack up their gear, transport it acroos Angola in 20 lorries, paying "local taxes" as they went, ship the lot back to Cape Town, and then transport back to Kimberley? No, they had no choice, yet Ihe RNS puts a different spin on it, IMHO.

What has "shaken my confidence" is that Lim Fung Chee, a director, SEEMS to have 14 million shares LESS than we thought, without an RNS to inform the LSE, as per the AIM regulations.

It Is possible there is an explanation for this, he may have moved them to a trust for example, but he should have informed the market about that too.

It's also possible there may be confusion with their names, as sometimes they use more, or less of their full names.

With regard to today's trades, even if they were all buys, which they weren't, the whole lot was under 19,000 in value.

Some fair comment Andy. I did not know about Lim Fung Chee and his 14m shares. But the way I read the RNS is that only the salary equivalent conversion is being reported here, not the total and maybe they were at fault for not restating the new total for each director.

By the way, they all did have a choice to cut their losses, just as we have a choice to cut ours by selling out at this stage - a painful exit, but nontheless available equally to a creditor or a shareholder.

I still do not think director's shareholding is the issue here, although there may well be something behind today's drop other than cyclical sentiment. I sahlkl be scanning the RNS avidly tomorrow morning.

Dynamite - any views, still hoping for my dsc (diamond studded collar, before you start looking up a new epic!)

SD

SD..I think that this is all another red herring to push prices down before good news comes along. Lim Fung Chee and the other guy with a similar name maybe two separate people. Plus look what I posted today from the shares mag...don't panic the price has dropped before only to go back up.

Nothing is certain from this RNS...everyone is jumping to conclusions. I am just going to sit tight and wait. The diamonds are there and SD may get his diamond collar yet.
Di

Stockdog,

As an example, take a look at the RNS issued 08/03/2004,

http://moneyam.uk-wire.com/cgi-bin/articles/200403081009332435W.html

and compare the total holdings then, and in the RNS issued today, which I have pasted below!

They would appear to be somewhat different IMHO, and I can't find an RNS confirming any director sells, although there may be one, but Moneyam can't seem to find it.

There would appear to be a new director, Michael Yang, where did he come from?

I believe the LSE are checking with NML.

----------------------------------------------------------

Further to the announcement on 30 December 2004, the conversion of amounts owed
Directors into ordinary shares resulted in the following holdings:

Director Holding % of Issued Share Capital

David Johnston 1,333,080 0.81
Lim Fung Chee 500,000 0.3
Azizi Yom Ahmad 3,919,630 2.37
Chong Kiat Lim 2,932,630 1.77
John Cross 169,520 0.1
Shane Healy 169,520 0.1
Michael Yang 2,100,890 1.27

Further to the trading statement of 20 January 2005 the conversion of US$1.25
million loan notes into 16,666,667 ordinary shares at US$0.075 (4p) resulted in
Al-Wakalah Nominees holding 13,333,333 million ordinary shares representing 8.06
per cent. of the Company's issued share capital.

Dynamite,

IN the list pasted above, from the NML RNS issued today, the grand total of shares does not come to 14 million, for everyone!

Andy
I still think the recent RNS may refer only to holdings created purely by conversion of salaries owed, not to the total of these new holdings and the ones referred to in your weblink RNS, although I admit the syntax is pretty basic. So I see no clear conflict.

Be whatever it may, are you holding or selling?

Dynamite - Datuk Fung Chee Lim and Lim Fung Chee are to me the same person. Datuk I take to be a title or form of address and it is usual for Chinese surnames to come first followed by "first names" although this often leads to confusion by typists who do not know this, so either order would mean the same person. Interestingly Azizi Yom Ahmad has the title Dato - is one female and one male, or just differnt? Any sinolinguists among us?

SD

Stockdog,

Yes I see what you mean, and you may well be right.

"resulted in the following holdings" I read as AFTER the coversion, ie including their existing holdings, but what you are saying is that it could simply be the extra shares they were awarded, ie EXCLUDING existing holdings.

But they need to reveal/clarify the CURRENT director holdings in that case, otherwise someone will take a look at the share register for them!

This still looks messy, and I think they need to clarify the current position ASAP.

Andy I think you are not far off the mark mate,
i remember when i tried to get out of these, my broker knows a trader (i think at wins, can't remember) and they could had massive sellers at 5.5 to 6p (1m+) It seems to me that as soon as bad news is on the cards i.e. fund raising, they issue a bullish statement not long after, sp goes up to 5-6p, co-incidentally massive blocks of shares get dumped and the sp goes back down.

I know markets work by buyers and sellers but this seems weird to me.

Stockdog / legend,

Ok here is an extract from the December 2004 RNS, - NOTE THE NUMBER OF SHARES ISSUED!

---------------------------

Additionally and as a demonstration of their confidence in the Company all directors of NML have opted to convert their outstanding directors fees to shares. An amount of A$386,857 accruing since November 2001 has been converted at A$0.10 per share (4p) resulting in the issue of 3,865,270 ordinary shares.

----------------------------

The number of shares listed in yesterday's RNS was = 11,125,270, so 3,865,270 were issued in December, and holdings as per RNS 21/4/05 were 11,125,270!

That is a huge difference(7,260,000), and suggest the holdings yesterday are in fact current holdings, and not additional IMHO.

Here you go then...it was just worded badly yesterday and now it has been clarified;

New Millennium Resources Ltd
22 April 2005


New Millennium Resources Limited
('NML' or the 'Company')


This announcement replaces RNS 3424L.

It was announced that Datuk Fung Chee Lim, Deputy Chairman and Non-Executive
Director, holds 500,000 ordinary shares in the Company. In addition and for
clarification, through interests he has in certain other shareholders Datuk Fung
Chee Lim controls a total of 28,698,333 ordinary shares in the Company
representing 17.36 per cent. of the Company's issued share capital.

It was announced that Chong Kiat Lim, Non-Executive Director, holds 2,932,630
ordinary shares in the Company. In addition and for clarification Chong Kiat
Lim, through interests he has in other shareholders, controls a total of
4,192,630 ordinary shares in the Company representing 2.54 per cent of the
Company's issued share capital.

The full amended text appears below:

Further to the announcement on 30 December 2004, the conversion of amounts owed
Directors and former Directors into ordinary shares resulted in the following
holdings:

Director Issued Resultant Holding % of Issued
Share Capital

David Johnston 1,333,080 1,333,080 0.81
Datuk Fung Chee Lim 500,000 28,698,333 17.36
Azizi Yom Ahmad 3,919,630 3,919,630 2.37
Chong Kiat Lim 2,932,630 4,192,630 2.54
John Cross 169,520 169,520 0.1
Shane Healy 169,520 169,520 0.1

Former Director
Michael Yang 2,100,890 2,100,890 1.27

Piet and Neels Badenhorst, managers of the Angolan mining operations, each hold
4,126,500 ordinary shares in the Company representing 2.50 per cent. of the
Company's issued share capital. Together they jointly control a further
4,040,000 ordinary shares representing 2.44 per cent of the Company's issued
share capital.

The board and management controls 30.77% of the issued share capital.

No current Director has sold any shares in the Company in the past 12 months.

Further to the trading statement of 20 January 2005 the conversion of US$1.25
million loan notes into 16,666,667 ordinary shares at US$0.075 (4p) resulted in
Al-Wakalah Nominees holding 13,333,333 million ordinary shares representing 8.06
per cent. of the Company's issued share capital.



This information is provided by RNS
The company news service from the London Stock Exchange

Dynamite,

Well they took their time, but at least they have answered the questions asked on these BB's.!

Presumable their statement that "No currnet directors have sold in the last 12 months" means that Nick Zuks, no linger a director, has?

And why did they include a former director without a notifiable interest in their list?

Although it's somewhat clearer now, although really their recent RNS announcements do not paint a very good picture of the company IMHO.

Firts we had the RNS saying "mining by June", and some holders sold on that news, only to be followed a few days later by the RNS saying "mining has commenced", and now this!

I sold yesterday after the mixup... shame this company does not even know how to communicate properly!!!!
I would love to be in this company but wont reinvest after this... Shame really!!!

sidtrix,

Yes they are presenting themselves in a very poor fashion IMHO.

Andy...just a question why do you have this thread if you never anything good to say about NML and you do not hold shares??? At the end of the day NML are a very under valued mining stock IMHO

Dynamite,

These threads are for DISCUSSION, I didn't think it was a pre-requisite that you had to own a share before you could post on the thread!

All the threads would be very quiet if that was the case!

And how do you know I don't own any shares?

You have said so...that you don't have any NML shares. I know the threads are for discussion but why always negative...NML may have bad points and maybe more than many other shares but there are lots of pluses too.