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 ??

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.

Dynamite,

But although I classify myself as an investor, I also trade in and out of positions as they story changes, sometimes even selling and buying back in the same day, as I try and protect capital, so what I say I hold/don't hold on Monday may not be correct by Wednesday!

I am still negative beacuse they have (so far IMHO) failed to deliver on promises made, and I see a whole lot of people posting beliefs as fact, when in actual fact they may not be, so I simply post what I BELIEVE are the facts.

IMHO in order to have balance you need both sides of a point of view.

I know some NML investors, and I hope NML does well for them, really!

Once I believe in the company, I will be back in, but I want to see some delivery first.

Fair enough Andy

Andy, Dynamite - I'm still in holding what I've got moreorless comfortably. But recent evetns and SP behaviour does not currently encourage me to top up at this very low price.

Lie ARX, I need to see some positive good news and a lift in the SP to want to commit more at this stage.

The potential is there, they say they have started mining, but that announcement was very weirdly timed, almost manipulatively I remember commenting at the time. So their news management is not very sophisticated which, whilst only cosmetic in some senses, it's a) all we have to go on and b) sophistciated news management can indicate sophisticated management. Or maybe their sophistication runs to managing the news for their considerable controlled shareholding at the expense of investors.

I imagine institutional investors will pull them up short if they continue in this fashion. But I would hope their NOMAD would sort things out before that is necessary.

Sobeing balanced I hope, Di, I'm positive about potential, but mildly negative about management this week. Watch, wait and see.

SD

Yes I once believed in it but it appears i may have been wrong.

It says that the directors haven't sold any shares, but I bet there are a few back handers going on when Piet and Neels are selling their shares. It is blatently obvious that someone is dripping them out somewhere.

It doesn't fill me with confidence that the directors 1 Dont hold more shares than they do and 2 you never see them taking advantage and buying them on the cheap.

Thing is guys why NML?? I don't know anything about mining stocks nor will I have a try at getting to grips with them, but why not go for a company like Firestone that has proven track record (I don't hold any) and has good prospects.

It is a shame when a story doesn't come off, i can see further complications

DYOR

legend, the Lim brothers(?) own/control directly or through other shareholders 21.97% between them (read the RNS above) - that's a pretty fair chunk to say they believe in the company too.

Why should directors buy shares on the cheap - they will buy on good news, like all of us. There isn't much around at present. Do you want them to create a false market by buying shares to fool punters into buying too? Why complain about the LOW price of something you may be contemplating BUYING??

You say you know nothing about mining stocks, but seemingly enough to comment negatively on this one???

There is nothing blatantly obvious about shares being dripped out somewhere - what ever that means.

The facts are the news management is bad, leading to confusiuon over the start of mining we all thought would be later, then suddenly sprung on us last week. Then the licence is now clearly not confirmed till the initial 5,000 carats is mined. Etc, etc and the market doesn't like them much and the MMs have enough stock, so are holding the price down, only letting it rise when they have buys to fill. So it rises, loose holders sell into the market, the buy orders are filled and the price is marked down again.

It's frustrating and adds somewhat to ones concerns, but your slagging off tone is out of proportion to the facts or your genuine interest. Did you lose money on this one once, or what? Of perhaps even hoping to gain in the other direction as you write so vehemently negatively.

I'm not wild about the shares at present, but moderation in argument usually allows the evidence a clearer platform to speak from. Remember, no one knows anything!

SD

Dynamite,

ON ADVFN, Anom still thinks there are dispcepancies with the declared holdings, and apparently a further RNS MAY need to be issued!

I am going to try and check the figures myself tonight.



Stockdog,

Yes I was reading your ARX thread today, quite sad to read retrospectively, and see the comments as the price falls and hopes start to look forlorn.

hopefully ARX has already bounced, better price today.

IF there are further discrepancies, then the NOMAD is going to come in from some criticism IMO. One mistake is an accident, two is unacceptable!



legend,

Yes it seems strange that most of the regulars on the ADVFN BB hold significantly more shares than Cross and Healy!

I did mention this at the November meeting to John Cross, and he became angry and walked off!

With regard to Firestone Diamonds (I have a holding) the difference seems to be promotion, both by the PR and media, and on the BB's.

FDI has risen nearly 50% since Xmas, yet NML is back at last year's price, yet FDI has an occasional post, and NML reams of posts per day!

Strange indeed.

Dynamite,

Well according to my figures, unless they have transferred some shares to a trust, the Badenhorsts have 1 million shares LESS that they received from NML in the two tranches, so it's POSSIBLE they MAY have sold these shares.

Looking through the RNS list for the last 14 months, NML issued 32 RNS statements, but only three were titled "director shareholdings", and two of those have been in the last three days!

In addition, there was the RNS dated 30/12/2004, which dealt with the conversion of oustanding director fees being converted into shares, without listing who reeived what, a breach of the AIM regulations.

I can find one director who has less shares than he had 12 months ago, although he too MAY have transferred some into a trust, so we will have to wait and see on that one. 'IF' he has sold, that would invalidate today's RNS statement, and I would think the AIM regulators would take a very dim view of that.

Stockdog,

1) Directors buying shares shows confidence and belief in the company and is a very good sign of commitment.

2) I didn't lose any money, i made about 20 quid after commission... i think i actually got lucky looking at the size of the spread at the time

3) I don't now intend to buy any of these whatsoever, however i can see why people are attracted to them.

4)Shares being 'dripped out' refers to a big seller that is selling his or her holding in blocks to the market. So why are certain shareholdings reducing then??

5) I am not slagging anything/anyone off... it is your choice what you put your money into and you obviously believe in the story. Am I not allowed to have my own viewpoint??

There seems to be no value in these thats all i am saying... no cash, no NAV, no profits... infact I have seen more carats in Bugs Bunny's hole!! And the management seem unclear and misleading.

Too many unanswered questions for me... what do you think andy??

Hope I am wrong and best of luck SD.

gentelmen,

Some good points raised by all concerned here in recent posts.

Stockdog,

I would expect to see director buying as a sign of confidence and commitment to their company, ESPECIALLY at the lows, because that sends a strong signal to the market!

What the NML directors have done is simply award themselves share options, subject to the performance of the SP, which is a no financial risk (for them) option, and leaves me underwhelmed personally.

To be fair, they DID convert fees and emoluments owing into shares in December 2004, so now messrs Cross and Healy hold the grand total of around 165,000 shares each, total value approx 7,000. However, I think lack of cash MAY have been the reason for them taking that option, rather than anything else.

There is certainly a large seller(s), and every time there is a piece of good news, he "drip feeds" out chunks of shares, 100k, 200k, and more recently 500k.
They are obvious if you follow the trades, and even the most ardent NML holder recognises this is hapenning. what we allwoule like to know is who is seling all this stock?, because it has been ongoing for several months now.



legend,

Your point 1, correct (IMHO)

With regard to management, 'IF' this latest RNS turns out to be erroneous too, then it's a total shambles!

I suspect it's wrong, but the AIM regulators are examining it against the share register, so we should soon know if they are forced to release another correction for the correction!

This share is an enigma, IMO, but I hang around because despite what I see as hapless and inept management, I suspect there just MAY be some real hidden value here.

Whether NML are able to exploit that is another thing, but with the Sp at 4p now, and people predicting (guessing!) 50p next year, I figure there is time to watch and wait, and 'IF' they start to deliver, that will be the time to hop onboard.

That way I reduce the potential reward, but significantly reduce the risk.

Here is the email I have just sent the MD of Daniel Stewart

Dear Mr Cade

NEW MILLENIUM RESOURCES plc

I am writing with concern about the recent announcements from the above company and seek clarification on a number of issues.

Firstly, the interim accounts issued Thursday 31st March stated the company "will move from exploration phase to production phase by June 2005". Two business days later on Monday 4th April another RNS was issued stating that "diamond mining production has commenced on its Rio Lapi mine". There was a drop in share price of 20% the day after the interims followed by a rise in share price of 50% after the second announcement. Since then the share price has drifted back to settle about 10% lower than its recent mid range. This seems to me a high degree of volatility caused by extraordinarily crass timing of announcements by the company. Are we to believe that the directors did not have the information contained in the second announcement the day they issued the first?

The second issue is that of director shareholdings. The latest two RNS announcements do not reconcile with previous announcements of director's shareholdings and leave a very confused state of affairs as to how director's holdings have moved over the last several months and where precisely they now stand.

Meanwhile it appears that there is a large and consistent seller of stock each time the share price merely flickers above the parapet of 4p. Is there any information that should properly be communicated to shareholders at large in this regard? There was a very sudden unexplained drop in price on Thursday 21st April at 2.00pm against a background of strong rebound from the general dip in the market of a week earlier.

Perhaps, as an Australian entity the company is not sophisticated in the ways of the London Stock Exchange and its requirements for clarity of reporting. Hence I am writing to you as their NOMAD whom I would expect to be guiding them in these issues. I and a number of associates who hold shares in the company are increasingly concerned that these apparent errors should occur and, indeed, may possibly be concealing rather more sinister manipulation of the share price by major shareholders and/or the directors themselves, in particular the non-executive directors who control a substantial (21.97%, from the latest RNS) portion of the share issue.

Your enlightenment on the above matters would be very gratefully received.

Yours sincerely,

Stock Dog