Facts about TitanSome simple facts about Titan:
The first Titan, Mundo , had their main play in Brazil in a subsidiary which they pumped huge gobs of cash into, Carr and Rowley took out nice amounts for themselves, but the sub went bankrupt. When they tried to sell all it's so called assets in Brazil, there were no offers at any price. Talk about building a company. Investors lost all there, Carr and Rowley did allright. Debtors where left with zilch.
And then Titan became Minera, and 'acquired' another toll mill in Peru this time. I say 'acquired' because actual deeded ownership was in question. And again Carr and Rowley used their proven formula: throw money ,others money, into a very questionable buisiness, talk it up like it is the next big thing, and everyone watches as it goes down the tube. Oh yes, don't forget Carr and Rowley, perhaps others inside, skim off as much as legalities will allow (maybe in Australia there are legalities).
And yes when the debtors start clamouring, put it into Administration (again only in Australia, anywhere else it would have been put into bankrupcy). And then have the Administrator (again only in Australia) talk the debtors into taking shares , and the shareholders in agreeing to dilution. Well , the result of the dilution was that the debtors got less than a penny on the dollar, and the shareholders holdings became so small that it didn't cover the cost of selling them to sell them, so Titan agreed to buy them all up and wave the selling costs. I don't know what the shareholders buy price was, but the sell price was a fraction, a small fraction, of a penny. And when the Administrator tried to sell the secound toll mill that Titan tried, again there were no bids at any price, for the toll mill and any properties Titan claimed to own around it.
And so Minera sat in Administration for awhile, again only in Australia, with the ASX letting a zombie company with zero money, zero anything stay listed, but not listed in the real sense, but I guess keep a listing, while not paying any listing fees, or doing anything a listed company needs to do.
In the meantime Carr started a private company, Andina: the infamous Andina, which I really, really hope the Peruvian authorities see to it that we hear much more about. We all know the story about making bricks from cyanide tailings to be used in all manner of buildings, gun fights to try and force the Russians in giving back the gold ore, etc. Too long a story, too many times told.
And then in late 2017, some kind of plan comes up to bring Minera alive again. It did have that
$100 million in loses on the books (which represents what the shareholders put in, and lost( the debtors also lost around $50 million in unpaid bills)), and that can be worth something to the right company. So someone put enough money in to pay ASX to relist, pay Carr and Rowley, pay Carr for the Vista mill to make it look like there was something there. The details of where the money came from are unclear. Oh yeah, this is when it became Titan.
And this present Titan has assets of basically zero. The Vista Mill will struggle to ever make a profit. Toll mills are very hard to make profitable , Mundo and Minera help to prove that. The so called properties, Las Antas, and something else, are buy ins. And so far Titan hasn't done any buying in, so I would say they should show up as zero to Titan. Maybe in 5 years with a few million spent and some exploration luck they could have some value.
And as far as share price: I have never put any store in what the share price of Titan is given as. Until proven otherwise, I believe there is not single independent shareholder in Titan. If there is it would need to be the stupidist investor in the world. To invest in a company that has a record of stealing shareholders money, failing at everything it attempts, absolutely no assets that have any hope of ever turning a profit bigger than the listing fees, company fees, and management salaries; would take a special kind of investor. Brain dead is one possibility.
Now I don't know what Titan's game is. I can only assume it involves theft in some guise. I am still not sure why a nice little , honest company (when Mr. Piggott was in charge anyway) like Core has become entangled with such awfulness as Titan. The sooner this is all over the happier I will be.
And as far as Titan present position: well, of course the truth can never be known, but there are some nice debts that they can't hide, a mill that is losing pretty big every quarter with no hope (except in Titan's lies) , of that changing, and maybe some cash on the books from goodness knows where. It is impossible to make a true evaluation of Titan, becasuse nothing about Titan (Mundo and MInera) has been about truth. If it was in a country that had regulations and such, it is hard to imagine it would have survived this long.