1. "Discovered" means an absolute minimum of being seen. In today’s submarine context, that also means imaged, as both Diver’s hat camera and ROV video is routinely recorded – and is an essential part of the latter’s operation.
2. I would also ideally extend "discovered", in the context of an RNS, to include "sampled" as the ROV is more than capable of picking up a coin, putting the discovery beyond doubt.
IF SUB has NOT done 1. above (and ideally 2.) then I would take the very strong position that yesterday’s highly material RNS content suggesting that Ella’s “magnificent cargo” (i.e. the bullion) had been "discovered" as a False and Misleading statement.
IF it was, then Investors from this point in, in the event of failure, may have a case against the company and its directors.
In any event, Investors (I am not one) should call the company (I think it unlikely that they would engage with me as I have committed two corporate crimes: 1. I have been highly critical, and 2. right) to clarify this matter.
If no satisfactory answer is given then it might be taken up with the AIM Team at the FSA. Investors will be wary of doing this because that they will perceive it as price damaging. I take the long view here, though; the best thing for a company is to have a good, well managed business with a good franchise (which SUB could very well have) and not talk a load of utter shite (which they may be doing).
A good slap on the wrist at this early stage will do no real harm. It will focus the director’s minds on actually thinking through their PR which, to date, has not leveraged very well the most PRable prospect of any listed company on the London market.
Fundamentally, what investors deserve is truthful communication. And the law demands it.
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