Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Interesting, just after those two £125,000 trades yesterday....
May just be a bit of MM fun but suddenly flipped!
Roger
Alot of us are annoyed at RY cause he should have had communication with the bank, but if he wanted to shaft us he didnt have to goto svidlov to renegotiate for 2nd time. He could have just strung us along.
Putin signed the decree, that was the major hurdle in my view. The nickel in ground is worth $37bn. So Svidlov will not want to walk away..
I think he probably has an conscious he surely wont do that, i think the biggest hurdle was to get permission from Putin to dispose the asset, this has been done.
The rns is NOV implies they are confident of finding a way to transfer money with western sanctions.
Enel sold their asset in june 2022 and in late oct 2022 it was completed.
Maestro - good info but…I think AMC is a very different kettle of fish to Kinross. The money involved is a tenth of those sums and we’ve got someone hell bent on delaying the deal (our own CEO Robin Young) so he can squeeze out as many months salary pay cheques as possible. I don’t very much he’s really looking into other options at his age and will be focusing on getting out as much money for himself as possible before holding his hands up and retiring. It would suit RY to wait until the war is over until this is sorted - and that could be years - as effectively he can retire now, put his feet up and draw $15k per month cos his holidays and world cruises. He has the perfect excuse to sit back and do nothing for as long as the sanctions remain in place. He could sack anyone else working for the company, increase his own take home pay and squeeze as much out of the cash reserves until he’s voted out at the next AGM.
Honestly? I think our money is gone here. RY is both clueless as to how to progress things from here and is focused on his own greed rather than looking it for the interests of share holders. Gloomy? Yes. Realistic? Sadly yes. It’s a typical AIM heist.
If you look at Kinross they went to similar process to amc, they first agreed to $680m with svidlov, this was in installments over long period. The russian authorities agreed to cut price of $340m plus 40m after 12 months. Now they received their money back in june and original deal was agreed in april.
Hopefully we should hear something this month for amc.
The only positive i see is this from nov rns.
"..We look forward to updating shareholders once the banking restrictions are successfully solved."
So clearly RY believes this can be solved.
Roger
The first deal was worth $100m, hes purchased kinross which was over $350m. This is loose change for Svidlov..
But didn’t the first offer outline a purchase over several years ie piece-meal? Suggests to me Sviblov prefer to delay…? Maybe he hasn’t actually got the cash ready atm? Or maybe he knows damn well if he’s patient he could end up getting it for even less? I don’t know. I just wish RY would either get on with it or fall under a bus so someone else cd be charged with the task. Any one would be more competent than RY.
Some of those reds were buys, hopefully we hear something this month.
Svidlov has been interested in KM for over a year now, he would want this to go through. The western banks will want to know where the money is coming from.
Looks mostly red to me going by the LSE trade list. Not that that's in any way shape or form an accurate reflection on what is ever really happening!
A nice stream of buying last few hours. Would expect news now
Of hard labour has Mr Young produced since the announcement of the approved deal on 03oct.
Oh well I suppose the £72k he’s had since that date will no doubt has helped him cope
I think it’s probably dollars,but I don’t have a dollar sign on my key board.
Its high time we were told what is going to be done with Amc Mr Young,you’ve had your sport with the s/h’s you’ve had the Christmas break,you’ve been paid.
Just Tell Us
MD
Jezzac
The russian side agreed to deal its the companies bank which refused to take the money. RY should not be taken $24k plus per month in this situation.
To ask the obvious, RY still drawing salary? We all know the answer, so, it begs the question, what value is RY providing?
The BOD should stop taking their salaries, and should only be paid in lieu once the sales funds get deposited and distributed to the shareholders.
Kammy
Maybe 1 month under normal cicumstances throw in that Russia is at War with Ukraine and its anybodys guess.. Throw in sanctions against Russia and this is the mess we find ourselves in. If you believe this is all soley down to RY then i have a bridge to sell you.
"...With regard to timing, this is dependent upon banking institutions completion of their Know Your Client ("KYC") protocols."
How long does this take? Shoudnt be taking 2 months thats when RY issued this in rns.
About $5 million. Enough to keep him going until the Feds knock on his door.
maestro1 - any idea how much cash is left in AMC accounts pls? My guess is if it's only a few hundred thousand then RY will just maintain the status quo ie stuck in no-man's land and drain the coffers paying himself and a couple of other Directors until the company has to declare itself bankrupt and Sviblov gets it for free. If there are still millions of £s in the bank then i reckon something may happen in about 6 months time after RY has had a good rest and a few holidays.
I know that's a grim outlook but RY has said and done nothing to reassure share holders he's on the case of or indeed able to solve the banking issue. Life for him is a lot easier to sit back, relax and do nothing until the accounts are empty and then just retire. I don't think he's got the stomach to battle and look for other projects to take on or the energy and guile to present a positive case to investors to stay with him.
"...For the transaction, the Company requires legal support using Russian solicitors to ensure that the transaction will meet all regulatory and statutory considerations. Many legal entities have exited Russia, including the Company's former Russian solicitors who were involved in negotiations. Amur had anticipated that this might occur and have already engaged a highly regarded, experienced Russian law firm, Birch Legal."
So Birch Legal any good? So far they have let us down.
RY needs to come out and give us an update, unnecessary cash is being burnt at the moment in the way of wages.
It’s obvious Sviblov isn’t ready to go and they’ve cooked up this problem. RY wants to take his monthly salary for as long as he possibly can. This latest announcement means he’s game on imo to keep taking his pay cheques for at least another 6 months if not longer. We won’t hear anything now for months. The guy is ONLY interested in what he can get out of this situation himself, NOT in providing share holders with anything. It’s gutting but money has been lost here and I can’t see us coming away with a penny.
No problem it took them 6 months or so to print the TEO.
Surely the the financial wizard from Salisbury will have a mate that will sort it.
MD
3rd oct RY informed mkt that russian authorities agreed to purchase, surely few days later the bank may have told them they wont accept payment. Its almost 3 months since then and the company hasnt been clear enough. This is ridiculous amount of time.
This probably isn’t going to help matters but I guess if the deal still isn’t over the line then RY might find himself forced to accept 50% of the $35m but of course I’m getting ahead of myself, he still hasn’t found a bank anywhere in the world that will accept the money from Sviblov. Looking more and more likely RY and AMC share holders will walk away with nothing.
Happy new year to one and all.
TDT if you had read what was in my post I said They didn’t make money for Amc, unless I have misunderstood the current situation,at this point the company have WE Hope sold Kun Manie for a pittance of its worth.On top of that I wish I had received 300k per annum as RY has for some years now and by the look of it,this coming year too,I wish no fairness on the AMC bod.
MD