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RY not RU!
Sviblov will be extremely keen to see this deal go through as he's getting a bargain. I'm really not sure he'd be thrilled if RU started playing delaying tactics simply to eek out a few extra monthly salary pay cheques. This will happen but perhaps not in the next few days. The instant there is an RNS saying the problem is sorted and they give a new date for the final transaction the sp will simply shoot straight back to 1.6/1.7. Easy top up.
BoldlyGo
That's not quite correct. A whole series of Western companies have exited Russia and found perfectly acceptable ways of doing so. On top of that this is not the first deal Vladislav Sviblov has done during what is essentially a Russian asset fire sale. Unless he has become sanctioned in the interim I can't see this as anything other than a delay.
HIGHLAND GOLD MINING LIMITED
21 October 2020
Highland Gold Mining Limited ("Highland Gold" or the "Company", AIM: HGM) is pleased to announce the appointment with immediate effect of Vladislav Sviblov as Chairman of the Board of Directors and Stanislav Luchitskiy and Anton Glazunov as Non-Executive Directors.
"On April 5, 2022, Canadian miner Kinross Gold Corporation (KGC) announced that they have agreed to sell 100% of its Russian assets to Russia’s Highland Gold Mining and its affiliates for $680 million."
As for Amur's bank refusing to accept the funds from the sale I've experienced similar admittedly on a much smaller scale. I'm owed money by an entity based in Qatar but, in the interim, my bank decided to no longer accepts payments originating from Qatar. I only found that out when they were kind enough to tell me they had returned the payment. It happens.
TDT
I'm confident this will go through ultimately, but I must admit this does bring to mind the final scene of the Italian Job:
RY: "Hang on a minute lads, I've got a great idea"...
Why the hysteria and kicking RY. It is quite clearly stated in Oct RNS The sale has been approved by Russian authorities and the changing sanction situation is a concern....
'Robin Young, CEO of Amur, commented: "We are pleased that the Russian Federation has approved the Disposal of our AO Kun-Manie wholly owned subsidiary in the agreed amount of US$35 million. It is our intent to advance to Completion as rapidly as possible given the ongoing geopolitical situation where sanctions by various nation states continue to be modified on an ongoing basis.'
It's no good reading just the good bits abd glossing over the challenges. Realists don't panic. The sky isn't falling down folks.
I don't doubt Spiv keen to complete this sale, of course he does, but this is not a last minute hitch that can be sorted with a few emails. Looks like the banks don't want to touch the Russian money because we can't prove who it comes from. Spiv could be a front man for a load of sanctioned oligarchs and unless we can prove otherwise, we are dead in the water.
Gazzleberry - if that was the case wouldn’t the RNS have told us so?
ShadowLess. - Good summary, but it’s a hold and not add for me.
Trying to seek any positives from the RNS
1- "Amur and Bering are keen to complete the sale" stated in the RNS
2- advancing to the stage where the bank was performing their DD means at that moment in time completion was imminent and money was about to be transferred imo.
3- maybe a opportunity to add more at a lower sp! If you have balls or ovaries the size of melons!!
Good luck all!!
Still the good thing is Bp got their money from rosnest
MD
Which bank did Kinross use?
Has he?
Wrong tome to be pi****g shareholders off considering AGM round the corner and his up for election….
Shadowless
Thanks for posting.
Nothing earth shattering and, under normal circumstances, you'd expect this to be a formality. Circumstances, unfortunately, are not normal at the moment.
TDT
Maybe of interest
https://www.charteredbanker.com/resource_listing/cpd-resources/the-role-of-kyc-when-it-comes-to-sanctions.html
This could drift back a couple of % a day and maybe test that 1.1p again
The longer it goes on with no news clearly the more chance the deal won't happen and people will sell up out of nerves.
Gutted for anyone who purchased in the past 7 days who thought they could grab an easy 12%
wakeyinvestor
You need to acquaint yourself with the facts. The value of Robin's shares, based on the current deal of 1.8p per share, is about 40% of his annual salary. His salary US$316,000 (£276,000) , his shares £115,000. It's worth his while dragging this out not that I think that's what he's doing but it would certainly be worth his while.
TDT
i think this is a delay not a show stopper, think being the operative word tho. do we start praying to santa now or give it a few weeks?
Sure, but he’ll still want to make sure he gets his slice of the pie, that’s why he won’t dither getting the banking side sorted. Admittedly once the money is in, he may well sit on the funds as long as possible before paying out the dividend.
RY has a personal interest in dragging this out as long as he can!
It’s a blip, RY has a personal financial interest in sorting this and the Russian guy is getting an absolute bargain.
A lot of bedwetters offloading their shares, opportunity knocks
Well who would have expected a banking problem? EVERY %&*king ONE Robin You Cretin.
Why did we even imagine that this lot wouldn’t make a pigs ear of this too.
MD
I agree that this will get sorted
As usual with RY the problem is one of communication (or lack thereof).
I am sure this banking issue is not something they have just woken up to but since we have passed the self-imposed deadline for the transfer from Sviblov to Amur, they needed to say something now as people will rightly begin to ask questions.
Why not say something earlier though? I'd assume this is because the situation is a bit more complex than we assume and perhaps they were in ongoing discussions with the current bank until recently to find a resolution. It would be nice to have more regular updates to progress however.
Keep calm guys, they’ll sort it.
This is comedy from RY. This problem should have been discussed well in advance with their bankers. I hope this is not a precursor to the sale being aborted.
Could see the SP drift back to 1p the longer this hiatus goes on.
DYOR
I thought the reason we accepted Spivlov's deal was because he was not sanctioned.
Ergo, we wouldn't have this problem.