Email Facebook Twitter

Member Info for Siko

Send a private message to Siko

Member Since: Sun, 11th Dec 2011

Number of Share Chat Posts (all time): 1,313
Number of Share Chat Posts (last 30 days): 9

Last Posted: Thu 11:00

Post Distribution over the last 30 days

Thu 11:00

Bought a few more shares today @109.90 just in case we get a decision on the 24th.. not many, but it all adds up and I will keep adding whenever I can up to the 24th regardless of the SP. The past SP is history for me now and today's price is the price. Some people thought the SP was high when it reached 70, 80, 90, 100, 110... but it kept going.. so you never know.
28 Apr '16

Year 3 Media at TodaysNews Academy posted this video today after their recent visit to Al-Sukay a couple of weeks ago. A great video. I wish it had subtitles.
28 Apr '16


The initial case was about everything including the agreement.

The ruling in Oct 2012 invalidated the exploitation contract, but the 3 km area was excluded from that ruling, you will find this sentence in RNS 21/3/2016:

(The details of this litigation, which relate to the loss of the Egyptian national subsidy for diesel fuel oil and the ability of the Group to operate outside the area of 3km2 determined by the Administrative Court of first instance to be the area of the Sukari exploitation lease.)

The current appeal filed by Al-Fakharany at the SAC is still insisting on cancelling the agreement.
27 Apr '16

daveyboy, no one could ever say that the cc is just a formality, especially with the negative commissioners report, so it could still go either way (unless law 32 gets approved).

Somnamna Re: (My fear is that with the negative Commissioners Report and L32 not yet in place there nothing to stop Court ruling against Centamin on the 24th May).. while law 32 is still with the SCC, the SAC could not rule against CEY on 24th May as from a legal point of view law 32 is still valid.

We all know the terms of the agreement, fair or not fair this it is not up to me to judge. In the video the reporter did ask Mr. El-Raghy about the terms, his reply was (Before the meeting, I was given a draft copy of the terms of the agreement, I went away and prepared my negotiations to get the best possible terms, I thought everything was open for negotiations, but on the day I realized nothing was negotiable and I agreed to the full terms).

As to the "Comedy" category, I had a look and all the videos posted by that site are under "Comedy", including one of someone who tried to commit suicide!!
27 Apr '16

In a video interview posted today, the reporter asked Mr-Samy El-Raghy if anything illegal was done between CEY and the government to obtain Al-Sukary agreement. Mr-Elraghy confirmed that everything was done legally and it was him personally who sat on the table to negotiate the terms of the agreement with the government representatives. He said he was invited for the meetings as no other companies would agree on the terms as no other countries had similar terms.

There's no text with the video, but the title says (We obtained Al-Sukary legally).
21 Apr '16

From 21/3/2016 RNS

(If the judgment is a final judgment, the Company expects it will be in its favour.  However, it has been advised that the Egyptian legal system allows for the possibility of an interim judgment staying the appeal until the Supreme Constitutional Court has ruled on the validity of law no 32.)

The cc is booked for ruling on 24th May. Law 32 is still under review by the SCC. I personally don't think law 32 would be finalized by the 24th May, but these are all the possible scenarios:

If law 32 gets approved before 24th, cc gets dismissed (CEY wins)

If law 32 gets cancelled before 24th, the SAC rules on the 24th bases on the appeals.

If low 32 is still with the SCC by 24th : in that case the SAC could not under any circumstances rule against CEY on 24th, and with the SAC rulings being final, so the options are:

The SAC could go ahead and deliver a final ruling in CEY favour based on the appeals (no need to involve law 32).

The SAC could also temporarily (in arabic also “interim”) stop the appeal pending the decision of the SCC on law 32, so the interim judgement which the RNS refers to is to delay the judgement until we get a clarification on law 32.

I had a look and there has been a similar case recently..

AICT company has a similar appeal at the SAC, on the 26h Dec 2015, the SAC booked the case for ruling on 6th Feb 2016.
Then on the 6th Feb 216, the SAC decided to stop/suspend the appeal and delay the ruling pending the decision of the SCC on law 32. These are the links for booking the case for ruling, then stopping the appeal and delaying the ruling.

I hope that clarifies the final/interim rulings part.
21 Apr '16

Somnamna..Your summary of the events is correct, but these are my comments regarding the questions you have raised, all these comments are from the actual cc papers and the commissioners report.

Re: (It has been reported that EMRA lodged an appeal in support of Centamin but I couldn’t find much on the status of this or if it have been joined with Centamin’s appeal for the hearing on 24-May-16) .

-The SAC is considering 4 appeals all joined in the same case , 3 appeals on CEY side (1 from CEY, 1 from EMRA and 1 from the State Lawsuits Authority “Representing the PM, Petroleum and Mineral Resources minister and the Industry Minister) their numbers are 3951, 3997 & 6045. The fourth appeal is from Alfakharany No 6318.

Re: ( however still to be considered is the aspect of if the head of EMRA who granted the exploitation lease had authority to make such decision i.e if the exploitation lease is legally valid and why wasn’t parliamentary approval obtained? )

-From the court papers (page 8 of the commissioners report): according to law 222 yr 1994 (the concession agreement) point (c) from the third clause: After the commercial discovery, an agreement is to be reached between EMRA & CEY with the approval of the mineral resources minister to specify the area which is to be covered by an exploitation contract so that area is automatically transformed into an exploitation contract without the need for any other legal permission. (so no need for parliamentary approval. The third point of the ruling was regarding the head of EMRA granting 30 years renewable for the whole concession area)

Re: (A further significant concern is the unfair contract aspect whereby Al Fakharany has claimed the contract with Centamin was unfair to the Egyptian people ).

-This is the main part of Alfakharany's appeal and most of the commissioners report was trying to justify that part. There was no mention of corruption or wrong doings. A lot of figures and claims, but all around the subject of unfairness and wasting national resources. Also the commissioners explained why from their point of view they could treat the concession agreement as an administrative contract, so they could cancel it, while on the other hand the 3 other appeals make it clear that the concession is a law so could not be cancelled by the court.

Re: (what is the risk of the SAC ruling against the exploitation lease).

-Of course it is a possibility and that's why the SP is where it is now, especially with the negative commissioners report. I could never say CEY will win the CC 100%, but you study all the available information and take the best decision you could. The only 100% guarantee is law 32.
20 Apr '16

Thank you very much everyone for the warm welcome messages.. much appreciated..

Cowichan, briefly it is an Emirati company (Dubai) , got a licence to explore 3185sq km in the areas you mentioned, started work in 2008, should have finished exploration stage by 2014, but got an extension till July 2016. They are expected to announce a discovery in 2016, but ideally that should be done before July 2016 otherwise they could lose the whole licence (unless they get an extension again). EMRA expects the reserves in the areas to be around 50 million ounces. Read the following links (The latest news was December 2015)
20 Apr '16

I told you I would be back.. After 10 weeks of being out of CEY, at last I got back in today @105p, not a large amount and I know it may be a wrong entry point/price but at least I'm in and I could start adding slowly whenever I can. As you may know I had to sell all my shares on the 8th of Feb @70p for family reasons back in Egypt, obviously it could not have happened at a worse time as I missed all the excitement that we have been waiting for for more than 3 years, but no regrets as family always comes first as we all know.

I was keeping an eye on the BB and the news in Egypt, but preferred not to post anything as any wrong word could have been taken the wrong way from a non-holder.

To be honest nothing much happened over the last 10 weeks, but will mention 3 points:

1) CC & Law32: absolutely nothing, no developments or news at all. Everything is exactly the same, SCC is still waiting for the commissioners report on law 32, while the SAC is “supposed” to rule on CEY CC on the 24th May. I know CEY touched on that in their recent RNS.

2) Regarding the report about EMRA chairman that the profit-sharing to start by June, the translation of that report was not accurate, his comments were in Arabic to Alborsa “stockmarket” news, he said that the accounts would be finalized by the end of June, and the profit-sharing to start in the second half of the year, but he “refused” to give an exact month, so could be anytime up to December, and with CEY saying 2017 so both are not far really from each other. This is the original link to his comments in Arabic:

3) EMRA had 7 areas up for auctions in the Eastern Desert and Sinai (not gold). 6 areas have been taken and all the winners were Egyptian companies. No one knows how many companies applied or their nationalities.. these are the first auctions to be held under the new mining law and they all are subject to “production share” ..this is the link
2 Mar '16

It's quiet strange that Rebess mentioned profit-share as some reports about accounts and profit-share appeared in the media today..

-Sources at EMRA confirmed that accounts settlement has been completed and approved by EMRA & CEY.
-The disputed expenses amount was $159 millions. An agreement has been reached to not approve that amount apart from $55 millions ($37 millions stock + $19 millions expenses during stoppage period).
-According to the completed settlement, Egypt is expected to get $7 millions/month starting from Jan 2016 (last Jan).
(A bit more figures in the links, but nothing that important)

(P.S: As a non-holder at the moment, I was very reluctant to post for many reasons, but I found these reports very relevant to the ongoing discussion about profit-share)

Sign up for Live Prices
Top Recommended
Hot Chat Topics
Top recommended posters in the last 30 days

Member Login

Forgotten your password?


Don't have an account? Click here to Register Free!

Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.