Sorry if I keep going on about this but I cannot see where the question has been answered in any Aminex presentations or by any posters on this board. I still cannot see how they are going to fund the drilling later this year. On the last Balance sheet they had Current Assets of $2.734m and Current Liabilities of $11.662m - so I cannot see how they are going to get the funds for the drilling in Summer. I assume the sums required will be quite a bit over the $2.734m they already have, or can they fund the drilling in some other way. Cannot see the answer to this one and I think the question is vitally important. Did anyone answer this at the AGM? GLA
Didn't quiz then but JB did say during the presentation that they were "open for business" and looking at opportunities....
A bit of bravado in my view. Cash it too tight and I don't think they will be looking at a further dilution anytime soon after the reception they got at the AGM. Indeed Keith Phair said he doubted that the market would stand another placing at anything like a reasonable price. (look at the Solo experience)
Standard Chartered Bank Group's Chief Executive Officer Bill Winters is today visiting the bank offices in Tanzania.
The bank said in a statement in Dar es Salaam yesterday during the visit, Mr Winters will meet the bank's internal and external stakeholders, with a view of exploring ways for further enhancement of its business and support to economic growth in the country.
Mr Winters was appointed to the Board of Standard Chartered PLC as Group CEO on June 10, 2015, having joined the group in May 2015.
Since taking over the bank's leadership, he has reviewed the bank's strategy and confirmed the group's commitment to Africa, the bank's Head of Corporate Affairs, Ms Juanita Mramba, said in the statement.
Mr Winters announced new strategy in November 2015 to reposition the bank to weather near-term uncertainties and capture significant underlying opportunities. He announced the bank's investment of over 3 billion US dollars (over 6trn/-) in the next three years, confirming Africa as one of the investment priorities.
"This is a 50 per cent increase in the group's recent investment spending and the most that the group has ever invested," the bank said in the statement.
Africa is the key market for the banking group and part of the investment announced by Mr Winters will go into building on the bank's differentiating strengths to generate sustainable profits for the long term.
Standard Chartered, listed on the London and Hong Kong Stock Exchanges as well as Bombay and National Stock Exchanges in India, is an international banking group, with around 84,000 employees and a 150-year history in some of the world's most dynamic markets.
We definitely gave the BOD a lot to think about (especially your choice words) and while I believe they were generally shocked, it was very productive to see both the passion of the shareholders and the grit of the BOD. I certainly felt much more confident in my investment choice for the future and it reaffirmed the technical information which underpins this company !!
LT ..... I can only apologise for misplacing my wallet, you guys will be first on my list once I've located it ;-)....after Jay of course !!
I have not posted since last Wednesday’s AGM but have been following this board closely.
I guess the reason that I have hung back is that at I’ve been reflecting on the meeting as well as the framing of my question to the Board concerning the infamous “options” and whether I might have gone a little overboard in my use of language!
That said, the acidity of my question could well have been the prompt for Jay to chat to me after the meeting which I was very appreciative of.
One thing he did comment on was not wishing to remain in the place we are shareprice-wise and certainly not wishing to see the price go lower as both those scenarios would ensure that his large investment would impact badly on his and his young family’s future.
My comment to him, which I believe he took on board, was to ask him to bear in mind that the place he had just expressed that he most feared is the very place that I and many of his shareholders are in RIGHT NOW having been invested for many years, having bought in at much higher prices and seeing their futures deeply impacted IF Aminex does not move forward.
As I said, I think he got the point as he genuinely looked taken aback BUT, in the words of Mrs T when she first met old Gorby “I believe he’s a man we can do business with”.
It was also a real pleasure to meet TIPTOP, CrustyPete, Vike and others – looking forward to TIPTOP buying me a double when next we meet -as Count Arthur would say: " the tight-fisted so and so and so!!!!".
Vike1:- This is the most likely scenario doubt very much if the shares will go on the general market, another route will be found, with regard to the options if the BOD want to take advantage; most of them already own lots of shares so will probably sell them and possibly keep the options, that is what I would do then you do not need to go cap in hand to the bank or increase your holding. Presupposing a completely different SP situation, this would keep everyone happy as long as they are not dumped all at the same time! By which time we will all be very comfortable thanks very much!!!!!!!!!!!!
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