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That’s true... but check the RNS... The figures are correct. You omit the initial investment of £250k
Pocko - it's not that clear cut. They also announced on 6 November a further investment of £100k in Vardar, followed by an RNS on 8 November stating a raise of £250k for investing in Vardarand for working capital.
What's not clear is whether the £100k came from the raise or existing funds
Geovanni...That meeting with the Sami, the message was unclear, who said what to whom?
Time will tell if I’m correct or not... Either way, it’s the only option open to the board to raise funds, which we all accept and understand. What I don’t agree with is when the funds are used to support another company. By my calculations, we’ve ‘invested’ £765k in Vardar alone...
I disagree with your statement that they will need to raise money within the next few weeks. They had £1m in the bank at the end of October. They spend about £60k/month on admin and have just spent £50k on Vardar. So they should have £750k in the bank now.
I am surprised so few on this board have had any comment to make on the reason for Lofven's visit to the Jokmokk Sami leaders. The share price has perked up 25% since that extraordinary development.
Geovanni...."Don't have the skills", who said so, Kurt's a miner, he's got the skills.
We are not appeased! ;-)
So exceptionally good that it’s worth continual dilution of your investment here? I Guarantee another fund raise in the next 6-8 weeks... Where do you think that £50k comes from?
Spending £50k on acquiring 0.7% of Vardar means it must be exceptionally good. It is clear to me that Beowulf intends to remain an explorer only (not a producer because they don't have the skills) with Kallak being sold to the highest bidder. We are all going to get a massive special dividend. This is a great buying opportunity and the risk /reward ratio strengthened significantly when Lofven turned up in Jokmokk earlier this month. Not long to wait now.
PS - Suzy - I also shop at Specsavers and that's where I got my varifocal rose-tinted specs from - just like you did.
And based on our recent investment in Vardar, how has the management come to the conclusion that Vardar is worth £7.1m?
Can't help thinking our size is a factor in the way the Swedes are behaving. Can't see them pushing Glencore or Vedanta around like they do BEM.
Exactly... we are supposed to be appeased by a 6-line response to an ongoing issue of 6-years and 10-months.
Not sure. I feel the letter from Baylan's office bought them even more time, even though the contents of said letter were more of the same. I reckon Kurt might have started legal proceedings had that letter not materialised.
Only my thoughts on it, but it isn't quite hot pursuit yet either, in my opinion Sooz. I'd prefer Kurt to be more acutely direct, specifically asking Baylan what the hold up is, if Baylan won't give a date. We must consider that investors were informed our application was being prioritised some ten months ago.
We aren't taking legal action, but I desire more of the squirm factor to be applied. Lol.
We mustn't forget the brass necks of some of these politicians. If they can get away with talking a big game then being useless on purpose, they will. For the benefit of others.
Winter edging out. Good.
Nobody's happy...it isn't just black or white.
It is pointless getting in to it because its nothing we haven't debated years ago - it is just a rehash of old conversations. Clearly you are happy with how things have been handled so lets just see what transpires. For me, it is complete mismanagement to let it get this far. Anybody who can think it is fine to continue to sit on their hands at this stage is standing in the way of the company's progress.
Adam....How long do you think that would take? Which Swedes are loving the lack of push back...the investors, the government, the Riksdag? The Riksdag debated this matter nearly a year ago and the government said they had it in hand....question is will the Riksdag be expecting to see some action? They can effect if far better than we can.
Absolutely everything that has happened over the last few years is just cheap talk and it plays into the hands of the Swedes who are loving the lack of push back. It plays right in to their hands. It is cheap only if it is talk... If it is put in to action then it is not cheap at all. Also, any SP improvement while this is at an impasse is inconsequential and one for the day traders. Who cares when it'll drift back off over the next few months of silence.
Why do you think the sp improved when he made the not yet announcement? Firmer, braver is just cheap talk...it was a well judged call in my opinion.
Kurt is definitely still accepting it. He needs to be a lot firmer and braver as this is just death by a thousand cuts. As mentioned earlier, we have already had to deal with the 4 fold dilution - It isn't as if we are just sat at a standstill waiting for it, we are being hurt financially every day this is delayed. It is like asking to be friends with the guy who is punching you in the face... It would be great if we could all be amicable but sometimes people only respond to strength. The Swedes have made it clear that they will fob us off until they are forced to act. It is time to force their hand. I like Kurt, I think he is good for the company and good for the industry. However, he has been pretty weak in dealing with this situation.
PS I trust it is... actually my blood is nipped and ways be foul. Lol
Morning Eric. I don't feel it means we're still accepting the fob off response, not at all...we're hot foot in pursuit of it, red hot pursuit. Glacial made a good point the other day, that it was better to be friends than enemies which is surely true. Cheer up me 'andsome, winter is on the way out. :-)
No legal action yet, fair enough, but it means we are currently still accepting the latest fob off response from Baylan's office. Perhaps while we wait indefinitely, Kurt can work out how much compensation he should still seek from the Government, for our lost progress and earnings, even if a concession licence is awarded.
The Swedish Govenment can't almost destroy our Company beyond measure then grant a licence and all is forgiven. Instead of us looking at £s on the sp, we are surely, because of Government ineptitude in our case over many years, now looking at only pence. Dilution four fold since our wait began.
If we do receive the licence, I want additional damages included, should LKAB solely want Kallak in their portfolio. A premium price for such a gem of a deposit, plus compensation.
As for Kosovo, bad move throwing more money in right now. Tiny percentage in return as well today, and Vardar appear to be spending it just like they were running water.
We can't afford another fundraise at these levels Kurt. Come on, keep the cash tightly clutched.
Nothing has changed really then has it? We are taking no action to press Baylan, and instead, I feel must be relying on the recent letter received as being a wake up call for him. But the general response in that letter means nothing, in my opinion, and now the pressure is off of course, because we haven't yet decided to take legal action. At what point will that decision from Kurt's team to take action be necessary though, should we hear nothing again from Baylan's office in the foreseeable? How long is Baylan getting? Lol.
On a personal note, I don't appreciate having no explanation as to why we are not, at this stage, doing anything further. Perhaps we would have taken action if that letter from Baylan's office had not have been produced within hours of the announcement of our Stockholm meeting. I don't know, but the contents of the letter are still wishy-washy anyway. In my view.
Kurt, I believe, could provide more details then. I'd much prefer it. The whole situation is driving me bonkers, because we still have no exact details from the Government, what precisely it is doing, or from BEM, as to why we aren't taking legal action at this stage, even though Baylan is continuing to show complete disregard for our Company and its position, until he happens to be bludgeoned into a response.
Who the 'ell is this guy? Lol.
On we go. Seventh candle approaching. Tut!