Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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You're welcome SteJSteJ. It's always good to jog real investors memories with certain things, it's all set up to be a big year this one at Eurasia.
Sanctioning Potanin had the effect of lifting Nickel prices by 9%, so, i'm fairly certain he'll be after getting his hands on more control of that stuff! -
"After the sanctions were announced, the price of nickel rose as much as 9.2 per cent to $25,295 a tonne on the London Metal Exchange before paring gains"
https://www.ft.com/content/681cbb78-95d5-428e-85b0-00abf2383e42
GLA
Good info as always Mac
Oh dear Mac.
Add KPMG as the tax agent and i believe most know exactly what we're looking at here!
GLA
No requirement to strengthen any negotiating position after the AGM -
"benefits the Company and its Shareholders by improving Eurasia's negotiating position"
"Regarding the general meeting and resolution to be put to our members, The Directors are confident that the ability to allot securities and demonstrate a capacity to develop the Kola PGM and battery metals district independently of other strategic options available to the Company benefits the Company and its Shareholders by improving Eurasia's negotiating position. The resolution proposed is a standard resolution proposed and passed at all recent Company Annual General Meetings but which, for reasons related to delays in processing votes held in Nominee accounts was not passed at the 2020 AGM held on 18 September 2020"
GLA
Possibly also because no II will touch this with a barge pole now anyway. I hope your theories right though Mac
I'd noted that Mac :-)
Even at last years AGM it was a special resolution to be voted on, on top of your usual standard share alloting resolution.
Last years form, standard resolution is number 6 and the special one is number 8, neither are on this years form!
GLA
It's very interesting, do you remember the specific EGM for a specific resolution? -
"The purpose of the EGM is to seek Shareholder approval for the following Resolution:
Resolution 1 - General Power to allot securities
That Directors be given the general power to allot equity securities pursuant to section 571 (as defined by section 560 of the Companies Act 2006 ("2006 Act") for cash, either pursuant to the authority conferred by resolution 7 as set out in the notice of, and passed at, the last annual general meeting of the Company, held on 18 September 2020, or by way of a sale of treasury shares, as if section 561 of the 2006 Act did not apply to any such allotment, provided that this power shall be limited to:
a) the allotment of equity securities in connection with an offer by way of a rights issue to the holders of ordinary shares in proportion (as nearly as may be practicable) to their respective holdings and to holders of other equity securities as required by the rights of those securities or as the Board otherwise consider necessary, but subject to such exclusions or other arrangements as the Board may deem necessary or expedient in relation to treasury shares, fractional entitlements, record dates, legal or practical problems in or under the laws of any territory or the requirements of any regulatory body or stock exchange; and
b) the allotment (otherwise than pursuant to paragraph (a) above) of equity securities up to an aggregate nominal amount of £250,000"
GLA
Morning mac and all.
The annual report states (bottom of page 23) they dont anticipate a need to do a placing until at least 2024.
'The Directors have concluded that the combination of these factors, including the level of the Company's current cash balances (the substantial majority of which is held within the international banking system outside Russia), and taking account of the current applicable sanctions regime, support the Board's opinion that it has a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, which management has determined to be at least 12 months from the signing of this Annual Report to the conclusion of the 2023 financial year. For these reasons, the Board believes it is appropriate to adopt the going concern basis in preparing the Annual Report and Accounts.'
And on page 15
Financing risk
The West Kytlim mine is expected to become a material contributor to the Group’s working capital, and the
Directors are confident that this source of capital can be increased considerably from 2022 onwards due to
increased capacity at the mine site, thereby mitigating financing risk to the Group. At the current time, West Kytlim
contributes an important but not critical component to the Group’s working capital. Historically, the Group has
successfully relied on international equity and, to a lesser extent, debt capital markets to create and maintain
adequate levels of working capital, and these financial resources will be supplemented by revenues from West
Kytlim as and when they arise. The Group maintains tight financial and budgetary controls as well as cost control,
and forward planning helps ensure the Group is adequately funded to reach its objectives. Two significant equity
placings were undertaken in May and September 2021 raising a total of $35m and the Directors consider the Group
to be well funded for its short and medium-term objectives.
The Board considers risk assessment to be vitally important in achieving its strategic objectives. '
ATB LB
There is no resolution for the directors to do placings, or, as previously implemented during FSP days etc, there is no option to invoke a poison pill.
Now, this only applies to the time after the AGM when the new resolutions are passed, so, the poison pill runs out on the AGM day, that could be a big indicator about the deal scenario as the poison pill ability stops a hostile takeover situation from taking place.
It also indicates how the BOD view the financial situation of the company going forward this year, they're basically saying that they won't require the ability to raise money via a placing. So, either WK revenue and current cash in the bank is sufficient, or, proceeds from asset sales has things covered for the year!
The proxy says more than it should simply by not having certain regular resolutions in place this time around!
GLA