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That is a well thought out potential scenario, Caw. Enjoyed reading that and it is certainly more than plausible.
Enjoying the sunshine with a half-chewed frisbee and a mental Sprocker.
Home straight :)
GLA.
mjs94
'complex transactional structures' was mentioned before we obtained 104.6Moz additional assets and EUA were basically telling us there's more transactions they needed to complete before the sale. That's been completed now. While most of us thought it was about MT and WK, EUA were making deals for the whole Kola district.
I am still sticking with this but who knows
I don't think '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' is anything to do with raising cash but the ability to allot shares and split the company in two. One being Eurasia with WK assets and the other Eurasia Japan with the Kola assets.
This would then allow both to be sold independently if required.
At present until the vote the only option is a full company sale of all assets. We could be in a situation where the some of parts is greater than the sum of the total.
We may be sitting on a offer for the whole company at x price however someone has offered y for Kola area and someone else z for WK area. Y+Z offers being greater than the full company offer.
Now the question being put to the company after the 'full company takeover ' is either raise your offer or we split the company and sell separately.
'Eurasia Japan' looks to me to being the subsidiary for the 'Kola' area and potential shares will be issue after the EGM 'pro rata' to current holdings at no cost to make a separate entity to allow the split and sale to two different companies if that is the route to go down to maximise shareholder value.
To do this 'Eurasia Japan' would be a completely separate company with separate Directors and IMO hence in the RNS Tamerian is now Head of it and 'Reputable members of Japan's business community related to PGM are in discussion to join Tamerlan at Eurasia Japan'
IMO it is all being set up to either get a better full company offer or split and sell both independently or just sell Kola and keep mining WK
What ever way win win :) I expect a flurry of RNS on the 28th - 30th outlining the route/offers that are going to proceed.
GLA
'I can't see a jv as the the big banks are in this on no sale no fee basis. They're not in this for a jv, they don't hold our stock. They're in for a sale.'
Indeed, however, I can't help but feel things have changed since September.
September, DLA Piper were appointed, which feels like ages ago now.
My personal belief is we had a deal ready to go with NN, and then things changed in December, what has changed?
Well, some people are saying any non-binding offers made were too low, I disagree, I believe offers may have been suitable at the time, that is why we got to the FSP stage and why DLA Piper were appointed.
However the rising prices in the metals and rising interest may have changed what the BOD saw as a suitable offer, possibly referred to as 'complex transactional structures', is what has delayed the FSP up until this point, and maybe at this point NN are now out of the running unless they are willing to improve their offer.
Maybe this complex transactional structures refers to the Japanese interest (which we didn't know at the time), but if the BOD are saying MT is going to be the cornerstone, it seems to me that the EGM is a final call for bidders to either make a suitable offer, or we will do a JV with the Japanese.
My only thing is I'm surprised that CS and DS would be willing to engage with the JV, surely they would want to move on now, the value in a JV wouldn't be seen for a few years.
No one knows and its all a guess.
If this was only about WK and MT, it would have been done months ago.
The Kola district is the next big PGM source in the world, most of it open pit and EUA have first mover advantage and its some 60% cheaper to mine in Russia than in South Africa. That's why we're in demand and imho, our assets at Kola will be bought out. I can't see a jv as the the big banks are in this on no sale no fee basis. They're not in this for a jv, they don't hold our stock. They're in for a sale.
WK has a lot going for it and the buyer may also take it. All about the green minerals and lack of supply. That's why PGM prices keep raising. A whole company sale is on the cards imo but i could be wrong. The only thing i know if EUA is very cheap at current sp.
I remember a tweet from EUA which read 'palladium play not consolidated yet'. I think it will be in next few days/weeks. GLA
No problem Pompal.
Everyone is entitled to interpret as much as they like.
But in all honesty. none of us know any more than genuine information than anyone else so that is all it is...interpretations. We're all trying to work out what is going on to validate our investments.
Yet, while we continue to intepret, the BOD continue to surprise us because, let's be honest, almost no one saw firstly JV and then the Japanese interest coming.
So whilst it is all interesting to try and guess what is happening, we could still (and i believe most likely will) be surprised (happily I hope!) at the outcome when this all comes to a conclusion.
Good luck all
Pacha - you can read this statement from the EGM circular in two ways. To understand what is actually being said, you need to read the JV RNS too...
the JV RNS says the exact opposite: “The Company's existing mining operations in West Kytlim and Monchetundra will not be affected by the JV...”
However the MT project (no matter who owns it!) will most definitely always be the cornerstone project of the KOLA district...
Pacha, it says in the vicinity:
Eurasia entered into a transformational joint venture with Rosgeo (the “JV” or the “Rosgeo JV”), a 100% Russian state-owned company, to gain a 75% equity stake in nine PGM and battery metals assets (four of which are post Russian Feasibility Study with state approved reserves) with a total of 104.6Moz of Platinum equivalent Russian Code reserves and resources in the immediate vicinity of the Company’s Monchetundra Project on Kola.
and here:
Information relating to Monchetundra and West Kytlim as well as the recent Rosgeo JV covering nine further PGM and battery metals focussed projects in the vicinity of the Monchetundra Project on Kola is summarised below.
I thin it mentions MT because of the expandable resource via Rosgeo near MT:
Monchentudra overview:
Ownership: 80%.
Operating Partners: Sinosteel, Central Kola Expedition.
Region: Murmanskaya Oblast, Russian Kola Peninsula bordering Finland.
Mine type: Open pit.
Licensing: Mining license to 2038.
Financed via Sinosteel EPCF.
Status: Preparation for production.
Product/Offtake: PGM and battery metals concentrate (Palladium dominant, Platinum, Gold, Nickel and Copper).
Infrastructure: Road, Rail, Sea Hub, Power and Human Capital. Close to Finish border.
Mine life: >20 years.
Target production: 1,000koz at full capacity.
Expansion: mineable reserve base via the Rosgeo JV.
Lamstree; Roger65 did similar a week or so back. Claimed he’d sold 650,000 which were marked as buys. Something fishy about him so I take anything he states with a pinch of salt!
Pacha.
I hadn’t read you post, I was merely replying to what Roger posted and he mentioned about the RNS. Apologies for any offence caused. Not aimed at your good self.
I did not make any reference to an RNS so no need to go back to school and read thanks.
What I did read, in addition to the RNS's, was the EGM Circular available to download fro the Eurasia website, which expands upon information given in the RNS's.
The EGM circular is explicit in stating:
"The Rosgeo JV aims to establish a world class PGM district on Kola with the Monchetundra asset as the cornerstone project."
Lamstree.
There is no massive blow as none of the recent RNS’s say anything of the sort. Whoever has posted ‘clearly states’ needs to go back to school and learn to read.
Roger65; you said you sold around 650,000 shares not long back so you must be sitting on a free ride with the remaining 2m or so.... why are you biting your nails to the bone? Only good news coming our way very soon in my eyes.
It doesn’t - the JV RNS says the exact opposite: “The Company's existing mining operations in West Kytlim and Monchetundra will not be affected by the JV...”
However the MT project (no matter who owns it!) will most definitely always be the cornerstone project of the KOLA district...
Do you not think MT could be sold with caveats regarding processing of ore from the new sites? It doesn't seem the barrier to an asset sale that some have theorised in my opinion.
I've no idea what's going to happen next week and I'm biting my nails down to the bone!
I had thought for a while that there would be an asset sale of MT and Wk but someone this morning pointed out that the RNS Staes very clearly that MT will be the 'cornerstone' of the Rosgeo partnership going forward.
Hmmm none the wiser but I'm leaning back in the other direction now that the whole thing might be sold.... Fingers crossed that happens!
GLA