Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
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Silicon curtain........https://www.youtube.com/watch?v=AYvyNr4ZMSs
Today's agenda included draft law No. 11195 on "mechanisms for the protection of the property rights of third parties." But in fact, this draft law is about the destruction of the institution of property rights and ordinary raiding!!!
That is, if the enterprise has among its owners a person against whom the NSDC has applied economic sanctions, then the state has the right to take all 100% of the enterprise's shares. Not the shares of the authorized person, but ALL of them!!!!
And what happened. The MPs saw that there were no votes for this disgrace, fell into the cold and decided not to put it to the vote today.
servants want to destroy private property.
i explain. today's agenda included draft law no. 11195 on "mechanisms for the protection of the property rights of third parties." but in fact, this draft law is about the destruction of the institution of property rights and ordinary raiding!!!
that is, if the enterprise has among its owners a person against whom the nsdc has applied economic sanctions, then the state has the right to take all 100% of the enterprise's shares. not the shares of the authorized person, but all of them!!!!
and what happened. the servants saw that there were no votes for this disgrace, fell into the cold and decided not to put it to the vote today.
but when i raised a scandal so that this draft law was excluded from the agenda - they went for a break. that is, they will continue to squeeze it. shame.
*************oleksiihoncharenko/41553
He was saying the law was pulled because it had no support.
hi alex,
it's tg
*************oleksiihoncharenko/41553
Post a link then Ageens. I will translate it.
Sry, too fast, too much errors.
*It is quite here, but...* - read as "quite quiet"
*confiscate 100% of all company shares* - read "confiscate 100% of all company's shares"
It is quite here, but...
there are "project of the law"/"proposal of changes in legislation" №11195 про «механізми захисту права власності третіх осіб».
If MP Goncharenko is right, it will give rights to government to confiscate 100% of all company shares even if only one owner is under sanctions. Ukr govt decided to review project after fierce opposition (for now).
Already priced in don’t worry about it :)
Yes, something along the lines of confiscating a subsidiary or confirming an obligation to settle a $125 mn claim
This feels so ripe for a huge price correction, just need something to spark it like a quarterly earnings estimate or dividend payment announcement
LLC PCC "Kysen" ("Kysen") update
A rescheduled preparatory hearing on 29 April 2024 at the Commercial Court in Poltava Oblast (the "Court") to consider the application from Kysen, (as previously announced on 11 and 25 March 2024), was postponed. A preparatory hearing is now rescheduled for 4 June 2024.
Bail in connection with royalty related investigation
As previously reported in the Group's 2023 full year financial results, on 31 October 2023 a notice of suspicion was delivered to a senior manager of FPM (Viktor Lotous, the General Director and Chair of the FPM Management Board), regarding accusations for the potential underpayment of iron ore royalties. On 13 November 2023, a court of first instance approved a bail for Mr. Lotous for approximately UAH 800 million (approximately US$20 million). An appeal was filed and on 29 April 2024 the Kyiv Court of Appeal approved a bail of UAH 650 million (approximately US$16.5 million). The court did not provide any rationale for the high bail amount, nor its alignment with the financial standing of the suspect. This bail is separate to the previous bail amounts which were disclosed in the Company's announcement made on 2 November 2023, relating to a different investigation concerning the sale of waste products.
Following a detailed assessment of the position by the Board of Directors of the Company, and taking into account the financial position of the Group, the Group has decided to make a partial payment of the bail in the amount of UAH 50 million (approximately US$1.3million). Under Ukrainian law, there is no legal obligation to pay the remainder of the bail amount. The partial payment of the bail amount is a smaller related party transaction for the purposes of Listing Rule 11.1.10R. This announcement is therefore made in accordance with Listing Rule 11.1.10R(2)(c). As per the requirements of Listing Rule 11.1.10R the Company has obtained written confirmation from an FCA-approved sponsor firm that the terms of the transaction are fair and reasonable as far as the shareholders of the Company are concerned.
The operations of Ferrexpo are unaffected. Further announcements will be made as appropriate. This announcement contains inside information. The person responsible for the release of this announcement is Mark Gregory, Group Company Secretary.
Which RNS?
Market like the news, lets get back to the 60,s
Helps clear up a few court issues, now FXP can get back to doing what it does best, digging the iron out of the ground
Https://www.thedefensepost.com/2024/05/02/macron-ukraine-troop-deployment/
No worries H, I really do think it is. I am more concerned at how things on the battle might turn out. The Russians are currently assaulting Chasiv Yar – occupying it would give the Russians easy access to the major towns in Donetsk Oblast. Vadym Skibitskyi, Deputy Head of Defence Intelligence of Ukraine, recently said in an Economist interview that defending Chasiv Yar is proving to be hard. The Russians are throwing everything at the Ukrainians – Su-34 bombers, Su-25 attack jets, FAB-500 glide bombs, loitering munitions like the HESA Shahed 136 and the ZALA Lancet drone, Storm Z and Storm V penal units in so-called 'meat waves', ODAB-1500 thermobaric bombs, paratroopers from the elite 331st Guards Airborne Regiment, incendiary munitions like white phosphorous, armoured convoys of AFV's like the BMD-2 and BMP-2 and APC's like the BTR-80 APC, plus lots of T-72 tanks. The Ukrainians are doing a stellar job holding them off so far, but they are desperately short of men and munitions.
Thanks LL. This mirrors my own analysis- a worst case legal scenario is already priced in.
Howardzzz – Ferrexpo has recorded a provision of $131 million in the chance they do lose the court case. This will be more than to cover any negative outcome from the two legal cases. Ferrexpo would have recorded a profit of $46 million this year, if not for this. Hence, they reported a loss of $85 million instead.
I will leave you with some financial highlights from their report:
• Revenue 48% lower at US$652 million due to lower realisable sales resulting from logistics constraints and a decrease in average iron ore prices (2022: US$1.2 billion).
• Underlying EBITDAA fell to US$130 million at an EBITDA margin of 20%, heavily influenced by operating foreign exchange gains of only US$31 million for 2023 compared to US$339 million in 2022.
• Net cash flows from operations: remain positive at US$101 million despite the significant challenges posed by the war (2022: US$301 million).
• US$131 million effect from provisions to cover possible negative outcome of ongoing legal proceedings results in a loss of US$85 million.
• Capital investment of US$101 million, including sustaining and optimisation projects (2022: US$161 million).
• Net cash position: improved marginally to US$108 million as at 31 December 2023 (2022: US$106 million
@JWBellamy
Yes i do care but people who own this right now know of the current risks, if you wanna provide links to changes in the situations or anything that people don't know that would be productive. Just general scare mongering to try and get people to sell and make your short position more valuable is clearly not productive
Provision in the financial statements is just a non cash thing
Actual settlement of the US$125 mn claim, if that eventually happens, will completely evaporate FXPO’s cash balance
LoungeLizard - thanks for your very interesting contributions.
Can I ask you about the court cases ? Hasn't Ferrexpo already made provisions for any worst-case scenarios (ie losing the cases) and set money aside to cover most if not all possible losses ? So in that case its finances won't be adversely affected if the company loses (which, as you say, is unlikely anyway)?
“You could wake up to an rns saying the plant has been destroyed”
Russia would prefer to appropriate the mines themselves. There is no “plant.” If they do attack, it might cost them too much in terms of material and manpower. Mines are too disparate in terms of targets. Much of the infrastructure is underground. Remember Avdiivka? More Russians died taking Metinvest’s Coke and Chemical Plant than during the
entirety of the ten-year Soviet–Afghan War. A true Pyrric victory.
“You could wake up to an rns saying they have lost their court cases and need to find cash they don’t have”
I am confident they will prevail in the courts.
In terms of cash, they have plenty. Read the annual report, cash is not something they have a lack of.
JW Bell end ..... you could be killed in a car accident or lightning strike.... probably won't happen but we remain hopeful....
In case you were not aware bombing their open cast mine would probably increase production 😕....the court case is aimed at their corrupt russian backing shareholder zhevago... Ukraine are after him and not the company