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No Ashton. I was merely observing the other posters' point.
The important thing is that, as you have acknowledged with that link, talk is cheap here and positive outcomes for non-employee shareholders currently stands at zero.
And furthermore, I take it that the last RNS gives you no cause for concern. OK then.
I agree with your last post Ashton. So why position the little morsel you were thrown in the meeting as having any relevance to the question of whether we are getting anywhere with sales? Itās definitely a molehill.
LWHL - You say: "I did not consider that point, enuff."
Since you have made the above comment regarding the information I obtained at the General Meeting, your comment deserves a reply.
It is not unusual for company directors to disclose information outside RNS releases in open forums (e.g. media interviews that can be accessed by the general public). There is nothing wrong with such disclosures as long as the information disclosed is NOT regarded as price-sensitive. For example, JAY has already informed the market via RNS releases that some of its assets are for sale. Information that follow-up sales discussions with potential buyers are taking place can't be regarded as price-sensitive because that is a natural progression after informing the market of asset sales. What would be price-sensitive is that if and when the sales talks result in an agreement that information must be disclosed via an RNS in the first instance.
In fact, in this YouTube video interview dated 30 January 2023, Rod McIllree talks about ongoing sales conversations with potential buyers (at 18:45 mins) - https://youtu.be/i_9UOExW7Wc?t=1
Are we trying to make a mountain out of a molehill here?
I did not consider that point, enuff. Anyway, definitely will leave you all to it now. GLA.
I have seen the most recent RNS. Which lacks any explanation for the change of direction over the number of assets that are apparently now up for sale (I guess this could change again at the drop of a hat).
How credible the potential buyer is that they mentioned to you, well, time will tell.
I have heard that one before in other outfits many, many times and of course here in the past too. Especially in relation to Dundas. Years have since past and quite frankly, it remains a complete shambles, IMO.
There is simply a lack of track record at delivering....well, anything, for ordinary shareholders here.
More importantly, did that last RNS strike you as remotely credible, Ashton?
Anyway, I see I am going round in circles here. Good luck to you and everyone else too. No more from me until the next RNS here.
Ashton, does it not concern you or even ring a few alarm bells that the director you spoke to is prepared to divulge to a member of the public at a general meeting, more than had been disclosed in an RNS. Do you think that is acceptable? If so, what do you think they might disclose to others, closer to the fold?
LWHL - I should have added this to my last note. Please take a look at the last paragraph of the note I posted on 6 Feb 2024 at 13:53 after attending the General Meeting the day before.
LWHL - You say: "Perhaps they have simply not had ANY interest, at any price, for these assets?"
Not so. There has been an interest from at least one party. I attended the General Meeting in February 2024 and came to find out from a member of the Board of Directors that a potential buyer from South Asia was engaged in talks with JAY about the sale of assets.
You say JAY has been talking "for a long time". I would not describe 4 months as a "long time" considering any potential buyer has to carry out thorough due diligence and also negotiate mutually agreeable terms. This can be a prolonged affair. Just because we are in a hurry does not mean the process can be hurried.
LWHL. What I see, other than a need for cash, is a strategy that seems to be changing (potential acquisitions, Helium, petrochemicals) and with each day that passes further diminishing the likelihood of any drilling on Disco (if ever it was a possibility).
Perhaps the cash raised will last a year, but we donāt know the current run rate nor what had been spent on redundancies. We can also observe almost no interest in junior miner/explorers unless they happen to be involved in the current flavour of the month (be it uranium, lithium or dare I say it helium). Just look at metals one. Havenāt done anything wrong as such (not by JAYs standards) and the SP isnāt very promising.
Strategy? Try and keep the lights on without flogging your best assets for a pittance. Hope things get better or AA decide to boogie on down to the Disko.
RNS 20 December 2023: "In due course, the new Board will update shareholders regarding the implementation of a new strategy that will focus SOLELY around developing the Disko magmatic massive sulphide project in Greenland."
RNS - 16 January 2024: "In December 2023, the Company announced the appointment of a new Managing Director, Eric Sondergaard and three new non-executive directors, Rod McIllree, Harry Ansell and Tory Whittaker. This new board are looking to implement a new strategy that will focus SOLEY around developing the Disko magmatic sulphide project in Greenland."
The conclusion from the above two news items is that the Disko project would be the sole focus for future development and the remaining assets would be sold off.
RNS - 19 April 2024: "Company has identified its strategic assets as follows; Disko - Nuussuaq, Dundas, Hammaslahti and Kangerluarsuk."
The conclusion from the above news item is that Disko, Dundas, Hammaslahti and Kangerluarsuk are now NOT for sale.
The overall conclusion: Ā The assets Disko, Dundas, Hammaslahti and Kangerluarsuk are NOT for sale. By deduction, the assets Dundas, Thunderstone, Enonkoski and Outokumpu are for sale.
JAY is yet to explain the reason for the change in the strategy for the sale of assets.
ChirpyCheep - I posted it simply because it contained information about Eric Sondergaard and nothing more.
You ask: "Isnāt Kobold a major miner?"
Major miners are companies like BHP, Vale, Rio Tinto, Anglo American etc. KoBold is primarily a mining explorer. It has not built a single mine and taken it to production, at least not yet. This might change if they take their Zambia copper project to production on their own.
āWhatās that Skippy? Rod is trying to sell a Kangaroo-sac but no oneās interested? Streuth, whatās a poor bloke supposed to do to get his VB tokens in this market?ā
20th December one, in case anyone wants to double check. Clear and unambiguous statement of intent, surely we can all agree?
Thanks, CC. Glad that someone else spotted this too. It was clearly outlined in one of the earlier market updates, so I was not trying to spread mischief. I guess there has been a flurry of new RNS's, so it can be easy to forget.
IMO if they are no longer looking to sell all non-disko assets, then this is a change of strategy and they should provide reasons for this, to my mind.
I also think that with each passing RNS, they look more desperate and the business an ever weaker investment case.
But to each their own opinion of course.
Re your message to LWHL lets make another point.
The first RNS under the new management did actually say or imply that ALL the assets would be sold so you can see where he/she is coming from.
Now they are selling just 3 assets including the two smallest so obviously a clear change of strategy.
Any reason you can think of for this change of strategy other than LWHL assertion that they can't find buyers ?
Let's put it another way, why did you put that post on re Whitecliff. please ?
Personally I don't see anything ulterior, which I think is what you were hinting at. RM will make more money potentially at JAY. Moreover, the Management don't have enough shares IMO, to force things through at the expense of retail investors.
Re Disko isn't Kobold a major miner ?
LWHL - You say: "They presumably have been trying (for a long time now) to sell ALL the non-Disko assets."
Not ALL the non-Disko assetsā are for sale. Did you see the RNS on 19 April 2024?
ChirpyCheep - As for White Cliff Minerals, you ask: āAny relevance?ā
"No" is my answer, not in the way you might be thinking.
Keep a lookout for the RNS on āthe Diskoā update. I have previously and repeatedly stated here that the Disko project will need a major miner at some point to progress and realise its full upside potential with or without KoBold.
They presumably have been trying (for a long time now) to sell all the non-Disko assets.
Perhaps they have simply not had any interest, at any price, for these assets?
A fire sale requires at least some interest, after all.
Please can someone with a deeper understanding of these things explain what is to stop the board of Jay approving a fire sale of assets to (say) Whitecliff over the coming months?
There are no major shareholders to vote against it except for Rod. Are there AIM rules?
Any relevance ?
Next RNS hypothesis:
A- "Potential discovery of new mineral elements in Dundas, nor even yet present in Periodic table"
B-"JAY invited by Apple to contribute for the development of new energy source based on eggnog from Disko chicken farms"
Sounds solid projects to me.
Helium? LOL! this company starts to become a real comedy. I'm waiting for the NR that JAY announces asteroid mining in space before I step in again
Thanks RachT. Might pay it a visit to ease the pain.
Itās going to be a great party at the next JAY AGM. Iām sure Troy can get hold of his mate Chris Fraserās vodka, Rod will supply the weed and oh look, we will have some helium for balloons and squeaky voice giggles. Itās going to be epic.