George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
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Yes span I know. They had billions in debt, a lot of which was restructured. This affair was always chicken feed to them. Atb.
Gordon, gspc had their own financial woes to contend with as well
US stocks getting murdered .
Commodities and there companies are the place to invest !
Gla
Of course, another thing that's hard to understand is that however aggrieved gspc were with Oilex, they didn't just pay the calls. After all it was "only" 5 million, and they had already put in on excess of 50 million. All academic now. Gla.
Fair enough. Thought it was about 5.5 m usd, about £4 m.
Surely in the original talks gspc wouldn't have agreed all the cash calls, otherwise they might as well just have paid them in the first place. Different situation now so we'll see in due course. Atb.
Yes absolutely Gordon. It's about £5.8 million that remained unpaid and it will be included as part of the deal, so will firstly, reduce the amount OEX pays for Cambay, and secondly, remove the uncertainty about the unpaid cash-calls that the market did not like.
I see the cash-calls as a given, and don't really get why people would think that GSPC would do a deal without incorporating this. After all, the whole point of going to court/arbitration process was because of the unpaid cash calls wasn't it? And when GSPC decided to sell, arbitration was dropped.
Although, I suppose you could argue gspc might deduct them from the cost just to get the deal over the line.
wouldn't be
SPQ. Yes pretty much agree with all of that. You'd think with Oilex being the operator already, the bureaucracy would lsnt be too bad. Not sure why everyone is assuming all the cash calls are on the bag though. Atb.
Gordon: "Wonder how much longer we will be waiting? We were told discussions were advanced, which many took to mean news was imminent."
I must say I believed we would have had news by the end of this week, so only 1 day left with my timeline!
However, if news doesn't arrive tomorrow or Monday, I firmly do not believe that this will drag on more than another 1-2 weeks.
The reason is that OEX were likely compelled to put out the RNS as there had already been a leak and the SP was rising. It is clear OEX had already been having discussions for a few weeks with GSPC given that the previous stance was one of first refusal. RNSs aren't released if companies are only starting to have negotiations, and it is likely broad terms had already been agreed when it was leaked. The likely delay now is the signing off and agreement with the Ministry, which always takes longer in India given their generally over-bureaucratic nature.
Clearly the funding issue also needs signing off before all parties can shake hands (well, not literally under current circumstances), so a fair bit to get through but I doubt we'll have to wait much longer as the company have admitted everything is in an 'advanced' stage. Unlikely GSPC will pull out given they also want this swiftly resolved. And I suspect the terms will be quite advantageous for OEX as GSPC don't want to go to court.
Hoping to see this go at least above 0.5p (if not higher) as in this scenario, any news will likely be very good news given we would have gained 100% ownership of Cambay, clawed back our £5.7 million unpaid cash-calls, in a position to consider JV partnerships/farm-out if needed and secured funding for forward work programmes. This is all regardless of potential dilution given the potential of Cambay and giving the market certainty about the company's future.
Still looking good for a nice rise very soon! AIMO.