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That last paragraph never made it 🙈
Fasken:
“Growing companies need legal expertise spanning continents, industries and practices. Fasken provides solutions in all areas of law, for almost every industry and sector.
With a global presence and vast international experience, Fasken is trusted by clients around the world for strategic advice and representation on complex, cross-border and multijurisdictional issues.”
“WE GET THE DEAL OVER THE LINE”
Sorry if this has already been posted before but having done some more research I have picked out some interesting bullet points and my own assessment but would be interested to hear anymore interesting information and assessments from anyone else.
Panthera appear to be in an extremely strong position being Fully Funded by LCM to see this Arbitration through to the end and with the best possible Attorney’s/Lawyers at their disposal it certainly looks like a great Risk - Reward opportunity.
US$13.6 Million non refundable award by LCM to be repaid from proceeds of claim. (Originally $10M, so a 36% uplift, Massive Achievement)
2 Years + already invested by Faskens and predominantly at their own expense.
1 Year was spent by Litigation Capital Management (LCM) through their due diligence process before making a decision to back Panthera Resources with US$13.6 Millions
The Government of Rajasthan (GoR) case relies on three weak arguments that have been repeatedly raised and previously rebuffed by multiple tribunals, committees and courts of India?
An update by Michael Higgins - Non Executive Chairman 29th September 2023:
“A claim for compensation pursuant to the Treaty will involve an assessment of the market value of the Bhukia project immediately before the expropriation. The Company believes that the market value of Bhukia is substantial with the project ranking among the top undeveloped gold projects in the world.
In order to support a damages claim against the Republic of India for breaches of its obligations under the Treaty, the Company has successfully secured US$13.6 million in arbitration financing from Litigation Capital Management. LCM is a leading global litigation financier with significant expertise in international arbitration and cross-border disputes, including bilateral investment treaty claims over mineral resource assets.”
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This bit I find interesting as the gold price is significantly higher now which I would have thought would make it more attractive for GoR to pay Panthera off and allow them to move on with the development of the assets?
“A claim for compensation pursuant to the Treaty will involve an assessment of the market value of the Bhukia project immediately before the expropriation”
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I also found some background info on LCM:
LCM have over a 90% Successful Legal Outcome
Very few applications for financing get through LCM’s rigorous due diligence process and investment comity to funding, circa 1%
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Fasken:
“Growing companies need legal expertise spanning continents, industries and practices. Fasken provides solutions in all areas of law, for almost every industry and sector.
With a global presence and vast international experience, Fasken is trusted by clients around the world for strategic advice and representation on complex, cross-border and multijurisdicti
I would be more than happy with £1/share but I’m mindful anything could happen. An early settlement at less than a £1 is also better than a long drawn out negotiation running into years & years.
Good luck all, it certainly sounds & looks interesting
@DBush yup I will go with that no problems at all.
We might even hear something next week. The auction could possibly go much smoother if our litigation claim is cleared up before hand...
I prefer the split I suggested in my last post which I feel rewards the long term shareholders who have stuck with this company
In the event of an early settlement, it would be good for something like;
50/50..split special dividend for all and top up company funds.
That way wevall can enjoy cash in the bank and look forward to current & future projects.
Agree with Gallmat. These things always take much longer than anticipated, and I won't be at all surprised if we hear nothing material in April/May regarding negotiations and auction results. If there is a chance that the governing party may change at election then there is little impetus for the current party to negotiate a deal. Just leave to the new party to be the bad guys and sort everything out. Suspect meaningful negotiations are ongoing though otherwise we would have probably submitted the arbitration notice as per the previous statements. Fingers crossed for some news soon.
I'm no expert but I'd be very surprised if a legal challenge by PAT fell under electoral purdah rules/constraints as it is legal rather than political.
I think election or no election the time has passed for delays.
They are held early june so i am hoping there is no delay but we never know
I think it will be longer.
Elections are starting in india and this probably shuts down alot of discussions.
Love the 8th May suggestion. My daughter‘s birthday and she’s always been lucky! GLA
It’s all conjecture and each time I reach a conclusion, I start again and come to something else…
One thing for sure, is that it ain’t 11m like we are worth today.
(Being an optimist, I’m with the prof, and just don’t think MB would accept a lowball figure given the profit once the stuffs dug up…. I think for a quick settlement it needs to start with more than a 5, and think the mine will sell for 1m- 1.5bn $ unless the auction is a sham in which case we head to arbitration armed with other mine sale values)
Hopes and dreams hey… anything over a quid pays off my rental properties mortgages….
Genuine good luck and I hope whatever happens meets whatever expectations you have… as Gallmat said a couple of weeks back, MB seems to be the right person for the job.
Hey Metals, I am with you but,
£350 million ish.
Prof is probably about right with RNS date imo.
Quick settlement from the auction funds £200-250M. Hopefully discussions going on behind the scenes for such a scenario.
PK, I am going to say 8th May - will be happy with $1B claim figure
Is two weeks tomorrow…
Any takers for an RNS by cop on Friday 3rd?
Whether it’s sold or not, it’s significant news for the business, and the outcome I suppose should be reported as per AIM rules…
Only reason why not would be if it’s not made public immediately.
If not sold, question would be is it price or is it because of our claim.
If it is sold, the RNS should be whether the arbitration letter had a first or second class stamp and how many zeroes are we asking for.
Just don’t see how the 2nd may isn’t a notable day either way and I think our nomad would have to issue an RNS…. Gulp.
Yeah defo bed and is a trades at this time of year… Squeaky bum time doing it when there’s news imminent! 😛
They can be bed and isa trades.
You sell from one account and rebuy into isa.
Often you see same sized trades executed at similar prices in new tax year.
You cannot just transfer existing stock into isa account, it needs to be done via a purchase on open market
A lot of the sells today are a repeat of the buys yesterday. Was it a pump and dump that failed or mm's shenanigans or trying to convince longer term holders to sell. Any ideas anyone ? Whatever it was they lost money. Makes no sense to me.
Yep, @sheer, if MB or LCM need a hand in pointing out the obvious shenanigans afoot then they can come to us!
Seriously though, it’s quite clear from just these two articles that some brown envelope from an Indian miner has gone to grease the pockets of the government somewhere along the line.
Totally happy with my investment here as it’s pretty bl00dy clear to any arbitration court what’s gone on.
Pk
Great find PK
Here is an article from the same publication dated 26/02/2013 which states Indo Gold discovered the bhukia deposit;
https://www.business-standard.com/article/companies/australian-firm-strikes-gold-in-rajasthan-107022101011_1.html
"Indo Gold Ltd (IGL) of Brisbane has struck gold in Jagpura region in Rajasthan. The company has discovered 1.74 million ounces of gold at the Bhukia prospect. Once IGL gets its prospecting licence, this would be the first ever open pit gold mine in the country."
"The area to be explored is arid and underdeveloped so there are no issues of resettlement and rehabilitation. However, Higgins said the government was taking longer than usual to grant the prospecting license.
The company requires both the state government's and Centre's approval for getting the prospecting licence."
Vs the 24/02/2024 article you posted which states;
"About a decade back, the state had discovered 113.52 million tonnes of gold ore in reserves in the Bhukia-Jagpura village of Banswara district."
Thanks Pk
Excellent find PK
On the link in the message below, but been keeping an eye here- https://mines.gov.in/webportal/content/ongoingnit
Just spotted on another article a very succinct summary of the brown enveloping that’s been going on:
The state’s trade bodies and businessmen have urged the government to amend the gold mine auction system and provide mining contracts to local businessmen.
About a decade back, the state had discovered 113.52 million tonnes of gold ore in reserves in the Bhukia-Jagpura village of Banswara district.
Full article: https://www.business-standard.com/india-news/rajasthan-s-trade-bodies-urge-govt-to-amend-gold-mine-auction-system-124022600693_1.html
That’s exactly what’s been going on, and that’s your smoking arbitration gun…