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If they sell IRC for $10m, they are corrupt.
Iron ore is counter gold cycle and it is going through a boom period. Why would that be a negative ????
If you think about it owning 31% of IRC would not be a negative in a refinancing process at this point in time. It might in fact be a district positive.
If Pog manages to retain IRC stake , it will contribute around $100m to POG’s EBITDA, just like irc contributed $25m last year. Pushing down POG’s debt to EBITDa ratio below 1x.
icalvert, that is a ridiculous statement. As we know what Retired Banker thinks. He said to GIVE IRC AWAY to remove guarantee.
BOD said Stocken deal is binding due to conditions set earlier! They are cleverly hiding with that binding statement!
Hope that Malaysian investor escalates this issue to global level. How a company can deny an offer that is 4 times above the Stocken offer? Nothing but criminal...
Whether Pavel is involved or not I just don't know but it's convenient that he is silenced for now but I do know at the time of the March 2020 RNS selling it then seemed plausible whereas selling it now is lining the pockets of the new share holders and I wonder what their back ground and links are behind this, These bastards don't miss a trick
IIcalvert,
rubbish, money counts, the guarantee is not even considered by the rating agencies, S&P said so themselves. To give away an asset producing cash at its peak for nothing is pure criminal behaviour.
Especially since its producing more cash then POG.
The 29.9% has in reality gone to Akimov and Strukov as no one seems to know if Stocken even exists
What is done is done: there is political risk here.
However POX has indeed transformed the core business with further gains are to come . Maybe this is an appropriate end for IRC guarantees?
Many of us LTH would have lived with giving the IRC stake away in the darkest days.
What does Retired Banker think?
I would add that we still don't know Pavel's role in all this but when he announced the sale of the 29.9% back in March 2020 it didn't seem too outrageous ; in fact some agreed but now its a totally different proposition. Now we know why they contrived with the Russian prosecution services to get Pavel out of the way.
Yes to these two for starters
James Cameron Jr (Chairman)
Denis Alexandrov CEO and ask why they've allowed this
The present Bod do not have to sell to stocken for the very reason KRSS mentioned . I reckon Stocken is a front for crooked Strukov, greedy banker Akimov whilst James Cameron Jr (Chairman)
Denis Alexandrov CEO look on or maybe gain as well.
Ladies and gentleman we are being robbed
Major irony is Gurantee is not significant anymore, IRC cash balance already $75m , can be around $120 by interims. POG strategic goal was to remove Gurantee which seems accomplished anyway. Another irony , the CEO who sold irc is being trialled for embazzlements but irc still being sold.
Why take a lower bid? With worse terms.
We should start writing to the Petropavlovsk.
https://www.google.co.uk/amp/s/m.miningweekly.com/article.php%3fa_id=587163&rep_id=5582