George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Just for info
In July 2010 DSM sold 52 million shares leaving them with 143,769,230 shares and 12% of the company.
https://www.investegate.co.uk/announcement/rns/provexis--pxs/notification-of-major-interes/2438343
Their next holding RNS was May 2017 down from 8.2 to 7.9% holding the same amount of shares.
https://www.investegate.co.uk/announcement/rns/provexis--pxs/holding-s-in-company/5140966
No other holdings RNS as far as i can see.
Today we find out that they have sold just under 13 million since May 2017 and gone down from 6.48% to 5.9%
Surly DSM have missed a lot of Holding RNS's
Wonder if we will get one after the 5th of April.
Don't get me wrong, I am happy with todays news and the fact that DSM have increased their holding but they should be informing the market when a threshold is reached.
BB,
There has been a lot of sloppy holdings reporting here over the years.
I don't include SL in that.
Yep 2023!!
I think the contractually amount has been more than fully paid ,unless I am missing something
Nope! So the other €250k has to be paid in April
Does this purchase Include what they had to purchase contractually?
Gixer
Fair point on the 6% threshold. It sounds like DSM Venturing have, at some time in the last years or months crossed the 6% threshold without realising and have failed to notify the market.
I guess, in theory, they could have crossed 6% very recently and you have a certain amount of time to notify, but that seems very unlikely.
It doesn't make any difference where in the world you are, you have to notify every time you cross a threshold, and the threshold is each 1% above 5%.
No big deal really, in theory the FCA might people over the knuckles for not disclosing properly, but it's hardly up there with what Ken Morrison didn't do ! ( google it if interested )
As an aside, I never really understood how the disclosure rules worked when holders were diluted under a % threshold. I always thought they should declare that, bur I don't remember DSM ( or anyone else for that matter ) formally declaring that ... it just changes on the Provexis website.
Anyway, I digress, as far as I'm concerned the only important thing to take from all that is that DSM-V plainly aren't joined at the hip to their shares and have sold some in the past, quite possibly the recent past.
From the rns last April , The Company has contractually committed to purchase more than €550k of Fruitflow inventory from DSM thus far, of which €348k was delivered and paid for in full in the quarter ended 31 March 2023. The remainder of the inventory which the Company has contractually committed to purchase from DSM is expected to be delivered and paid for in April 2023.“,I think with this new purchase of stock that makes about €750k, would there be any stock left ?
According to the RNS DSM have 5.9% so would have crossed a threshold. How that works because they are outside the UK I don't know. A threshold of 5%???
If the not in public hands info was updated with the wrong % holding of DSM then this info is wrong as well 🤔
Yes Provexis has not been on the DSMV website portfolio for a very, very long time
Gixer
If memory serves me right the "Major Shareholders" page was updated on the 8th March to reflect the change in "not in public hands" info.
So, at that point, the only info ( well, formal info, it's possible, but unlikely he knew different ) Ford had on DSM Venturing's holding was their last holdings RNS. They dropped to 143 million back in 2010 ( or thereabouts ) btw. My guess though is they started to unwind their position some time since the AA ended but havn't gone through 6% so didn't need to inform the market.
Incidentally, as far as I can see, and I may have missed it, DSM Venturing no longer list Provexis as part of their portfolio, not even under Legacy at https://www.venturing.dsm.com/en_us/portfolio.html and havn't done for a bit now.
BB
One things for sure.....
They haven't sold 13 million since the 8th
Insert puzzled face here.
Agree with you, but Krusty seemed to be suggesting DSM where building a stake with a view to a bid on the company.
I don't think today's RNS supports anything like that.
The point I was trying to make was that this represents an historically high level of stock/inventory to carry. PXS wouldn;t have bought this level of stock unless they were confident of selling it within a fairly short time frame (because, I am assuming that this stock has a fairly short shelf life )
I agree that the RNS is good news - for all sorts of reasons and this "read between the lines" adds the icing on the cake.
Not sure what that has to do with the point Slam.
I already said it looks like good news, and have topped up today...
Kristy, they already held that so what's it to do with "stake build and possible takeover" nonsense?
Alf
Re evidence of drip feeding shares ... 2 points
1. I said "if they're so inclined", so was stating it as a possibility, not a fact, but ...
2. Yes, there is evidence of it. Take a look at the major shareholders part of provexis.org which currently, based on info from the 8th March states DSM Venturing hold 143,769,230 shares. Today's RNS has them, pre the issue of new shares at 130,923,358. So, since they last declared they've sold just under 13 million shares.
And the other 5.9%? Ignore it if you wish, I actually think this is good news for PXS going forward.
Barbershop,
Whilst DSM may have needed to dispose of current stock (with upcoming "Use by" dates), I guess that if you look at it the other way around and also say that PXS were also confident that they could sell the stock on within the given timeframes.
If you consider that we have just bought £350K's worth of stock for fairly imminent sale and despatch, I guess that we are looking at a very healthy order book. Based on my earlier estimates this could net PXS approx £900K in sales.
Am I looking at this with my rose tinted specs on????
Is there any evidence of DSMV "drip feeding shares " ?
Aren't they more of a long term position type of fund?
After all, their trading company are embarking on a whole new journey with Fruitflow as a gut biome enhancer, a a sector of vast potential.
As I said, they agreed to be paid in shares as they need to dispose of the stock...
"On 27 March 2024 the Company learned that DSM Venturing BV's current shareholding is 130,923,358 shares, being 5.90% of the Company's existing issued share capital, and after the issue of the 45,123,732 New Provexis Shares DSM Venturing BV will hold 176,047,090 shares, which will be 7.78% of the Company's enlarged issued share capital.".
How else would you interpret that?
They have stock they need to be rid of, and have agreed to take shares instead of cash.
I don't think you could reasonable interpret that as building a stake...
DSM are building a position here. Could be the precursor to a full-blown bid? Certainly one to keep an eye on.
Their ffs
*hangs head in shame
Also, if they're so inclined, DSM can instruct someone to drip feed there shares into to the market as and when they think the price is right, so they're happy too ( and Kev can buy them, which'll make him happy too ! ).
Credit ( pun intended ) where it's due, that's a decent way of solving the cash flow issue and doesn't fundamentally change the value of the company because we've directly swapped equity for stock of the same value.
With Lucas having been a whisker under 10% I wonder if he passed on the opportunity to increase because, under the AIM rules, going over 10% would see him treated as a related party ?
BB