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Sorry all will be revealed on the 13 FEB
General Meeting Circular - 24 January 2024
https://xtractresources.com/wp-content/uploads/Xtract-GM-Circular_Jan2024.pdf
Gwynwin, that's the most interesting post I've seen on here for a while, do you have any more detail ?
Rumour has it they will say at GM they have found a JV to go and carve up the bushranger Ascot
On the low hanging fruitful areas.
If you research the legality of paying a dividend then you cannot have retained losses. However, if the company is wound up then it can pay a one off special dividend to shareholders regardless of the accounts showing a retained loss.
Loss making Co’s can pay a “special” div, for example Nanoco has been loss making for years but is going to redistribute cash from litigation by way of special div.
Although I have to say I don’t think that will happen here. 15 million doesn’t go that far for drilling and surely better just not to dilute to explore?
Have to admit I didn’t buy this for copper exposure and I can understand why some of bailed on sale of Manica.
I just see upside on 9 million mcap with 15 million sale being arranged plus the licenses must carry some value even if you just say 2 million each.
It’s a shame the sale is spread until 2027 does make it harder to value. On the flip side though sentiment is dead on copper explorers right now (Pxc, Solg, Ars to name a few others on their ass) so maybe better that there are future catalysts in what I can only hope will be more positive copper environment.
And even though I didn’t really want a pure copper play I like Friedlanders comments on this belt.
Good luck all, still can’t call the bottom but it wouldn’t surprise me if we are extremely close or already arrived
I think companies are able to adjust share capital (or an accounting adjustment) to get round that rule about dividends. I remember something similar done elsewhere.
From the above poor description I’m clearly not an expert on the subject but I wouldn’t give up straight away if it’s something you feel strongly about. I’m personally more in favour of buys backs (to be honest I can’t see the company doing either as I think CB wants to chase the dream so it’s either boom or bust, and likely the latter)
What about a share buyback scheme... if that's allowable here when a dividend is not ?
( spread- evenly - over a year or two duration even )
It looks like you are correct on that Chrisp - as xtr has £60million plus of accumulated losses that's the end of that idea i guess
A company in the UK cannot pay any dividend unless the company is in profit for the life of the company and is paid out of profits. So if XTR has accumulated losses it needs to make enough profit to clear them to be able to make a dividend payment.
Who was that nit on here that kept posting that colin is creating shareholder value - well $16m is a bit of value finally and I for one want some of it after funding all of the projects to date since 2017.
it would also help the share price in fact
Or my tele account is @
Cyberiachas101
Message me and I’ll invite
Just checked the link and it’s the same but all of the letters in the part that showed here are capitals apart from the h which is lower case
Link expired
The missing elements of the link are :
H T T p s : / / t . me /
Lose the spaces of course and all lower cap
*************+w30whrz4e10xm2y0
i’ve created a telegram group to that effect , hope the link shows - it will be a single issue resolution- supportive of the deal and further exploration on the basis of a minimum $4million dividend within 18 months
I would.
I see no reason why they can’t announce they will accrue $4m over the next 18 months and release it as a special dividend at that time .
He’s still got $10million to roll the dice with but throw the long term investors a decent bone .
I would support an additional resolution to that effect at the agm? Who else would support that ?
A buyback campaign might work but it would mainly make money for the MM's
On reflection what I’d like to see is the following (trying to be realistic)
Based on history I do not want to see XTR chasing any small scale income plays, the company clearly do not have the expertise for this.
Zambia, minimum commitment being met but a very considered campaign (not hell for leather like BR)
BR, not sure if this is realistic but a break of the AA clause, if not someone with slightly deeper pockets to try and take the asset forward
New assets, none
Residual cash, share buy backs (if this is possible)
Cheers
James
Benn waiting for it to die down, there is a lot of negativity regarding the decision to sell Manica. Had my concerns about deeper underground mining, and the risks, just one of the issues. The next phase needs to be fully understood before even deciding if there is justification for a new plant. So can appreciate and accept the company do not want the exposure and are doing the right thing and above all, in the interests of shareholders long term. There is still no reason to believe there will not be a positive outcome for BR, with a lot more to come from Zambia in the coming months.
It is solid income that some can ‘all’ be used for developing small scale mining opportunities that will then continue to pay for ongoing exploration and also on other assets. There is still no need whatsoever for raising extra capital for general operational costs. If they do want to down the line, it will be because it will be for a genuine growth opportunity as the company will have afforded for it to be further scoped prior to making a more rash decision on a major exploration programme.
By investing in Manica to be able to make development and operational decisions, it will be more likely there will be a far higher chance of dilution due to less allocation of treasury funds toward its growth strategy and ultimately ‘that’ shareholder value in the long term.
Sounds good to me Jezz.
We just have to hope he has all the answers at the GM
Iani :
How about once every 3 months in arrears as the XTR gets paid ?
This post has nailed it on the head. Chasing impossible dreams once again. Dilution dilution rinse and repeat. My best guess is that all cash is spent in two years with loads of hanging carrots left at the end. RIP XTRACT.