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:
You will only have one login account. Registering with multiple accounts is not allowed. Any user found to have more than one account on this site will have all, and any future accounts suspended permanently.
Your email and password must only be used by you. If a post is made under your account, it will be considered that it was posted by yourself.
Your account nickname must not be the same, or contain, listed company names or board members' names.
While debating and discussion is fine, we will not tolerate; rudeness, swearing, insulting posts, personal attacks, or posts which are invasive of another's privacy.
You will not;
discuss illegal or criminal activities.
post any confidential or price sensitive information or that is not public knowledge.
post misleading or false statements regarding the share price and performance. Such posts are deemed as market abuse, and may be reported to the appropriate authorities.
post any private communication, or part thereof, from any other person, including from a member of the board of directors of a listed company. Such posts cannot be verified as true and could be deemed to be misleading.
post any personal details (e.g. email address or phone number).
post live price or level 2 updates.
publish content that is not your original work, or infringes the copyright or other rights of any third party.
post non-constructive, meaningless, one word (or short) non-sense posts.
post links to, or otherwise publish any content containing any form of advertising, promotion for goods and services, spam, or other unsolicited communication.
post any affiliate or referral links, or post anything asking for a referral.
post or otherwise publish any content unrelated to the board or the board's topic.
re-post premium share chat posts on regular share chat.
restrict or inhibit any other user from using the boards.
impersonate any person or entity, including any of our employees or representatives.
post or transmit any content that contains software viruses, files or code designed to interrupt, destroy or limit the functionality of this website or any computer software or equipment.
If you are going to post non-English, please also post an English translation of your post.
If you are going to post non-English, please also post an English translation of your post.
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 and Verified Members
Premium Members are members that have a premium subscription with London South East and have access to Premium Chat. 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.
I mused about GLEN maybe taking a leaf out of the BOO 'how to deal with a scandal' playbook, including re-inventing oneself as paragon of virtue.
Lo and behold ! In today's GLEN H1 report, Ivan closes saying :
.."Over the longer term, our diversified commodity portfolio, positions us well to play a key role in the next upward economic cycle, benefiting in particular from the commodities required for the transition to a low-carbon economy.."
It would be a bit tasteless if he meant cobalt (DRC child workers); OK if he meant copper and lead ; but great if this were the first 'pivot' towards giving the world a new source of high-purity/low-pollution iron ore...
Sorry Jiving. I missed you had put an option 4. Isn't that what we have been getting for the last few RNS blah blah blah's. There will be another one along in about seven weeks. AT has his little book of fairy stories open right now. Chapter 5 was a floating port story. Shipping millions of tons of ore to a far away land called China. Chapter one was an early production plan. Chapter three. Cold pelletisation to save millions of £££££££££'s. The man is completely full of s. h. i. t. Have a good weekend all.
Ok, thats actually option (5). Thats the one we really don't want right. But actually its not going to happen, as ZIOC will just fall into commodity explorer mode & issue X million, X10s million, X100s million shares ad infinitum to survive. Just like 100s of other low caps do until they get bought out or expire with 20 billion shares.
We as current shareholders are lucky that ZIOC raised serious capital with the IPO, which once the iron ore price crashed, meant they were able to survive on low power mode for almost 10 years without a placing. Now that screwed original investors but if we pull something off in the next year, it means current investors have been effectively subsided for most of that period.
Exactly Extrader, Tony Hayward knows how that difficult convo plays out - he has heard that 'fall on the sword' script himself.
I am not as pessimistic as some are (understandably given history!) are, this is how I see our options:
1. The Board have been angling for a JV all along, whatever % ZIOC would cling onto in a JV would maximise value in the event an actual, real life mine starts producing & delivering 12m, 30m, whatever of ore a year. That may theoretically maximise value, but we take the risks of development delays/cost increases (& therefore dilution) & ore price falls.
2. We agree with GLEN that 100% of Zanaga is for sale in a sealed bid process to seek out maximum value. Advantage to shareholders - its quick & we find out our 'worth' in a strong iron ore market, I imagine we would get multiple bids.
3. We don't get a joint sale agreed with GLEN, & sell our 50% (minus one share) by putting the company up for sale via either a direct bid for our stake or for 100% of the company's shares. A winning bidder is stuck with GLEN which they may not want, hence lower price?
Frankly I would be happiest with (2) but I would go along with (1) or (3). We just need to get things into motion now in a positive iron ore market. What I don't want is (4): nothing but annual platitudes & SIM City plans for future development.
I think a (loose, I hasten to add) comparison with BooHoo's recent travails is instructive :
- both do business in difficult and opaque sectors of the market; - if you lie down with dogs, expect fleas; - BOO has professed 'astonishment, I tell you, astonishment' (copyright 'Casablanca') at finding out what's been going on in its supply chain; - BOO has announced with great fanfare that it'll be opening a new factory, adopting best practice, as an industry model;
GLEN should switch from poacher to gamekeeper and use its Zanaga stake to set up a transparent, model project , become a good corporate citizen and 'mentor' C-B to get its act together as a country. If Ivan is to be the' fall guy', that conveniently neutralizes one major reported obstacle. C-B has Dominique Strauss-Kahn, former IMF head, as adviser. He'll know how these things are played.
I think Glencore's management are focussed on the Swiss criminal investigation into their dirty Congo (the other one) dealings. for the Swiss to launch this kind of probe wow, they are usually the corporate cover up merchants. If you dig around some 'analysts' think Glasenberg could take the fall for this with early 'retirement' - with or without bars on the windows may be the issue. https://www.ft.com/content/4ecf86da-2cc1-4c7e-a5fd-7b2da1efe3f9
I find it unbelievable that an assets the size of ZIOP has not been mentioned at Glencore's board meetings given the surge in IO prices. Think leadership is needed to make this particular asset work for them and us.
Jay It appears China isn’t closed (link below). An invitation letter from a Chinese identity could get Andrew into China....perhaps Andrew could hook up with someone in China on tinder, get an invite into China, then open a stall at a market...more of a chance of him being able to sell this ‘asset’ that way. These 100k sales are obviously our structured finance deal.....a perceived multi billion dollar asset and here we are having to break down lots into £6,000 lots .....alarm bells are ringing.
You dream on Jay. If a buyout was going to happen it would make sense to start buying up large tranches of shares. It ain't going to happen matey. Nothing ever happens here. If they were serious in even doing this EPP they would have borrowed or done some kind of deal by now. We've been sold a pup. A pig in a poke. Anyway I shouldn't be talking this junk down if I want out so you big it up all you can. Trahar is a snake oil salesman as far as I'm concerned. There's a one in a million chance I might be wrong. I'm stuck here in the meantime.
this is a binary moment in its life imo. will our bod be able to do a deal with a miner. there has never been a better time to close a dea. the lack of info to me,spells out we are in that process. china is closed off atm. you can not get there. coidic will hopefully have many people for us to meet. there is only so much one can do,via video calls.
Prices of ore rising, is costing mANY chinese companies a lot extra. agree sp not great but then a jv-bo can happen overnight.we get suspended.