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Yes, I sold this morning in two lots.
Lot 1, @ 2.9p, and lot 2 @ 2.6p
Kammy
ShadowLess@12.46
A rational and pragmatic post of which, today, there hasn't been many.
TDT
Yeah….but mind that other gap at 7p……GLA
"......another 4 years by which time RY will have either died or retired"
Robbing may not be the only one!
Not the fecking gap again.....whether its closed, open or swinging sideways, it'll make no fecking different to the SP
@ 1.6p, even the markets and the crooked MM's don't believe this mornings RNS.
Kammy
Hard to believe that once RY was the darling of AIM. Everybody (me included) used to think he was straightforward, honest and had the stakeholders interests foremost in his mind. SP reached 45p or so and the invitations were printed for the £1 party. What an unmitigated disaster of obfuscation and extreme complexity.
Gap closed…now where to……
You've gotta laugh haven't you. Blatant in-your-face robbery of the shareholders. Not even trying to disguise any more. Complete contempt.
Well the RNS is having the expected effect and causing a rush to the exit. Perhaps this is the plan, allowing someone to take the whole lot even cheaper. It would only cost around £30 Mil to buy AMC outright at circa 3p (50%+ premium on todays SP). Also gives the buyer up to 4 years to accumulate more, so the 'final' dividend would be based on just how many they have accumulated in the next 4 years!
Given the current sentiment if a bid for the whole co came along at say 5p (heard that anywhere before?) I'm pretty sure it would go through now.
You really couldn't make it up how crooked RY and his gang are , he makes even Boris look honest and that really is saying something.
In the meantime the Gravy train rolls on for at least another 4 years by which time RY will have either died or retired.
Got to love them!
It looks like RY has been flogging a dead horse for many years now, and in that respect, he and his team should take some credit!!
If one believes the FMV analysis is truly independent, then what they have in the ground is not worth as much as I and everyone else has hoped for. The analysis was completed on the 4th Feb before the war!!
In light of that, are there/or will there be more offers in the future? I doubt it. For me, this is the only realistic exit strategy the company has left.
What a disappointment.
and proceeds delivered to shareholders,none of this look for other assets,we can do this ourselves by buying shares worth having.
Hi MP.
1) Have any targets been identified? Do we trust the BOD to bring these new Projects to fruition and to market to benefit the shareholders? NO
2) Special dividend. How long before the 1st payment and what will that equare to after the remaining warrants/options have been exercised? How much will that dilute our dividend? There is no guarantee that ALL the $60m will be paid out and this is also staggered. I also read "portions" so we don't know - and won't know - until before the dividend payment is declared. NO
3) Loan to be repaid to AMC over 10 years - I have been here 6 already and don't want to wait another 10 years. NO
We could benefit from other projects but not with this BOD at the helm. NO
How much is the dividend you are voting for? What new projects? NO and NO
£100m is not $105m - will RY take a similar reduction in wages? NO
This is a shocking disgrace and I for one am disgusted that AMC feel that this is not only the BEST but the ONLY offer after all these years of waiting to leverage professional contacts.
Where is the TEO? And you want to give these idiots $15 to pursue other projects. NO and NO
Vote it down with a"two fingers emoji"
GLA emotionally cpnnected shareholders.
They 'intend' on paying a div after the first instalment. At that point, they anticipate they will have $20m in cash. How much can they really give out?
Also, what is this loan business about? how can it be worth $30m
Just when I thought RY couldn’t treat us any more poorly. I wouldn’t trust RY to buy a new asset, he did f all with this one (apart from get a great salary for a long time).. the writing was on the wall with the lack of TEO. Says it all, I will be voting against this deal in all its glory.
Massive Well Done Robin thanks for the last ten years of lies
There is no $60m special dividend ……. it is only ANTICIPATED that PORTIONS of the second and third payments are paid out .
OTL
The most distasteful aspect of this proposed deal is to have to be at the mercy of Robin Young and fellow BoD.
They never got it that keeping your investors on-site whilst sometimes painful, does have it's benefits when it comes to trust . None here. Will definitely vote no as I had written off my investment in my mind already.
Robin sell now, with payment now - and f* ck off.
e-tank
After last few months of speculation.
Having read the frustration and sentiments of many here, we need to think with a cool head.
With current political situation, better to vote YES
1) Upfront US $15m cash to acquire new Projects in safer jurisdictions.
2) US$60m Special Dividend
3) US$30m loan to be repaid to AMC over 10 years
We retain our AMC shares and can benefit in a big way from new projects in safer jurisdictions as stated by the company. I presume they referring to USA/ Canada / AUS / Europe as safer jurisdictions.
Upside from NEW projects could be substantial OR we can vote no and be stuck here for years. I rather take CASH DIVIDEND and still retain all the UPSIDE from new projects.
Remove any emotion attached to Kun-Manie and think practically.
IMHO.
From the Feb21 RNS, The Mine Plan is due 1st June 2023. I personally don't see any extensions being granted to this. So missing this would likely lose our license, making us worthless.
How much would we need to raise to achieve this and when must it occur by..... probably 10-20m and required from now. With the war ongoing and the severe sanctions we simply cant get there.
the biggest buyers of such assets are not the west but China and other Russians. Why are you keen to accept this deal that guarantees share holders nothing? Odd
from Robbing Young!
IMHO AMC as an explorer would never have taken the Kun-Marie project past the TEO/BFS stage before putting a big FOR SALE sign up. The BOD and RY do not and would never get the skills to get funding and move this to production. I thought that a fair value at that stage would be upto a MCAP of £250 million. A x10 of today. That was a dream but would have thought a x5 realistic. A £100 million cash offer at this stage given the current situation would be fair (?).
The problem is that the BOD have taken far too long to get to this stage.
Normally I would agree that the company sells and then buys another prospect, however, with RY’s advancing years I believe he’s just using this as a lifestyle option.
We need a realistic fair value in cash, wind up the company and pay the shareholders.
Roger, you’ve got to keep in mind that sanctions have yet to have full impact on Russia economically and there are various proposals being discussed to reduce reliance on Russian resources going forward. Waiting 12-24 months could mean assets in Russia are even less attractive than they are now.
Unfortunately, we’re in the unfortunate position of either accepting this less than favourable (but still positive) deal or gambling in the hope for a better outcome.
Finally, doesnt matter whether you vote for or against - wont make an iota of difference - we are doomed in this share. C'est la vie , we live and learn
RY & co have demonstrated that they hold shareholders in complete disdain. He would, otherwise, never have agreed to this woeful deal especially that stretches over 10 years, knowing well by the end all the shareholders will exit and take their losses. He could've taken the whole lot at 7p and closed the company. There will no further bidders (as alluded by some). One lesson learnt, never again Russia or china or any other where the word corporate governance is an alien terminology.
Well done RY - you've done us proud. Enjoy retirement with a clear conscience :-)
agree roger65, I say wait and see what happens when the war is over.
Russia's economy will be shattered by sanctions and in need of foreign currency.