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Which bank did Kinross use?
Has he?
Wrong tome to be pi****g shareholders off considering AGM round the corner and his up for election….
Shadowless
Thanks for posting.
Nothing earth shattering and, under normal circumstances, you'd expect this to be a formality. Circumstances, unfortunately, are not normal at the moment.
TDT
Maybe of interest
https://www.charteredbanker.com/resource_listing/cpd-resources/the-role-of-kyc-when-it-comes-to-sanctions.html
This could drift back a couple of % a day and maybe test that 1.1p again
The longer it goes on with no news clearly the more chance the deal won't happen and people will sell up out of nerves.
Gutted for anyone who purchased in the past 7 days who thought they could grab an easy 12%
wakeyinvestor
You need to acquaint yourself with the facts. The value of Robin's shares, based on the current deal of 1.8p per share, is about 40% of his annual salary. His salary US$316,000 (£276,000) , his shares £115,000. It's worth his while dragging this out not that I think that's what he's doing but it would certainly be worth his while.
TDT
i think this is a delay not a show stopper, think being the operative word tho. do we start praying to santa now or give it a few weeks?
Sure, but he’ll still want to make sure he gets his slice of the pie, that’s why he won’t dither getting the banking side sorted. Admittedly once the money is in, he may well sit on the funds as long as possible before paying out the dividend.
RY has a personal interest in dragging this out as long as he can!
It’s a blip, RY has a personal financial interest in sorting this and the Russian guy is getting an absolute bargain.
A lot of bedwetters offloading their shares, opportunity knocks
Well who would have expected a banking problem? EVERY %&*king ONE Robin You Cretin.
Why did we even imagine that this lot wouldn’t make a pigs ear of this too.
MD
I agree that this will get sorted
As usual with RY the problem is one of communication (or lack thereof).
I am sure this banking issue is not something they have just woken up to but since we have passed the self-imposed deadline for the transfer from Sviblov to Amur, they needed to say something now as people will rightly begin to ask questions.
Why not say something earlier though? I'd assume this is because the situation is a bit more complex than we assume and perhaps they were in ongoing discussions with the current bank until recently to find a resolution. It would be nice to have more regular updates to progress however.
Keep calm guys, they’ll sort it.
This is comedy from RY. This problem should have been discussed well in advance with their bankers. I hope this is not a precursor to the sale being aborted.
Could see the SP drift back to 1p the longer this hiatus goes on.
DYOR
I thought the reason we accepted Spivlov's deal was because he was not sanctioned.
Ergo, we wouldn't have this problem.
“….squeeze a few more out before completion?”
That’s the first thing that went through my mind.
TDT
You have to wonder how it's possible to be so incompetent, just couldn't make it up! He must have known this a week or two ago, either way the whole KYC approval can be completed in less than two weeks, some banks can do it in a few hours or days. Let's hope they've chosen a bank to go through KYC that can accept the funds - wouldn't surprise me if he messed this up too!
At least it's not a 'the deals off' RNS and it is a good chance to get a few more sub 1.5p Maybe that's RY's plan - squeeze a few more out before completion?
I hope that the 'personal guarantee ' still stands for this deal too!!!! You cannot go back on your word Vladislav Sviblov, it's been RNSed!!!!
If it takes them several months to sort this out the ensuing anger will be an awful lot less than the furore that will engulf them if it’s sorted in several days. A lot of people are going to bail out now and it will be a tough one to stomach if its sorted in short order.
What a copulate up.
TDT
Yes a proactive investor interview perhaps would be very welcome
Does anyone know which bank Amur uses? It's not a surprise at all that banks will be reluctant if the Ultimate Beneficial Owner of the buying entity is Russian (even if it is domiciled in Cyprus).
It would be good if Robin gave a LITTLE more detail in the RNS like what alternative banking institutions they are going to utilise, and a rough timeline (days, weeks?)
Here we go.
Wondered how long it would take RY to delay payments to share holders.
Probably decided all the money is his and we can all F.O.A.D.
"Mainstream international banks are severely restricting or are no longer allowing such transactions per their internal compliance protocols. This includes the Company's bank which has necessitated establishing alternative banking services."
Given the situation in Russia and western sanctions is it too little to expect that Amur would have flagged this up with their bank asking them to keep them informed if circumstances change? Is it unrealistic to expect RY to be proactive on a topic like this and to have preempted this problem? An open line to the bank is the least I'd expect.
Poor show.
TDT
This is a sale by one Cyprus entity to another Cyprus entity, what’s the problem with that And they really mean to say RY and the useless BOD didn’t think about payment mechanisms before now? Speechless at their stupidity.