Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
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Only cash in the bank will satisfy the auditors. Far better to issue shares than a "death spiral" CLN.
AS previously mentioned on here, I was surprised, no flabbergasted, with the recent fund raise.
Why did it fund raise at this time. ? Clearly, it did not expect an early approval of EIA otherwise it would have waited to get an humungous amount of cash flowing in. We had been told company had sufficient cash at hand to see it through 'til end of year. So probably, as a poster mentioned, the auditors would not sign off the A/cs as a 'going concern' for a further 12 months. The audited A/cs are issued sometime in April for YE '23, so time was of the essence. The PDMR's could have had a private loan to the company to see it through to EIA approval. If EIA was not to be approved, then no amount of cash would save the Moroccan operation. So, on the surface, it appears that it was a 'genuine' raise to further promote KMA and EIA approval, rather than my initial 'usual' thought of 'raise to continue to pay salaries. expenses and pension pot payments.'. Clearly, my initial thought and hope was that EIA would be resolved before end April. With the foregoing, this is extremely unlikely to happen. However, a further 8 weeks should be ufficient time to promote thefeasibility of the KMA process, and allay fears that concern Committee. So, by end of June it is then. sp will probably 'wobble' around current level during this time frame, unless RNS drops with either 'good or bad' news on developments. RNS drop,!!!, we should be so lucky.
Well Sloppy you call the raise spot on, good call.
Its disappointing having to raise at this level, but at least most shares go into sticky II hands.
GC mentions in today's interview that the new application will go in very soon, lets hope so. Its then according to a CRUI flow sheet either a 90day wait or 30day wait if they treat it as a review.
https://www.youtube.com/watch?v=viTNBglFGJ8
I agree with Franalex. I worked for an engineering company on projects for OCP in Morocco. The company holds a lot of sway in there and if they have any sort of anti with Eml they could make life difficult for them. I believe this is what's causing the current delays.
Couldn’t agree more. GC is not CEO material. He’s an operations guy. I’m confident he’ll be able to build and operate the mine, but he shouldn’t be CEO, he lacks charisma and doesn’t inspire confidence.
You label EML as it is now, with high risk, and I agree. However, this wasn’t regarded as High Risk 5 or 6 years ago and you can’t convolute EML with ‘all mining stocks’. The potash was confirmed and the size and scale was all Jorc compliant, Morocco is a political and socially stable country, the locals WERE on board with the project, financing wasn’t an issue, it was a low capex/high return investment.
The board of directors, led by Graham Clarke have slowly eroded the confidence of investors through mismanagement. So much so that they’ve now had to give up 20% of the company for the price of a bag of crisps. He should be gone.
Sorry disagree. Any project involving mining carries risk and any venture in this part of the world carries risk, added together this has always been in the very high risk part of my portfolio.
@Franalax….this hasn’t ’always been high risk’. Before Graham Clarke took over, this was one of the surest bets on AIM. His incompetence has got us to this point and he should no longer be the CEO. He’s a clown.
Likewise and fear I may just have poured another couple of hundred down a black hole, but it has always been very high risk and a tiny part of my portfolio. Followed closely, but was not invested in Sirius which shows just how long these projects can take and how much cash they can consume, even with the new large experienced owner. Whilst in theory this is technically easier there is much more political risk.
On the 26th September 2022, when we had already lost a year.
The RNS stated the Company is pleased to announce that it has entered into a subscription agreement (the "Subscription Agreement") with GSM whereby GSM will make an immediate equity investment of US$6.0 million at a price of 6.0 pence per new ordinary share.
It added that 'The Company is now funded to complete basic engineering work, remaining permitting and project financing processes through to a construction decision'.
Over 18 months on, they have done the same thing at 1.75p and raised only £2 million, after repeatedly being confident that they would get the ESIA approval.
I am clinging on to fact that these investors must still be confident that the permit will come or else they wouldn't have bought the new shares but yet again the RNS is thin on timelines, as other posters have stated coming days could easily be the end of the month, and lets be honest it's absolutely imperative now that the EIA (now renamed) is absolutely robust and water tight as whatever GC may state today that it met the criteria required before, clearly it didn't in the eyes of the people who matter the issuing authorities.
I remain hopeful, but very frustrated.
I bought in 3 years to soon. The share that keeps on disappointing. I'm not prepared to bale out now though having been here this long. Just got to try and switch off to the weekly/monthly fluctuations and think positive that the ESIA will be granted within 90 days from the revised submission and this will eventually grow wings.
Really pi**ed off. Bought in too soon. Never thought there would be a fund raise before EISA. Poster who thought A/cs would not be 'signed off' because of lack of cash, got it spot on. Has also now given much more time for Company to dilly dally inputting forward new proposal including KMA. And it will dilly dally. 'A few weeks time' lol. Another imminent and another 'rod for his back'. I can't add shares to reduce average in Rex offer since I am not a UK resident. And Gremlins are now saying 'don't throw good money after bad.'
Hopefully, new Investors will use 1;1 Warrant Issue, meaning SP above 3p, so EISA awarded, tarnished by massive dilution again, which **cks up all previous posted material on 'payback times', final sp etc. What's to like.
Thank Heavens I bought RR. at 77p. Will stick to watch that rise and forget EML for a few months.
All seems a bit deja vue - almost like we are going backwards - just need a bit more confidence that eml will get the esia so that we can move forwards. Surely, local jobs will be created if anyone can get this project moving forward instead of stuck in the sand. Every time there is an rns - it's just more of the same - more disappointment. Where is the drive to get this project off the ground?