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Hi Ginger
you say "The AGM needs to be within 6 months of the financial year end, which was 31.12.2020. Last year there was an allowance to hold the AGM late because of Covid, but there's been no suggestion that this dispensation will apply this year. So the AGM should be in June."
That's good - wasn't sure if any further extension of the COVID relaxation had gone through, or if 31 March 21 was the last. Can't see anything, so on that basis yes it has to happen by end of June.
Relieved - as that one was the "f*** of an anticlimax" option!!
:-)
GingerHippo,
That's a good point! Thanks for that, i hadn't considered that.
Cheers.
one way or another, if you've got any understanding of what we have here, I can't think of any reason whatsoever NOT wanting to be invested here come this EGM.
MS
So, OSF, in short, it could be anything ;-)
MS
GH
Our posts crossed - but you have emphasized exactly the same words!
Bizu,
Occam would obviously agree with you
But isn't the simplest explanation:
"The Directors are confident that the *ability* to allot securities and *demonstrate* a capacity to develop the Kola PGM and battery metals district independently of other strategic options available to the Company benefits the Company and its Shareholders by improving Eurasia's negotiating position" (my emphasis on key words as I see them )
which appears to support Tobler's ingenious theory
But isn't it really just saying that irrespective of the FSP we have a viable funded business? Ergo we don't NEED to sell
which is #5 in the Spurs analysis
The resolution didn't pass at the last AGM and BoD said they wouldn't pursue it because they had the funding they needed.
Now, all of a sudden they need the money for something that cannot wait another 2 months.
So they ask us to vote in favour of the resolution, but not before elaborating on the new JV, the development of the Kola district and new Asian potential investors. Hint hint.
So I think they either want to develop Kola alone, or the mere demonstration of their ability to do so will give the FSP a kick up the backside.
From the RNS:
"The Directors are confident that the ability to allot securities and demonstrate a capacity to develop the Kola PGM and battery metals district independently of other strategic options available to the Company....."
What they're saying is that the ABILITY to raise funds DEMONSTRATES A CAPACITY to go it alone. They might use the resolution to develop Kola, they might not. But what's key is the when the vote passes they have shown that they CAN develop Kola alone if they want.
Pacha,
The AGM needs to be within 6 months of the financial year end, which was 31.12.2020. Last year there was an allowance to hold the AGM late because of Covid, but there's been no suggestion that this dispensation will apply this year. So the AGM should be in June.
The one thing to note is that, although the company timetable states that the AGM is June each year, last years AGM was actually held later on 18th September, so if the company follow 12months later with an AGM then it's possible that we won't have the AGM until September. Therefore the resolutions may be needed 'for negotiating strength' until then.
Let's hope not.....
The simplest explanation is normally the correct one, I reckon they need funding to make a purchase.
GLA.
Right so it’s looking like my theory that a new emergency resolution is for the birds (too late), so this EGM is PURELY to do with the “right to rights issue” resolution. So to try and summarise my thoughts on POSSIBLE reasons/ what could be happening (all IMHO only, defo no inside knowledge):
1. AGM isn’t happening in June and will be put back – we’re assuming the reporting timetable given will be achieved, but having had SYME extend theirs by a month or so, due to COVID, it may not. A later AGM means a longer period this resolution is valid for, so could be giving the BoD flexibility, if they need it, to raise funds during mining season. Not sure how it ties into “strengthening” a negotiating position, but would at least “prevent weakening” it due to cash running low.
If AGM is happening in June/ the above isn’t the main driver:
2. EUA don’t need funds, but someone with clout wants in now and sees the wait to the next AGM as too long – could indicate conclusion and payday in the next few weeks…!
3. EUA want the funds for some as-yet-unspecified but imminent cash call (E.g. increasing % ownership of WK/MT by buying out the other stakeholders? Fees of some kind?) If yes, expect details soon after the EGM.
4. EUA want to raise because they want to “go it alone” or sell just a small bit and keep the majority of assets under current ownership – dangerous strategy IMO as if II’s get wind of it the discount would be horrendous due to the SP likely tanking on “no sale” (and a potential double-edged sword if announced separately – “huge discount placing”, then “we’re going it alone”).
5. No purpose other than strategic posturing of some kind – not sure this late in the day that any such “show of strength” is necessary, or how potentially increasing the shares in issue affects any bid, which would likely be a headline/ grand total figure that is then divided up by the number of shares.
6. Something else completely left-field (again!) Check after hours…
OR: None of the above, and we get to the AGM and just look back at this and think “Well WTF was that all about?”
The BoD have stated in an email reply that they intend issuing responses to EGM questions submitted, so am expecting this Tuesday/Wednesday but how much it explains is anyone’s guess.
Just my take, can’t resist the challenge of trying to work out what’s going on! GLA
I hope you're right Arsenalles. Does seem a pivotal event the upcoming EGM hence Eurasia prompting shareholders twice on Twitter to vote in favour, I can't recall them doing anything similar since the sales process started, they've always seemed to manage everything themselves to which I've no qualms as they've done a brilliant job of getting it to this point. Perfect timing really considering the perfect PGM storm that's going to kick off as the world opens back up.
Lets hope this is it!
Morning all and a happy St George’s day
Just my thoughts after reading the RNS again that we will have a full sale but they need the authority to deal with the shares to complete the whole deal as the other shares in options cannot be calculated in the price of the company so they need to be able to offer all of the shares for the full sale
Just my thoughts but it seems like more ducks being lined up
No doubt someone will explain why I am wrong
As usual GLTA