Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Many thanks Mole - and I can confirm that we have spent an inordinate amount of time trying to establish a line of communication. For anyone who doubts what has been said about the practicalities of forcing a general meeting please read Paragraph 75 of the Memorandum of Association:
"Members shall not have the power to convene meetings of the Company, whether being a special general meetings or the annual general meeting, of the Company, save only at any time when the Board of Directors of the Company is vacant and then only in accordance with the Law."
So any talk of shareholders forcing such a meeting - even if we knew how to effectively serve notice - is a non-starter. Like Mole I sit and watch most of the time - but if and when the opportunity arises we are able to instantly attempt to influence things with close to 30% of shares now on the database. I am sure Zaza is fully aware of this - and I would add that the two things that shareholders have to be consulted on are director contract extensions and any change to approved share capital.
We sit and wait
Think it was said by ZM to the workers at their meeting of which you do have to put a bit of caution on it due to coming from ZM.
Thought that had been said, if it has not then I & few others are thinking wrongly of which I applogise, if that is the case.
Tsbs
On there being a SMajor waiting then 7yrs would not be longer enough for them, also same applies to any major investor of which meaning into 100s of $Ms.
Let's hope that something official can come out before Christmas, but I am thinking likely sometime in 1st qtr.
Arsenal221 have they offered an extension?
Firstly, great work ODR!
Secondly, I continue to find it interesting that every time we get a piece of information, folks we even more doomed than every before. All I see from ODRs post is that tge case is ongoing, just as we all knew (thinking about that possible Jan 2020 deadline, according to ZMs comments posted by other trusted holders).
The arbitration process is applying pressure in both ditections - remember, it's not GG overseeing arbitration, they are no thte judges. We are no more closer to losing the license now than we were there weeks ago. As far as I am concerned, FRR have a strong argument for stating that GG haven't been supportive, indeed, obstructive, thinking about arguing over the tax rebate, the return of historic costs sunk by FRR etc.
It seems - at least to me untrained eye - that we are at a stage now where some finer details are being hammered out and that there is a date by which a result will be reached.
As just mentioned why has GG offered 7yrs ext, if something was not going right?
And Zaza’s recent comments imply that a big chunk of money will be invested in the company if the licence can be extended beyond 2027. But Zaza has implied many good things over the years.
‘To me everything looks like a company that is having the life squeezed out of it.’
It certainly looks that way. A supermajor can just wait for the company to collapse unless FRRs 20 years plus of knowledge gained is worth paying a small fortune for.
I also believe that is how it was & on GG ok on an extension of 7yrs that says, something must be going the right way.
I think someone mentioned that a SM would want a much longer PSC than one till 2027 to sign a deal with FRR that's why they are wanted it extended and hence the ongoing arbitration if I read it correctly.
SN & ZM would both know that they would have to show the arbitration trib that they have the backing to progress otherwise, it would not be worth even going to trib.
The one thing that probably can save Frr/us, is them having a SMajor in the wings waiting & would have thought something along those lines, is the case.
As usual though we wait & see.
Thanks ODR
This company
Won't be coming back to the market for years.
'Of ongoing arbitration' doh!
Good morning all
I contacted GOGC a while ago asking for an update on the arbitration process and have just received this reply:
"In respect of confidentiality provisions of the Production Sharing Contract and Refinery Study (“PSC”) dated June 25, 1997, and the expectation of confidentiality in the arbitration process, we do not consider it appropriate to comment further on what is fundamentally a commercial dispute that is the subject of adjudication. Commenting publicly would not only be disrespectful to the arbitral tribunal, but may also potentially constitute a breach of contract.
Please be advised in this regard that the arbitration proceedings are currently in progress."
Which pretty much confirms what we already knew ... but good to get it from GOGC rather than a Zaza quote!
GLAndular