Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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" i dont think a couple of claims of a few thousand pounds warrants a 25% drop in MCAP, "
it is the freezing of the bank accounts that is causing the alarm ....and the implications that has
plus there are other much bigger claims too...see RNS 29th January 2024
With over $100 Million of cash, and no debt, i dont think a couple of claims of a few thousand pounds warrants a 25% drop in MCAP,
lets see where it goes mid week??
In H1 Report ..worth noting ...
"the Group is currently subject to several legal proceedings in Ukraine, and it cannot be guaranteed that the Ukrainian legal system will always provide a ruling in line with the laws of Ukraine or international law."
"The independence of the judicial system, and its immunity from economic and political influences in Ukraine, remains questionable, and the stability of existing legal frameworks may weaken further with future political changes in Ukraine.
As a result, the Group is still exposed to an unclear fiscal and legal system in Ukraine affecting the risks around the Group's tax position, including risks relating to policies applied relating to transfer pricing, the timely return of VAT refunds and the independence of the legal system for any cases heard by the courts"
A statement from the company would be appreciated
Happy with the 52p shares
Only a few hundred, im sure the payment will be sorted in next few days, cant see another EVR, but who knows, ??
its cheap due to the political risk
Bottom 12p. It was there few years ago
Lol
I'm not seeing chunky sells, just small packets taking it lower by the minute...FCA and LSE market surveillance probably watching Cash In The Attic whilst 'working from home'.
Nobody knows where the bottom is...or the top....FXPO has risen from 20...30p levels twice before...2009...2016....and quickly...into £2...3 pounds area...maybe another opportunity is on its way....GL All
Its in freefall, and Wednesday is due .....
Me too
Nighttime establishments?.....If that was me...I would spend it in strip clubs...hahahahaha
Just gone to auction
"why would they treat a great Ukrainian asset with such contempt. "
I don't think they are treating the asset itself with any contempt
This is a legal issue surrounding the bank accounts and claims made against them.. for which the law requires an investigation
There is still the $125m claim against FPM which is yet to be heard by the Supreme Court
Maybe they fear capital flight from the accounts so have looked at freezing them
FXPO will have to pay from their Corporate accounts in the meantime, ..or maybe they can open a new account with new money, ensuring the existing capital is kept frozen and separated
Today is a concern, and I can only think that politics is at play. They are the third biggest producer in the World and the grade is second to none. They are an important company for Ukraine, especially with regards to any rebuild, and I would like to think that a suitor is sniffing the resource. But why they are being treated like this can only be seen as power playing. This is the only thing I can think of - why would they treat a great Ukranian asset with such contempt. Only my thoughts and I realise there is a war going on ..... but!
Johnsilk, that is correct but the direction of travel re freezing is concerning, hence the panic. I don't think it's just a storm in a teacup.
I'm surprised Dogger69 hasn't turned up to gloat about how he warned us that "IT'S OVER".
Smells like another POG to me.
Make it so they can't pay back debts and sell it off through the courts
Unfortunately, as people aren't pointing out, the RNS says exactly this:
"FPM has received notification in Ukraine of a court order issued at the request of the prosecutor in Ukraine to freeze the bank accounts belonging to FPM". FPM. Not the entire Company. They have two more subsidiaries, according to their website & for anyone who cares to look.
Jim North bailing last year was the most ominous sign, the share price has been downhill ever since.
He's in Dubai now, probably with dramatically lower blood pressure.
I think issue is whether the government want to effectively requisition the company for nothing. Freezing bank accounts is a way of potentially putting it out of business. The 58k is irrelevant - it's the existential threat that is the concern. The state prosecutor has been claiming amounts which are ludicrous on any analysis, freezing bank accounts and behaving in a manner which, at best, seems inconsistent with the rule of law. I don't think it's isolated behaviour either.
Im with you Fogthemogg
Bit difficult to pay a divi with frozen bank accounts, hence the cancellation after it went ex...
I am happy to pick up the reinstated divi in cash on a trip to Kiev, which will then shortly all be spent in nighttime establishments.
The court proceedings are chicken feed and it would cost more to defend yourself.
That is not the issue.
Frozen bank account would be.
FXPO clearly think that they don’t owe 58k. Hence the court proceedings against them. If you just paid 58k to anyone who challenged you then you would be bust in no time