Adam Davidson, CEO of Trident Royalties, discusses offtake milestones and catalysts to boost FY24. Watch the video here.
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The U.S. aid package for Ukraine etc., will be voted on this Saturday. If, as expected, the package is approved, you may have missed the boat by Monday. Atb Rich
Https://www.proactiveinvestors.co.uk/companies/news/1045597/ferrexpo-results-mixed-as-legal-challenges-loom-1045597.html
ben hodges interview....https://www.youtube.com/watch?v=xDiF-AowdeE
Reading between the lines it looks like the controlling shareholder by cutting off the firm's access to cash is trying to push it into an artificial default. By doing so it could then cause the company to be liquidated and assets picked up at a song.
In short a heist that looks alarmingly like the sort of thing that would happen in pre ware Russia.
The oligarch wins we little shareholders lose.
I can’t buy this because the country is in war but you couldn’t ask for more than what they reported today. To build cash reserves and comment that they’ve increased capacity in q1 is quite a feat. Iron prices now stronger is obviously material also. Good luck
Company has all the ducks lined up! This has got to be the best bet for a Multi, multi bagger on the market imo. My boots are full. Get em at these crazy prices while you can. Atb Rich
Clearly demonstrates the Company is performing well in these difficult times,
So Sad to see the real cost of this war with the loss of so many Young men most of them in the prime of their lives.
Maybe someone can help me out here. In respect of the contested sureties claim. On 7 December 2022, FPM received a claim in the amount of UAH4,727 million (US$124,450 thousand as at 31 December 2023) in respect of contested sureties. These contested sureties relate to Bank F&C, a Ukrainian bank owned by the Group’s controlling shareholder and which the Group previously used as its main transactional bank in Ukraine. . A Supreme Court hearing on 17 April 2024 considered primarily procedural matters and the next court hearing is scheduled for 27 May 2024.
How would this have a material effect against the business and its ability to continue as a going concern? Surely its not a big enough claim!
Ferrexpo Swings To Pretax Loss on Lower Revenue, Provisions for Legal Proceedings
Published: April 18, 2024 at 2:44 a.m. ET
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By Najat Kantouar
Ferrexpo reported a swing to pretax loss due to provisions related to two legal cases along with lower revenue reflecting a challenging environment.
The London-listed iron-ore pellets exporter said Thursday that for the year ended Dec. 31 pretax loss was $85 million compared with a profit of $220 million a year earlier, reflecting...
Yep things are looking up. The company was said to be resilient in 2022 and 2023, they are still at it turning every obstacle around. Todays RNS was a long read, the key bit was getting that 3rd pelletiser going. They have 4 and were only using one fully in 2023, and a second one as they could meet export demands once storage was full. Getting the 3rd one going means 1 and 2 are running at full capacity. With the safe corridor in the Black Sea in operation and that extra pelletiser running growth to the bottom line will now be significant for Q1 and even more so in Q2 vs 2023. It's fortunate they have a steadfast and loyal customer base.
note 2 & note 14
in respect of the contested sureties claim mentioned above, no enforcement procedures have commenced as at the date of the approval of these consolidated financial statements. furthermore, on 1 april 2024 the supreme court suspended the possible enforcement of the decision of the ukrainian court of appeal, so that such enforcement procedures cannot be initiated by the claimant until a final decision is made by the supreme court, or the supreme court's suspension order is otherwise lifted. as at the date of the approval of these consolidated financial statements, no decision has been made by the supreme court in the contested sureties claim and the next hearing is scheduled for 27 may 2024. the
commencement of the enforcement procedures could potentially have a material negative impact on the group’s business activities and its ability to continue as a going concern. see note 14 commitments, contingencies and legal disputes for further information, which should be read in conjunction with this note.
if the ukrainian anti-corruption court concludes that a judge received a bribe for the favourable decision in the share dispute case, and such verdict of the anti-corruption court remains valid after any potential appeal, then the claimants may apply to the supreme court to review the decision of the grand chamber of the supreme court given on 19 april 2023 due to exceptional circumstances. in february 2024, all four claimants were dissolved according to the records at the uk companies house. as at the date of the approval of these consolidated financial statements, no allegations have been made against the group in connection with the alleged bribery and it is currently not possible to anticipate future developments in this case with any certainty.
if the case were to be reviewed by the grand chamber of the supreme court once again, management remains of the view that *** has compelling legal arguments to defend its position. based on the legal considerations and arguments in the case and taking into account the advice received from the group’s ukrainian legal advisors, management remains of the view that the decision should be in favour of the group, but there is a risk that the independence of the judicial system and its immunity from economic and political influences in ukraine is not upheld. a hypothetical reversal of the decision by the grand chamber of the supreme court would result in the loss of a significant proportion of the shareholding in the group’s main operating subsidiary in ukraine, which holds approximately 65% of the group’s non-current operating assets, and would have a material adverse impact on the shareholders’ equity attributable to the shareholders of ferrexpo plc. due to the uncertainties, it is currently not possible to reasonably estimate the financial impact, but it could be material. a negative decision could also have an impact on potential future dividends from fpm to *** and, as resu
Looks like they are on the up operationally this year
Out this morning...
Setting aside a large pot of money to cover legal costs, unsurprisingly.
Holding more cash than last year (but only £2 million more)
No real surprises given the fact that Ukraine is at war.
All wars end eventually, let's hope the legal woes get resolved
For example, on March 29, there was an emergency shutdown for 12 hours and the company almost did not work. But then we got electricity and started working. On March 30, we were also limited to 20 MW. In the winter of 2023, we worked only at night, and during the day we were shut down,» said the top manager.
https://gmk.center/en/news/ferrexpo-plans-to-build-a-new-solar-power-plant-for-its-minings/
Don't underestimate the role high grade iron ore will play in lowering carbon emissions. In 5 - 10 years this company will be huge. The question is what the ownership structure looks like:
https://www.ft.com/content/80f37963-c718-4f8b-8d77-0f0d5b1c99fe
To cut emissions, the industry is exploring alternative approaches, such as direct reduced iron technology in which the ore is treated using hydrogen and carbon monoxide, rather than coke. Such processes require high-grade iron ore, which is increasingly hard to find in large quantities. The ore Rio Tinto plans to extract from Simandou has an average iron content of greater than 65 per cent, among the highest in the world. Baatar calls it the “caviar of iron ore”.
Demand growth expediating in Europe and Asia. Probably because FXPO (3rd largest producer) can actually ship there now.
No.
Fxpo can publish at any time within the 4 month period but obligation is to do so before the period is up.
No obligation to release 2023 results before Q1 update then?
It’s FXPOs continuing obligation under LR9 to publish. What they need to publish is under DTR4.
If they fail, then then the circumstances the FCA will suspend are in LR5, specifically LR5.1.2(2)
https://www.handbook.fca.org.uk/handbook/LR/5/?view=chapter
I see there is a production report due beforehand so perhaps they will update the market with their intentions for FY results at that time.
A company is required to publish its annual financial report within four months of the year end date, the audited financial statements need to be prepared in accordance with an applicable accounting standard (International Financial Reporting Standards (IFRS) or an equivalent standard). The half- yearly financial statement must be issued within three months after the end of the period to which it relates.
https://www.londonstockexchange.com/resources/raise-finance-resources?tab=main-market&accordionId=0-7b056b55-1e0f-4dfd-a5a9-62cb18252912
If they have to be out within 4 months then thats what they'll have to do.
https://www.msn.com/en-gb/news/world/exclusive-russia-ukraine-black-sea-shipping-deal-was-almost-reached-last-month-sources-say/ar-BB1lFnYG?ocid=msedgdhp&pc=U531&cvid=f913967113484235b8dabb0c31fc6b28&ei=60
Fxpo seems to be leaving publication final results very late which I thought are due 4 months after year end at the latest. It looks like it has got two weeks from today to get them out or would appear to face suspension by the fca listing rules. What are the chances it will succeed in doing so?
If in the 4th quarter of 2023 we shipped 350,000 tons of pellets, then in February it was almost 800,000 tons
Https://ifchorgalbraiths.com/research-insight/ukrainian-iron-ore-exports-feb-2024/
According to this article:
https://www.fastmarkets.com/insights/how-ukraines-war-torn-steel-industry-has-transformed/#:~:text=In%202023%2C%20Ukraine's%20total%20iron,the%20year%20preceding%20Russia's%20invasion.
Ukraine exported 28.4 million tonnes of iron ore in 2021. According to the fiqures below they export 9 million tonnes in Q1 2024. That means they are exporting at higher levels than before the war. I think this could be down to stock pilling over the last 2 years. Meaning bumper profits to be announced.