Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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A tiny amount indeed. But what may be more interesting is the fact that he wouldn't be allowed to buy (insider trading!) if he were aware of an upcoming bid by SF (low ball bid or otherwise) of which he is of course also Chairman.
Not a lot, but it’s a start. Hope to see some regular purchases from him and the rest of the board, great to see him buying on the open market (I assume he couldn’t have any in the recent fundraise?)
better than selling! i see it as a positive. and perhaps wait to see what next few days bring?
Haha....seriously! I would think many of us in this forum own much more than that
But explains my previous concern on why the directors were not buying in - they were waiting for the dilution to get in.
Will add up to approx 3.15 imo had its problems but I see as a recovery play. Seen this loads of times a share overhang once cleared then away we go . Mazrui buying is confidence for me
I wonder where all this volume is coming from. 50m shares traded today.....
Great news. The management keep painting a very positive picture of the turnaround and recovery. You wouldn't really want to be doing that if your masters are about to make a low ball bid. Time will tell if perhaps SF/ManCap are genuinely looking to create value here for all equity shareholders after all.
Great news indeed.
Obviously they had this contract ready before the capital raise
They are finally talking business.....as they confirmed this latest contract means they are now in new era not being seen for the last 5 years....
The long way to recovery starts now.
GLA.
“... The 23-month contract award for the E-Class vessel was at rates significantly higher than we have seen in recent times and we would expect improvement in day rates to continue as the supply/demand dynamics improve in our favour.”
Not since 2016. Great news.
Awesome
Looking good....
A number of people entering around 3p might think the same esp if there is a lack of operating results.
For 2022, i expect EBITDA of $120-150m and as the cash rolls in , equity value should replace debt as it gets paid off.
it sounds optimistic, but if you look at 2014/15 and similar companies, you will see the powerful operational gearing inherent in the business.
Agree, that they might want to drop the Seafox junk assets into the company...
A 5-6p bid would suit me just fine now. Did an average down in the raise and now just hoping that the price doesn't fall too much below the 3p mark!
If anyone could have done it, I think it was Castro....but being a legacy holding and almost worthless position, I can see why they don't want to put in more money and pick a fight with SF. Horizon is the mystery here - did they perhaps sell to Mazroui? What's their end goal?
Also, maybe they are not after a squeeze out. What if its a vote for a merger with the rusted rigs of SF that they are after? Or perhaps, there is no sinister intention, and they are really out to fix the company and piling into a good risk reward. Interestingly Mazroui had bought in April or May when it was in 6-7p range.
For Castro to have bought in much higher up, when the sesv and o+G markets were much softer and and now to not take up the open offer when the company's immediate future is secured and the underlying market firmer is a bit of a connundrum.
Some of this heavy turnover will be the same share flipping across holders. I hope someone with a strategic eye and a long term view has picked up a blocking stake.£3m to control the fate of a $450m enterprise is a cheap option.
Thanks AA.
Yeah, looks like Mazrui picked it up in the market. And beats me how this doesn't amount to acting in concert....
@4C - yeah, it's 90% for a squeeze out.
Wow, so that's 55.59% between SF and Mazrui. How the two of them are not being classed as acting in concert during this whole situation is nuts.
Now to figure out the composition of the other 44.41%. I think we can safely assume Aberforth are indeed out of the picture entirely now. They went to 0% and there was speculation they used the proceeds to take up their share of the placing. If no TR1 by tomorrow then they must indeed be fully out. There is no TR1 in relation to Castro's exit - so they must still be here.
wow, interesting. lots of games.
Mazrui's participation in the fundraise was to take up their entitlement, keeping their shareholding at 13.33%.
This TR1 suggests they've just bought another 12% of the enlarged share capital in the open market.
So mazrui is one of the "institutional" investor