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Something weird
the mcap aint far from cash.
this is back trading and no rns
The fact that they are now getting the accounts/results released, suggests that they are closer to getting the shares relisted. Problem I have is, that it is difficult to know what value is really left for existing shareholders. Time will tell, but it is a better time to sell the remaining assets than it was 6 months ago.
Does anyone know what the heck is going on here?
Am I the only person wondering how much of a delay GRIT needs in order to publish a set of accounts?!
The Company notes the announcement made this morning on the ASX Stock Exchange that TerraCom Limited (ASX:TER) has executed a binding term sheet for the acquisition of Anglo African Minerals Plc ("AAM" Plc) and available from the following link: https://www.asx.com.au/asxpdf/20200224/pdf/44fchkcv5lvq1y.pdf
RIT has a 25.4% shareholding in AAM Plc and outstanding loans plus interest of US$1.9m.
Hope this does not go wrong, Ive put a lot of money in this FFS, just hope it aont called off cuz of covid
Not even the website works!
“TerraCom is pleased with the execution of this binding term sheet to divest its noncore operating asset, the BNU coal mining business, in line with the company’s strategic business plan,” said chairperson Wal King on Monday.
“The divestment will relieve the company’s balance sheet of $15-million of current liabilities and will enable TerraCom to continue its transition to a profitable major global thermal coal producer with a clear focus now on the company’s Blair Athol mine, in Queensland, and the more recently acquired Universal Coal mines, in South Africa.”
Half yearly RNS (on 30th Sept 2019) broke down the sale off AAM for $3.3m which is ( today exchange rate $1.25=£1) so around £2.64m
GRIT owns 27% of AAM so that works out to £712,800 (for the sale of AAM GRIT share) plus $1.9m interest (£1.52m)
Total proceeds £2,232,800 from the sale of AAM
Roughly 5p a share (on roughly 41m shareholders)
Have I missed something? possibly cash burn between now and the sale
TerraCom on Thursday said that the lifting of the interim stop order was "extremely positive" for both TerraCom and Universal shareholders as the processing of acceptances could restart and that the offer consideration could be paid to accepting security holders as soon as practicably possible.
OK but GRIT owe 25% of that to themselves. So thats £1.5m + £600k = current mcap?
The loan and interest alone is worth 1.95 mill to grit whatsbthe current mcap?
The half yearly report indicates its valued at around £600k + the loan? Why do people think its going to sell for £20m?
Meeting at phouse soon. They ll probably reveal more there. Anyway so the Loan will get paid back so that's a bag in itself
When the sale completes this will rerate anyway.
The volume is low needs upping and the spread isna false one bid is comfortably over 3.5p 4.02p to buy 2.5k
Even at 20 million it's worth 10p to grit
https://www.spglobal.com/marketintelligence/en/news-insights/trending/5wdjqmicom7oqeb3vt8mgq2 …
Pan-African multilateral development finance institution Africa Finance Corp. is set to invest about US$205 million in high-grade bauxite reserves owned by the Guinea-focused Alufer Mining Ltd., the investment firm said Feb. 2.
The company currently holds a ratified mining convention for the Bel Air mine in Guinea, as well as licenses linked to the Labe project in central Guinea.
The projects host a combined JORC-compliant mineral resource of over 3 billion tonnes, and the company expects to produce 5.5 tonnes per annum of bauxite from Bel Air within 18 months to 24 months.
According to the statement, the US$205 million deal will be one of the largest foreign investments in the country since the 2014 Ebola crisis.
That was two years ago. AAM assets are 1.4bn bauxite so should sell for $100m?
Owed mkt in cash from AAM plus interest, AAM to be sold and we owe 25%,AAM has huge resources 1.4b tonne of bauxite.
Is just an exclusivity fee. Don't think we should estimate deal size from that
Deal might be bigger
Yea inthink 8 to 10p for grits %
(ASX: UNV), giving it exposure to thermal coal assets in South Africa.
In an announcement today, TerraCom said it has reached a binding agreement to purchase about 19.99% of the issued share capital of Universal from Coal Development Holding BV.
Consideration for the deal is a combination of cash and TerraCom shares totalling $34.6 million.
South African thermal coal
TerraCom’s substantial investment gives it exposure to Universal’s thermal coal assets across South Africa’s major coalfields including Kangala, New Clydesdale, North Block Complex, Ubuntu and the Eloff project.
Dunno. All I know is terracom are loaded and so is the sheikh. They just paid 176 million for a deal. If they paid 10mill for this, its just lose change for them. No point selling. Whatever the offer is its going to be minimum 8p , a bag from here, dyor.
Ok so this sale fell through right? Do we know why the 500k deposit looks inline with 10% a 5 mill odd offer