Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
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Thanks guys.
Donwe know who is the buyer? Wondering why such a discount and if any of us had a chsbce to buy that
Quick summary points:
Volumes only slightly down on average from April, total was inline with laserdisc's estimates.
£/$ FX c.1.7% up so that's a headwind.
Average Brent (plus profit sharing from BP) - $85.02, little changed from last April
Fees and costs - total for 2 offloads only $2.03m which is significantly lower than expected based on Sept statement ($1.9m for one offload).
Crystal amber rns today
Further realisations since the period end, with more than half of the Prax Exploration Deferred Consideration Units now sold
2 offloads but they haven't split the breakdown, may need the press release later for that if there is one.
https://www.prax.com/information-for-holders-of-dcus/#documents
Bernstein.
Apologies if missed.
Any idea who has dumped it all?
27/02/2024
200,000,000
1.17
To the nutter - show the forum a single senseman post indicating I have had to consolidate heavy losses and I will sign over to you you the deeds to my home, and my DCUs.
from memory hur prax & ca endorsed p6 standalone end of economic life value figure till end 2026 at projected $80 pb figure was circa 8.1p - 8.3p (can't be bothered to check for exactitude). with all bright skies and butterfly profits to promised land 12.5p dcu target to be met via profit from buying producing assets.
well, october 24 dcu announcement will see 8.1p - 8.3p p6 standalone mickey mouse projection reached, (actual date of reaching with oil in am tanks circa july/august 24.
summary - hur/prax/ca p6 standalone figures already being proven fairy tale, pi projections being proven correct. and no sign of producing asset purchase to reach blue sky 12.5p promise.
as things stand, dcu 12.5p target all dependant on pi argument that it would all come down to that, and p6 production and brent exceeding hur prax ca mickey mouse circa $4 million pile of toilet tissue 'good deal to sell' documents citing p6 standalone end of life 2026 max figure of 8.1p - 8.3p
life is ****, and then we die...)
i recall standing opposite maris after the court rubber stamping the sale and him gloating that...'let's meet in a year and you'll see hur will be fine'. i said - we know it will be, that is our argument, cretin- but you've just persuaded the court the sale is valid because it won't be unless it's sold, and have given shareholders' ownership away to keep in a job - you should be in a prison cell.'
senseman
you are a bitter and twisted ******.
my consensus is i was very happy with the prax deal. you are only unhappy as you bought hur at much higher prices and so the deal meant you had to crystalise huge losses.
12.5p is not a rip off for me and many others. it is a 100% profit for me and many others.
all pi arguments have only been proven correct in your sad and twisted brain.
i suggest you seek psychiatric treatment.
Last year you were saying they had 2 deals lined up. What happened to them? Now you are saying soon, but how soon is soon Kever? I have asked before but you have not answered. Pray tell oh wise one. When will we have a deal?
The next few days should be fun...)
Forum ethical guardian senseman, he of objective fairness and wry sense of humour, is watching...)
Watching for those (the known) who post with good intent, and those (the known) who post with malevolent or misrepresentation intent...)
Kever. & broom - you've behaved for a while.....keep up the good work...don't let yourself down...)
Current consensus - sale deal being proven to be sellout bad deal - the now pertinent questions being how well will P6 production hold up...and how much will Brent price help us get anywhere near the promised still rip-off holy grail of DCU assisted max 12.5p target.
Brent current $86.3, with most end Q2 predictions $85-$90
Already by Dec 2023 Hur, Prax & CA supported P6 profit figures shown to be mickey-mouse fairy tales
No Prax purchase of production assets to protect 12.5p target
Ergo - currently all PI arguments being proven correct, and DCU top end 12.5p target dependant on P6 production & Brent price.
Let the games begin...)
"The fact that no information is forthcoming on the upcoming payment shows the level of contempt they show the investors. As expected it conforms we we’re screwed over with the deal."
Prax anounce the DCU payment details on the last working day at the end of the due month. So tomorrow is the last working day. Prax will release news tomorrow. There has been no delay by Prax at all
"Bear in mind that the dcu is a depreciating asset in that it expires worthless in 2026."
The DCU's expire on 31st Dec 2026
From the DCU deed poll:
“3. RECONCILIATION
3.1 Not later than five Business Days after each Payment Date, the Company shall provide a statement to the DCU Holders as at the particular Payment Record Date of the amount of the Deferred Payment made on the relevant Payment Date.”
Payment is due tomorrow, 28th. Last September the reconciliation (Payment Calculation Statement) was published on the payment date. Under the terms of the deed poll they could technically wait until Monday 8th to issue it, but I expect it will be tomorrow.
Thought it was meant to be paid 28th then 2 bank holidays to follow.
As I understand it the detail will be announced Thu so not sure how you reach that conclusion?
The fact that no information is forthcoming on the upcoming payment shows the level of contempt they show the investors. As expected it conforms we we’re screwed over with the deal.
Bear in mind that the dcu is a depreciating asset in that it expires worthless in 2026.Therefore the capital value of a dcu held in a non Isa account depreciates to zero value and therefore represents a total loss of investment . In my case I hold dcu’s booked in Isas and in trading accounts as the investment managers are as confused as we all are.
All receipts ending up in an Isa will be non reportable however you define it and ofcourse non taxable.
As to receipts ending up in a trading account I shall regard them as a return of the capital that will reduce to zero in 2026 which I shall neither report or regard as taxable.
Let hmrc challenge that if they think it worthwhile.
How much are people expecting on Thursday ?
It is possible that a small offload did happen when Amundsen spirit moored at Am on 25th February at 19.48 unmoored on 26th February at 14.34,
If they offloaded some of that would be out of my present estimate of 500k at 31/3/24
Hi Laserdisc
Thanks for the heads up. It is as I was expecting but I am still puzzled about the visit last month.
The Prax DCU statement will only tell us about last year. They are not going to comment on anything else. I will report February production next month when the NSTA publish, and it will provide some guidance on the timing of the next offload and whether it will be end of June or July.
Spotted on https://www.maritimeoptima.com/shipatlas
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DiveCentre , AM should be holding around 500k @end of this month which will be waiting to be offloaded. I notice Amundsen spirit tanker is off the WOS today no details as such was out of range maybe worth watching . Look forward to see if Prax indicate anything next week 28th when they show calculation of the dcu payment
My view is that if the issue went to Supreme Court for a ruling, judgement would be that DCUs are part payment for sale of shares purchased and remaining within ISA wrapper till date of sale. This would also be the judgements of Solomon, Einstein and Common Sense. The limitations of HMRC categories and definitions would not override this fundamental ISA principle and thus the SC ruling would be that it was incumbent upon HRMC to amend it's limitations to take account of the higher principle. I expect DCU cash to continue to be paid into ISAs and do not expect HMRC to contest this. I believe HMRC would be aware of the higher principle ultimately winning and, like Corry, them to have bigger fish to pick a fight with.
Latest Brent news - current $85-$86, with last few days Goldman raising end summer 24 forecast to $87 and Standard Charter reiterating it's $94 end summer 24 forecast made months ago.
Bumping up this thread for folk who want to know about the general administration of the DCU payment due next Thursday. Please hit reply to add anything else important that you think may help others coming here with questions.
There is a separate thread about tax implications which has an excellent discussion about the post-ISA world of the DCUs and how various posters (and brokers) are approaching it; worth reading comments there (and from others last Sept/Oct) if you are unsure what's going on (no advice intended).
Maybe best keeping the topics on the two threads separate – admin and tax - so that folk can easily refer to what interests them most as I suspect that both threads may get bogged down through next week.
Ta muchly
C