Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
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We were advised that W H Ireland report was to be released on Monday.
Plenty to say but posts will not go through.
I'm using a laptop... If that is important....
ce announces that at the Annual General Meeting of the Company held today, all resolutions put to shareholders were duly passed.
Consequently, the share capital consolidation on a 1 for 100 basis will come into effect at 8am on 23 September 2019 ("Admission"). At that time, upon Admission, the Company will have 105,461,968 Ordinary Shares in issue. There are no shares held in treasury. The total voting rights in the Company upon Admission is therefore 105,461,968 and Shareholders may use this figure as the denominator by which they are required to notify their interest in, or change to their interest in, the Company under the Disclosure Guidance and Transparency Rules.
Virtually certain Greenland licence will be abandoned, costs £300k to renew.
Sonora jv - no operational agreement yet. Expected capex repaid by toll on production.
1hr 15mins discussion on Amapa before formal AGM -- more info if I can post!
Sorry, much to say but only one liners will go through.
Wow. 1hr 15mins discussion on Amapa!? I'm looking forward to all you and anyone who was there have to say. Of all the weekends for LSE to play up. lol. Although perhaps it's in your interests to keep quiet until you've all made your plays first thing Monday morning? ;-)
Re Sonora ... no production agreement & the 'expected' CAPEX taken by toll.... so much for all the supposed guff about us 'needing' to block BCN's redom & the need to borrow all that money partially to enable us to do so only to sell again at a huge & significant loss whilst were still suffering from the fallout they caused along with it... just shows & reinforces the calibre of these useless Minigas monkeys in my view.... I'll just keep hoping GFL have bigger & better plans for Sonora.
I'm expecting a discounted placing for Amapa soon just to rub it in .... hope this doesn't turn out to be as spectacular a failure as their record so far displays.
Hopefully the placement will not get discounted lower than 7.5p, otherwise it is a total stitch up of we LTHs.
At least Sonora is a "free carry" and we can hold out at no cost to us.
That's good to hear @Ivybush - had we not stopped BCN when we did I dread to think what terms we would have been lumped with.
Can only post one liners so forgive the quantity about to hit!
KM is currently working nearly 100% on Amapa and will continue to do so.
Re $3.5m for port/rail etc "majority of funding from debt" i.e. not equity raise.
Sino have provided $49m to acquire stockpile/infrastructure etc. This debt to be assigned to Newco jv.
re the $3.5m. That's interesting news, but I would have thought that if the BoD said "majority of funding from debt" that this would be related to the many millions of the CapEx of the project, not our $3.5m contribution. Can anyone else who was there corroborate? ps. I can't post long either.
I understood that $3.5m plus $2.5m to be repaid by Neco jv from free cash flow. Coupon at 18%
@Obs I got the impression a strategic investor would come in to assist future capex required.
R$900m debt restucture is not a commitment. The understanding is that it will be repaid from yr 5 onwards.
All good stuff @Ivybush - keep the one liners coming. I presumed a strategic investor would be involved for the CapEx, but good to hear. Didn't know about the repayment of our $6m @18% coupon. Though it does makes sense that what the JV partners invest in the JV they get back. Any chance of us seeing the agreement?
Our $6m commitment will not be utilised until all prerequisites have been met. So we are risk free until then.
Risk free sounds great. Though the $2.5m is released after next milestone, not after all milestones. I suspect the market will need more reassuring on where that $3.5m is coming from. Presumably if you (and others?) have been persuaded that the majority of this won't be coming from a placing then current SP must look attractive?
KM told me that he had ensured the agreements were firmly in our favour. He speaks Portuguese which helps.