Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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Started or are we still awaiting the commencement. I cannot see this 2nd Bank signing. Someone else will come to the rescue in the end.
The saga continues with the sp falling. More of the same old to come.
You should read the annual report. Dropping below 25% does not necessarily give them the legal right. IAS 18...regs Vs contract.
Yes I know that dropped below that level then Artar decided to help kefi out and if Artar were going to do anything they would have done so then and did not. Your just being deliberately dense now.
Nice 5m share buy just popped up.
Heading for the 5s not good
Gold looking strong today let's hope for an update on the drilling.
No Rob - again you are wrong - it was only when Kefis share dropped below 25% that the legal right came into existence - that is why it was so stupid to drop below that level - just because they haven't pulled the trigger yet doesn't mean they cant AT ANY TIME when the timing suits them best when they have rung whatever juice they can from Kefi.
And Bear - so I point out your mistake deliberate or otherwise about what you posted - point you to the factual info you cant dispute and just abuse people - charming
Discussion boards are for sharing info and opinions - are we just allowed to listen to unending ramping from you lot while ignoring FACTUAL information.
But on another point. At end of Dec 23 the account show net liabilities (after offsetting current assets) of £8.6m. They lose £8m a year so by mid June that would have been around £12.6m. They did raise 5.5m back in March so their current debt must be circa £7m. Undisputable figures - I can smell another fundraise before the end of summer
Smelly, talking of naive, it’s pretty evident that you do not understand “arms length transaction” and you have not worked with “billionaire Saudis” despite stating as fact how they operate (yes before you ask, I worked directly with a Saudi family at this level for over 8 years). The red mist that has consumed you from previous losses here has made you lose a lot of perspective. Some of the points you make are not unreasonable except for the extreme positioning you are taking to try to prove yourself right for selling out. Quite why you waste so much of your time posting about a company you have no financial interest in is beyond me - it’s an absolutely bonkers waste of time. Surely you have better things to do with your life than continue in this loop of negativity?!
“Rob asks why Artar would split up with Kefi - well that is a completely naive question - if you could get an asset on the cheap why wouldnt you - billionaire Saudis arent prone to gifting millions of pounds to London PIs if they dont have to” Except Artar did agree to carry kefi did not go for the option of getting assets on the cheap (I.e a lot than kefi more than kefi present market cap that was worked out by an expert) and I put the arguments forward as why they did not none of which Smelly could counter.
If you do not like being ridiculed Smelly stop being ridiculous.
SB,get a life and f off!
Multiple attacks at once !
1. Bear - I may be misunderstanding but I cant see a page 90 in the results I just see a 51 page report so not sure what you are referencing.
I am referencing from PAge 9 on the report from the Finance Director
"KEFI’s interest in the joint venture
has reduced from its original 40% interest to 24.75%. While ARTAR has the right to buy-out KEFI at
fair market value as things stand,"
which is pretty definitive.
2. Re valuation - while HA may well have assured TW of his estimate of $65m - when has HArry ever been proved right on timing sor valuations ! - he has lied on multiple occassions as we all know - sign off on TK always a magical 3 months away.
Instead there are 2 sources of arms length transactions that I can see
a. the market cap of Kefi right now. Artar can argue along the lines of - Kefis market cap is circa £35m - say 50% of that is due to Saudi and 50% due to Ethiopia (you can argue with the split and adjust ) - then Saudi is valued at £17.5m - again Kefi would still owe Artar the £5m so Kefi gets £12.5m in that scenario
b. Artar recently bought 2% of the JV for circa £400k - that would value the rest of Kefis share 25% at around £4m-£5m - again owing £5m - so zero to Kefi.
both of these are market based and any independent valuer would use them as a benchmark.
HAA can spout any numbers he likes but it is out of his hands - why in gods name would he allow them to drop below 25% - total incompetence and so yes a fundraise would have been preferable to this.
Rob asks why Artar would split up with Kefi - well that is a completely naive question - if you could get an asset on the cheap why wouldnt you - billionaire Saudis arent prone to gifting millions of pounds to London PIs if they dont have to - they are in their country and they will all the contacts at banks and in government - Kefi is a minnow with zero influence. I'm sure they are happy for Kefi employees to continue working through problems/issues while Kefi are paying them and then Artar will swoop in and grab the lot
As to my motivation - well yes I have been abused by HA over the years and managed to get out on one of the pump and dumps with a small profit but had been sitting on a big loss - and I am trying to warn potential shareholders of his history - several rampers here should be ashamed - spouting potential 10 baggers etc - without any caveats and poopooed me when I said they had the legal right to but Saudi some months ago - now it is in an RNS you can no longer deny.
SB was a respected poster here until multiple trades went pear shaped. Always hurts to lose money but most peeps move on to pastures new. Sadly SB just can't let go....
Yes, he suggest KEFI would receive about $65m if they were bought out in an arms length transaction
Thanks Ameen.
Nice. Thanks.
From Kefi Telegram:
TW was informed of the bs about the kefi/artar situation and thus has done a bonus bearcast after speaking to Harry. First Artar "DON'T"want kefi out,but if they did,an independent assessor would determine fair value.He did the rough calculations(before DFS)exploration asset valuation. The figure was considerably more than the current mcap.
Only my opinion but do not see Artar letting kefi buy back over the 25 percent as kefi going to be more a takeover target at parent level as it makes more progress and while its not in Artars interest to replace kefi they might want it as a bargaining counter if kefi taken over by someone else.
As for covering any money owed to Artar they might be open to a farm in at JV level if it means the exploration could be maintained at high level that would mean some dosh to kefi as well. An obvious candidate being Ivanhoe as it is there as an explorer and has areas near kefis and Robert Friedland is a copper fan. The problem there is the more Ivanhoe knows about kefis Saudi prospects the more tempting it might be to make a move on the company when it hits 100 million dollar plus mark.
Harry is a Finance guy. But isn't a Finance guy the exact type of person needed to get TK over the line?
Anybody attending the AGM in Addis Ababa what a clown 🤡 HA is.
The CEO should’ve been a mining guru not a banker like HA because he is Banker you know
Anything been signed yet? Has any money come in yet?
HtTps://www.2merkato.com/news/energy-and-mining/7905-ethiopia-national-bank-ups-gold-incentives-to-fight-black-market
htTps://www.2merkato.com/news/energy-and-mining/7904-ethiopia-ministry-of-mines-misses-revenue-target
htTps://www.fanabc.com/english/ethiopia-to-reinforce-devt-endeavors-in-mineral-bamboo-resources-as-key-spheres-for-prosperity-dpm/
htTps://uk.marketscreener.com/quote/stock/GLENCORE-PLC-8017494/news/Along-Peru-s-mining-corridor-Big-Copper-faces-a-snarl-of-trucks-47000948/ (Copper)
htTps://gulfbusiness.com/saudi-arabia-world-first-licenced-autonomous-air-taxi-hajj-2024/ (first cab off the rank sorry could not resist)
Smelly answered all your points and you just ignored the counter arguments just repeating the same points when they have been shot down does not make them any more valid.
I suppose you'd have preferred big dilution to maintain that 40%? Can't have your cake and eat it.
Genuine question though, while we're on the subject - what do Kefi owe Artar for exactly? Is it in addition to the dilution down to 25% (or whatever), or, if Kefi re-paid the sum, would we buy back some of the share in the JV?
SB,try reading the annual report,you'll see (page 90) it's not currently actionable. Not that Artar would since the kefi,Artar relationship is strong and supportive.
Don't know what your problem is?
You don't own any shares and yet are determined to constantly post bs.
People have done their due diligence and invested their hard earned money,so show some respect.
Rob - Artar HAVE been taking over kefi for a year or more - kefis share used to be 40 but the below 25 per cent is significant because it bestows the right to buy out kefi - no ifs no buts.
As to the amount / fair value - 3 months or so ago artar bought their latest 2% slice for a couple of hundred grand - that would value the remaining somewhere in the 8 to 12m pound range BUT separately kefi owe Artar around 5m so net to kefi would be 3 to 7 million - I call that nominal
Fevertree man
Holding the AGM in Ethiopia means Harry can warm up some of the local potential investors.