Firering Strategic Minerals: From explorer to producer. Watch the video here.
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So - into 2022 we go. As far as I am aware the transition services we provide to GD end on 31 Jan - and the company is still in the process of winding down its operations - budapest is being terminated through ICANN so assume there was no buyer for that geo. Hopefully Miami and Boston should also now have been transferred to GD which should reduce Escrow to $12m (locked up until 31 March 22). If the 31 Jan date remains - and there is no reason to think anything otherwise - we will no longer be a trading company end of month and move into life as a cash shell. We should expect an update on the way forward in next few weeks - covering future capital returns, net asset position allowing for costs incurred and anticipated (under or overspend of the c.$20m set aside to close down business operations) and any indication or appetite to progress an RTO. SB
Um! should we sell or hold our remaining shares?? I'm not sure what to expect. If the business closes down do they pay off all existing share holders if the business closes? I'm new to all of this and not sure what to do. Any advice helpful. Thank you.
Frazzles - I can't provide advice - but if you held shares on 1st October 2021 you have already had one capital return via the tender offer which paid out $80m of the $120m+ GD proceeds to shareholders - with some holders able to redeem a significant % of their holding at that time. Moving forward, what is clear is that mmx as we know it will cease to trade on 31st Jan (Note this is different from closing the business) - with somewhere in the region of $37m in cash (including the escrow) which equates back to a net asset value of c.9.6p. I believe there was also a sum set aside (c.$20m) to cover legacy costs associated with winding down its trading business - and this is the area where I previously suggested there could be an under or overspend - preferably the former. There may be other unforeseen costs - or potentially upsides in concluding arrangements. If they elect to 'close' the business - there will be a further capital return (or possibly more than one) - which based on the current known position could equate to 9.6p per share in total and assuming no under/overspend on the $20m set aside. If they attempt to use the business as a cash shell and develop a reverse takeover - there will be a requirement to leave cash in the business to provide funding for a new venture partner - the scale of which would be dictated by the cash flow needs of the new business and could still allow a further capital return. None of this needs to happen immediately post 31st Jan - the company has six months before it would be delisted from AIM at which point liquidity in its shares would be impacted i.e. you would hold shares in a company with no formal means to buy/sell your holdings . As I said - not advice - but the way I see it. Hope this help. SB