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Nice one Cyril.
Prairie have released an RNS on 21/7/20 outlining their plans to raise A$4.0m. They give the price for the fundraise as 25c . I make that 14p.
Importantly, the only qualification to participate was being on the share register at the close of play on 20/7/20. The only limit that's given for the number of shares that can be bought is A$30,000. New shares can be bought in blocks of various sizes.
My understanding of this is that the holder of a single share will be able to buy as many new shares as they want (up to the limit) for 14p.
With Prairie being quoted on a spread of 17-19 earlier in the week it seemed like a good chance to sell at 17 then buy back at 14 giving 3p or 17%.
Spread is now 16-18 which would give 2p, 12.5%.
Thank you for the link. I'd never have managed to find it in my own.
"It is said that Australians will want to fight for gigantic compensation, up to $ 3 billion. .............. money of the order of 0.5 billion dollars could by now fully satisfy Prairie's shareholders."
https://www.parkiet.com/Surowce-i-paliwa/307169919-Prairie-Mining-Australijczycy-przejechali-sie-na-polskim-weglu.html
I've been looking to try and find a reason for the price surge in 16/7/20.
A contributor on Hot Cooper, an Australian bulletin board, reports that an article in the Polish press discussed the litigation and valued a successful outcome as being with between 500m and 3bn (currency not stipulated but my guess would be US dollars).
Even the low end would be a huge multiple of the current value.
I also re read the research note published by Align Research in September 2017. They were giving a value of 118p per share. I'm sure that a lot of the input values they used will have changed, however, the current share price still send woefully short of any true valuation.
I expect the share price will fade back a little before moving ahead again as news of the litigation process is reported.
Just shows patience can pay off.
A good day - having news as opposed to rumour.
Given that it is only repayable out of damages and the size of the loan this is indicative that tthe lender rates the chances of success, just a question of sitting tight.
The rise is one person buying yesterday and either the same buyer today or a different one, nothing to get excited about per se, but something does have to happen here sooner or later and the price of the share acquisitions is very attractive for those prepared to sit and wait. Wait and see.
Anybody understand what is behind the rise in last two days?
Barely.
PDZ...the zombie share...is it still alive ???
Aaaaah...well the SP has moved a little at least ...! And Happy New Year to anybody else on here who's awake !
Waaaaake up!
The games have begun - at least something has happened so could get interesting.
Yesssssssss!
or should that be PDZzzzzzzzz !
....ZZZZZZZZZZZZ !
Noooo....
.... is anything happening here ????
"The Management Board of Jastrzebska Spólka Weglowa (JSW) remains in contact with the Australian company Prairie Mining regarding the establishment of potential cooperation regarding coal projects. JSW informs that the confidentiality agreement expired on 28 September, but its extension is not a prerequisite for further talks. It is about the possible acquisition of concessions and assets of Prairie Mining in Poland."
https://www.wnp.pl/gornictwo/jsw-analizuje-potencjalne-scenariusze-wspolpracy-z-prairie-mining,357205.html
More here along the same lines. https://biznesalert.pl/jsw-aktywa-prairie-mining-australijczycy-energetyka-wegiel/
Two options for Prairie IMO. Hold strong and go to court if necessary or threaten to sell their interests to the Chinese!
An interesting post in Polish regarding JSW / Prairie - 24/10 suggests the following:-
There are informal contacts between JSW and Prairie.
PDZ see no reason to extend the NDA as JSW has the information that it needs.
That "Prairie is waiting for a political puzzle after the election and will then decide whether this gigantic agreement will end in international arbitration."
The Polish Financial Supervision Authority was interested to know if anything needs to be disclosed to investors at this time. JSW could be fined for its silence if anything of significance is not reported.
Also, if talks ultimately fail ..... "Australians can demand up to PLN 10 billion. This is because they estimate not only the costs incurred but also lost profits from the potential reactivation of Debienska and the construction of the Jan Karski mine in the Lublin region"
https://biznesalert.pl/jsw-prairie-mining-kopalnie-koks-raport-biezacy/
From politico dot eu quote below my opinion.
I read this as govt who got re-elected with high voter turn out are Pro coal. I see on BBC and Euronews that they don't like EU influence on the courts and they keep trying to reform their judiciary regardless of EU...so I don't know if/how that will impact us now ? I also see Poland opened its first new mine for 25 years under this govt, which just won a second term. I also take that as a positive. *Quote starts here "Law and Justice (PiS) will form a government — it won 43.59 percent of the vote, giving it 235 seats, a majority of five in the 460-seat Sejm, the more powerful lower chamber. But Kaczynski now faces something new. For the first time in four years, the opposition controls an institution that could cause him problems in getting his agenda enacted.
But the old parliament isn’t dead yet. In an unusual decision, it’s being summoned for a two-day lame-duck session this week. That will allow PiS to deal with a host of tricky issues, including a law limiting the ability of local governments to block coal-mining projects."