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What you have to remember Oldblue is that timelines are irrelevant when it comes to pathfinder.Everything is late,renegotiated and detail is vague.
Oldblue, the BIT claim and the RTO are entirely separate matters, the BIT now being in the hands of Acumen.
Re the RTO, personally I don't expect an update ahead of an announcement of intent just landing one fine morning. They still have plenty time left under the rules but I don't expect it to go to the wire, the new executive came in for a reason.
Err rto you hsve exactly 1 month no more to engsge the bit thats the contract that was signed to engage within 3 months off completion thats from 18 august thats 2 months ago and thats the latest so realy should be in now more problems?
An update would be nice on the progress of the RTO
Have we heard anything about the ICSID and us seeing a financial resolution through this route. After all, they do lend the country money to build its infrastructure projects. For those who want to know about ICSID I'll post a summary below.
The International Centre for Settlement of Investment Disputes (ICSID) is an international arbitration institution established in 1966 for legal dispute resolution and conciliation between international investors and States. ICSID is part of and funded by the World Bank Group, headquartered in Washington, D.C., in the United States.
When it comes to TZM, IMO they will just fund Moz governments settlement in a claim and had probably built that unofficially into their business case for the project. They and the Moz Govt. were well aware of what they were doing and potential implications in a BIT case against Moz Govt.
I sense a settlement will be reached eventually which is why AAG were happy to take the case onboard on the agreed terms after Due Diligence and that TZM will be the ones truly funding the payment behind the scenes.
Interested to hear if, how and when holders are expecting confirmation of their bonus shares ?
Hi Adamsky,
Why bother? Well, I can only imagine, like any boardroom/management group, the purpose is to form a team of relevant experience.
It's really hard to make any other judgement but it's worth remembering that whatever substantial settlement might eventually come the way of PFP Pref Shareholders, AAG is set to benefit by a tidy bit more and, as far as we can tell, their own share out would be among only a handful of beneficiaries by comparison so, on the face of it, they are greatly incentivised, not least because they've also parted with £1m and must have also put together war chest of $15m as part of the SPA.
So would I be inviting more people to the party willy nilly? I would suggest only if they were seen to be of crucial value to the progression of the claim. Otherwise what would they be but costly and irrelevant fee-claimers? Overall, I think it points to a positive development, suggesting an active level of preparation for the BIT claim.
Hi
I’m been assumptive in that the RTO has to be done within 6 months, end of December 3 months will have been chewed up so that would leave 3 remaining months, since the BIT claim must be started by end of December I’m guessing and hopeful both will be updated in positive news before 1st Jan 2024.
As for TZM, I can’t make my mind up there, they have taken a chance and paid out we assume some serious money, however, I can’t see that been taken away from them but they may wish to join together to avoid the BIT which could freeze the assets until such time the real owner is established therefore that could effect them and indeed they may wish them to do their own claim against Moz, it’s a really messy end to a 10 year cat and mouse game with a massive pot of gold for the winner.
Lfm,
Thank you for your post. The question I have is where did it say the RTO would be underway in 3 months ?
Also if I was TZM I would be sitting back and ignoring any noises from Pathfinder and now AAG as far as they are concerned they have purchased licences and the ownership has been rubber stamped by the Mozambique Mining Department.
Not TZM’s problem.
Poppyseed
Thanks for the update. What are your thoughts about the new directors being appointed?
In my maybe naive way of thinking why bother , AAG own IMM and the main task will be the BIT claim by AAG on behalf of IMM. What value or goal does the appointments achieve ?
Any thoughts on both observations I would be grateful
Thanks Adamsky
Hmmm, interesting, IMM has appointed 2 new directors, a Greek and a Columbian:
https://find-and-update.company-information.service.gov.uk/company/05410573/filing-history
Signs of life, if nothing else!
Many thanks. I thought similar shame PFP couldn’t have worked out a way for few pref shares for the company.
ATB
As I see it, only the Pref Share holders can benefit because the whole of any spoils will go into a PFP-created SPV, the share structure of which will be Pref Shares equal in number to the Ordinaries held by PFP shareholders on the Register at the Record Date.
Should a successful BIT claim or offer come in, do pathfinder benefit in any way from preference shares I wonder?
ATB
Thanks pal, they say it should be underway within 3 months, so I’ve planned that to happen before year end, I’d like to think that we would also have the RTO almost completed before year end too. The share seem to have taken a serious bashing for no particular reason and it always frustrate me when is see trades for 63 shares or similar which surely can’t be real trades, why give the cash we have the share is so low, we should be at best cash to share allocation price as a min and that’s without taking into account the massive tax we can claim back too.
The new directors haven’t come along to just wrap up the company, they clearly knew where it could go and have jumped in with both feet at the start, these guys could earn some serious wealth from this if it all goes to plan.
Where TZM are with pathfinder and the BIT remains a mystery, there’s no noises coming from them that they are willing to listen or indeed are or aren’t bothered , I thought that once the sale had gone through they may pick up the phone and suggest a get together to be rid of any impending claim. I can’t see how the claim can’t win with the UK court decision which is far more credible than the Fraud and back hander court process in Moz, even their own government know its rife is corruption with the courts and in the country yet allow it happen? It will never been clean and surely puts off people to invest in the country which needs it more than ever and they have mineral sands now which are probably the most sort after in years.
Morning LFM,
I have gone through a few old RNS but cannot find the place names matching up so maybe it is not the same area that Pathfinder previously owned the license for.
Either way it makes no difference as we should soon hear about the BIT claim underway.
All the best
Adamsky
Is this the pathfinder area licence they have started to use?
Morning Invester01,
Thanks for the article and great news for those who have the chance of the Preference Shares and claim reward.
The more TZM spend it will mean they cannot afford the risk of losing the mine so if they want to settle earlier the price increases. Also if they get the mine up and running and the ruling is to hand back the license , thanks TZM for doing all the hard work and you can either buy it back for many hundreds of millions or Pathfinder can sell it on for that amount.
Keep the good work up TZM.
Adamsky
Thanks
Article of interest for those with preference shares...
https://clubofmozambique.com/news/mozambique-chinese-company-to-start-exploiting-pebane-heavy-sands-aim-245609/
This has the potential to hit over 5p , this is still a 10 bagger plus the bonus cash when that arrives , I hope that pays out 5-7p that will keep everyone happy
I have little doubt these two "excited" "entrepreneurial geologists", one most recent arrival in particular, has a very clear idea of why he joined and what was already in his sights
"...we have a strengthened balance sheet and an exciting opportunity to bring in new ventures to create a platform for strong shareholder value growth in the near to medium term..."
Good morning RLL93,
The BOD seem very capable of trying to find a prime RTO target but if you or anyone else have any suggestions about prospective RTO’s then I would e-mail Pathfinder.
Nothing to lose as the BOD might not be aware of them.
I would send an e-mail to ……
pathfinderminerals@vigoconsulting.com
Best of luck Adamsky
Is there anyone that sticks out ? AMTE are struggling for cash, they have good products awaiting EU certification but they are on the brink of collapse before they get it, same with some north sea oil operators, struggling through the summer months when prices are low, lots of potential, very existing.
I don't think the future valuation will work like that Adamsky. While all the things you mention are important in terms of an attractive platform, I think the future valuation will be based more on the type of things I listed yesterday. In other words, a "step back" revaluation of NewCo on its new assets and prospects, a return to market at that sort of level and thereafter settling down in line with the normal market forces of supply and demand. At the moment, of course, it's a matter of how long's a piece of string and taking a punt, or not, according to how we read the runes.
I read them positively and, like bankrupty, have added substantially at current levels against the backdrop of my own take, again similar to bankrupty's. It's a punt but the way I see it is that once they're ready to go forward with something, the chance to add will be very likely be gone until after the RTO process is completed and the current £2m market cap is less than demanding against what the new "entrepreneurial geologists" are deeming to be an "exciting" future. DYOR.