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Yes, I think the particular appointment of Paul Barrett, another entrepreneurial geologist, as the replacement executive director a couple of weeks before the final sale of IMM shines a light on what you say - he didn't land by magic or accident so it's the strongest of suggestions that there was already an active plan in play.
He doesn't do the City boardroom rounds, he's had his previous success privately as far as I can tell, identifying opportunities through his professional skills and thereafter selling part-stakes on to larger entities, including Shell.
Perhaps this listed company will be his vehicle to see something through to maturity. Certainly hope so, I like the feel of the new team and have bought my tickets for the ride.
My apologies I missed this post Poppyseed! Indeed, it is very interesting reading.
No doubt the wheels are turning in the background for the next step, I can't help but feel ground work and planning had to be underway before the divestment of IMM - the 6-month window is so rigid and short.
Seems you're on the same page as me Investor01. my post 26 Sep 2023 12:26 refers:
"There's something else that raised an eyebrow this morning when researching Mark Gasson's form - his close association with a certain named major shareholder here, also a senior geologist:
https://www.africabusinessplus.com/en/816816/lithium-active-in-drc-klaus-eckhof-and-mark-gasson-are-also-making-inroads-in-uganda/ (need to be a subscriber to read but even the headline is tantalising)
Googling both names together produces further interesting connections. Coincidence? Perhaps, but makes me think, watch this space."
I can’t help but wonder if Klaus Eckhof will be involved in some way in the eventual RTO (he built a significant holding in PFP and I presume still holds as his name remains on PFP's website), him and Mark Gasson have long-running and very relevant business relationship (also covering lithium interests) extending beyond their work at AJN Resources, it's interesting reading and not even an exhaustive search. Fingers crossed for good news on the RTO front in due course.
https://www.proactiveinvestors.co.uk/companies/news/1026425/ajn-resources-positioned-for-soaring-lithium-demand-with-lucrative-drc-deposits-1026425.html
https://smallcaps.com.au/klaus-eckhof-mark-gasson-taruga-gold-cobalt-drc-project-acquisitions/
https://www.heraldsun.com.au/business/stockhead/mining-magnate-klaus-eckhof-in-middle-of-javelins-bid-for-mystery-unlisted-ugandan-lithium-prospect/news-story/684489f367c28b199736d78a24f55aa0
https://furtherafrica.com/2018/04/13/australian-gold-player-acquires-lithium-project-in-zimbabwe/
There's only one place to look for what should be the most reliable source for up-to-date information on these things and that's the Company website:
http://www.pathfinderminerals.com/investor-relations/shareholder-information/major-shareholders.aspx
Given the departure of both PT and DE in the last days of completing the sale process, the middle tab shows there are currently no Director shareholdings which, of course, was Free Buffet's point.
Under the rules, I'd say that's not likely to change until the RTO process begins with the release of an Admission Document, at which time I'd be astounded if the main players will not have major skin in the game for the future with the NewCo.
Ok seen directors holdings wondered why so google marketscreener and pathfinder minerals humm seems there quite a few rns that may need to be written just gets worse
I'd expect all management parties to become substantial shareholders as part of the RTO process.
In fact, I would be quite surprised if one or more of the new crew (in their final make-up/number) were not already sizeable shareholders in the proposed reverse candidate(s).
Many thanks
ATB
Morning All,
First of all I have received a reply form Paul Barrett (Executive Director) stating that any significant news relating to the IMM claim will be relayed to the market, any updates on the RTO will also be relayed to shareholders.
Nothing major but the main point is he at least took time to reply and at 20:50 last night.
FreeBuffett , I do not know all the legalities but I assume that the Directors are not allowed to buy as if there is significant news on the horizon isn't that called insider trading and is it a closed period ? I don't know but a semi educated guess !
Keep the faith and who knows what is going on behind the scenes.
Adamsky
Could be some small comfort to see the current directors take some skin in the game.
I can only see a double your money here as a min regardless of any bonus money too!
Funny most folk cant read mine yet alone recommend it im preety much 90 percrnt filtered on this website noone and i mean noone reads my posts....and i mean who in the right mind takes heed of someone who feeds squirrels in a park
Oldblue1973,
I apologise if this seems like an insult but a fairly, sensible and understandable post. I have recommended it, yes hell has frozen over.
As regarding your comments , AAG know they can do what they like and PFP neither has the gumption nor the money to take AAG to task if they fail to start the BIT claim within 3 months.
The example I will give you is that we had a signed SPA for AAG to pay PFP £2 million for the purchase of IMM, which after weeks of waiting and obviously some shenanigans behind the scenes it gets reduced to £1 million. For a company like PFP with hardly any funds they had no option but to cave in and accept the reduced amount.
With all that’s going on in the world and shares being battered I would have thought AAG would have been very keen to get the claim started and slapped on the desk of the Mozambique Government as a big payday should ensue.
Keep the faith and more importantly hope for an RTO.
Adamsky
Now as far as i am concened aag are LEGALLY bound to commense procedinding within 3 months if that is the case snd they dont pathfinder may have a legal case agsinst them depending on the contracts wording
Morning All,
The 18th of August was the date that Pathfinder sold IMM to AAG.
AAG have 1 more month left to …..
a) instruct lawyers to commence legal proceedings and issue a claim in respect of the Claim within three months of Completion
Pathfinder have 4 months left to carry out an RTO.
I will try and find out how we get updates regarding the legal action as we no longer own IMM and if we then become another entity after an RTO.
One poster was querying relating to the Preference shares and how we will be informed. From the RNS they have taken note of share owners and you will only hear if the claim is successful. Let’s hope they keep those records safe.
Here’s looking forward to lots of updates but don’t hold your breath !
Adamsky
Err its a bit or a very delicste trade dispute it has to be done in s timely legal manner
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.