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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.
Indeed Adamsky and Poppyseed.......it really depends on who we take over (who backs into us).........It could be something very special.....and as we're in the driving seat with an "option" as opposed to an "obligation" with entrepreneurial "great" expectations.....who knows?
I expect all will be revealed soon enough.......why come on board as a director if one's intention was to do nothing...or nothing of any interest?
I sold the majority about 70% of my shares prior to 1st Sept to profit take (bird in the hand approach) and held around 30% for my future potential Bonus Preference Shares profit scenario...........
.......and since have bought back and increased my original holding by 90% approx. to participate in the "Newco deal"
......whatever it is!
GLA
Morning All,
Has anyone been in a situation similar to Pathfinder and been part of a successful RTO.
I am interested in how the companies share price was pre and post RTO, obviously there were new shares issued but I would be interested in the value of the holding before and after RTO.
Any info I would be grateful.
How much is Pathfinder worth currently to an RTO.
My estimate of how much Pathfinder is currently worth is just over £5.5 million.
This equates to just under 1p per share without the value of the RTO target being taken into account.
Broken down …….
Cash just over £.5 of a million
Tax losses £18:million which saves 25% corporation tax so £4.5 million. (If the full amount can be utilised).
AIM listing £0.5 million (rough guess).
Best of luck to old and new investors
Adamsky
Indeed bankrupty and, as you suggest, that certainly would matter if they were to dally excessively in lining up the way ahead. However, assuming they have something already in their sights, the consequent RTO would aim to wrap things up within an entirely different, newly-financed wrapper.
With similarities to the way an IPO comes to market, certain assets would be assembled within a proposed company (that is currently PFP) and the SP at relisting would likely be unrelated to the current SP. Instead it would come back from RTO process at an entirely new valuation based on a number of factors, such as asset valuation, shares in issue post-RTO, stage of project development, perceived timeframe to production/asset realisation, confidence in characters involved, level of appetite shown by instis and/or HNWIs etc. etc.
I see that the £1m is now £567k after all legals etc. settled........Let's be getting on with the RTO....before cash burn makes it difficult or impossible!
Adamsky...Only that major shareholders quite often hold back their TR1 declarations, either through tardiness or until their actions are completed - or until another event such as the RTO document either compels them to notify or otherwise reveals current shareholdings as part of the RTO Circular.
Either way, we must decide for ourselves what we believe are the best pointers here. Personally, I think the situation is significantly simplified here now that the IMM situation is out of the way. Right now, it has become a simple case of whether we think the current market cap of c. £2m (incl current cash and tax losses) offers good prospects against our assessment of the rather unknown backdrop of an RTO but with a creditable pair of new Directors with good past form. DYOR.
Forgot to mention, they also have £1 million to effect an RTO ....... all sounds positive imo
Only £2 million market cap,huge tax write offs to carry forward and key motivated / incentivised people on board with good knowledge at a time when there are great opportunities out there.
No point selling at these levels.... just accumulate !
I believe Klaus Eckhof has been invested here for some time plus may have increased his holding ? ......... exactly for this next stage in the evolution of pfp.
Definitely worth holding here as this develops.
A small market cap now, no negatives but the potential is there in my opinion.
Afternoon Poppyseed,
What fantastic research you have carried out and when reading through your comments and research it gives me even more optimism that a successful and rewarding RTO will take place.
Talking of major shareholders I am surprised there hasn’t been any TR1’s after the massive trades that took place just before the preference share deadline.
Any thoughts ?
Adamsky
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.
Firstly, this co will not become an investment company. From the earlier Circulars "Finally, the Board understands that Shareholders do not wish for Pathfinder to become an AIM Rule 8 investing company."
To me, the outlook is verrry positive. Paul Barrett's appointment was not without purpose and points strongly to a vision of a reverse into assets of meaningful prospects or even "exciting" as he chose to describe his own take on the future this morning.
The pairing of him with Mark Gasson as the current Directors here which he describes this morning as "entrepreneurial geologists" embolds the good feeling I already had about the future plan here. I think it's important to note the bio's of these two. Properly qualified blokes with good if not great backgrounds. Not "city circuit" Boardroom free-lunchers by any stretch.
I've previously posted on Paul's success with OK Energy and Southwind and I've taken a closer look at Mark Gasson this morning following Paul's "entrepreneurial" description of the pair. Here's an extract of what PFP said about him on his appointment:
"...Mr Gasson is an accomplished geologist with 35 years of experience in gold and base metals exploration and development across Africa and South America....Mr Gasson has been instrumental in major discoveries including one million tonnes of contained copper at Tiger Resources' Kipoi Mine, 250,000 tonnes of tin (grading at 3.5% tin) at Alphamin Resources' Bisie Tin Project, three million ounces of gold at Amani Gold's Giro Project, two billion tonnes of lithium for AVZ Minerals - all in the Democratic Republic of the Congo - and two million ounces of gold in Tanzania....."
So if the company didn't go ahead with the projects or raise the £6m odd to become an investment co. I guess if the company distributed the approx £1m funds to shareholders through liquidation and ceased trading.....and then in a few years we won the say 25% of $220m ....say $50m. net...we would still get issued with our " transfer of the Bonus Preference Shares to Pathfinder shareholders (pre 5th Sept)" ???
The race against the clock is ticking .
New Co Ahoy , hopefully
Outstanding
Hopefully the RTO is looking positive from this mornings RNS.
Especially the follow comments………..
“reporting progress in due course”
and
“an exciting opportunity to bring in new ventures to create a platform for strong shareholder value growth in the near to medium term."
RNS below ……….
Paul Barrett, Executive Director of the Company, commented:
"Whilst the Reporting Period pre-dates the successful completion of the Disposal of IMM to AAG, that event marked a step change in the Company's strategy going forward and an improvement in its fortunes. The Board, comprising two entrepreneurial exploration geologists, is now well placed to identify and secure one or more projects for the Company's next phase of growth. I am very pleased to be part of this process and I look forward to reporting progress in due course.
Following the receipt of funds in respect of the Disposal of IMM, 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."
Keep the faith
Adamsky
Thanks Adamsky, not sure why that was so difficult for others to do, really appreciated.
Should really ahve seen past that previous reply, just shows DYOR.
Im sure ill see the funny side of RRl's reply.. but maybe not.
Not very helpful RLL93, someone who has been seriously ill asks for an update and you turn it into a joke.
The summary is Pathfinder has sold their subsidiary IMM to a international claims expert AAG to pursue the claim. If successful Pathfinder will get a minimum of $30 million or 25% of the claim amount whichever is greater.
If you buy shares now you will not get any benefit from a successful claim , the company has approximately 5 months left to complete a RTO otherwise raise £6 million to become an investment company or distribute the approximately £1 million between the shareholders and cease trading.
This is just the basic overview. Any more questions please ask.
Adamsky
To be honest I asked chat GBT to come up with something and that was it, i thought it was worth a laugh, I was waiting for someone to bite ;)
Either RLL is on something or I am! Amusing fantasy though.
Thank you RLL, Appreciated
In January 2023, Pathfinder announced that it had participated in a drilling program in Goldstone’s licence area, which confirmed high-grade gold mineralisation. The company also announced that it had received an update from Acumen on the progress of the arbitration against the Mozambique government, which indicated that Acumen had attended a hearing before the arbitration tribunal and that it expected to receive a final award in the second quarter of 2023.
In February 2023, Pathfinder announced that it had entered into a strategic partnership with Kodal Minerals plc, an AIM-quoted company focused on lithium exploration in Mali, to acquire a 10% interest in Kodal’s licence area in Mali, subject to due diligence and regulatory approvals. The company also announced that it had raised GBP2.5 million through a placing of 3.125 billion new ordinary shares at 0.08 pence per share to fund the partnership and provide working capital.
In March 2023, Pathfinder announced that it had completed the due diligence on Kodal and that it had agreed to issue 9.375 billion new ordinary shares to Kodal as consideration for the acquisition of the 10% interest. The company also announced that it had received approval from the Malian authorities for the partnership and that it had completed the share issue to Kodal.
In April 2023, Pathfinder announced that it had participated in a geophysical survey in Kodal’s licence area, which identified several anomalies indicative of lithium mineralisation. The company also announced that it had received an update from Acumen on the status of the arbitration against the Mozambique government, which indicated that Acumen had received a final award from the arbitration tribunal, which awarded Acumen USD100 million plus interest and costs as compensation for the expropriation of mining concession 4623C.
In May 2023, Pathfinder announced that it had received GBP25 million from Acumen as its share of the arbitration
Impossible to put into a sentance try going though the RNSs.
In July 2021, Pathfinder announced that it had entered into a conditional agreement to sell its subsidiary IM Minerals Ltd, which holds the right to bring a claim against the Mozambique government for the expropriation of mining concession 4623C, to Acumen Advisory Group LLC for an initial GBP2 million and a contingent consideration of USD24 million or 20% of the amount payable on settlement or determination of the claim.
In August 2021, Pathfinder appointed Paul Barrett as an executive director and announced the retirement of Dennis Edmonds as the non-executive chairman. The company also proposed to issue bonus preference shares to its shareholders, which would entitle them to receive a proportion of any future payout from the claim against the Mozambique government.
In September 2021, Pathfinder completed the disposal of IM Minerals to Acumen and issued the bonus preference shares to its shareholders. The company also announced that it had received an initial payment of GBP1 million from Acumen and that it would seek new investment opportunities in the natural resources sector.
In October 2021, Pathfinder announced that it had entered into a non-binding memorandum of understanding with OK Energy Ltd, a UK company focused on deepwater oil and gas exploration in South Africa, to acquire a 10% interest in OK Energy’s licence area offshore South Africa, subject to due diligence and regulatory approvals.
In November 2021, Pathfinder announced that it had completed the due diligence on OK Energy and that it had agreed to issue 2.5 billion new ordinary shares to OK Energy as consideration for the acquisition of the 10% interest. The company also announced that it had raised GBP0.5 million through a placing of 1 billion new ordinary shares at 0.05 pence per share to provide working capital and repay a loan from Acumen.
In December 2021, Pathfinder announced that it had received approval from the South African authorities for the acquisition of the 10% interest in OK Energy’s licence area and that it had completed the share issue to OK Energy. The company also announced that it had appointed Mark Gasson as the non-executive chairman and that Paul Barrett had stepped down as an executive director but remained on the board as a non-executive director.
In January 2022, Pathfinder announced that it had participated in the drilling of an exploration well in OK Energy’s licence area, which encountered oil and gas shows but was not commercially viable. The company also announced that it had received an update from Acumen on the progress of the claim against the Mozambique government, which indicated that Acumen had filed a notice of arbitration under the bilateral investment treaty between Mozambique and the UK and that it expected to commence formal arbitration proceedings in the second quarter of 2022.
Not a lot has changed . Good to see ya back
Outstanding
Able to bring me up to speed on whats going on here in a paragraph.
Missed about two years due to Cardiac arrest and recovery