If you would like to ask our webinar guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund a question please submit them here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
@Lookingformoney, @itzagamble, for clarity remember that whilst there are 1,057,494,833 shares in circulation there are only 632,494,834 that attract bonus shares on any BIT deal, i.e. those on the share register on 5th September 2023. The share cannot have imploded in the last few weeks as they have been suspended since 29th November 2023 at 07:30am due to the reverse takeover.
Think someone might be talking out off there bottom with the 3 weeks
seems 83 days is average but more like 100 ish
https://icsid.worldbank.org/sites/default/files/parties_publications/C3765/Claimant%27s%20Response%20to%20the%20Respondent%27s%20Requests%20under%20ICSID%20Arbitration%20Rules%2028%281%29%20and%2039%281%29/Legal%20Authorities/CL-13.PDF
thats now 80 days since the 18th sept so any day now?+
thats quite along time to do this but ahh well
so they going back to the moz goverment asking for less than 30 million? whilst the BIT is still going thro?
So are they doing this with the IMM shares?
https://www.youtube.com/shorts/0c8Fy-eWQFk
In addition, and separate to the above agreed amendment, the Revised SPA prohibits AAG from assigning/transferring any of its rights under the Revised SPA. In this respect, Pathfinder and AAG now agree to amend this clause as such to allow for AAG to assign/transfer all of their interest in IM Minerals to a new third party entity, Luangwa Resources LLC ("Luangwa") and to allow for Luangwa to perform all of AAG's obligations under the Revised SPA (the "New Assignment Clause"). Notwithstanding this amendment, AAG will continue to guarantee to Pathfinder all of the future obligations of Luangwa under the Revised SPA if and when they become performable in accordance with the Revised SPA.
assign/transfer all of their interest in IM Minerals to a new third party entity
now thats the key thing transfer off rights and not playing hide the IMM shares which is what should off happened rather than playing hide the IMM shares as the rights to the claim i doubt are in the IMM shares
It’s all sounds dodgy this movement of the BIT claim, I just don’t get why it’s been moved and there hasn’t been any reason that make sense why it was moved from one company to another
This fish-shaped thing is starting to smell fishy!
I fear you have summed this up in a nutshell & the Board, grabbing at straws, has once again been led up the proverbial : as have us LT investors. Note that the minimum 40% return to PFP is NET Recovery. The wording Reasonable Costs does not appear on the revised SPA, unless I am missing something, leaving the door wide open to "creative accounting". How idiotic to drop a minimum payout amount from the SPA. This complete farce has stunk from Day1.
Looking at this now with all the changes to agreements and swapping companies, the actual payout if we get anything will be low, it seems like they are setting up to do a low deal rather than fight this, a kind of pay us this small amount and we will go away, then they take a massive cut and leave the bonus shares almost worthless
As for PFP and the RTO this seems to have gone very quiet now and looking more uncomfortable towards the deadline date
Share seems to have imploded in the last few weeks
Now key points RNS from this
https://www.lse.co.uk/rns/PFP/amendment-to-the-revised-im-minerals-spa-z2ppi7ix2eygqgs.html
AAG have confirmed they have submitted the Claim by way of a Request for Arbitration to the International Centre for Settlement of Investment Disputes.
so the 3 weeks is that it being assessed for the validity off the claim or BIT now i now see that they are refering to the claim (BIT) and not just claim now
so its up in front off judges as we speak to be assesed to see if the BIT court will accept it ?????
me reading between lines
So last RNS 29th jan.....monday canned from monday?
so that would take 5 days to write so started 22nd or on 2nd week process?
And RNS take 2-5 days to write 3 days last week? from 31st?...humm...humm.humm
So from the CHAT board
new company 27th -26th dec
aag website down...humm they dont seem to want or cant engage the BIT so new company?
now someone was going on about jan 15th? and jan 31st?
so new guys need 2-3 weeks to check paperwork
in jan 15th goes in.....3 weeks? (guys on board or chat board?) ends 31st? or 2.5 weeks in?
so ended last friday?
maybe hear next week on its status?
lol where they getting this non RNS stuff from...ouchie..
And if you havnt been following the lng (gbs design to be used in moz) it doesnt work
https://thebarentsobserver.com/en/arctic-lng/2023/12/message-market-russian-arctic-lng-will-not-be-delivered
thats the lng design that is required for the moz project for the 1.5 billion for the BIT
humm...
So AAG website still looks mothballed
https://www.acumenadvisorygroup.com/about-1
and the aptly name safari new guys are 36 days old company wise?
humm......
I don’t have access to this article but it looks like the launch of the BIT is starting to get picked up https://www.iareporter.com/articles/mozambique-sees-new-treaty-claim-after-investor-sells-bit-rights-to-asset-recovery-firm/
New one for me but other may have seen it https://furtherafrica.com/2023/09/29/chinese-co-starts-of-heavy-sands-mining-in-mozambique/
Companies House now list Silvertree Partners ww.silvertree-partners.com/en/ as "People" in the PFP fold working as company secretary. Presumably taking over from David Taylor, I don't recall seeing any announcement of this
29th Sept 2022 RHS ..... " .... James R Stothard, Chairman of AAG, commented:
"I am proud to announce our Option Agreement with Pathfinder to acquire 100 percent of the share capital of IMM in order to vigorously pursue the Claim against the Government of Mozambique. AAG has a proven track record of international claim enforcement. Working with our international legal team at DLA Piper, which also has considerable experience in these types of disputes, we are confident of a successful outcome which will benefit Pathfinder and its shareholders." .... "
https://www.linkedin.com/in/james-stothard-7ba079227/ Director of IMM since Aug 2023.
Luangwa Resources LLC incorporated on Boxing Day last year, so its a couple of years younger that AAG with their vast international arbitration history. I had previously dug deeper on the ICIS website for AAG and my $20 got me little more than a postal address and that they owed $515 in back taxes. I think that the important part of these companies is not necessarily the history but the people behind them and their experience in the area concerned. Wouldn't surprise me if it's the same names as behind AAG. However this detail is elusive, at least when AAG was first introduced we had the Chairman's name.
Hi Edzi
Just checked AAG is also registered in Delaware https://icis.corp.delaware.gov/ecorp/Entitysearch/namesearch.aspx
There are no taxes in Delaware on foreign owned companies doing business outside of the US.
I don't understand why there would be an assignment from AAG to the new company and both in Delaware. Any clues?
The Directors recognise that the Original Deferred Consideration Clause provides limited economic exposure to AAG in the event that the Claim results in an award lower than US$30 million
err?? 1.5 billion claim and under 30 million?
and err Luangwa is basically a safari park iin zambia is someone having a laught?
Old Blue Eyes
I think you will find that you have to make a claim in MOZ as well as going to the Courts in the Haugue.
It is IMM that owned the licence so that's why they are doing it. Also, Veloso is well gone now so he does
not have anything to do with it as far as IMM are concerned, that is not to say that the MOZ Government
won't be going to talk to him however he is still a very powerful guy. The Reason AAG has transferred everything
into a Company in Delaware is I think because that is the state with the best Tax system GLA
And also they have split up imm and pathfinder which maybe now question the validity off the high court judgement now...again no lawyer just my interpretation off it
I still have no idea why they are transfering a vechile or legal vechile for use in mozambique...the licence was in pathfinders name and imm is just the mozambuque company required to hold the licence...the licence is in my opinion or was in the cadstre in apthfinders name last time i checked....so why they are transfering the shares for a redundant mozambuqe company is beyond me...also high court judgement is for imm and pathfinder vs veloso and co not moz gov
i see the new lawyers in manchester are doing well LEGALLY....ouch