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So the CEO who has jacked in….releasing a RNS that’s all singing and dancing 🤣🤣🤣🤣 honestly do these clowns think we’re all daft?? Is that supposed to be the carrot leading the donkey so we all vote AGAINST??? Seems strange this all glowing RNS has been released AFTER the ultimatum!! Tell them to stick it up there backsides
Because the millions we had received from other asset sales was wasted on fees aborted deals and loans to companies that were supposed to have been subject to due diligence.
This money was supposed to fund Ruvuma through to initial production.
As the money had been spent they just got out taking the worst possible deal they could get.
Should have read High Quality asset
In the latest RNS the BOD describe Ruvuma as large investment project which begs the question why did we get rid of it?
Probably got an things mixed up but did state that they would re enter and repair tubular leak at NT1 to enable well to become a gas producer.
Thought that kiliwani north was renamed NT1.
I see TR is back not even an apology bit praise for him but and his board.
Ruvuma was the reason that I invested in this company and I have watched this BOD destroy what should have been a very profitable situation. How can anyone trust them with further finances to waste. Share the money and kick them out asap.
Steve you say "The aminex rns did mention kiliwani being brought back into production"
Really? where and what did it say? If it did I missed it....
The aminex rns did mention kiliwani being brought back into production.
I assume we still have our 8% stake.
Didn't cove sell 8% of a 60tcf field for over a billion pounds. Makes our $16 million if ever we get it look pathetic.
We are not part of the party. A similar deal to Aminex wasprobably on the table at one stage but our greedy board were too busy looking to rape every last brass penny from this company.
Good morning Chris
Hard to believe.
16.4 Trillion Cubic feet of gas......25 year development licence next. (gave it away)
Vike Shareholders have the freedom to make up their minds on whether they should vote for the resolution to return monies to Shareholders or vote against and you have exercised that right!
You have made some good points however they apply equally to option 2 that the Chairman included in his document and that is it continue to invest in line with the Company's investment policy.
If the total Ruvuma amount receivable and the timings are uncertain then where is the Chairman going to get the funds to invest in another opportunity?
He might ask shareholders to vote to approve the issue of a very large amount shares of shares which will have to be issued at a discount to the prevailing market price so say 0.25p or even 0.20p and it is likely there would be no
pre-emption rights for existing shareholders.
To raise £3m at 0.2p you have to issue 1.5 bn shares and there are currently 900,496,088 shares in issue so there would then be 2,400,496,088 shares in issue.
The new shareholders would then get a proportionate share of the Ruvuma proceeds which has the effect of reducing existing shareholders pay out under the MVL but the new shareholders will only have paid 0.20p.
In my humble opinion the resolution is not premature as the MVL is carried out in stages with the Ruvuma money being returned to shareholders as it is received.
The Board AGM presentation includes a slide that shows that it cost £428k pa to maintain an AIM listing and the Ruvuma proceeds are going to be received over a number of years and the Chairman stated the $2m is expected no earlier than late 2025 and may be delayed into 2026. "
Knowing how long it takes to things done in Africa 2026 the $2m may well be pushed further out to 2027 or even 2028 as the contingent amount payable is dependent upon the well producing in excess of 50 bcf of gas!
5 years at £428k pa for an AIM listing is £2,140,000 and we have a current market value of £2,701,488 based upon a current bid price of 0.30p.
AGE
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I have voted AGAINST the resolution.
I agree returning cash to shareholders may be the best strategy, but this is not yet the time to decide. Until a Ruvuma develpment licence is approved and that project is green lighted, there is no material cash to distribute.
I am FOR giving mgmt maximum 6 months to see that project get approved, receive the next cash payout, and propose alternatives, including a full distribution. But we're not there yet and this vote is premature.
Information copied and pasted from the Chairman's document below:
As you can see the Ruvuma sale completed in October 2023 so there is no need to give the Chairman an extra 6 months to close the Ruvuma deal as it has already closed!
Look at my prior post when I supplied information about Amur Minerals PLC Board's RNS's telling shareholders they are looking into an RTO and they have identified 17 opportunities!
It is quite obvious that some Board's of AIM Companies do not credit shareholders with much intelligence to say that they think they can pull the wool over shareholders eye's!
The Chairman wrote:
"At the time of this circular publication, the Board does not have a mature prospective acquisition to present to Shareholders "
"With the completion of the sale of the Company’s interest in the Ruvuma field in October 2023, the Company expects to receive the contingent payments listed below linked to development of the Ruvuma field assuming it proceeds as expected:
•
US$3 million payable upon final investment decision being taken by the parties to the Ruvuma Asset Production Sharing Agreement or the JOA as the case may be (the “FID Payment”), which the Board still expects to be received in Q1 2024, although this may be delayed;
•
Deferred consideration of up to US$8 million payable in the form of a 25% net revenue share from the point when Ruvuma commences delivery of gas to the gas buyer (the “Revenue Share”), with the earliest expected payment from this arriving late 2024, although again this may be delayed; and
•
Contingent consideration of US$2 million payable on gross production reaching a level equal to or greater than 50Bcf (the “Upside Payment”), which is expected no earlier than late 2025 and may be delayed into 2026. "
AGE
If the BOD are given 6 months then I would suggest this is solely to close the Ruvuma deal. No more handouts. Pay/bonus/remuneration of any kind is frozen. Otherwise, they will be paying themselves as much as possible and as quickly as possible or come up with some other scheme to consume 'our' money.
The BOD have shares. It's best for them to also take the 'cash' they are entitled to at the same rate as the investors. No more, no less and at the appropriate time. But no more payouts to them!!
I have voted AGAINST the resolution.
I agree returning cash to shareholders may be the best strategy, but this is not yet the time to decide. Until a Ruvuma develpment licence is approved and that project is green lighted, there is no material cash to distribute.
I am FOR giving mgmt maximum 6 months to see that project get approved, receive the next cash payout, and propose alternatives, including a full distribution. But we're not there yet and this vote is premature.
Same here crusty. I wish I could be certain that the vote goes through so I could buy some more and make a healthy profit, although that might be eventually. A vote against will see the BOD continue to waste money until there is nothing at all left for the shareholders. The choice seems obvious. PASS THE RESOLUTION.
CrustyPete there is the well known phrase which is"Past performance is no guarantee of future results!"
The above is true however I would rather my money be invested in a Company where the Chairman has a record of producing strong growth in turnover, profits, EPS compared to a Chairman that has not managed produce any of those metrics irrespective of what the Chairman has to say to shareholders re the future and what may or may not happen!
Just look at the statement below that is included in the document that the Chairman had produced which includes "believe", "anticipated" "expected" "unknown risk" etc!
The shareholders have given the current Chairman and prior members of the Board more than sufficient time as well as the opportunity to sell Ruvuma at a loss of £7.813m and then reinvest the monies into a change of strategy yet he has failed to create value for shareholders.
In a period of 13 years £37.414m gross has been raised by issuing shares compared to the current market value of £3.152m based upon a bid price of 0.35p.
So far the current Chairman and previous CEO have the following record
An abortive deal on One Dyas (cost £1.293m)
A failed investment strategy in EAG/GGL (loss of between £725k/£875k)
Spent millions on G&A and other fees (Gneiss £2.132 in just 4 years)
As I wrote yesterday I used to have annual review and if I had been set a target of increasing shareholder value and I achieved the above then my manager would not have been impressed with my performance!
I voted to approve the resolution to return cash to shareholders as with an MVL there is a good chance that we will get back an amount that is substantially above the current bid share price.
The above is of course subject to SCIR receiving the Ruvuma sales proceeds whose timing and total amount actually being received is uncertain.
Let's compare the MVL to a Chairman who has the above record and who has a document produced that includes a statement with caveats such as believe", "anticipated" "expected" "unknown risk" etc!
This document contains forward looking statements, including, without limitation, statements containing the words "believe", "anticipated", "expect", and similar expressions. Such forward looking statements involve unknown risk, uncertainties and other factors which may cause the actual results, financial condition, performance or achievements expressed or implied by such forward looking statements to be materially different. In light of these issues, uncertainties and assumptions, the events described in the forward looking statements in this document may not occur.
AGE
The $64,000 question is - will the Resolution to return cash to shareholders get passed? If so then this sp looks cheap, if not then it is quite likely to see this back at 0.20p yet again... before it gets delisted for good of course and shareholders get left with no market.
I really have no clue or opinion but if I had been sitting on these for an eternity and had seen 90% of the value eroded I would be inclined to wait and see BUT would I put more in here? Not a hope.
Don't remember the dark side of the moon.
Is there any Country or Sector that they have left out as being yet another excellent opportunity?
AGE
They also stated the following
"During the course of our investigation, we have also been contacted by two non-mineral resource companies. Discussions with these more financially advanced entities indicate there is potential for us to move into Artificial Intelligence / Entertainment, Financial Services or other sectors. These warrant further investigation and we have therefore expanded our RTO investigation of opportunities beyond the mineral resource sector."
Well that should keep the Board busy for much longer while us poor old shareholders are waiting for the remaining cash to be distributed to shareholders.
You just have to love the AIM market!!!!!!!!!
AGE
Out of interest for members of the Shareholders Share Action Group have a look at the Amur Minerals LSE forum and RNS's
It paid out a special dividend of 1.80 pence per share and they issued an RNS dated 6 March 2023 saying the following:
The Directors intend to seek to acquire another company or business in exchange for the issue of Ordinary Shares in a single transaction (a "reverse takeover"), which will only be able to go forward with shareholder approval
They then issued a further RNS dated 25 September 2023 stating the following :
"The board of Amur continues to review a number of reverse takeover opportunities. Geographically, these have been located in Canada, the US, Scandinavia, Spain, Brazil, Peru, Chile, Ghana, Mali, Kenya and Australia. Commodities have included potash, silica, alumina, copper, nickel, gold, silver, metallurgical coking coal, energy fuels substitutes, lime and lithium. A total of 17 opportunities have been considered."
See RNS below dated 6 March re the sale of the licence and the RNS dated 14 March 2023 re the 1.80 pence special dividend and it is now the 27 February 2024 and no further information while the CEO earns $316k pa and the total remuneration for the Board for 2022 was $486k !
Those 17 opportunities are certainly keeping the Board very busy!
AGE
30 Nov 2023 11:41 AM
Amur Minerals Corporation NPV (AMC)
RNS
Annual General Meeting Results
13 Nov 2023 07:00 AM
Amur Minerals Corporation NPV (AMC)
RNS
Notice of Annual General Meeting
25 Sep 2023 07:00 AM
Amur Minerals Corporation NPV (AMC)
RNS
Interim Results 2023
07 Sep 2023 07:30 AM
Amur Minerals Corporation NPV (AMC)
RNS
Suspension - Amur Minerals Corporation
07 Sep 2023 07:00 AM
Amur Minerals Corporation NPV (AMC)
RNS
Suspension of trading on AIM
15 Aug 2023 09:30 AM
Amur Minerals Corporation NPV (AMC)
RNS
Cash shell update
08 Aug 2023 07:00 AM
Amur Minerals Corporation NPV (AMC)
RNS
Cessation of discussions with Ascent Resources plc
30 Jun 2023 03:05 PM
Amur Minerals Corporation NPV (AMC)
RNS
AUDITED FINAL RESULTS
02 Jun 2023 07:00 AM
Amur Minerals Corporation NPV (AMC)
RNS
Statement regarding possible offer
24 May 2023 04:28 PM
Amur Minerals Corporation NPV (AMC)
RNS
Dividend Declaration
14 Mar 2023 01:00 PM
Amur Minerals Corporation NPV (AMC)
RNS
Receipt of Funds
06 Mar 2023 09:34 AM
Amur Minerals Corporation NPV (AMC)
RNS
Completion of disposal of Kun-Manie for US$35M
i would personally recommend everyone vote to get the money returned to shareholders as we can all see what the bod will do and that is **** it up the wall...
if i was holding shares here i would purchase even more at this level given the amount scir are due from ara....
this will give existing holders even more leverage when it comes to the vote...
hope it goes your way...
It depends on your broker. On iweb, you can vote electronically on Corporate Actions, but this isn't classified as such.