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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.
Per the document in response to the resolution the Board stated the following:
6.
Recommendation, voting intentions of other large Shareholders and importance of voting
The Directors believe that the passing of the Resolution is NOT in the best interests of the Company and Shareholders, taken as a whole.
Accordingly, the Directors unanimously recommend Shareholders to VOTE AGAINST the Resolution, as they will do in respect of their Ordinary Shares in the Company, representing in aggregate 2.7 per cent (%) of the Ordinary Shares in issue as at the date of this document.
Based on discussions to date with other significant Shareholders that do not want the Company to pursue the MVL route, the Board believes a further 3.7% per cent of the Ordinary Shares will be cast against the Resolution. Given that the Requisitioning Shareholder holds 8.8 per cent of the Ordinary Shares, the Board stresses how important it is for Shareholders that support the Board’s position to vote against the Resolution to cast their vote."
The Board therefore has 2.7% and they believe 3.70% will vote with them, note that it does not say shareholders with 3.70% have committed to vote against the resolution, but it says we believe!
I would hardly call 3.70% excluding the Directors 2.70% voting against the resolution being great endorsement and support for the Board!
AGE
You go onto your stock brokers website and look for the section which says voting mail box .
On the ii website you press the button on the left which says vote and not the button on the right which says company site
AGE
Can someone direct me to the online vote form - all I can find is a pdf. Thanks
And the Board members will love to another pig trough to stick their snouts into
As I said.
Once the shares are suspended that will be it as far as buying and selling them.
Delisting will follow and you will get your distributions according to the number of shares held.
Once the final distribution is made in however many years the shares will cease to exist.
Little_me your are correct.
What you paid for your shares is irrelevant as each time there is a distribution you receive the distribution per share multiplied by the number of shares that you own.
The proceeds from an MVL can be paid in a lump sum or through a series of installments.
Per the internet:
"• Members’ voluntary liquidation (MVL)
A members’ voluntary liquidation is a formal procedure governed by the Insolvency Act 1986 to close down a solvent company. Before the company is closed, its physical assets will be valued, sold and turned into cash by a licensed insolvency practitioner.
With an MVL, all distributions to shareholders are subject to capital gains tax.
I would imagine that the majority of the SCIR Shareholders will have an average share purchase price way in excess of the total amount they will receive under the MVL so if their shares are held in an ordinary share trading account .i.e not an ISA trading account then the amounts you receive on each distribution will reduce the tax base cost of your shares.
If you hold your shares in an ISA share trading account then as there is no CGT on gains or income from shares held in an ISA then you will not be able to use the loss.
So for example if your average purchase price is 5p and you get back 1p and you own 100,000 shares then you will receive £1,000 in cash and you will have a capital loss of £4,000
The majority of us will therefore end up with a capital loss.
AGE
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I assume if/when the remaining funds are returned to shareholders the payment will be determined by 'who holds shares' on a particular date, and no consideration is given for those that have been drained of their investment for 5 years or longer. Everyone will get the same share payout regardless of the 'age of the share'
If the vote goes FOR …the £4m goes to the share price…based on number is shares in issue the share price will jump to 1.2p then the company will be removed from AIM, and close, not a moment too soon in my book, vote against, and the maggots say they will use the £4m to look for assets…based on past history they’ve done nothing since the Ritson days, and this is the end result, in a nutshell…complete failure. They board drain this company dry, and want a AGAINST vote to keep the lights on, and salaries being paid,
Should be a cut off date.
The shares will probably get suspended so anyone holding will be locked in.
I assume if/when the remaining funds are returned to shareholders the payment will be determined by 'who holds shares' on a particular date, and no consideration is given for those that have been drained of their investment for 5 years or longer. Everyone will get the same share payout regardless of the 'age of the share'