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Nothing is impossible but I'd be surprised as usually a clean shell is used for reverse takeovers when it involves companies of this size on AIM (or a transaction takes place which technically triggers a reverse takeover). I also suspect that wouldn't be great for existing shareholders anyway, plus if the asset that the private company held was any good then the owners wouldn't want to put it into an outfit with the amount of debt that this has (plus potentially limiting the ability to raise capital, which is usually the mean reason to secure a listing anyway via a reverse takeover of a small listed company anyway).
Mick, I wouldn't disagree as it is pretty much being priced to fail at this level, and news would send it higher. A lot of my posts here have simply been to combat lies that were being spread by the pump and dump brigade (who now appear to have moved on) - the ones who were adamant that the OPD meant a management buyout had been launched and who were posting value calculations that completely ignored the fact that it had any debt! My views haven't changed that much since mid-March when i wrote a sell piece on the company at 1.5p, based on its ability to manage its debt and also mentioned my concerns over a worsening situation with water ingress and potential for rising costs and reduced production (the interims had enough hints that not all was well on that front). In terms of the debt to Orion - the problem is that it is secured against Tschudi and the money was only loaned on the basis of the original revenue/production model and the figures within that (mine life being one of the real important ones).
Hi Mate - any view on my RTO possibility post?
At 2m odd market cap, the market has all but written off WTI. Any whiff of positive news and the SP will go off like a rocket e.g. a bidder emerging, a JV partner for Kitumba, life of mine at Tschudi extending beyond 2020, ground water, Orion debt being restructured etc. Now much left to fall between here and 0p but a lot more upside so I am a holder on a risk/reward basis. The company cannot be blamed for the woes at Tschudi if they are due to groundwater which was more than forecast in the BFS, that would be an Act of God, no? Orion should also perhaps take a long term view rather than hoping to recover their investment in 5 years or so. If you can get a mortgage for 25 years or longer, surely more time should be given to repay the mine finance, with all associated risks. Fingers crossed for all genuine holders, including me.
Don’t really see how it is condescending given how many piled in on that silly spike off the back of a standard declaration! Knowledge comes with research (I only know having looked the rules up in the past when a company I held shares in entered a bid period!). Had they looked at the rules - or even listened to those who took the time to explain them on here that day - they wouldn’t have been spiked!
They’re doing as I expected considering I have only ever covered both as sell/avoids! AST on April 18 at 1.1p; NUOG at 1.8p on Feb 27.
As you continue to bash here, how are your babies NUOG and AST doing?
Where there is money to be made, there is always a deal to be done. Berg Aukas and Kitumba look like cash generative assets so I am cautiously optimistic!!
So we have a Bhavesh Patel listed as our nominated advisor/broker. Any connection between the two Patels? Time to get the popcorn out me thinks...
Garyn.Dont be so condescending. Knowledge comes with maturity.You clearly have knowledge but do you have the wisdom to go with it Clearly not.
Can Orion use WTI as a RTO vehicle if they have other assets to float. Can they use the tax losses? How would it work?
Once again the spread is very high today which makes it difficult for both the buyers & sellers: hence no trades so far. I wonder what is going on!!!
Pretty sure the date will be a declaration of the date that the position was held on - i.e. that it was placed into a bid situation on April 26. Any holder with 1% or more of the company then has 10 business days to make a declaration of that position via a Form 8.3. Can't believe how many people fail to understand these rules (same as with that silly spike on the OPD notification), yet are investing their money into shares!
Is a lady...who is this mystery person who bought over 1% of the company on the day of the huge drop in SP? Surely not a random PI?
See earlier posts - under Rule 8.3 any holding of 1% or more needs to be declared.
Who is he and why is there a declaration for 1.19% well under the 3 % reportable.
Ticking up. Come on WTI you can do it !!
Berg Aukas could be worth 9p /sh. Keep the faith, someone will figure out a way to monetise it.
Anyone looked at that? When the PFS was done on this when the price of zinc and the price of lead was $2000/tonne it was evident that the project was robust. Have a look at the report. We are about to hear re the licence extension from Namibia. Lead is now $2300 and zinc a shade under $3000 So if it was robust then it certainly is now. The cost of getting the mine up and running was around $15/24M and there is a tax loss in there of $2M Talking about tax losses there must be around $15M in tax losses re Weatherly So who would want to buy Weatherly? With a large debt I can't see anyone wanting to buy the company However maybe Orion have written a lot of this loan off already so could be attracted by an offer partic as LOM has been shortened substantially in the last month. So lets take that int consideration. With the price of copper in the next 12 months say averaging at $7500 and Tschudi producing 17k tonnes and C1 costs say at a conservative $5500 the revenue available amounts to $34M so I reckon Orion would be happy to go with a five year plan and who knows what else would be acceptable to them Some are saying that Orion aren't interested in the shareholding value in WTI well that may be the case but I very much doubt it. At present the company is valued at �2M but an agreement with Orion could quickly see the c/v rise to �30M and all of a sudden maybe Orion would be a lot more interested. Can Weatherly find a jv for Kitumba? Now wouldn't that be interesting if that happened? As for Berg Aukas. All about extending the mining licence from 2019 We should hear soon! Of course we have some mothballs of our own also This share has plateaud and now we await the announcement of the strategic review. That will tell us if they have managed to maximise shareholder value as they intend to do!! Patience is a virtue.
Latino, Rule 8.3 is simply just for disclosures for anyone with a major interest in the shares (in excess of 1%) and is so that there is a clear understanding of who holds what at this point. Any changes to holdings must also be disclosed. Again these 8.3 forms are just a standard part of the situation that Weatherly has put itself into under Takeover Panel Rules. The ramping crew who were on here last week (DegsyAlmomd, Ironic, Mannnan, etc) were deliberately and knowingly posting false information about the Form 8 OPD and management buy-outs etc to try and suck people into buying the spike! Some sort of bid could still come, but as yet there are no indications in any disclosure to suggest that is the case.
Happy to be corrected if so, was referring to the following clause in 26 April rns: “...Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure...”
Latino 100% wrong again. The 10 day period applies to Rule 8.3 disclosures. Nothing else. This has nothing to do with any deadline for offers from 3rd parties. This is entirely false. Can we have a new set of rampers please?
No win situation, buying or selling, I wonder how the spread is worked out!!!
Orion may only have Tschudi as security for the debt but Weatherly would still owe the money to Orion even if unsecured.A moot point I feel. The bottom line here is a new jv partner is needed. The price of copper needs to rise.There is another two years left in Tschudi maybe more? Berg Aukas is only going to cost us another £600k. We await the report.All will be revealed soon enough.Orion still own nearly 25% of Weatherly. It is completely illogical to have a fire sale.
In Namibia....good to see if this eases the groundwater concerns..