Member Info for 100notout

The Board are useless. They couldn't even organise a piss up in a brewery. Like I have said before they should be making the current mkt cap of circa £200m in profits. The problem is in todays market is that the bankers want to throw huge sums of money at the likes of Uber which are loosing billions. Its a bloody joke...

Rastuss - I am afraid you are wrong yet again, for the sake of your vanity you must look at the facts. LMI have made a profit and have net cash. The LMI Board have as previously thought painted the bleakest picture they possibly could in order for the SGL takeover to succeed. Transparent idiots...

I think you all know how I will be voting!

Whatamess - I agree, its rather disappointing to make one's advantage for others misfortune especially when lives are potentially at stake. The problem here is that LMI is yet again being punished for no fault of its own. The share price would have been at the very least double where it is right now if the Board hadn't got us into this terrible marriage with SGL.

It will be interesting to see if they manage to get the 75% of votes needed as the increase is meaningless in the scheme of things.

The mention of the rising PGM's for the increase is an insult to anyones intelligence. This goes to show how the LMI Board are inept in negotiating. Do they not realise that SGL has just raised $120m through a share placement, the fact that SGL issued a scrip dividend and lets not forget that the SGL share price has fallen since the offer was made. He can go and shove it where the sun doesn't shine... The deal is a complete and utter joke and highlights the complete incompetance of the Boards decision making or lack of it...

What a joke...

Does anybody have an idea of how Jabba will use the money he has just raised? I wouldn't put it past him to try and pick up another company on the cheap. Perhaps on similar terms to the LMI takeover, ie offer shares. He could then use the money to pay down the targets debt.

Its on the SGL website.

At least the rise in LMI is hotting up a little...

Fortunately I haven't as yet slipped into a dyke. Are you talking from experience Rastuss?

Wolfman - The production was down and the costs were elevated. This is worrying as they have given no detail as to why. Also the fact that they have raised money from a placement and a gold stream deal, I don't buy their reasons for it with the rising PGM basket. It's a hunch but something seems afoot...

Rastuss - The Smurfs told me that Pt will rise but it will be in the next 18 months. Apparently they were told by the Fairies and they are always right. I am also less relaxed about SGL too. Strangely enough it was the gold operations that I was concerned about before but now its the Stillwater element. Something is not right there mark my words...
LMI Board better do a bit of digging because I feel they will be in trouble if they recommend their shareholders to accept the deal from SGL.

Whatamess - Thanks for your concern but all views should be welcome. Rastuss has his/her views and although in the main I disagree conflicting views can be useful as long as they are constructive.
With regards to a pe of 10 - this will easily be achieved if Pt rises. Don't forget they have a $22.75m head start with regards to the sale of Petrozim as this is valued at nil. It will be interesting when Pt rises to above $1000. It will happen, it's jus a matter of when. Hopefully before June and then we will be off to the races... If Pt rises to or past $1500 LMI could be worth billions again. It would only take gold 2-3% of gold bulls to switch into pt for this to happen imho. It's not out of the realms of possibility as it would go back to the traditional norm of being $200 more than gold.

There is under valuing but what they have done is rather suspicious. Giving no value to an asset and then to sell it for $22.75m a year later highlights the incompetence of the Board. What is criminal is not accepting an offer for $10Bn as it was deemed to low and then 10 years later sell it for $250m after receiving $1.8Bn from rights issues. If the Board had any morality they wouldn't have awarded themselves with the share bonuses.
It is also rather suspicious that that there has been no RNS's with regards to the Tribunal outcome and the completion of the Petrozim transaction. As I have pointed out previously the Board want to paint a bleak picture. It wouldn't surprise me that Rastuss is in the employment of LMI to spread the doom and gloom... The dialogue has changed somewhat since the Xstrata attempt as they were dismissed as " an opportunistic and entirely unwelcome attempt to acquire Lonmin at a price which undervalues its UNIQUE ASSETTS".

Rastuss - The outcome of the Petrozim transaction and the mining licence judgement are hardly a surprise. What I find a cause for concern was the write down of the Petrozim stake to 0 having sold it for $22.75m. The impairment charge for 2017 was $1.1Bn. This now looks highly questionable to me. Even the current book value is about 3x higher than the current Mkt cap. It looks to me as the assets were written down to facilitate the SGL bid and make investors nervous as the fall of the BV under $1.1Bn would have triggered the banking covenants. Froneman wants LMI badly and he probably can't believe his luck if he succeeds on the current terms.

It was common sense which led be to buy by the bucket load in the 40s not Bravado. What is poor strategy is putting so much time into attacking and condemning a company with no interest bar vanity...

I will take the opportunity to pick some more LMI shares up. If you are so confident that LMI will fail why wouldn't you short it? The difference between you and me is that I put my money where my mouth is.

If LMI fails they all will Rastuss. The S.A govt can't afford for LMI to fail. The unions are not in the business of running mines. Your tactics are very transparent, when the shares were 40p you were saying they were worth 20p. Most of your assumptions have failed to materialise just like your current predictions now will... Best to stick to the facts that Pt is rising and most probably will continue to do so. The LMI price yet again is suffering because of the many problems SGL are having. The Board need to grow a pair and go it alone imho...

The LMI price is down because of SGL's problems. If we weren't tied into the deal we would be a lot higher than the current price imho. This situation has been poorly handled by the LMI Board.