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Oh dear - that comment shows you up a bit. I’ll explain why you are just digging yourself a hole later on when I have time. Are you that thick that you don’t understand how you’ve just shown (again) that you don’t understand what you’re talking about? Sigh…
Dfs for Saudi completely in the hands of the JV partners.
I agree there were serious deficiencies in the plan over the last 5 years that AH knew and didn’t publicise. However, it’s a minnow AIM exploration company operating in frontier markets - clearly very high risk from the outset (and still is). Lessons learned all round. Kefi are not the only ones being less than fully transparent about the issues they’ve faced and that’s the risk of AIM stocks. Rewards when things come good can be epic though.
Condor, unfortunately for you, writing “nothing” in all caps doesn’t make something that’s made up in your head true. It just shows what a turnip you are flapping when you are caught out. Instead of spouting made up nonsense, why not try educating yourself by Googling “national bank of Ethiopia directive FXD/86/2023 effective 8 September 2023” and then try to explain how this is in any way an “IMF stipulation”.
Condor - you are one bitter poster. What happened, lose your shirt here in the past? Whats the point in posting incessantly for months and months spouting the same verbiage if you have no position? Don’t you have anything better to do??
Whether you believe Kefi was the driving force or not, clearly the laws have been changed to facilitate the mining sector and relaxation of certain exchange controls. This is an exceptional result. Mkango Resources are hitting this very problem in Malawi and it has delayed their approvals by years as the country will not allow free movement of funds and use of overseas bank accounts. Whilst Kefi is not going to win any awards for speed, Kefi have indeed achieved a lot over the last few years in difficult circumstances. It is Africa after all.
In my view the capital controls concession by the Ethiopian government is an absolute game changer here. Mkango Resources is presently locked in protracted discussions with Malawi, which has taken far longer than planned and is still not resolved, due in large part to Malawi’s very restrictive capital controls which make their rare earths project a non-starter. It’s incredibly difficult to change these policies due to the complexity and knock-on ramifications to the country’s economy. The time and effort required to push through these changes is very much under-appreciated, not helped by the Kefi’s lack of transparency about it in the past. However, this has now been ratified in Ethiopia and therefore puts the company in a much stronger position to finalise funding. Despite the doom mongers, I remain optimistic.
Fukutu - the shares "sold" (as you put it) on this website means nothing - millions of those shares, traded under the mid point of the bid-ask spread, are marked as "sold" on this website but were in fact my buys. Exactly the same happened yesterday. You are the third person over the last two days that's made an almost identical comment which is a little odd.
Thanks for the link Robjm. I've just taken a position here after waiting for a couple of years watching developments from the sidelines. Feels to me like investor sentiment is at a low, near-term funding is obviously sorted and assets look good. Some bitter posters still kicking around (with good reason) but I view the next 6 months' outlook as very positive. Recent foreign currency controls amendments coupled with a seemingly well thought out proposed capital structure (including BIRR) which will limit further equity dilution make this quite compelling risk-reward play for me.
Ouch - who sold out here and was advocating Kefi instead? New placing over at 24% discount to price, which had already fallen from the time of the posts on this board, after some ramptastic RNS releases about imminent finance packages being signed. This is a salutary lesson about trying to be too clever and rainbow chase.
Hope so too but if gold stays on this trajectory I would prefer the offer fails completely, to allow time for the award of the old Winshear tenements (which we know Shanta has applied for), plus results from the VAT dispute case. An offer anywhere near these levels is looking less compelling by the day.
You would have thought that Saturn would have game played this exact scenario in advance of formally tabling a bid. My thinking is that lack of liquidity meant that Samson Rock and others could not position themselves straight away, and instead were forced to buy in parcels right up to the vote date to accumulate their desired holdings. This may have meant that the Patels did not have sufficient visibility in advance of the bid to understand what level of pushback they'd receive, so they left it to the last minute just in case they felt they could get the deal done at 13.5p + divi. I think we will hear pretty quickly whether Saturn will up their offer. I tend to agree with GGG that 15p will succeed.
Adelaide - Samson Rock is an event driven hedge fund that specialises in M&A situations. Their modus operandi is to identify short to medium term mispricing and arbitrage opportunities associated with M&A deals. i am certain that they have no interest in taking a long term investment position in an illiquid micro cap AIM gold miner operating in Africa.
What are you talking about it breaking the rules? The RNS is issued by and in the name of Saturn Resources Ltd, not Shanta. Shanta is not being used as a proxy for the bidco. Not sure what the problem is here tbh but agree this does seem like a desperate act