Member Info for 99icecream

I suggest you look at "Death Spiral Convertibles" on Investopedia

In the Jamie Phillip Boynton RNS of 5 October he moved from 3.6% to < 3% (i.e. no longer a notifiable interest).

The 6,854,728 x 1.197p sold yesterday at 16:38 (but reported today) is about 2.48% so might be the remainder of Jamie Boynton's holding. As he is below the 3% limit he would not need to report this if it is him. We await holdings RMS's.

Joint Update Statement Regarding Possible Co-Operation between Prairie Mining and JSW

"Congo Republic approves 2019 budget with GDP growth forecast of 3.7 pct"

https://uk.reuters.com/article/congorepublic-budget/congo-republic-approves-2019-budget-with-gdp-growth-forecast-of-3-7-pct-idUKL8N1WM0SU

EU's Biggest Coal-Mining Nation Plans Output Hike to Cut Imports

“Prairie should be a partner for JSW or Bogdanka — not the enemy,” - The Deputy Energy Minister Grzegorz Tobiszowski said on Thursday

https://www.bloomberg.com/news/articles/2018-10-05/eu-s-biggest-coal-mining-nation-plans-output-hike-to-cut-imports

http://www.mining.com/web/eus-biggest-coal-mining-nation-plans-output-hike-cut-imports/

IMHO you are correct JODO. The obligation to PVR is worth 9p and leaves 101p for PVR. Both numbers are after the 64% probability is applied. PVR has approximately 600 million shares, so 600 x 9p = £54 million.

SLE has approximately 500 million shares, so this implies £54m/500m = 10.8p per SLE share.

IMF mission visiting Brazzaville

"The arrival of the so-called Afritac technical assistance mission to Congo is a strong signal for the country, which is still waiting for the executive board of the IMF to approve a three-year program to address the crisis which began in 2014."

http://apanews.net/index.php/en/news/imf-mission-visiting-brazzaville

The vote against resolutions 2/ and 3/ is a positive thing in my view. As is the arrival of new substantial shareholders who must anticipate that a fund raising will be necessary at some point. To support a new issue of shares we need someone independent to determine what is wrong with the current set-up and the costs of putting everything right. Ideally we all get a chance to buy the new shares (via a deeply discounted rights issue).

City Financial Held 36,846,258
Seller was 34,746,258
==================
Difference 2,100,000

City Financial is the obvious suspect. This is what II's do when they are very unhappy at what the company is doing. A small loss for their portfolio and a big impact. There must be some large buys to be announced later in the day (an MM would not take the whole position).

N.B. No ".. see non reason.." as the reason is obvious (i.e. a big seller).

KATOWICE, Poland (Reuters) - Poland’s state-run JSW (JSW.WA) is awaiting approval from the Energy Ministry in its bid to acquire the Polish mining assets of Australia’s Prairie Mining (PDZ.AX), JSW said on Wednesday.

https://uk.reuters.com/article/us-prairie-mining-m-a-jsw/polands-jsw-seeks-ministry-approval-to-buy-prairie-mining-assets-ceo-idUKKCN1LZ134

I would assume that we need to achieve nameplate consistently for a period before further expansion. This would give greater confidence that Gok Wan could implemented the DMS successfully and also provide some of the cash required. Key shareholders clearly want to stop the firms access to "death spiral" financing methods.

This is an update of a paper they produced previously (dated 05 Feb 2018).

Most of the text and the title is the same. The numbers (NPV US$ 87m to US$ 245m, 55% NPV etc.) are the same. Also the same are the references to Makala and Matala. In short it adds nothing that we didn't know already.

Interesting vote. Shareholders clearly do not want to be diluted.

Looks very similar to the Reuters article from September 6.

https://uk.reuters.com/article/uk-poland-jsw-coking-coal/polands-jsw-seeks-tighter-grip-on-coking-coal-with-possible-prairie-bid-sources-idUKKCN1LM1VX?il=0

"CIL plans expansion, begins talks with Bangladesh for coal exploration"

"Coal India (CIL) has initiated talks with Barapukuria Coal Mining Company (BCMC), Bangladesh’s sole coal producer, to help it explore coal mines as well as set up new projects."

The only issue is that BCMC has zero credibility at the moment in Bangladesh !

https://www.business-standard.com/article/companies/cil-plans-expansion-begins-talks-with-bangladesh-for-coal-exploration-118091101277_1.html

Fight for the president of JSW. Trade unionists defend him against being fired.

Translation of the title of a Business Insider article. It suggests that he may be fired for not following the instructions of the Ministry who want JSW to buy Polimex-Mostostal (an engineering and construction company). However, the unions will defend him against being dismissed.

https://businessinsider.com.pl/gielda/wiadomosci/odwolanie-prezesa-jsw-daniela-ozona-list-zwiazkow/l6j8pdf

China's Xi offers another $60 billion to Africa, but says no to 'vanity' projects

https://uk.reuters.com/article/uk-china-africa/chinas-xi-offers-another-60-billion-to-africa-but-says-no-to-vanity-projects-idUKKCN1LJ0EG

Whilst I have no reason to think that SLE is not undervalued, it is misleading to quote these price targets (from JP Morgan, Deutsche and UBS) which are for SLA (see attached for a better reference for SLA broker ratings). As far as I am aware Deutsche, UBS and JP Morgan do not research San Leon and therefore do not publish price targets.

https://www.shareview.co.uk/4/Info/Portfolio/default/en/home/markets/Pages/Broker-views.aspx

Under FSA rules they have an obligation to report any information that is price sensitive and which will have a significant impact on the stock price (which is interpreted as likely to give a 10% move in price).

Given that they have many employees the risk is that this information would reach the market anyway.