Member Info for 99icecream

Thanks for you very comprehensive answer. I shall study it and the references it provides.

I suspect that (ironically) the fiscal situation will be very similar whoever wins the next election. Tax revenues will be essential, and so either party will need to get taxes from oil and gas without killing the industry. Labour will probably face greater pressure from public sector unions for higher wages, so face either (winters of) discontent or stagflation.

I'd be interested to know if I have this correct:

Under the present tax regime its better to not pay dividends ?

So in the early years you reinvest profits into the project thus minimising taxes.

In the later years you reinvest profits into (for example) a wind farm, again minimising taxes.

At some point you sell the assets and pay taxes on the capital gain.

Under this scenario its the reinvestment relief changes that are the most critical ??

I also suspect that the Chairman (with has large shareholding) intends to be very involved in working with Andre going forward.

IMHO - Kore are moving to a new phase where they need someone full time in Congo to run things. Clearly Andre has vast experience in mining projects in and around Congo. Being, or not being on the board has no significance as both CEO's and Executive Directors will have limits on what they can do without full board approval.

Cheaper than a lousy curry

62 Shares were bought for 2.1999 p !! Cost £1.36

The Chairman bought > 31 million shares, but they were bought from Kore direct not from the market. Those of us who take the investment as evidence that all is well - have been buying since 22 March.

IMHO Glencore will not want to have a majority here, but will work with the others (particularly LaMancha who they are close to - see SPAC reference).

https://www.proactiveinvestors.co.uk/companies/news/1028226?SNAPI

No 10% rise today. The bid offer has been 0.40p - 0.50p for a while. Many buyers than sellers since the RNS on 28 March at prices near to 0.50p. This has seen the dealers running low on stock. So the bid price has risen, now 0.45p - 0.50p. You can only say the price has risen if buyers will pay more than 0.50p

I can't see why Glencore or indeed any other of the key shareholders would wish to invest any more than the minimum here.

https://www.reuters.com/markets/commodities/glencore-halt-new-caledonia-nickel-plant-sell-stake-2024-02-12/

The restructuring will result in each party accepting less than they might be entitled to under their contract. So (for example) the banks will need to accept later payments and not impose penalties for breaching covenants etc. Then under the new deal the various parties might have to extend additional money to the firm.

Its very complicated as there are several parties involved and different claims (e.g. banks have the senior claim, etc.). Each must accept their own terms but also accept that the terms for others are fair.

Even the key shareholders might find it hard to agree as some have equity and unsecured debt (convertibles) others equity and royalties, etc. etc.

Note that the RNS on 28th March warns both existing shareholders AND unsecured debt holders (convertible and trade creditors) that they might be wiped out in the new deal.

"...........then the buys were definitely from insiders. "

I very much doubt it. If the Chairman is putting in his own money ($150,000) many investors take this as a good time to buy (i.e. the Chairman is the "insider"). FYI - I bought 500k yesterday on that logic.

Obviously its the contract that matters, not the RNS. But if the contract is also ambiguous, then there is a problem, which would probably end up in a compromise in which Empire might have < 70%.

The ambiguous text is in the 6th April 2022 RNS

Acquisition Terms:

Empire has agreed to acquire a 70% interest in three copper and/or gold Projects from Century Minerals Pty Ltd, being:

· A granted Exploration Licence (E70/5465) and an Exploration Licence Application (E 70/5876) at Pitfield;

· An Exploration Licence Application (E 16/545) at Walton; and

· An Exploration Licence Application (E 6872) at Stavely.

and ........

"There is a potential to establish a Mineral Sands resource on one or more of the Projects and Empire and Century have each acknowledged that Century retains the rights to any Mineral Sands resources discovered within the Projects and that these do not form part of the separate Project joint ventures between Empire and Century."

Its a fair question. Empire had rights to Copper / Gold - if they changed the deal after Ti was discovered, it appears that they did not inform the market.

IMHO - There are lots of good things that make this project unique

The quality of the Potash

The distance from the coast

The pedigree of the partner

The full funding

The cost guarantee

etc. etc.

Keeping to forecast dates is not (unfortunately) something you could see as a positive (like most AIM) stocks.

RNS January 18th - Expected EPC signing by the end of February

RNS February 9th (3 weeks later) Expected EPC signing by the end of April.

IMHO - It just means that when they raised $2.5 million at 0.38p in October 2023, they should have raised $3 million, so they have gone back to the same investors for more (at the same 0.38p).

FWIW - Given the timing, it looks like the funding was needed to satisfy the "going concern" aspects of the accounts.

Late reported trade for £ 100k - but is it a buy or a sell ?