Member Info for 99icecream

Resolution 10 (like 8 and 9) is a standard resolution that was also in the 2022 AGM.

It just renews the authority to buy shares in the market.

In Toronto: 10.5p bid / 11.8p offer - 41,500 traded = about £ 4,500 worth !

If you look on the Navitas website (English Version) you will find that the English translation is provided for all the Financial Reports except, Q3 2023 (dated 26 Nov 2023) which is the Hebrew "original". I suspect the English translation of the will be available in a few days.

Expired warrants stay expired.

If the majority of the warrants are exercised (as expected) with say X million not exerised. I wouldn't be surpised to see, (in January or February) X million shares placed with investors provided they can get a price in excess of 9p.

JOG £ 84.6 million of accumulated losses at end 2022. Which is £2.60 of losses per share.

JOG £ 85 million of accumulated losses at end 2022.

Don't forget that firms without taxable profits wont pay tax. This would include

1. Retained losses (not used against tax previously)

2. Payments for decommisioning old O&G facilities

3. Capital investment

Effecively you can pospone your tax payments until later when the tax rate might also be lower.

Firstly, it seems to me that when calculating the value of projects such as mines etc. it is usual to use a DCF approach. Once the mine/oil well is in production, you go to something based on an EBITDA multiple. The EBITDA multiple produces a step up in value, and given low risk this is ideal for Mainstream Institutional Investors who will want a Main Market listing.

Secondly, you have a decision to make about its best to repeat the GBA experience elsewhere or leave JOG as one shot deal. If you don't like confusing the two roles, perhaps it would be best to divest GBA, (giving JOG shareholders, shares in New JOG and in GBA High Dividend plc).

Agreed - At some point they should be talking about moving to the main market, attracting istutional investors and working on new projects - having a value in excess of its stake in GBA.

It does mimic the Takeover code but seems to give the directors powers to disapply rules when they think it appropriate.

I'm cautious about these things as I recall a situation when a CEO (and major shareholder) was voted off a board of directors at an AGM, and the directors decided to effectively ignore the vote.

Nice idea Jiving, but note:

Zanaga Iron Ore is not subject to the City Code on Takeovers and Mergers (its a BVI company).

IMHO there are few of the warrant holders who wish to sell (particularly among the professionals). But there will be some (which may explain recent weakness in the shares). Once past the 31 December 2023 deadline, the share price should improve.

LaticsRule

Please see below the dashed line regarding optimal exercise of Warrants.

In July 2022 A total of 60,917,237 Warrants were issued 19,825,849 (Open Offer) 41,091,388 (Placing)

As of 1 November 2023 - 12,667,823 Warrants have been exercised. I would assume that these are mainly from the Open Offer (as these investors might be aware of, or care about optimal exercise) - so maybe as many as 64% of the Open Offer warrants have been exercised and as few as 0% of the placing warrants have been exercised.

The warrants in the placing will have gone to professionals who will exercise in December (or alternately will buy shares in the market if they are below 9p at that time).

Until January 2024, you can expect the share price to be a bit depressed as some will sell shares in order to have cash for warrant exercise. Others may use the warrant to buy at 9p if then sell at prices above 9p for a profit.

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The Warrants are technically American Call Options. Option pricing theory shows that it is optimal to exercise American Call Options at/near expiry.

A search on the web for "optimal exercise of American Call Options" will confirm.

Oil fell 4.7% when the OPEC meeting was postponed. - Currently about 2.5% down.

Well - I guess Navitas might be the obvious bidder?

MPO818 - My understanding is it does help. But, we need to wait for the detail, and there will then be comment from Accountants etc. on the impact. I guess potential FO candidates are waiting for the tax implications to be clear.

Dick - 100% agree how mad the current market value JOG is.

The good news is - I can buy more as funds become available !

WH Ireland NPV was 684p -->> Today revised to 703p

Finn Capital had: NPV (12.5% carried) = 525p, NPV (20% carried) = 755p, NPV (25% carried) > 900p

(implies that each 1% carry extra above 12.5% is worth 30.7p)

Zeus had: Risked NPV = 702p, Unrisked NPV = 952p

WH Ireland NPV = 684p

The Mem and Arts is on the company website. As I said before:

AGMs require 21 days notice.

An AGM must be held less than 15 months from the last (i.e. before 24 February 2024).

This is from an online law website:

"There is no requirement under BVI law for a Company to hold annual general meetings"

https://www.harneys.com