Member Info for addicknt

It seems to me quite possible NM could pull some sort of conditional funding package out of the hat - if he really wants to survive he has no choice. The problem is it will be a double-edged sword.
Unless he engages with our main shareholders and uses them as the cornerstone for the package, he will unleash their anger and they will be forced into taking hostile action. Despite the fact that some people on here believe they would simply roll over and accept the situation (how many times have we heard this?), they will not. The AGM signalled their dissatisfaction and it was the opening move in what promises to be an interesting period of corporate action.
His choices are limited; sell up, enter into a jv with our main shareholders or, antagonise them and find himself on the receiving end of a hostile bid, which he will lose.
For those who want a slice of the action over the next 10 years, the jv route with BHP, for example, is the only route. However, has he annoyed them so much that this scenario is now impossible? This is what we don't know. Has he, post-agm, picked up the phone and sought to mend fences or, is his ego so large and his pride so dented that he's entrenched himself even further? We'll find out over the coming weeks and months.

RS5, good point - I mis-read.

Lafitte, exactly. I think I'm right in saying any such resolution placed before an EGM would require 75% approval. Is that your understanding?
People misunderstood those special resolutions and similarly, underestimated just how critical they were.

It gives them a bit of extra headroom, but I can't see how else if affects us.
One interesting point is the question of delayed drilling. Covid is stopping them doing anything until Dec 2021.
It also demonstrates NCM's continued commitment to Equador.

iceberg, shares offered by way of an open offer or rights issue cannot have such restrictions applied. Obviously, a placing is different.
My memory is a bit hazy about the mechanics of a rights/open offer, but if they're underwritten the shares which remain unallocated would be taken up by the underwriter, who would then be free to sell them in the open market. If they are not underwritten and remain unsold, they cannot be issued directly to a single non-current buyer.

220 pages of small shareholders. Jeez!...what were they thinking?!

schlem, you are right. The market simply doesn't believe in his strategy, and therein lies the problem.

Miagi, you're quite right - they're not worth it.

"No emotional intelligence" "doesn' t understand people"...brilliant, the man with a cranium stuffed full of sawdust is also a shrink. Trainee actuary, computer genius and now Freud. What ever next? Astronaut? Premier league footballer? Is there no end to this mans talents?

smickster, can you please tell us when you've ever been correct about anything? You spent the weeks before the agm telling us all it was a perfectly normal meeting, that the circular from the company was no more than improved shareholder communication. No one other than CGP would vote against NM and the special resolutions were a mere formality.
You were wrong on every single count. And what was more amusing was your attempt (by your, I mean you and your fellow travellers) to present the outcome as a triumph for Mather.
And then we come on to the implications. You simply cannot see what this all means. You seem to believe life will carry on as normal - finance will be sourced and come 2075, the first copper will emerge, with a dividend appearing in 2120.
Some time next year you'll find out exactly what this all means and it will not be to your liking.

is leaking that a Brexit deal has been done. If this is true, it's excellent news.

Colonel, how has NM 'just given the middle finger...'? It was the other way round.

If that were the case, virtually everything you and your friend post would never last more than a minute.

smickster, perhaps with all your wisdom you can explain how Hannam's comment have helped matters? How exactly has your longed for financing package just got an easier?
You and your mate were hopelessly wrong about last week and I'm struggling to recall a single thing thing you're ever said which makes sense.
Still, you carry on bellowing into your echo chamber with your mates - it obviously makes you feel better.

Oh good, I see that one of the Quady's little helpers got my post deleted. I suppose it was smickster, given that Quady behaves like a schoolchild..."I logged out so I could read the post - then I ran away again". Jeez!

colonel, why is it toast for BHP? They are the worlds largest miner with very deep pockets and, by virtue of their existing holding, have a head start on any other bidder.
I agree that NM may attempt to do a deal with some Chinese outfit, but that doesn't mean it will go uncontested. And in any event, it's not as if the Chinese and Australians are best of mates, is it?

smickster, thanks for telling me what to do - do you mind if I totally ignore you?

rk, indeed, the "Value Valley" will resemble the Grand Canyon. But it's not going to go that far -the games up.
The defeat of the specials has scuppered the chances of finance and we are now in a similar situation to CGP. If anyone thinks this is astute management I fear they're completely deluded.

I used the phrase lame duck last week (as in lame duck US president) and I can now add sitting duck to the appellation.
If Hannam have got this half right (and one assumes they are being used by NM as a pr vehicle), we are even more vulnerable than we were.

I love the blithe assertion that it's going to cost more and be worth less and that somehow this doesn't matter.
Finance for this project was always going to be very difficult and if this assumption from Hannam is correct, it just became far, far more difficult.