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@ Jiving....logic. If there was still material uncertainty and a 'competitive situation' the recent sequence of events and RNS's would not have happened, imo. They would have quietly kept negotiating away until they had something to say. Now they do, it's time, the reveal. I could be wrong, yes, but that is how I read it based on logic and the fact that we know they have been negotiating with various parties (as RNS'sed) since January 2023. How long do you want to keep them talking? FEED needs to crack on and a deal has to happen.

Also, there is no evidence for your read of the situation, Jiving. What do you expect to happen? They will run a public auction for competitors? No, I don't think so.

I know I am overly bullish but the company has given enough indication that is finally happening now..trust.

We shall see soon enough, could be this week we get the package and meeting details.

The port MOU would not have been agreed had there still been a "competitive situation". All that is left is reveal the consortium, the terms and how the deal is going to conclude, imo.

Thank you, MM, some great posts and analysis! Exciting times!

Not that it matters in the slightest , it is highly likely that I will vote down any offer or new entrant that has a lower implied value of less than £3 per share (but will make final decision on detail of course). Call me deluded but I strongly believe that the £2 and less contingent is wrong on this. But time will tell and will be happy to eat 'umble pie' 😄. The common delusion in my opinion is that some people believe the current share price matters and is somehow linked to an offer price. No, that does not make sense with the majority control exerted on this company and in current strategic premium iron ore market. Further , I believe Zanaga is sought after and highly valuable (some don't seem to see this). I also don't recognise the current negativity that exists in many. This is as good as it gets for prewarning of the go ahead. FORGET the current sp it is meaningless! . Positive hats on and I am excited, further news could arrive any day now prior to the event 😊🎩😃😃😃

Good luck all 🍀

Seems like I have entered a parallel universe this afternoon???

Have a nice single malt, Jiving, make it a double :)

What's this, depressing Saturday lol?

Looking at the last year of events, I don't think there is a ' message for potential bidders', a natural evolution of the process. Deal is sorted, time to go public and clinch it, imo.

FACT.. Glencore had a majority and did not want it and gave it up. None of that makes any sense, sorry.

And taking extrader's sweepstake value at £2 ps, this calculation comes out as total cost of £2bn for 60% of project (ie £804m plus £1.2bn) That would be outlandishly cheap for financed stage1 and self financing stage 2!! Ultra-Premium iron ore, 30 years plus mine life, potential to upgrade to 60mtpa and about half explored resource..

Adding some figures..

So at my sweep share price £6.90 ps.

Consortium buys 60% of shares (IE Glencore retains 40%). Costs them £2.77bn.

So total cost £2.77bn plus 1.2bn = £4bn rounded

So what does 60% and £4bn buy them... Stage 1 12 mtpa mine and a self financing stage 2 for a total of 30mtpa. 30 years plus life of mine.plus life of mine. Potential to upgrade project 60mtpa plus and only half of resource explored.

Seems reasonable to me? And some folks want to give this away for less than £4 ps? I cannot see it 🙈🙄

.. "renaming IPO floaters".... shoul have read "remaining IPO floaters"

As has been previously discussed many times here, it is unclear what Zanaga brings to the party to develop the project. Also, psychologically, just like the PIs the original renaming IPO 'floaters' will probably want totally out at this stage..."pay day"?

So on that basis, expect a full sale going forward.. potential scenario..

We could get an offer for the existing share capital of X £' ps...

- Incoming consortium injects £1 .2bn into the company to finance the company for stage 1 (rest shortfall will be through finance agreements later).

- Glencore retains 20-40% of project. I suspect they will want to hang onto this, long term income stream and bargaining chip (what would they want the cash for anyway?). And the cash injection by consortium means they don't have to finance this at all nor be in the driving seat.

- So consortium would own 60-80% of project and develop it. I suspect the consortium includes a mining company who has the expertise (Rio? FMG?) besides steel company (s).

- The consortium may or may not delist? Who cares anyway from our point of view..?

This is just one scenario, there are so many ways this could play out..

Except, Stage 1 can finance stage 2 in a short period of time (see previous company presentations). Why should any investor get another 18mtpa for free? Back to the drawing board I would suggest. Enjoy!

Ps. Somebody has forgotten to add the 'risk upon the risk" premium as well 🤣

The crux is that we still have Glencore as a major shareholder, if we did not, yes the current sp would present credibility issues and make this company vulnerable..

@MAJWandCo. You are dazzled by the current low sp..a thought experiment..if you had the money, why don't you try and buy the company for 7ps? You would not be able to!!...nor at 70ps (10x)..how high would it have to go..? Forget the sp, look at fundamental and strategic value....DYOR! You are missing most of the picture here...

The current sp is real evidence of "what is" until the the situation changes. It will then have to fit the 'new reality '. The current sp is so low it might as well be zero as far as Zanaga 's NPV is concerned. So I give the current SP no credence, it signifies nothing moving forward..

The current so is real evidence of "what is" until the the situation changes. It will then have to fit the 'new reality '. The current sp is so low it might as well be zero as far as Zanaga 's NPV is concerned. So I give the current SP no credence, it signifies nothing moving forward..

😄😄😄😄😄😄😄😄😄😄😄😄😄😄😜😜😜😜😉😉😉😉😉😉😉

I agree, if it was a a full sale , 450 ps would be "most fanciful" , it would be closer to at least £6-7ps.

With regard to the flight data, it may indicate a good chance of an intraday RNS today. IF Saudi is in play here..