Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
My tweet shows a couple of relevant charts from the research paper too
https://twitter.com/_amnesic/status/1202922437236711424
With CP and WK (our consultant for the region) going over to Tunisia for the first half of this week, this geochemical evaluation of hydrocarbons and their potential sources in Saouaf and its surrounds may be worth a revisit in the coming days.
http://bit.ly/2EBQxt1
(also original post of this thread from 8-Mar-2019)
Update for end of November
52.4% with UPL Formally Named Holders, including...
3% with BoD
44.7% with Cornerstone Investors (Tune + Acegroup + Optiva + SS)
20.4% is now held across 45 of the Twitter Group members (approx 71) according to credible claims.
Down 2.7% over the month (group membership changes & member inactivity downgrades)
I personally know of another 1.4% with other LTH's
So that leaves only ~ 25.8% of all shares being held elsewhere in the wild (LTHs or otherwise)
An average of 1,450k shares/day (0.24% of all) were traded through the month.
At which rate it would take approx 14 weeks to churn just 10% of shares. This may suggest that many more are tightly held.
Declarations in the Twitter Group suggest they account for only ~11% of buys during the month.
Extract from article, from last week, discussing Tunisia addressing regulatory insufficiency relating to the exploitation of unconventional hyrdrocarbons and intent to address it in the upcoming Hydrocarbons Code.
https://snipboard.io/puk8Vo.jpg
(screenshot of translation - original in French)
AGM Resolutions now posted at:
https://tools.morningstar.co.uk/tsweu6nqxu/globaldocuments/document/documentHandler.ashx?DocumentId=251824206
1. Receive 2019 AR and accounts
2. Election of Chritopher Pitman
3. Election of Dixon Wong
4. Re-appoint Auditors
5. (Special Resolution) Amendments to company Memorandum & Articles regarding move from BVI to Jersey
I got some time with UPL Interim CEO, Chris Pitman, today in London. Normally, I avoid bothering BoD members for direct info beyond RNSs/AGMs, preferring they get on with the business. I asked for a brief 15 mins for an intro ahead of AGM, but arrived to find I would get 60. He then talked that out to 75 mins.
He was relaxed, amiable and spoke frankly, as per conference call. He talked a lot, too much to summarise here. Message and approach consistent to earlier. He's clear what regulation allows him to say and stuck firmly within that boundary. It was good to hear his words direct, cutting dead rumours and chinese whispers. We'll all get hear from him soon enough, but he still has things to push forward first.
He's had a very busy schedule in the past few weeks, and upcoming. Exceeded my expectation and probably anyone with a realistic view of timescales. Effectively full-time UPL and when elsewhere, like Africa Oil Week, waving the UPL flag.
Including: international trips, meets, calls, emails with our BoD and consultants, investors (current & potential), brokers, city contacts, lawyers, partners (curr & pot), etc. Furthering his knowledge of company/projects/assets status/structure. Coming up this month: SE Asia & ETAP visits.
As for the detail, I'll drop that into conversations here bit by bit, as/if/when specific questions/subjects arise.
Kick off time to be 2pm at the usual venue, apparently.
Probably to include voting on new appointments. With one of the NEDs looking likely to be positioned as CEO, perhaps there is aanother name from the background to be fielded as extra NED. May be interesting to see how s/h interest and BoD representation will balance.
Official notification of Optiva exercising warrants
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/UPL/14299828.html
Last year pulled 4x the number attending 2017's AGM - so there were 4 of us, although one had to leave early, during the presentation and Q&A which normally follows the formal meeting.
I think the date is near certain now, having first been mentioned a week or so ago after one or two of us prior attendees enquired, to avoid conflicts. Formal notice will be RNSd at least 3 weeks in advance, so that'll probably be within the next week. Venue likely to be the lawyer's offices, near HMS Belfast.
I hope that ankle sorts itself out for you quickly! Will keep you posted on likely turnout.
Currently on in Cape Town
https://africa-oilweek.com/Business-Programme
Cheers copperpot. I'd like to think the FT's calculation is based upon a more robust & consistent method than my own. But robust & consistent may not be making best judgement against other holdings declared going back to day 1.
FT's latest free float figure seems to most closely match shares in issue, less those of BoD (this no longer includes Steve's shares!), and then deducting NZ, TG, and Optiva holdings. But that comes to a FF of 337.3m, so they've missed out ~9.6m for reasons unkown. Maybe I should sell them my data ;o)
Will try to remember to give a greater breakdown my next month-end update. Optiva are due to exercise their warrants, so we should get news of that before then too.
CM rebuttal of earlier report: “This article is misleading and vexatious in intent,” said the statement.
Sarawak legal: “We have agreed on many things with the Petronas management but they can’t implement because they say that they need the clearance from the shareholder,”
http://dailyexpress.com.my/news/142582/s-wak-govt-has-not-dropped-the-demand-for-royalty-hike/
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/UPL/14289985.html
http://uplandres.com/financial/
Update for end of October
51.8% with UPL Formally Named Holders, including...
3% with BoD (- SS)
44.2% with Cornerstone Investors (Tune + Acegroup + Optiva + SS)
23.1% is now held across 45 of the Twitter Group members (approx 72) according to credible claims.
Up 0.22% over the month.
I personally know of another 1.4% with other LTH's
So that leaves only ~ 23.7% of all shares being held elsewhere in the wild (LTHs or otherwise)
An average of 2,182k shares/day (0.37% of all) were traded through the month.
At which rate it would take approx 9 weeks to churn just 10% of shares. Which may suggest that many more are tightly held.
Declarations in the Twitter Group suggest they account for only ~14% of buys during the month.
Hi copperpot. Perhaps all sides are reluctant to publicly assert their positions now so will not to be seen to be giving ground later. Also good for negotiation stances not to face trial by media before the cabinet/committee get to thrash them out.
Anyway, we've yet to hear if CP, since returning from meetings/briefings with BD & main investors, will affirm intent to pursue Sarawak via Brooke/Petros.
... of being publicly listed tomorrow https://snipboard.io/P6Wq89.jpg