Member Info for Ant1986

Shows clear intent about what the strategy is.

"The options set out above have been granted under the LTIP in the form of nil cost options and are subject to performance conditions which require the growth of Funds under Management ('FuM') over a five year performance period. The performance conditions associated with the options are set out below:

(1) 50% vesting on reaching a minimum of FuM of US$750m; and

(2) 100% vesting on reaching FuM of US$1bn.

The vesting date of options granted is the later of:

(1) the third anniversary of the Grant Date;"

Resource upgrade is due, next week, gold price flying, cheeky MM dropped it to 8.48, just enough to collect 8.5p stops (leveraged). Back up and now the SP will climb with anticipation.

We don't need cash.

WK is a dilemma for 2033.

How on earth is this heading for a year low with 100,000 ounces due and gold price of $1,800oz?!

WK at zero value and this I still trading at just 4 x P/E!

Gallmat, I'm with you, happy to use some degree of vision to fill in the valuation gap here.

The AUM approach is a big game changer too, not only is it undervalued based on outstanding litigation claims, there is nothing built in for the fund or future fund-backed litigation cases.

Why do they alternate between $ and A$ in the annual report? It's inconsistent and misleading if that's the case.

Given gold price, t/o approach, drill results, gold pour in q1, I would have hoped sentiment would be high!

I owned this at 13p in 2021 and can't believe it's now 9p!

Agreed, it's the way WK is funded. We'll be getting in $20-30m from existing but then we have to make a decision on how much more equity is required. Though it will be back in absolute spades!

"We look forward to providing shareholders with a mineral resource update from Isulu/ Bushiangala before the year end."

If this confirms 1.2m ounces and Ramula is more towards 1.5m ounces, that's approx 2.7m ounces. Using the same calcs as below, that's $1.3bn gross profit.

I reckon I'm being very generous, offsetting $20m debt with Kenya...

20 -30p is fair value, given the company would need to fund $600-700m to build a new mine.

I would expect a scramble for shares at 9.5p, unless the bid was so derisory that it was at next to no premium.

This is being moved a long way on thin volume for whatever reason.

I believe it's £30-40m undervalued based on the assumption of positive resolutions and AUM approach/scale shift.

Sits at a NAV of £75-80m with essentially no goodwill attributed.

What's going on here?

Three interested parties walk away from 100,000 ozs per year? At a slightly inflated ASIC of $1220 and sale price of $1,750 that's $53m per annum.

Post royalty/tax, let's say it's now $30m profit x p/e 9 = $270m = £216m

Let's offset Kenya with new debt taken.

Bid of 20p should have been enough?

CONCLUSIONS

1. Class action risk is expected to increase in Australia as a result of the Federal Government's plan for deregulation of litigation funding and the addition of a further class action regime in Western Australia.

2. The reduction in regulatory requirements for litigation funding is likely to attract further resources for commencing class actions in Australia. This will probably generate more actions brought in relation to consumer, investor, product liability, employee, environmental and mass tort claims. The approach to shareholder claims remains less certain due to new additional restrictions on the main causes of action dealing with disclosure.

3. As the Western Australian economy is characterised by its resources (iron ore, gold, liquefied natural gas), agriculture and services sectors, corporations operating in those areas may be exposed to greater class action risk with the passage of this new State-based class action regime.

My guess is that the late trades are warrant sales on Friday, part of the 15m outstanding. That said, by my calcs, we're more than 4/5m sold in three days, so will be clear this week.

The potential here is still so considerable, it dwarfs the warrants outstanding, plus we get a £100m financial support package. Against a £35m mcap company...

As far as I understand it, Harland & Wolff currently expects the contract to support 1,200 shipbuilding jobs across its yards in Belfast and Appledore. As everyone is aware, Harland & Wolff has a strong reputation. It has been having a challenging time. As I said earlier, the extensive £77 million infrastructure investment will make a big difference to it and put it in a position where it will be poised to bid for future contracts.

Lord Browne of Ladyton
(Lab)

Is really underperforming price wise - any reason for the drop since Sep update? With the closing of a second fund and another about to open, plus lots of cases due to close, would have though the share price would be climbing?

This should be easily a £100 mcap company.

The £1.6bn deal is great but it opens up a big potential pipeline, especially as the jobs and tech upgrade is monumental to fulfill the navy contract.

Short-term pain while people worry about a couple of warrants and an 18p gap...

Forced to sell at 91.7 and a bloody good call. Something isn't right and it might be a cash/debt issue with the banks. Super high risk, if that's the case, and caught me off guard.

Thank you, appreciate that.

£12m invested x3/4 = £30/40m?

Thanks, so £30 or £40m - still very decent from year lows.