TD2 - Regen braking is as old as the hills. It has been used on our railways and lifts for years. I suspect it is more efficient/modern but the principals are the same. An electric motor becomes a generator when it's driven. All wind turbines use a similar process by driving the mains connected motor above its synchronous speed.
..is poor it seems...
RL - I remember the LSE AMC chat board from the days of Vertigo ably assisted by yourself and TDT. Those were the days when there was little dissension between posters. Not quite like that today.
There is so much good information by the sum of many posters but disseminating the rubbish and self serving comments is sometimes difficult. Therefore I have taken the sensible view to treat most information with caution. What sometimes sounds like a very in-depth analysis can sound persuasive but to protect myself and investment here since 2007 or 2009 (its been so long I'm not sure) I file it away and stand back and wait for the confirming technical analysis from the Company. It may be a long wait but I have lots of faith in RY and AMC although at times communication is for in seams. But I enjoy the read of your posts and certain other similar posters that seem to offer sound commentary. As I've said several times I am an engineer but not in mining and not a financial expert but most matters I can digest and apply my view of what is likely and what is not.
Watchout Geng's in his knocking mode looking for an entry point. Once done he'll be talking it up. So obvious.
So what was the point of the postal vote by the shareholders?
Watch that double negative in the motion. I read it and it sounds sloppy.
Let's first of all find out what has happened before we expend energy on the issue by discussing why. If he has and then and only then why? If, that is, the source of revelation doesn't answer both questions.
max2 - I make that approaching $0.75bn.
OK Lucando yes of course it's collateral. Yes this was said - a debt structure to get us going. Where does the off-take agreement fit in to this? After we start producing we start repaying via that mechanism? Sorry not an accountant but understand numbers. Now the production process plant is another thing. I get that.But we won't get that far will we. Rhetorical question.isn't it?
BB2from3is - I hear what you and others are saying about the loan note. That begs again the question when/how do we obtain the riches that AH alluded to recently that we would need to start the construction of the mine, production plant and possibly road. We know that is quite some sum of money. From what I understand from the latest comments we convert to shares the cash equivalent amount we have invested by way of the loan note (now reduced from 19 to 13.43%). I cannot see that share dividend enabling the minesite construction other than possibly building the perimeter fencing. I thought we are looking at some several hundreds of million as a start-up input of cash. In my mind there seems a disconnect unless the shares dividend will in effect be a direct pro rata share of the profits currently being earned with every shipment out of Bing Bong port facilities but only once we convert.
Thanks for your in-depth reply CBS. Yes picking a way through the quagmire won't be straight forward but one step at a time.
However how do we unlock the profits from NRR (and possible other NRRs) without share dilution. We have to pay a fare lump into the company (NRR) to buy the conversion from CLN to 13.43% equity share. If that's say $5m (£4m) or more that's some 200+million shares at 2p/s. Well the board has those available don't they from the EGM earlier in the year? Will that suffice? For me getting into that position is important. Plus confirming the take-off agreement and putting the debt 'instrument' in place to enable the funding effort you talk of. Re AH I agree he has been like a breath of fresh air since his feet resided 'under the table' so to speak.
I should have retitled this '2018 Drilling Results'. Thanks CowBoy Steve for you efforts in unravelling this apparent conundrum. I too have had a lack of clarity over the 2018 drilling results. I also agree with GB that the manner in which they are presented is not of much use to us shareholders. I sometimes feel though that the first port of call when someone perceives that all is not as they would like is to start ****ging off the BoD. I am sure they are doing the best they can and are fully sensitive to the expectations of the shareholders. But that doesn't give them any licence to take the p**s. At this point in time I have no expectations of what the TEO will do to the SP. Notwithstanding the NRR situation for so long I am not sure what will make it to move freely upwards like any other company/miner that could be perceived to have a a great future. Right place right time right commodity indeed! Could fruition still be a couple of years away? How do we unlock the 'riches' that NRR could provide?
S44DYK - AMC went down to 1p in March this year.
AT - it's in the RNS. A loan note attracting 14% pa interest. We get none from the DSO sold until we convert the loan to equity I believe; ie $4.67m x 0.14/4 per quarter.
.... share of...
Sparticus12 its exactly what you're saying that is my dilemma. We were asked if we would put in a sharif the increased capital contribution of $10m but declined. How can we expect that increased amount to give us something for nothing. Our investment at present is a plain vanilla loan with a 157k interest payment quarterly. Nothing else.
To become an equity partner I now suggests the loan becomes paid up for the 19% now 13.43%. That is our $4.67m loan provided us with the ability to convert to 19% equity before without further additional payments. The additional $10m reduces that equity share to 13.43%. So it must have been the conversion process was with no additional payments. I think I get it now. But the same questions exist in my head over the dilutive process.
In other words have we taken the bait to earn income for the promotion of AMC and can only get the ever-increasing equity cost in NRR to achieve that by using our nickel/cu etc as collateral?
fendorio - until or if we convert our CLN to a position of equity and only then do we see any extra income from NRR in my view. Until then the value of the company increases and the conversion becomes more and more out of reach. Thirteen point 43% of $76m is more than $10m which I suggest means we would have to cough up the difference between that and the loan value. Thats $5.54m. But that gets us a 13.43% share of what could be an increasing profit the size of which we do not know. I'm just questioning whether the last option I mentioned is exceedingly better than just taking our $157k per quarter or worse in that we actually get not much income for AMC and the risk of further dilution (how much CAPEX is needed to expand the NRR plant to deliver 4-5mtpa?) from the big players in the pack against us. Or is it a way to forward purchase our nickel and by products by these same players? Anyone else have a view to help straighten this out.
There is ambiguity in the above RNS re converting the loan note to 19% equity. It says 'Convertible after 3 years to 19% of the equity of NRR for Amur (based upon current issued share capital of NRR)'. Elsewhere it says UP TO 3years. Irrespective of this we can be be diluted to almost nothing by the other partners pumping more and more capital in over time as needs arise and I'm sure they will. So all we have is a $4.67m stake in NRR (paying 14% per annum or $658,000) and what could be a diminishing equity swap value. Already it's reduced from 19% to 13.43%. To get to the real money we need to convert quickly but then we could still be diluted can't we? Or we commit any share in profit to maintaining that 13.43% equity stake. That will prevent us drawing an income stream for AMC. Just my thoughts.
Thought the first one had disappeared!