Member Info for Bannor

No idea when the mail was sent to them/what was in it or when a reply was received but if legit then... JEEZ..... I really hope they're actually not back to negotiating the 'agreed in principle' a year ago & 'aligned' for the last 3 months agreement & that's just a poor choice of wording....

At this rate & if that's so I might have to return more regularly to the board !!!

Indeed over 17M currently .... I was also off on the number of shares we did once have over 28M:

Cadence Minerals Plc subscribed for a total of 250,000 Placing Shares. Following participation in the Placing, Cadence Minerals Plc is now interested in a total of 28,096,470 CDIs representing 19.16% of the enlarged issued share capital of the Company.

....... along with the diluting cash raises perhaps you should also attempt calculating how much money they've realised since selling down our EMH holding from over 26M shares to below 17M today .....

Our selling is the reason the SP has dropped & then picked up again a few times over the last 18 months ..... we sell as couple of million shares EMH SP dips 10% ish we stop selling it rises again ..... From just over 26M shares when we held just over 20% to where we are now with 17.5M shares at just under 10% .... the reduction in holding is only partially down to dilution.

Obs @ 10:52 .... or they could've updated the content but omitted to change the page date - seen that all too often as well .... Mrs P is quite busy in the mornings getting them all up & ready for the day as well...

.....having said that even the RNS's haven't been overly helpful or reliable LoL ... I present RNS's on:

Greenland
Leogang
St Luis
Mexican based loan / CLN
Auroch
Clancy
Oz assets (back burner)

Amapa - TBC/TBD :-))

@Obs in the court docs I posted up on Mon there was a reference on one of the pages to our 'legal team' being called to a meeting within 48 hrs which is today I reckon ... not sure if any relevance or not now as the court proceedings are not the easiest to follow for me .... I'm just waiting for an RNS & little else interests me (apart from the occasional banter &/or dig or wind up on those I think deserve it) I've seen, heard & learnt to take all the bluff, bluster & blkxx published & spoken by our BoD over the years with a pinch of salt .... just use your own judgement & what's RNS'd when it's RNS'd IMO...

https://www.jusbrasil.com.br/diarios/1129195443/djsp-judicial-2a-instancia-01-06-2021-pg-1834

https://www.jusbrasil.com.br/diarios/1128942434/djsp-judicial-1a-instancia-capital-31-05-2021-pg-948

LoL .... Number 2 for me 1000 @ $1 ea ... which accommodates the points of a % possible...

Out in the garden for the rest of the day :-))

....you know although it's pretty much irrelevant what the nominal share Co value is whether $1 with a thousand shares at $0.001 or $100M with a thousand shares at $10,000 each .... I suspect it'll be somewhere in between .... but it's a moot discussion really .... Max we can get optionally &/or by default is 49.9% under the current agreement & the minimum we can take without further agreement or option is 27% ....

LoL ... Well yes IF they simply had 100 shares in issue of course we wouldn't be able to buy one that takes us over 49.9% ownership however there is accommodation in the JV agreement that permits for us holding 49.9% under various other scenarios (securities & default clauses or maybe awards in lieu of cash or for assistances/help in getting/keeping the project on track (like ..... making a loan before we owned anything etc)) .... it's there in black & white .... if a security or default clause is triggered it's a requirement not an option consequently it would follow that a 1000 shares would be issued in the first instance to accommodate it otherwise any additional award would require a share split & the rigmarole that comes with that - if they issued 100 shares in the first instance just to keep %'s to whole numbers when there's a clause that permits issues to 1DP that'd be just be plain dumb IMO ...... but then.... !!!

Jun 2019:

The Agreement also contains security and default clauses which if triggered causes an upwards adjustment mechanism to allow Cadence to either receive cash from JV Co or receive additional shares in JV Co. In the latter case Cadence's shareholding in the JV Co will not go above 49.9%.

TC .... there's a clause that states we cannot exceed 49.9% ownership of JV co .... that would require minimum 1000 share register....

It will need to be comprised of a minimum 1000 shares to accommodate the points of a percentage quoted as being available ....

OBS ... Indeed not only have we sold more than sufficient shares in EMH to cover the $3.5M in any event for 27% on its own but we also have the loan credit + interest to consider so probably only really need $2.5M ish .... so hopefully we have enough now to cover the costs of biscuits .... Perhaps Mrs P can even switch it up for the doughnuts for a while .... :-))

... not quite MrC ... but the holding is now below 10% which removes our 'right' to a seat on the board of EMH ... i.e. he may not be given the choice ...but I also think they will have known this when selling & accepted it because he will need/want to sit on the board of the Amapa JV co instead...

...us selling explains the drop in the SP of EMH ..... Some of the reduction is due to EMH dilution & some for our sales .... We've sold well over the amount required for the additional $3.5M required so assume much is also required for our own operating costs (Mrs P not being cheap if course!!)

Additionally this has now reduced our holding to less than 10% so I would also expect (personally) that the next RNS may also include Kiran stepping down from the Board of EMH to focus on Amapa "assuming" that is now imminently imminent imminently....

Depends on whether 3 or 4 sailings are required for the net $10M .... seems to me like they've been loading the 'cheaper' materials available to them (fines) in wet measures ... so could well be four & potentially leaves the cream of the material for after the bank agreements are filed & recognised .... Just IMO

Poor old Mrs P .... she gets the blame every time something doesn't happen when expected, it's her fault when the biscuits or tea runs out, it's her fault when an RNS doesn't land at the time wanted/hoped for ... She's probably still having to get Kiran dressed in the mornings, having said that with a name like Padovsky I trust she has/had all the right paperwork in place to continue working/living in the UK after Jan 01st - otherwise no wonder there's a delay eh!!