Member Info for Bannor

........ presumptive that we're all Lads! But I am of course :-)

As to whether the BoD can right all the wrongs ... for me no that's not in any way possible .... could they finally make a single cake after so many dismal failures, attempts & choices of ingredients previously possibly .... Will you ultimately see a recovery or profit only time will tell .... would I buy In for the first time now (or preferably a few weeks ago) with all I've invested here initially in a heartbeat ... even Amapa fails they still have Sonora & Yangi for the future.

But you're big enough to decide for yourself & make your own assessments & decisions - nothing is guaranteed - especially on AIM.

@Ob ... I think it's pretty clear to me & I think we're making more of this split/ownership than there is .... we've only seen what's published & not the clauses/events that might trigger our 49.9% holding &/or how the $24M is generated.

To me it's much simpler at the outset PBA is 'owned' in its entirety by Indo after all they have a debt secured by a lien over Ore...... at the point we release our $2.5M they transfer 20% to our ownership & when we stump up our $3.5M as the announcement indicates they transfer an additional 7% & we will own 27% of PBA & Indo 73% as accommodated & announced as in the agreement ..... then with the first right of refusal (our securing the additional $24M perhaps) Indo will transfer a further 22.9% to us & we can all move on with the project fully approved/licenced funded for works, assessments, reviews to the next round of the major funding required for the rehabilitation & return to operation of the major infrastructure, workings & transport links of the Mine itself.

If we've released our $2.5M but don't come up with the $3.5M Indo have a 12 month option to buy our 20% back for $3.75 if we've paid our additional $3.5M but don't take up our first right of refusal (say $24M for 22.9%) then Indo have the option of buying back our 27% within 12 months for $9M ... only after we've got our 27% do we get to place two members on the board of PBA.

I suspect if we fail at either funding the $3.5M or exercising our first right of refusal the project will have moved on sufficiently for Indo to have 'options' they can exercise or explore to move it forward either with us tagging along with our 20% or 27% OR with us removed within 12 months.

The JRP & our contract with Indo for PBA are two separate vehicles....

The JRP simply refers to the 'investor' having previously identified that the investor is a JV between Indo & Cadence..... however the JRP only relates to requirements & actions of the 'investor' & makes no distinction between what is required of either party that is the 'investor'

How Indo & Cadence divi up PBA & fund Dev & the project is subject to agreement between us & Indo .........our $6M investment gives us 27% of PBA (& first right of refusal) with Indo holding the other 73% there is nothing that indicates when our additional $3.5M will be needed/spent/utilised by the project only when it becomes due for payment by us (subject to conditions) to take our 27% ..... therefore it can just be held until the $24M is added (sourced/funded/resolved/agreed/3rd party/us/indo) to it to create the $27.5M due in line with the JRP requirement & timeframe.

The JRP & our JV agreement don't have be in lock step timewise all our JV agreement needs to do ultimately is satisfy the terms & requirements of the JRP - how Indo & Cadence do that in which timeframes is up to us ...... so in the same way we committed $2.5M in escrow month's & months ago to pay of small & employee creditors when the time came (now covered by the permitted $10M sales revenue) we've also simply agreed to front up the $3.5M 2 or 3 months ahead of when it might be needed add to the $24M to satisfy the JRP - call it showing willing on our part if you like proving our intent & provides breathing space to sort the $24M that's additionally required.

Yes please do look at the ebitda tomorrow .... but I'll be out most of the day so may have to catch up.....

Nope ..... Still doesn't work for me ... on completion of out $6M investment it clearly states we will own 27% & Indo 73% ..... the 24M finance isn't shown in the time plan until some time (a quarter) later.... but maybe at that point is where we get the opportunity/chance to increase our own holding... below also infers to me that we might be obliged to go to a 49.9% holding so maybe we're on the hook to secure the $24M &/or the certain clauses & safety measures kick in to increase our holding as also indicated below ...... looks to me like if we fail provide the $3.5M 2nd payment OR we don't exercise our first right of refusal Indo have the option of buying our 27% we paid $6M for back for $9M so I'd say it's almost a certainty well attempt to move to 49.9% holding of PBA.
-------------------------------
To acquire its 27% interest Cadence will invest US$ 6 million over two stages in JV Co. The first stage is for 20% of the JV Co the consideration for which is US$2.5 million. The second stage of investment is for a further 7% of JV Co for a consideration of US$3.5 million. If Cadence is unable to complete the second stage of the investment or not exercise its right of first refusal under the terms of the Agreement, Indo Sino will have a twelve-month option to buy the shares in JV Co held by Cadence for 1.5 (1 ½) times the price paid by Cadence for such shares.

Cadence’s investment is conditional on several material pre-conditions, which include the grant of key operating licences and the release of bank securities over the asset. On completion of Cadence’s investment (not including the first right of refusal) our joint venture partner Indo Sino will own 73% of JV Co. 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%.

That won't work Obs .... if we own 20% & Indo own 25% who would own the remaining 55% of a company that is set up for & by us & Indo.

.... I await further comment but am out in the garden for the day as of............NOW!!

..... as I've said they can't 'dilute' our 27% without our agreement - I don't think that's the answer.....

Obs .... it is already stated that revenues from the sales of stockpiles are for reinvestment only i.e. no income taken by either Cadence or Indo for some years yet.....

Nope @TC .... Indo will own 73% of PBA once Cadence have fulfilled the $6M investment so the 51% for the debt leaving 22% up fir grabs doesn't work......
-------------------------
Cadence’s investment is conditional on several material pre-conditions, which include the grant of key operating licences and the release of bank securities over the asset. On completion of Cadence’s investment (not including the first right of refusal) our joint venture partner Indo Sino will own 73% of JV Co. 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%.

Nope ... you've got me TC ..... after 2 orbits of Earth you're out & going past Jupiter as far as I'm concerned ... completely lost me ... LoL

Think I'd better wait for the next RNS :-))

Revenue from sales of the stockpiles don't go to anyone .... they're reinvested in the project...

---------------------------------------
Reinvestment of Iron Ore Stockpile Sales.

· Amapá will begin shipping of the iron ore at stockpile as soon as possible. Based Amapá' s current understandings this is targeted to start by the end of 2019 and take between 18 to 24 months to ship.

· An independent survey of these stockpiles indicates some 1.39 Mt (+/- 10%) of iron ore in three stockpiles with an average Fe grade of 62.12% (+/ 10%), which based a US$80 per tonne of 62% Fe would net Amapá a forecast US$60 million net of costs.

· These funds are to be reinvested in the capital development of the Amapá Project

-----------------------------------------------

Indeed TC I don't think Dev have (or will have) the power or authority to do anything with anything (they're in administration) ..... Indo currently have $49.14M of credit on their books owed to them by Dev & this has been secured by a pledge guarantee over 1.7M tonnes of iron ore.... once PBA own 99.93% Indo will release Dev from owing the debt to them & assign it to PBA & at the same time surrender their entitlement (pledge guarantee) on the 1.7M tonnes of ore so we can start selling/shipping it.

That's how I read that element at least.... :-)

.... Obs of course PBA could/can issue shares it's just that without our agreement they can't do so if it impacts on our 27% ownership without our agreement which is why I think the $24M maybe linked to the 22% 'up for grabs' held at that time by Indo but they will release on PBA receiving $24M to progress & as indicated in my post midnight muse they'll still hold majority PBA ownership @ 51% & the $49.14M they're owed is lodged against PBA for repayment over time as an unsecured creditor..... works for me…

…we're just musing & scrabbling about here at the moment & we won't really know until we really know - anyway the suns shining & I took the day off gardening yesterday so must get back outside .....

To be fair the 'problem' but it's not really a problem with the $24M being considered as a Sum for 22% of PBA is the presumption that it's already considered that that's what it's worth..... & doesn't allow for consideration of elements that might adjust the value for 22% up or down depending on how the project progresses to the point where the $24M is required.

Of course it could be that this is a pre-agreed purchase price set between Cadence & Indo for the 22% that our BoD are uber confident is worth it & can attempt to finance through a loan .....but .... have the option of not taking it up dependant on events which then gives PBA the opportunity to search elsewhere for a buyer at $24M...... or as you say Ob PBA will be looking to secure that funding but if that's the case against what equity because I dint think they can do anything that woukd impact our 27% ownership of PBA without our agreement & why would we give that?

...... you might find this hard to believe but I've really been trying to not get too far into the nitty gritty of this deal - however here I am mulling it over in the wee hours ...the $49.14M I'm seeing simply as a reassignment of debt currently owed to Indo by Dev to a debt being owed by PBA to Indo & at the same time the waiving of Indo's pledge guarantee on Ore in respect of it.

The $24M equity & this is a complete guess on my part is that this $24M might buy you 22% of Indo's 73% of PBA (on which we have first right of refusal) with the funds used for development/reinstatement..... again just musing but Indo $49M debt will be sitting on PBA's books to be paid & Indo have 51% of PBA for all their troubles & efforts.... we have 27% for $6M & our efforts with the possibility of increasing that to 49% for an additional $24M ...if we don't/can't someone else can buy in for 22% for $24 M ..... does that work for you?

Midnight musings eh!!

https://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=02227895

Oh & by the by they never consolidated as REM ... but I suspect you really know that in any event ... however the rest of it I wouldn't necessarily disagree with.

By £1 odd as REM do you mean give or take the 'odd' 99p ..... LoL

MJ - Dallas wasn't inferring you weren't 'down' in terms of value on your investment ... what he's saying is that nothing (apart from the number of shares you hold) changed as a result of the 100/1 consolidation.

i.e. you had 40M shares with a value of £36k before consolidation & now you have 400K shares with a value of £36k .... so the consolidation didn't impact on the value of your shares in any way .... only the performance of the SP has done that ... and that's on the back of placings, loans, the performance of the BoD, their choices, decisions, what they've publicly stated (or stuttered), the continued 'friendship' with Gobbygas & sentiment.

But maybe .... just maybe Amapa May help some LTH's to recover some with recent arrivals turning a profit if they take it quickly enough !!

...... as to the second part of your comment & who springs to mind .... are you Tootles?