Member Info for Billions

Piface. Take a look at the 19/9 agm result rns and share your thoughts on the 2 resolutions.

It's very common for strategic investors to demand a board seat to have oversight and some control.

The new director has no affiliation so I'm my view does not support the case for a sale.

READ the RNS. Why were the resolutions not pursued at the last agm. Because funding was received elsewhere

Standard resolution at an EGM. When the AGM is only a few weeks away.

Some of this cash will be used to pay for the rosgeo licences.... the ones that many thought were free.

Ian, with respect I think you are wrong. It clearly state that the resolutions were not pursued because funding requirements were met through the placing.

Because it is back on the table now as an egm rather than the next agm it is clear that funding is now requires for the plan the bod have in mind.

The share issue will raise approx 50m. Rights maybe 250m. So approx 300m.

I'm my view this is the short term financing being lined up. Too many people are getting carried away again and holding on to a sale. I dont think raising this money has any bearing on a sale. They are completely unrelated.

People seriously need to consider that the plan is to become a major miner instead of a quick sale.

Red panda could be wrong but I think Stillwater had much more than 19moz if you include indicated and inferred which is the comparable figure to the eua 15moz.

Sale has never been the only option. The FSP was about strategic options, including partial and full sale. Raising 100m odd sounds like a financing negotiation tbh.

The FSP does not prevent a cash raise, but as aston notes does put the market in the dark a little.

Apart from the deal makers nobody knows the ins and outs. But looking at the whole story mining is going to be the biggest value generator.

But I do feel without and hands on partner mt, wk and the jv would be too much. So some disposal makes sense. MT flanks is the largest value, so maybe that would be the sale.

Evan yes, hard to call the sp on Monday but reading the rns does point to a cash raise, which could mean some volatility. Extract from the aug agm resolution where they didn't pursue the resolutions but are now on the table again:

"Due to COVID-related delays in processing the votes held in nominee accounts, special resolutions 8 and 9 have not been passed and the Company does not intend to pursue these resolutions having fulfilled its funding requirements as announced via RNS on 18 August 2020 (General Update and Institutional Placing at 22.5p"

Seriously... the BOD would disagree...read the rns.

“On 1 July 2020 the Company announced that following a strategic review of its business and in order to maximise value for its Shareholders it was launching a Formal Sale Process under the UK Takeover Code. The Board appointed UBS as its leading financial adviser to assist in a review of its

strategic options

including asset sales

or a sale of the Company.

Non-binding offers have been received and are being progressed.”

Ethio, dont agree with you much. But I feel you are on the right lines now.

The jv, wk and mt is probably too much to go alone with tbh. Some sale of the assets is feasible.

On the flip side with the right backer they could be a major player in a few years and will be weighing up keeping it all.

I don't think a sale will fully value the true potential in this current moment and explains the recent BOD decisions.

Not sure what you have been reading Stevo... what negatives have I said.

Your guess is as good as any. My view is that the FSP was launched with sale or strategic options. This is the norm. The FSP reduces the disclosure requirements. It's a blanket and sale is not the only outcome.

But you are right we will see an rns on conclusion.

Thanks prof. I see where you are coming from. Anything is still possible.

My personal view, it would be rude and make the russian state unhappy if they had granted a jv option to eua and they flip it over in weeks to another party. I dont see that.

I said at the time that the rosgeo deal is game changing. This is looking like a long term partner deal for eua. An alternative player to NN.

Yes army i have. I suggest you read it again. As others have said the japs are likely customers or financiers.

If they would be bidding such revealing info would not have been mentioned.

Or maybe their is not much to leak of substance yet. As it stands this is just an egm notice. Nothing new.

I expect nothing will now be released until after the meeting. Then back to the negotiations once they have the ability to raise cash in the back pocket.

I think we are getting carried away as usual. Remember the NDA's. The magic excuse for everything. Surely if the jap co were bidding this info shouldn't have been disclosed.

Professor. Started sensible. But point 1/2 are illogical. A mystery bidder wanted more. And eua ask Rosgeo and they obliged. Come on.

Partial sale still possible. But everything points to going it alone with a jv or financing partner.

Yes up to. Gives flexibility that's all its not guaranteed that it will be used.

Same way that that the FSP never guaranteed a multi billion sale.

It's good to look at all angles sometimes. This is gearing up to be a major miner. Doesn't happen often with AIM, only other one I can recall is CEY.

Shezer you are either intentionally being misleading or just being ignorant.

250k nominal equates to £70m cash raise at current price. Less if there is a discount.