Member Info for Billyboy2fromiii

Hi,

I have had a look at the RNS dated 4th June 2000 and it states....

5. On being granted the 49 per cent economic interest in the Project, the parties undertake to enter into a customary joint venture agreement, as well as both having the right, subject to certain protections, to convert the Company's 51 per cent controlling interest in the Project into a 51 per cent controlling interest in ARX or any then listed parent company.

So on that basis, HUM will have 51% controlling interest in VEIN.

https://www.lse.co.uk/rns/HUM/earn-in-agreement-with-arx-on-dugbe-gold-project-asu474t1en76s1e.html

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bonker,

How I see it is that it will be similar to our previous holding in CORA.

VEIN will hold 100% of asset. HUM will have a % shareholding in VEIN (I really would like to know the % amount). Should VEIN raise funds to take project further then HUM will be invited to participate in the capital raise to maintain % shareholding in VEIN. If they do not participate then HUM's holding of VEIN would be diluted. If I remember correctly, when CORA did a capital raise previously, HUM elected NOT to participate and as such their shareholding in CORA was diluted.

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Apro,

That is a great summary and one that all shareholders should take a positive from.

Thank you for summary and also to Kad for initial post of video. Again, a highly recommended listen.

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CONT...

So would HUM own 51% of VEIN shares????

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Kad,

Many thanks. A good listed and recommended to anyone that has not seen this already.

However, I still do not understand the mechanics of the deal. Post DFS, HUM own 51% and VEIN 49% of Dugbe. As part of the deal, my understanding is that HUM's 51% is "reversed into" VEIN. So (as confirmed by IS in video) VEIN then own 100% of DUGBE and as I understand it HUM would own a shareholding in VEIN.

Hi Adam,

Point taken. However, still better than only allowing pre-submitted questions. Let us see how it goes. Are you asking any questions yourself?

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Hi,

The 31st Jan RNS stated net debt at $25m. Is this just related to Mail operation or does it include any of loan already drawn down for Guinea operation?

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gold,

Thank you, I will have a look. As I say, I have been confused regarding this. I may ask send in a question about it tomorrow.

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Adam,

That is NOT actually correct.
If you read the RNS, questions can be submitted EITHER prior to the event OR during the event via the “ask a question” function. On that basis, they will not be able to simply “pick their questions” and avoid any ones they do not want to answer.
So it is actually an interactive session (as previously promised).
Do not get me wrong, I am unhappy with management performance but, to their credit, they have offered an interactive session.
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Hi,

Please can anyone explain what happens when our 51% is “reversed” into Pasofino and we then own 51% of Pasofino. I thought a holding above 30% (?) of a Co meant you had to offer to takeover Co?

I never have really understood this aspect of Dugbe so your explanations would be welcome.

Long term holder (sufferer) with decent sized shareholding.

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TDT,

subtracting the 78.99% and 1.52% would leave "others" at 19.49% (an increase from 19.07). However, as you say no mention of Euroclear (previously 4.21%).

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Hi Kammy,

Not really. Very guarded. Was (obviously) aware of the LSE and AD V FN Bulletin Boards. Was not aware of the Tele gram app group. Was unaware that a member of that group had posed a message on the Sunday (before the first press "leak"). Was obviously aware of the first press leak (but suggested it was in the Financial Times as opposed to The Times. I am not sure if there was comment in the FT (as well as The Times) or whether he had that info incorrect.

Basically, said that although they should not obviously happen, "leaks" do sometimes happen. Seemed ok that AMC had subsequently issued the RNS following the press "leak".

Other than that was very guarded and certainly did not want to get into too much of a detailed discussion. When I suggested the "leak" could lead to a party accumulating shares he stated that any holding above 3% would need to be disclosed. I personally am not 100% sure on this as the wording on the Co website (being a BVI Co) is unclear.

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Kammy,

If you read the bottom of an AMC RNS, the contacts at SPA are Richard Morrison and Andrew Cowl. 0203 470 0470. I actually spoke to Richard last week.

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Wand,

AH was unexpectedly NOT re-elected at AGM.

Someone had enough votes to vote against his re-election. Who it was and the reason is unknown.

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Wand,

Here is the RNS re AH...

https://www.lse.co.uk/rns/AMC/annual-general-meeting-results-3wx7bk2ld5nupgy.html

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Golfrob,

That is incorrect. Net sales is gross revenue less returns, allowances and discounts. Basically, in this case it is gross revenue.

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Seb,

That calculation is what I have done.

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RKB,

I make Gross Margin as 29.5% rather than your 41.97%.

(1,073,872-756,434)/1,073,872 =29.5%.

Where do you get 41.97% from ???

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Blue,

Thank you for the post.

However, would goods supplied (but revenue not yet received or not yet invoiced) not show as "trade and other receivables" in the accounts?

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https://www.lse.co.uk/rns/AMC/exercise-of-warrants-and-issue-of-equity-cciluij7hq8jwyh.html

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