Member Info for Billyboy2fromiii

Hi Gallini,

Thanks for reply.

But surely if it was included in H1 accounts to 30th Sept, it would also have been included in full year results as well. they are both for y/e 31st March 20 not the previous year. BB2

Hi,

Doing some research as considering whether to buy in or not...

I see the revenue in the unaudited accounts for the 6 mths to 30 Sept 2019 (H12019) was stated as £1.15m.

However, the audited accounts for the 12 mths to 31st March 2020 was stated as only £92,606.

Can any long termer please explain the reason for this?

Regards,

BB2.

Dave,

Am I correct that ZOE previously grew their own plants and then manufactured the smokies, chews etc themselves to sell via stored, online etc???

I see the glasshouse lease has not been renewed so will ZOE will be buying in the plants? Who will then be manufacturing the products?

Are you still working on a gross profit of $2.50 per product sold in stores after the above change?

Sorry for the questions, but trying understand the process involved.

BB2

Morning,

I believe interim results are due soon for period to 30th Sept.

Can I ask what revenue and profit (if any) you are expecting for this period.

I fully understand that stores sales in the early part will have been affected by Covid but online sales should not have been affected, probably increased over previous period.

I also understand that the mcap of the Co is obviously based upon hopes/expectations for future sales but interested what people are expecting....

Regards, BB2.

Cont...

If they do they can declare the vote invalid. Why would somebody want to get rid of Adam? There are no examples that I’m aware of where a junior Western explorer in Russia has achieved reasonable value for an asset sale. Tom Bowens Malmyzh is a prime example. I’ve always felt that the only way we are going to see anything like true value from Kun Manie is to go into production ourselves or with a JV partner. Adam has provided the means to make either of these options more possible and I think that’s not what various parties want to see. Furthermore the very idea of Glencore, if that’s who it is, acquiring everything at Kun Manie in an offtake will not go down well with “resource nationalism” prone Russians. Is there any upside here for PIs? The only one I can think of is our concert party/potential large holder may be smoked out into the open. Wouldn’t Kun Manie make a nice greenfield project for somebody like Norilsk where they could, as reasonable cost, mine and process class 1 nickel in a non-polluting and environmentally benign way? Of course the above could quite easily be way wide of the mark but that’s how its looking to me. TDT

TDT has posted this, I trust he is ok with me sharing it here...

What I find odd in most people’s reactions to Adam Habib not being re-appointed and the statement in the minutes of meeting that the Company will be consulting both BVI and UK lawyers is nobody has checked the Company Memorandum & Articles of Association. The first section that seems to be relevant to me is this:- 50. At any meeting a resolution put to the vote of the meeting shall be decided on a show of hands by a simple majority unless a poll is (before or on the declaration of the result of the show of hands) demanded: (a) by the Chairman; or (b) by any member present in person or by proxy and holding not less than one tenth of the total voting shares issued by the Company and having the right to vote at the meeting. That means that either the other directors present at the meeting voted not to re-appoint Adam or a poll was demanded by either the Chairman of the meeting or by a member holding not less than 10% of the issued share capital of the Company. How likely is it that the other directors decided not to re-appoint Adam? Given the following statement about the Company consulting both BVI and UK lawyers I think it highly unlikely. Why consult lawyers if the director(s) present at the meeting voted not to re-appoint him? How likely is it that the Chairman of the meeting demanded that a poll be undertaken? Again, I think that highly unlikely. If the Chairman demanded a poll count the will of the members would have to be respected and it would certainly not require the Company to consult lawyers either here or in the BVI. That leaves the last option, somebody with 10%. If you assume that they would have made legal representation just before the meeting to make sure their wishes were carried then a 10% holder could have forced Adam out. The wording of this section in the RNS is the crucial bit in my opinion. “The Company is consulting with its BVI and UK Lawyers on the implications of the shareholder vote and will make a further statement in due course.” Why consult BVI lawyers? This section in the M&A is, in my opinion, the reason. SHARE CONTROL LIMITS 143 A person must not: (a) whether by himself, or with persons determined by the Board to be acting in concert with him, acquire shares which, taken together with shares held or acquired by persons determined by the Board to be acting in concert with him, carry 30 per cent. or more of the voting rights attributable to shares of the Company; or We do not have a shareholder with a declared 10%+ holding in the company. That suggests that several parties are acting in concert or somebody has been warehousing shares below the 3%/5% declarable limits. Clause 143 from the M&A doesn’t specifically exclude people from acting in concert it only does so if they breach the 30% threshold but I suspect the BOD are consulting BVI and UK lawyers to see if this clause or various other clauses referred to in the M&A apply.

Morning,

I am still confused (as everyone, no doubt). Were the postal votes actually counted or was there just a show of hand at the meeting (in which case what is the point of the postal vote).

I remember being at a previous AGM (couple of years ago?) and from memory there was a show of hands which seemed to decide things.....

As an indicator, who actually DID cast their vote for this resolution, for or against?

If there is sufficient "evidence", is it not worth then approaching the Nomad and asking, as shareholders, why we have not been notified (as in previous years) of the actual procedure undertaken and the results of the vote. Surely, as shareholders, we have a right to that information.

For the record, I will put my hands up, and say I didn't vote personally (as most I assume didn't think it necessary). I would have voted for as I think AH does (or did) have a plan to monetise this. However, after being impressed with him initially, I must admit the early dilution at NRR did concern me (what is to say this will not happen again, and was AH aware this could happen?) and the two small sales by his wife's Ltd Co were a right kick in the nuts.......

Regards,

BB2.

Hi,

Fully agree. Once we have the go-ahead for second mine, a big tick in the box. Confirmed additional reserves at Yan will obviously be a further tick.

BB2.

HopefulDave,

I am thinking about buying in here and doing a bit of research.

You post seems to be one of the most balanced ones so quite interesting....

So a few questions, if you don’t mind....

I see you are suggesting sales to 10-20% of the 88,000 stores selling the products at about 10 items per day.

Do we have any actual confirmed sales figures yet? I can only find reference to stored selling between 2 and 3 of both items per day (so in effect 5 dear day) but from a normal display amongst other products rather than specific cabinets.

Do we have any confirmed revenue yet? I seems t9 remember seeing revenue of £32,000 in last years accounts to 31st March 2020 but don’t seem to be able to find anything else ???

I am trying to do projections myself. Using the retail price of $10 and wholesale price of $5 and gross margin of 50%, this suggests a gross profit (after cost of sales) of about $2.50 per product does in the US stores. Is that your understanding?

So a baseline projection would be based upon 5 product sales per store per day at a gross profit of $2.50 per product. Is this your understanding?

How many shops are you working on already selling the product, obviously excluding the potential sales from the new agreement?

Interested in your balanced thoughts....

BB2

Hi Gallini,

.....Retail prices for both products will remain in the sub-US$10 range and Zoetic will sell to the distributors at around half of that price. Depending on volumes, the Company expects to earn around a 50% gross margin. .......

So does that mean the profit is approx $2.50 per unit???

BB2

Hi,

Can anyone confirm to me how much profit per pack of the pouches/smokeables will be received?

I have seen that retail price of about $10 and wholesale price is about $5 but have not been able to see how much profit per pack is going to be received.

Also, are there any confirmed sales figures as yet?

Regards, BB2.

Let’s hope so!!!!!

Just wary of too high hopes to begin with. Hope it will rise from here.

BB2

3.75p to 4p ?...

Usually goes to the placing price or thereabouts?..

BB2

49.99 and 50p just paid.

BB2

Very difficult to buy. Done two top ups today... eventually.

Couldn't get a quote for any amount from HL.

BB2.

Hi,

I have bought in today with three buys. Will look to add more in time.

Thanks again to those that provided balanced feedback over the weekend.

BB2.

Electric and Real,

Thank you for your in depth, balanced replies.

Much appreciated.

BB2

Bamps,

Having reread your post in think you actually mean exceed this years PGM and Chrome revenue rather than exceed revenue this year. Apologies, if I misunderstood your wording...

BB2.

Hi Bamps,

Just for clarity, I believe LC stated that copper revenue could exceed PGM and chrome when Roan and Elephant are running at full capacity. Elephant will not be until 2022 so that will not be this financial year.

BB2.

... beat this drum....