The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Morning Wkworld
It's an interesting thought - but if NN or anyone else was hoovering up shares pre-suspension they would have had to declare their interest if they reached 3% at which point you would think the price could have rocketed.
It will be interesting to see what positions >1% are declared in the next few days ...
Don't want to be a killjoy here but is this game still fun?
It was started by Spikey so that he/she could keep on and on restating the prediction that the price would fall to 0.75p ... looks like even he/she has given up on that one !
Cheemap - I posted this a few days ago regarding the ACF report for your info ...
Using discounted cashflow calculations, ACF derive GBP values for EUA assets as follows (see page 12 of the report):
West Kytlim £33m (1.11p per share)
Semonovsky £12m (0.40p per share)
Monchetundra £192m (6.47p per share)
Monch. Flanks £1,476m (49.75p per share)
The risk-adjusted WACC values (WACC = cost of capital or annual discount) used by ACF in their discounted cashflows are 10% for WK, 12% for MT and 30% for MT Flanks. ACF note that the 30% discount for MT Flanks is higher because there is no license and no EPC in place.
Once the MT Flanks license is issued, the risk factor is obviously reduced and the value is obviously increased. For example, applying a discount factor of 12% to ACF cashflow figures for MT Flanks, I calculate a revised valuation of £4,430m for EUA's 80% share which equates to 149.3p per share, assuming £/$ of 1.30 and 2,967m shares.
Obviously these valuations don't translate into sale prices as the buyer will be taking the risk of getting into production but they do perhaps provide some idea of the parameters for negotiation ....
As usual all IMO and DYOR
Morning DarkEnergy
Can't claim M&A involvement but would agree seems that CITIC and VTB have probably been acting for buyers or as intermediaries. Is it possible that CITIC are part of one of the potential buyer groups? - hence the rather vague reason for suspension?
It will be interesting to see if there are any Opening Position Disclosures by parties holding >=1% in accordance with the Takeover Code. These are required within 10 business days I believe ...
"Rule 8 of the Takeover Code (the “Code”) sets out the circumstances in which Dealing Disclosures and/or Opening Position Disclosures are required to be made by the parties to an offer, persons acting in concert with them, persons with an interest in relevant securities of 1% or more and exempt principal traders (“EPTs”) connected with the parties to an offer."
Bluerill - sorry I couldn't resist it.
I don't think any of us can possibly know when the shares will resume trading, if at all.
I also don't agree that the only way for a price to be established is for the shares to resume trading - I think that is what you are saying.
Interesting viewpoint from seekingalpha on Nornickel:
https://seekingalpha.com/article/4356046-nornickel-will-pay-dividend-yield-of-10-for-10-years