Member Info for Broxburn68

In the Edison report published shortly after the 2018 financial results, ALM's stake in Federated Wireless was valued at $63.5m, whilst the stake in SpinMemory was valued at $73.4m. The stake in Hawkeye360 was valued at $43.4m, which as we know was later sold for $65.6m. BridgeSat, the other main holding in the portfolio, was valued at $30.9m.

We should receive another similar report from Edison in mid May after the FY2019 results have been published on 29th April. It will make interesting reading for sure and hopefully the recent economic turmoil will not have too significant an effect on valuations.

https://www.edisongroup.com/publication/doubling-down-on-the-winners/24021/

TDT

Two more recent legal articles here which back up your assertions on the difficulty of foreign entities gaining control over Russian subsoil licenses, especially when the resource is of Federal Significance (includes PGMs). The logical conclusion IMHO is that any interested parties would most likely be Russian. Any foreign investment would have to be cleared by the government which would be a long, drawn out process as you say.

"Foreign involvement in M&A transactions in Russia is subject to regulatory review in a number of cases, including, without limitation, cases when the target company (the company whose shares are being acquired) is of strategic importance for state security".

https://thelawreviews.co.uk/edition/the-mergers-acquisitions-review-edition-13/1197286/russia

https://iclg.com/practice-areas/mining-laws-and-regulations/russia

TDT

You might find this analysis of in-situ valuations of resources of interest. It was published in Jan 2019 by Edison, but the data on PGM resources is limited in its scope.

https://www.edisongroup.com/wp-content/uploads/2019/02/GoldStarsandBlackHoles_220119.pdf

New Aston Martin chairman Lawrence Stroll on rescue deal and F1. Interesting..

https://www.autocar.co.uk/car-news/motorsport/new-aston-martin-chairman-lawrence-stroll-rescue-deal-and-f1

The publication of the annual report has been delayed until 29th April due to Covid-19 unfortunately, Luke.

aandi, the subsidiary of Eurasia which is responsible for Monchetundra is Terskaya Gornaya Kompaniya if this helps your search.

An idealist is one who, on noticing that a rose smells better than a cabbage, concludes that it will also make better soup. (H.L. Mencken)

Another article from Forbes (24/03/2020) which mentions FW and the benefits of strong network infrastructure, now and in the future. In no way whatsoever am I suggesting the values of FW and Affirmed are directly comparable!!

https://www.forbes.com/sites/bobodonnell/2020/03/24/spectrum-sharing-technologies-like-cbrs-key-to-more-robust-wireless-networks/#3b4307f34207

Here's a rather old article (Aug 2015) from Forbes which gives the opinion that "Since Affirmed got off the ground in 2010, it has raised $156 million in venture capital, is approaching a $1 billion valuation".

https://www.forbes.com/sites/petercohan/2015/08/18/cisco-systems-ericsson-losing-business-to-200-person-startup/#38d6a9167ecd

It will be interesting to find out the value of the deal for sure, which hasn't been detailed yet. You would think that the WFH culture, low interest rates and demand for high speed connection in general are all positive factors for potential suitors.

I would consider CA increasing their holding another plus as they will continue to put pressure on the company to curb past excesses at board level.

This may be of interest; discretionary change in rules for suspended AIM companies due to Covid-19:

Suspended AIM companies

Currently where an AIM company has been suspended for more than six months, pursuant to
AIM Rule 41 the company’s securities will be cancelled. We appreciate that, given the logistical
challenges during this period, further time might be required to resolve the reason for suspension.
Accordingly, we will be using discretion to extend the period to 12 months for any AIM company
that has been suspended between 30 September 2019 and 1 July 2020.

https://www.londonstockexchange.com/companies-and-advisors/aim/advisers/inside-aim-newsletter/inside-aim-coronavirus.pdf

I posted this on YCA, but let's not forget BKY! Poland looks very serious about building new nuclear plants. Sensible move which we may see other countries following in due course.

https://www.euronews.com/2020/03/23/poland-s-bid-for-nuclear-power

Poland serious about introducing nuclear power:

https://www.euronews.com/2020/03/23/poland-s-bid-for-nuclear-power

Positive write up from Seeking Alpha recently, worth a read:

https://seekingalpha.com/article/4333247-yellow-cake-great-risk-reward-in-uranium-industry

Conclusion

"Yellow Cake might seem like a boring stock, but you don't have to envision a massive overshoot in the price of uranium, for the stock to offer a very attractive return, while still have good downside protection if the recovery takes longer.

The very real risk of mine closures in relation to COVID-19 can also make it one of the few stocks that goes up, if in fact we get a price recovery in uranium.

The price of uranium has been depressed for some time, so a long-term horizon is definitely warranted. However, due to the illiquid uranium market and relatively few producers, mine closures could be a potential catalyst for the price of uranium.

I have been buying over the last week, due to the attractive upside potential but also good downside protection".

A partial ban on shorting has been put in place in Italy and Spain today. Shutting the stable door somewhat, but a positive move nonetheless. Will the LSE follow...?

https://www.reuters.com/article/health-coronavirus-spain-stocks/spains-market-regulator-bans-short-selling-of-69-spanish-stocks-idUSL8N2B5A0U

https://uk.reuters.com/article/health-coronavirus-italy-shortselling/italys-consob-bans-short-selling-on-85-stocks-on-friday-idUKL8N2B59XV

Sale of assets needed urgently if POO remains low.

"The Group's base assumptions show that it will be able to operate within its contractual debt facilities and have sufficient financial headroom for the 12 months from the date of approval of the 2019 Annual Report and Accounts. Under a severe downside scenario where the Group both fails to meet its production forecast and assuming a flat $30/bbl oil price, the Group has sufficient liquidity for the 12 months from the date of approval of the 2019 Annual Report and Accounts. However, using both the base and downside oil price assumptions the Group's leverage is forecast to be marginally above the RBL gearing covenant when calculated at 31 December 2020, if planned portfolio management proceeds are not realised."

"During the year, commitments under Tullow's Reserves Based Lending facility reduced from $2,464 million to $2,400 million in line with the schedule. Tullow's debt facilities further include $300 million convertible notes due in 2021, $650 million senior notes due in 2022 and $800 million senior notes due in 2025."

An encouraging article here showing the benefits the proposed US Strategic Reserve could give to the Uranium markets. Yellow Cake gets a positive mention too. YCA certainly looks good value at the moment, trading at a discount of almost 20% to NAV.

https://sightlineu3o8.com/2020/03/new-u-s-strategic-reserve-could-bring-an-end-to-the-uranium-bear-market/

I can envisage Russia having an eye on trying to cripple the US shale industry. The US has not limited production to any extent, so this may be their Russians' short term intent. Why us and not them? This has proven to be a tactic that was not sustained over a longer period of time so far though. No one expects oil to be at this price in the long term . It's needed. There is no adequate substitute.

Well, here's the twitter link. I would suggest that you make of it what you will..

https://twitter.com/ScottWapnerCNBC/status/1236687860427829248

5.81% for Feb (Jan 4.66%)

https://my.euroclear.com/apps/en/monthly-stock-loan-data.html#month=eq:2&year=eq:2020&limit=22&search=1&order=asc:abbreviation