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I would think so, and the obvious is the very significant upside when copper rises again. Sooner rather than later hopefully.
Yes, it may be insignificant as you say. I noticed the following broker update which might be of interest. There's a mixed bag of views generally. Wishing you well here.
Zacks Investment Research downgraded shares of KAZ MINL PLC/ADR (OTCMKTS:KZMYY) from a hold rating to a sell rating in a research report released on Friday, Zacks.com reports.
Several other research analysts have also commented on KZMYY. ValuEngine lowered KAZ MINL PLC/ADR from a hold rating to a sell rating in a research report on Wednesday, October 16th. Credit Suisse Group raised KAZ MINL PLC/ADR from an underperform rating to a neutral rating in a research report on Friday, June 28th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the stock. KAZ MINL PLC/ADR currently has a consensus rating of Hold and an average target price of $5.25.
https://rivertonroll.com/news/2019/10/22/kaz-minl-plc-adr-otcmktskzmyy-stock-rating-lowered-by-zacks-investment-research.html
There's certainly been a large voulme of late trades both buys and sells. Intriguing..
The Nuclear Safety Council (CSN), renewed in March, continues to evaluate Berkeley's request to build the uranium processing plant. Theoretically, the report should be completed before the end of the year. But there is no specific date planned to make the decision, according to sources from the agency.
The National Court has rejected the administrative appeal filed by the association Ecologists in Action of Salamanca against the authorization granted in 2015 by the Secretary of State for Energy to Berkeley Minera Spain to start the uranium mine project in Retortillo (Salamanca).
https://www.lainformacion.com/empresas/justicia-tumba-recurso-ecologistas-uranio-berkeley/6515549/
Very good synopsis by flundra earlier; that's how I read the situation as well. Still no real news, but I'll post what I can find. Looks like FIL may still be selling down looking at some recent trades.
Perhaps a foot-long is being a bit greedy...
It's nice they paid £1 so that shareholders can participate on preferential terms in an IPO for a technically insolvent company. Mr Luke of Vox seems such a nice guy too.
The only way to know if the soup tastes good is to dive in I suppose. I think Linda's just a clever decoy for us middle aged men. I can understand the connection with elongation however...
https://youtu.be/PamLRfujJaM
Following the cessation of discussions with VOX Markets Limited ("VOX") and Align Research Limited ("Align"), the
Directors are considering the future of PCGE and the options available to it.
After carefully considering how to maximize benefit to shareholders PCGE has agreed with VOX preferential rights for
PCGE Shareholders to participate in the VOX IPO. These rights will be available to shareholders on the register at the
close of business on 11th October 2019. As consideration for these rights and the payment of £1 PCGE has released any
and all claims that it may have against VOX for withdrawing from the transaction. PCGE has also assigned to VOX all rights
to sue Align Research Limited for withdrawing from the transaction with PCGE.
PCGE shareholders on the register as at close of business on Friday 11 October will receive correspondence from VOX in
due course.
Professor Michael Mainelli has resigned from the board of PCGE due to a substantial increase in his commitments
elsewhere. The board are grateful for his service and contribution to the Company.
Additionally, First Sentinel Corporate Finance has resigned as Corporate Adviser to the Company. Accordingly, the
Directors have requested that the shares in PCGE be suspended from trading on NEX Exchange immediately. Further
announcements will be made by the Company in due course.
https://www.pcge.com/10-news/157-update-to-the-market-14-october-2019.html
There's been a good rise on high volumes on the Bolsa and to a lesser extent here too. I wonder if it may be to do with The National Court having made its decision in our favour on the administrative appeal filed by Ecologists in Action. Can't find anything to confirm this, but maybe "El Blog de Jesus" gives us some insight here. Probably best to not read too much into the claims against the state though IMHO.
Paul, please feel free to improve on the google translation. Hope the lessons are going well. Deseándote buena salud y felicidad to all. Broxy.
https://jesusenlared.blogspot.com/
3rd October 2019
"The National Court will imminently publish a ruling that can open the door millionaire claims against the State.
The shadow of the Beaver is elongated and hangs over another controversial project related to energy: the exploitation of a uranium mine in Salamanca that has been promoting the Australian group Berkeley for ten years . The National Court is about to make its decision on the contentious administrative appeal filed by Equo and Ecologists in Action in 2016 against the prior authorization of installation granted by the Ministry of Industry to the project on September 17, 2015. Then José Manuel Soria (PP) was in charge of the department as Minister and Alberto Nadal as Secretary of State for Energy. In the event that the Hearing fails in favor of the appellants, Berkeley could claim millionaire amounts to the Spanish State as has happened in the case of the closure of the Castor gas warehouse."
There must be some significance with Dwight Mighty coming back on board with regard to the RTO. I've had a look at his involvements on Companies House (CH) and note that he has a company called Modwena Sports Advisors Ltd . It's a fit for the RTO tax losses scenario, possibly.
This company has a negative balance sheet (no money); maybe he has intentions to float this company on AIM? He may be viewing an RTO which would be worth c. £6.128m to the new company against future profits.
The other companies he has been director of which would fit are in the process of being struck off at CH though. He's been closely involved with CSM, which has Essentially as a brand; perfect fit. CSM is an LLP but there's a possibility that there could be a spin off maybe? He has had close involvements with CSM , so the contacts are certainly there.
He's best known as a financier. What this would mean in an event of an RTO would be admission of the new company and almost certainly a placing to raise funds. Floating on AIM allows access to equity finance that's not generally available otherwise, so placings would normally be the first step. I also note that the articles of HNG/TLA were changed on 9 July through the removal of pre-emption rights. This means that the HNG can place below the current 2p par value of the shares.
It would be good to hear any other opinions on this.
https://essentiallygroup.com/
https://www.csm.com/capabilities/brands
Disclosure: I'm a former shareholder with TLA, sold out Jan 2017.
Others may be Hy-Pro International or Saracens with the NW link, but I don't think any meet the criteria... That's my guessing over! If these were feasible RTO opportunities, would something not have happened by now?
https://beta.companieshouse.gov.uk/company/02724532/filing-history
https://beta.companieshouse.gov.uk/company/03110665
Are you thinking of the Foundation for Leadership Through Sport, which has Nigel Wray as director?
https://beta.companieshouse.gov.uk/company/07309852
Apologies to all for a significant mistake in my post last night. Tax losses available are £32,254,000 after the sale of the Australian business, which alters the position considerably.
The caveat is that these losses can only be used in an RTO which involves a business in the same trade as TLA/ HNG. In other words, holders here are looking for an RTO with a non-listed sports events/ management business. An RTO into a different type of business will result in the losses being unusable.
Best of luck, and please accept my apologies again.
Tax losses per the last financial statements as at June stood at $54,902,000.
This would be a very useful sum to carry forward to set against future profits indeed, but the rules clearly state that the losses can only be used against future profits of the same trade. As HNG is no longer a trading company, but purely a cash shell, I would think that the carried forward losses will not apply here unfortunately. They would most likely be utilised by the subsidiaries which have been sold off. There was no entry for carried forward losses in the proforma balance sheet after the sale of the Australian business.
The value here will probably rest with providing access to AIM for a reduced cost in an RTO.
https://www.gov.uk/guidance/carry-forward-corporation-tax-losses
Hi Kitlow, they can't place as things stand as the par value of the shares is 2p, which is below the current SP. They would need to call an egm to alter the Articles of the company to facilitate a placing.
Hi Giovs, it means that the company has assets of £514,000 rather than a cash balance of $2.3m as posted by others here. This $2.3m figure was taken from the statements in June and does not take into account the sale of the Australian business, settlement of debts etc.
What holders must be looking for here is a swift reverse takeover and that the position as it is does not drag on for several months. The RNS states that the company has been left with enough funds to meet their financial liabilities for 12 months, that's all.
One plus, and it's a big plus, is that the main shareholders, eg Nigel Wray, are very well connected in the business world, so an RTO is by no means out of the question. The gamble is whether this will indeed happen and if current shareholders will retain value if and when there is an RTO.
Hi Billthebank, the figures that most accurately give you the cash position for the company are those in the Proforma balance sheet in the RNS, which reflect the position after the sale of the Australian business. This occurred after the period end in June.
A pro forma balance sheet summarizes the projected future status of a company after a planned transaction, based on the current financial statements.
Trade and other receivables: £72,000
Bank and Cash: £616,000
Trade Payables: £174,000
Net Assets: £514,000
FYI:
Proforma after sale of Australian business:
Trade and other receivables: £72,000
Bank and Cash: £616,000
Trade Payables: £174,000
Net Assets: £514,000
"Following the sale of the Australian business the arrangements agreed with the Group's lender to settle the borrowings leave the Group with sufficient financial resources to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements".
"The Company has 12 months from the date of the sale of the Australian business to complete a reverse takeover, during which period the board intends to keep costs to a minimum in order to preserve cash. If it is not possible to complete a reverse takeover or should funds not be available to sustain the company during the foreseeable future, the going concern position of the Company would be at risk".