Member Info for buried_treasure

If you hold this junk, and as I can see from your posting history it's the sort of rubbish you would buy, both of us.

Consider it a public service. My penance for many years in the City earning a good living off mugs like you. Now retired, I like to give something back.

Did you also notice per note 20 the Leinster sale has NOT completed, is still conditional, and largely out of TM's hands?

Where to start with that pile of merde?

An absolute train crash of a balance sheet, as bad as you will ever see on public markets. Current ratio 0.29!!! That alone should ensure this never trades again until assurances can be given that the financial position is stabilised. By the company’s own admission, the FRC are all over their accounting policies and we know the FCA did not approve the RTO prospectus. The actions of the directors are rightly being very closely watched.

There is little (some would say zero) chance of Recyclus raising fresh equity to pay TM PLC the £7M+ it owes. No funder, except a very stupid one, is going to put in new money for old to that level. The directors judge Recyclus able to repay the loan, hence no write-down at the TM PLC level. I hope they have been well advised as that decision may come back to haunt them personally if this does unravel in the next year.

Recyclus revenue £547K for the full year! That’s less that PLC director fees! What have they been doing?!? Those assets look prime for prepack to a clean entity and trading under new management. I doubt still that they can ever be got to commercial volumes given that Recyclus lost £2.8M on revenue of £0.5M. At least six times current revenue to cover the current costs? No chance.

Note 24 tells you solvency of TM PLC hangs by a thread, and only at the forbearance of Atlas. The company is in breach of the death spiral covenants, but Atlas have waived “for a year and a day” to help with going concern assessment.

Operationally, the company’s share of Idaho is down to 20% and South Dakota has been allowed to lapse. Cameroon is very early stage. The Spain licence expires next year, will the company have resources to renew it?

28 February becomes the crucial day. If the stampede for the exit at CRML leads to the company realising less than its £3.1M estimate for its holding, it's game over. Even if it does manage to limp on, it will still be very much on borrowed time.

There has to be some question as to whether the debt will need to take a haircut. That being the case, the equity is totally worthless.

If this ever does come out of suspension it is for financial masochists only.

Https://www.pwc.com/ke/en/blog/ethiopian-birr-devaluation.html

Good luck with any ESX investments tied to ETB.

The sudden sharp devaluation in the summer adds enormous risk of a repeat and has put corruption in the country on steroids.

PwC's view :

https://www.pwc.com/ke/en/blog/ethiopian-birr-devaluation.html#:~:text=One%20immediate%20consequence%20was%20the,devaluation%20in%20just%2010%20days

A feature on Sunday Roast is a sell signal, not a buy - the 12 tips for 2024 have been absolutely disastrous. They are often paid in shares by desperate companies.

"The official launch date will be announced soon."

If Adams is involved, you can expect "soon" to be some time in 2031.

"I have not sold, therefore have lost nothing."

IQ of a housebrick. And a stock promoter's dream.

What it says is that Ethiopia is a dangerous place to speak your mind.

Point of order Rob.

KEFI are not exiting Saudi to concentrate on Ethiopia.

KEFI are exiting Saudi because they have consistently failed to raise the finance to be able to stand their corner in Saudi.

Wrong on a number of counts.

But if you have to ask questions on what is a straightforward capital reconstruction, I doubt you would understand the reasons why you're wrong even if I explained them to you.

Which I'm not that inclined to do anyway as you have already insulted me in the last 24 hours.

Love, rusty dubloon

PS I would put your scalp on my belt, but it seems Robin and Alex already have it on theirs.

To "see any money out of this" first it will have to come out of suspension. Personally, I reckon with the FCA and other authorities now ALL OVER this, the chances of PKF Littlejohn signing an audit report become more remote with each passing day.

This is a zombie company. All that remains is for a scheme to be constructed so the listed company's assets, such as they are, pass to new ownership for the forgiveness of debt.

The hollowed out shell could sit suspended for years. If you need a demonstration of that, look at Worthington (LSE:WRN)

Dusty, your holding of shares with a right to a dividend and a vote won't change. It will not be halved. It is a purely legal construction to get them out of the snooker they played themselves into by destroying the company's value to the point where they could not issue new shares below par.

It facilitates Atlas converting and the company issuing shares at below the current 0.1p par value.

It is a fundamental tenet of English company law that shares cannot be issued at a discount to par because it compromises the age old concept of maintaining capital for the protection of creditors.

They tried to issue shares to Atlas at a discount before and were forced to correct this by the lawyers, hence the second RNS and why Atlas now have a holding rather than having forward sold the conversion, as before.

Par value is one tenth of a penny. After the AGM it will be one one-thousandth of a penny. It is effectively a 100 to 1 share consolidation to allow them to issue shares all the way down to that new par value.

I'm still chuckling over the fact that Mr and Mrs Smallwood, given of a son, alighted on the name Randy.

And he said that last year, and the year before that, and...

Can-kicker extraordinare.

E.g. from Caterham7, almost a year ago (9 December 2023)

"That’s a very positive read Rob - thanks for posting.

The naysayers will be along shortly to pick holes in HAA and the article.

I don’t see how HAA can put all those specifics in print, in a wide circulation journal, unless it was all systems go."

Well, guess what. You're still waiting, and in the interim Adams and his board have enriched themselves by a 7 figure sum of YOUR money.

Fascinating.

How many ounces of gold, or indeed copper, has Kefi actually produced in its 18 year history?

I'll give you a clue. It's a big round number.

You've been one of the worst rampers of this trash for years and you've cost people fortunes. I'd pipe down if I were you, mate.

"Doh thats the idea"

What, that topco shareholders get shafted? You've spammed the board for years but never spoke truer words Rob.

KME proposed listing on the new Ethiopian exchange is the local subsidiary.

It is NOT a dual listing for the UK PLC, but will set UK shareholders up for a shafting via dilution and other chicanery (assets in one place, liabilities in another, etc.).