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The funding is conditional on getting Export Credit Agency backing.
Can anyone confirm this is now in place?
With DLG Final Results due out on the 21st March, Adam Winslow has a few really tricky decisions to make.
Any incoming CEO will want to get all the skeletons out of the cupboard, declare any lingering bad news, and start the new leadership with a clean sheet.
In doing so he will be treading a fine line between doing so and not presenting the company in too bad a light to put off existing shareholders.
If he sways on the side of positivity he risks encouraging Ageas with a takeover.
Ageas ( and maybe other potential bidders) will be looking on with interest to see how the results might impact on a possible firm offer.
Lets hope he gets it right.
Does anyone know who the Export Credit Agency involved in the funding is?
Is it Governmental and if so is it Angolan or UK, or is it private?
Also is the Agency involved providing funding, tax credits or some form of insurance/ guarantees to the loans?
It sounds like negotiations are at an advanced stage, so hopefully not too long to wait.
Your analysis of the trading on Thursday was really interesting.
You say that news of funding would come out over a weekend for obvious reasons- can you explain your reasoning for this view. Surely any announcement would come out within a RNS in the normal way.
What puzzles me is that in yesterdays trading there were more shares bought than sold and yet the SP dropped 11%.
I know sometimes buys are actually sells, but there is no obvious explanation for the drop.
No doubt the Rare Earth prices fixed low by China are to discourage new entrants, but selling at cost is crazy with the upcoming deficit.
I agree Robbie. Paul was even more upbeat and confident than he usually is, and that is saying something!
Announcement on funding coming very soon.
If Pensana had failed the technical or financial due diligence ABSA would have advised them and they would then have to let shareholders know this price sensitive information.
PA stated at the AGM that we could expect an announcement on the Term Sheet shortly, so hopefully that will be the next release of information.
Is anyone out there attending the AGM tomorrow to ask the critical questions about the progress on the funding, and the timeline going forward?
Over two hours of trading and not a single buy or sell. This must be some sort of record.
I guess we are all waiting patiently for news from South Africa.
This mornings RNS advises PA bought nearly half a million shares last week for £120,000+.
He must have a high confidence the anticipated funding from ABSA will be announced shortly.
Hopefully good news soon.
It is all very quiet on here.
The SP has risen 27% in the last 2 days.
Does anyone know what is going on other than some encouraging results from small samples at Coola?
Good to see the steady rise in the SP after the completion of the short selling issues.
Also positive news of PA putting more of his own cash into the business.
It will be interesting to see where the price gets to in the short to medium term awaiting confirmation of the Longonjo bank arrangement with ABSA.
With Saltend on the back burner for the moment until the Bond Markets return to normal we are really back to where we were in Sep 2020 with just the mine in Angola.
At that time the SP was in the range of 70-90p and that was with no clear path to funding and more risks in the venture that there are now.
So maybe £1 plus is not unreasonably giving a 4x bagger from here and more to come with a funding announcement.
So glad I ignored the sad downrampers and averaged down while the SP was such a snip.
GLA.
I would rather trust my own judgement than that of someone who is only interested in talking the price down.
Your motives are well known.
A lot of others buying at this price.
Pensana have cash in the bank and promise of more to come. Funding from ABSA just awaiting DD formality to get full construction going at Longonjo.
Feel sorry for those selling at this price.
Current share price is the best opportunity and have just had another top up to average down.
RNS issued after market closed in London.
Longonjo Funding secured in stage arrangements.
Looking forward to market reaction in the morning.
Thanks Mumbles & SP.
That seems a sensible way forward to get on with Longonjo with the Bond Markets more or less closed.
Getting closer to some income would also boost confidence when bonds become easier.
What ever happened to any funds from the ATF?
Has anyone got any update on funding from yesterdays GM, or PA's presentation at last nights Institute of Materials, Minerals & Mining conference?
Did anyone on this board attend?
Some info would be useful rather than the sad down ramping here.
Hi Tony,
This link does not work.
Can you repost so we can have a look at it please.
Rare Earther- you are the idiot if you think that any SI is going to be influenced by any rumours going around.
Chat boards are there for all to contribute on ---------with chat!
By the way your spelling is atrocious.
Rare Earther-I will ignore you calling me an idiot without any justification.
If you understood what "on the grapevine" means, you would realise that I am only passing on rumour which is in the public domain on other BBs and my own predictions. I suggest you look it up in the dictionary.
Whether there is any truth in this only time will tell.
Also Glencore have also been mentioned, though I suspect they have bigger fish to fry.