Member Info for CarefreeCarry

No Spaghettihoops, sell up and buy some shares in the companies that you want MTL to be like and then you can go and spam those board with your lack of research, comprehension, etc, etc and etc.

reapwhatusow - Congrats on starting a thread that isn't just titled Mtl.

$114.2m

Have some posts been deleted? I haven't seen any scary posts today. Spaghettihoops has further revealed his ineptitude with his rambling posts but not even Donald Trump and his whacko supporters take him seriously.

davidsmith49a - It was pointed this out on this board only last month but maybe it was too relevant to MTL to be significant. The tax holiday is a five year recovery period from the commencement of commercial production. Commercial production started July 2017 according to the MTL website. If MTL has recovered its pre-operating expenses and investment before the five years then the tax holiday finishes at that point. It was agreed in the FTAA that was entered into on 19th September 2009, just over 11 and a half years ago. Here's the link to the RNS - https://www.lse.co.uk/rns/MTL/ftaa-approval-e2ed14cldfwhmzd.html - The FTAA lasts for 25 years with the option to extend for a further 25 years. It is a contract between the Philippine Government and MTL.

As ever DYOR or even DSR ;-D

As always DYOR.

CV7Blue - The additional independent directors were first mentioned in the 8th September RNS. Why wait until now to complain about them?

CV7Blue - All spare cash is going to the two main shareholders in debt repayments. There is no extra cash.

The Candy's only own 65% of the company.

More good news from MTL. The company has improved it's corporate governance with these appointments and the execs will eventually be rewarded with some shares!!!
I do hope they don't then just sit around watching the SP all day like Spaghettihoops ;-D

Spaghettihoops - Anyone with eyes can see what the SP is doing. Nobody on this board is dumb enough need that, which can be clearly seen, pointing out to them.

reapwhatusow - The FTAA, signed in 2009, lasts for 25 years with the option to extend for a further 25 years. It is a contract between the Philippine Government and MTL. Very little risk of the license being revoked.

KingSuarez - Here's the link to the RNS.
https://www.lse.co.uk/rns/MTL/ftaa-approval-e2ed14cldfwhmzd.html
It was discussed on this board at the beginning of the month. Some kind soul also provided the link to the actual signed FTAA agreement.
As ever DYOR or even DSR ;-D

50% of net mining revenue will be paid in tax to Philippine Government when the recovery period ends.

maqsood7 - Yes, MTL are moving in the right direction. Recovery rates are still improving. The several weeks explosives ban , the COVID situation and the illegal miners are out of MTL's control but the team still managed to produce a high level of gold despite these hindrances. The forecast indicates that there will be less production per quarter for the remainder of the year but there is now money available to improve the plant and progress the mining plan and to continue to make debt repayments.

reapwhatusow - The refinance agreement reduced the interest rate on the Mezzanine facility and it will reduce once more when the Senior facility is repaid. The $3m debt repayment was made after the 31st March 2021 so interest bearing liabilities now stand at $117.5. The $12.3m Q1 2021 debt payment included the $7.3m payment that was made post Q4 2020.
Are you aware of the amount of tax that will be paid when the recovery period ends?

reapwhatusow - The two main shareholders are currently seeing $3.5m in interest added to the debt pile each quarter as well as receiving the debt repayments each quarter ($23.3m since the refinance agreement). The interest rates, previously, were 5% higher on the Mezzanine facility so they have reduced there and will further reduce to 7% when the Senior facility is cleared. If you think the interest rate are high have you not seen the tax rates that MTL will be paying? How are they costing themselves money with the low MC? They are not going to sell their cash cow so the MC doesn't matter to them.

Supertag - So don't watch it then. It's not like watching the SP will affect it anyway. If anyone has bought shares to trade, ooops but then that's the gamble. If anyone has bought shares to hold and wait for dividend returns then great news, the debt is being paid off and the shares are dirt cheap currently and looking to get even cheaper if you want to buy more.

The Navigator - "given his intimate insight on it's future" suggests inside knowledge so it puts the CEO in a difficult position. He may well be allowed to purchase shares but could then face accusations of insider knowledge. The risk of being accused of insider trading usually keeps people from buying and selling stock when there is a suggestion of insider trading. It endangers the stock generally and even if you win the battle, you still have to fight it out. The previous two director buys didn't help the SP.
Lee - If want a copy of the spreadsheet then ask Les for my email and I'll send it to you.

Lee - I've reduced the remaining quarterly debt repayments to $13m and that puts MTL making the final payment during Q4 2023 (previously it was Q3 2023 on $15m repayments per quarter)

Lee - I've reduced the payment figures to reflect the lower grades for the next 4 quarters ($11m per quarter) and we should be on track to clear the Senior facility in Q2 2022.

Manjung - The interest is accruing daily and compounding quarterly.

Lee - The Mezzanine facility was $65m at the time of the refinance (RNS Sept 11th 2020) Two quarters of interest compounded makes Mezzanine facility approx $69.7m at end of Q1 2021. All debt payments are currently to the Senior facility which I have now standing at approx $47.9m. My spreadsheet is $0.1m out because today's RNS has revealed that MTL can make more than one debt repayment per quarter (the Finance agreement stipulated one per quarter) so I can no longer calculate the interest accurately as we are not told when the additional payments are made which affects the interest accrued in each quarter.

maqsood7 - The last update took the SP to 2.4p which is nearer to 2p than 3p.

Can we have our next P&D poster please?