RE: Feedback .25 Aug 2020 11:09
@Cbax - I started here not so long ago. Few months back. Before that the share price was at 3p. It had a rise to around 9p-12p and a placing was made. It hovered around that region 8 to 11p (spikes usually) for around 2 months, during which time the JRP for Amapa was being contested in the courts and shipping of iron to pay for small creditors etc was due. This hasn't really materialised now though now we know the reasons.
Also the courts have now firmly ruled on the JRP plan from 2019 should be upheld (there were a contest on court from Jindal Group - They previously were trying to revive the mine but didn't show any progress and courts took the mjne back, and from one of the banks claiming they were unfairly treated which was rejected around a month ago by courts). At this stage I have stopped following the courts news. I think i should check back to see if anything has happened.
But the courts are keen to get the ball rolling. Also part of the court ruling on the appeal by the bank informed us that the secured bank creditors have now given a counter proposal (they had been dragging their heels for well.over an year) and now we know that we have agreed to the main points and counter countrr proposed some (usually how these things work no?).
So for me, I was excited prior to placing because, there has always been a lot of interest from traders on KDNC. If you look at the numbers, you can see why amapa gets so much enthusiasm from the regulars here. It was once valued at 600 million by Anglo. I also saw that in Jindal's books 30% interest was valued at over 200 million. As you can see, that would mean multiple of the current valuation, after we take into account all the dues.
I was hoping that the SP raises to 20s and when the news comes, there is a large spike (that seems to be the way of AIM from following the trends) then a consolidation.
But the placing has pulled back this momentum. But there was always the 12p CLN. I remember the last time the CLN was executed, the share prices struggled to break the 12p ceiling. This is why I thought it would be better to pay off the CLN.
But I am still hopeful but a lot of this depends on news flow. For me holding 20% of amapa would be more significant than the first shipping as upto 10$ million dollars will go straight to the courts to settle debt.
Overall I am still hopeful, although my expectations for the share price has gone down slightly..but still it is only 10% more shares approximately and I do value KDNC higher. Long term, if what is said happens then this could look like a huge bargain. But of course, dilutions will happen, but here is hoping they add value.
I understand why a lot of others feel a bigger feeling of disappointment than me because they have been through a lot more of this than me. But always hope...and hopefully more happy faces.
Also my friend maddog says I will be smiling soon.
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