The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Ian_
Well said that man. Although the company may not be able to say anything under NDAs, anyone who has read the Tsingri report and seen gmf78's calcs will have a fair inkling of what's afoot. Voting against any of the resolutions would be (imo) wholly self defeating.
Jambo the 2bn potential is not on the balance sheet as EUA doesn't own the assets, Russia does. EUA has a licence to mine Russia's assets and the licence, as I understand it, with mining companies is on the balance sheet at what it costs. The potential sale price calculation is based on discounted cash flows when in production, evaluated from core samples and the data room, totally disconnected from mcap and share price until someone makes an offer or EUA bring production on stream. It's the 'potential' value of the licence that is the key. Lots of unknowns. The current share price is purely based on known values, current cash flows and company fundamentals.
My (researched) understanding:-
Assets cannot be sold during an FSP, hence FSP has to be shut down.
'Substantially all' as a technical M&A term means that the remaining business has insufficient ability to continue to trade in the primary activity. Roughly 'everything apart from the kitchen sink'. It is used to ensure that any legacy or on-going issues can't come out of the woodwork to affect the purchaser of the assets. Thereby IMO full sale in a wrapper that suits the purchaser. Time will tell.
Saxonaxe ... the context of mine-field was negotiations not the investment. EUA is currently 100% of my holdings and I have full confidence in the BOD. Just for clarity.
The Thomson Reuter article is tagged as correct at 1 July 2019 which postdates the investinrussia.com article (2016). I agree on the likely Russian buyer. The Japanese JV angle looks politically unlikely and IMO the Japanese connection is for 'off-take' otherwise no need for a Eurasia Japan office (key word being office).
Directly from the article:- viz.
"State secrecy of reserves. The following information is subject to Russian state secrecy legislation:
Information regarding reserves of platinum, platinum group metals, silver and natural diamonds in state funds and the Central Bank of Russia.
Information on the "balance reserves" of strategic natural resources (including nickel, cobalt, lithium and certain others).
Information regarding the production of strategic natural resources in the Russian Federation as a whole, in any particular Russian region or regarding any major deposit."
Interesting article and points out the several elephants in the room that make these negotiations extremely complex and, for me, begin to explain the rather cautious current share price not reflecting what is in the ground (which is apparently defined as a federal state secret) and some of the rather bullish full sale prices on here. Notwithstanding the required approval of 'foreign' owners by governmental committee (chaired by the PM), If I read the legislation correctly PGMs must be processed by a state approved company (NN), federal state has first call on purchasing them and if they do not exercise this pre-emptive option then to sell out of Russia needs an export licence. I'm invested here but it's beginning to look more of a mine-field than a mine. I fully expect the 'not happy then sell up brigade' to jump in with the abuse prevalent on this board but in my view these are very relevant points that merit 'adult' discussion. As always DYOR. GLA.
Possibly late reported buys from earlier in the day.
Strange set of after hours trades on the EUA Website under "Latest Trades"
06/05/21 16:39 1,313,702 0.26 26.50 27.50 £3,461.60 Sell
06/05/21 16:39 1,313,702 0.26 26.50 27.50 £3,461.60 Sell
06/05/21 16:38 13,836 27.00 26.50 27.50 £3,735.72 Unknown
06/05/21 16:35 498 27.00 26.50 27.50 £134.46 Unknown
06/05/21 16:33 51,625 27.00 26.50 27.50 £13,938.75 Unknown
06/05/21 16:33 45,224 27.00 26.50 27.50 £12,210.48 Unknown
06/05/21 16:30 1,313,702 26.10 26.50 27.50 £342,849.95 Sell
06/05/21 16:30 1,000,000 25.78 26.50 27.50 £257,760.00 Sell
What is going on???
Thanks for the updates, JT. Quotestream has been down all day so I've had no L2 and flying blind here :(
Sir, I commend you for your integrity and wish you all the best in your new dwelling. Enjoy!
Between 16:00 and 16:05 we dropped over 5% (26.25 - 24.88) on a volume of 284,500 shares traded. If you want evidence of games there it is! Hold for gold. DYOR. GLA.
But it would make the company a more attractive proposition to someone that does want to mine!
EGM not AGM.
Another option to throw out there consistent with all the info we have had in the RNSs to consider that would absolutely require top legal firm and investment bank participation AND the rather oddly timed proposal being voted at the AGM (that would also be in line with the BODs promise to maximise share holder value) would be a plan to take the company from AIM to a full exchange listing (or another exchange). Now that would be another interesting curveball.
Shares not in public hands are defined in AIM rules as those held by (i) the issuer’s directors or their connected persons; (ii) the trustees of any employees’ share scheme or pension fund established for the benefit of the issuer’s directors and employees; (iii) any person with a contractual right to appoint a director to the board of the issuer; or (iv) a person (together with their affiliates) who holds more than 5% of the shares of the issuer.
Known in the trade as a fat finger trade. Simply a mistype, cancelled and re-enter. Happened on Barclays this morning and triggered a price monitoring extension. Whoops.
My informed guess would be computers and sophisticated algorithms backed by machine learning keeping the price averaged down and hoovering up any loose stock. Hedge funds can afford to play a waiting game, can borrow stock and play with direct access. Everyone, especially the technologically sophisticated professionals, now have their eye on what looks to be an eye-watering prize forthcoming.
I wish they would do away with trying to differentiate 'buys' and 'sells' there are only ever in fact 'transactions' and 'volume' as apart from uncrossing trades there are always two parties to a transaction, one a buyer and one a seller.
It's simply being held down because a large position somewhere is being offloaded at 100k shares throughout the day, every day and it's been going on for weeks. No MM skullduggery as volume is consistent with sp movement.