Member Info for Chatmandu

"How much is JLP worth after the sale?"

That's the ultimate question, isn't it.

The market is currently valuing the rump business at only $28 million ($118 million minus $90 PGM).

I'm still very uncertain as to how the market will value the IOU from the newly incorporated One Chrome.

1) Will it be valued the same as cash?

2) Will the full deal value ($90 million) be attributed to the business immediately despite the phased payment?

I think I'm going to vote for the deal on the basis that:

1) Leon might consider a No vote as a vote for massive dilution.

2) The new FD appears to be bringing some discipline to the operations - e.g. actually surveying before mining, etc.

I'd like to make it clear that I think this is Hobson's Choice and we've been brought to the situation by Leon's mismanagement.

I'm wondering if he's got a raging case of ADHD - it would explain a lot. I'm certainly not against somebody with ADHD in a senior position, but a strong FD would be essential to reign in impulsive behaviour/decisions.

I bought at 19p and didn't sell, so you've certainly done a lot better than me.

An example of doing things properly is fully surveying the area before you start mining. You know, basic stuff like that.

I can easily believe it can take over a year to accurately map a large mining area - e.g. a large coal field in Australia. The companies involved are massive multinationals and have the budget and timescales to do things properly.

I doubt it will take that long for smaller operations, such as Project M.

AJ Bell and other providers said they were prevented from alerting people due to email notification preferences. If people had signed up to only corporate action notifications, they couldn't be alerted to shareholder votes that weren't technically corporate actions.

Is this vote a corporate action?

Just to add, some ITs that I hold with AJ Bell were recently subject to shareholder votes. I read about it in the press and wasn't initially alerted by AJ Bell. When I logged into my account there was nothing in the Corporate Actions section. There is another 'voting' section which contained the voting forms.

It was apparently due to a technicality regarding the nature of the vote.

Mine are held within an Interactive Investor SIPP and I have the voting form available in my account.

The circular states that institutional investors comprising 30% of the share capital support the sale.

Why were they privy to the information prior to the sale? Isn't that privileged/insider market data?

Do they have to agree not to trade in order to receive it?

There are multiple references to their 'disciplined approach to capital allocation'. I think that's been missing at JLP. Maybe the new FD will get things on track for JLP.

I presume they drill in a grid at set intervals - e.g. every 100m, so a 1km2 plot would have 11x11 = 121 bore holes.

@HappyDays

The are so many red flags.

We're now in a situation where a no vote could result in huge dilution and a ticking time bomb for the chrome feedstock.

A yes vote will leave us fully committed to Zambia which has consistently failed to deliver any meaningful profits. Our CEO has repeatedly made claims such as 'Project M will be running at full capacity by June or July and will be producing 8 to 9 thousand tonnes of copper (....) extract'. Now it's producing nothing at all and we're doing a full industry standard survey.

Why wasn't an industry standard survey completed immediately before mining commenced? Why are we doing one now?

Is this more smoke and mirrors? Project M is currently Schroedinger's Pit. The information vacuum invites investors to speculate that it's a massive resource that will be declared to the market to achieve a big uplift in share price. What if it's the opposite and the official survey shows it to be uneconomical / write down?

The Zambian operations just seem to be too secretive and reality never matches up with Leon's public optimism.

Agreed.

GotCrabs also keeps posting AI content as his own.

I think AI can be useful, but it needs to be clearly flagged.

@Nevertogiveup

That's certainly made me laugh.

Quite a few people have stated that they're holding several million shares in JLP. Presumably these were bought for (considerably?) more than the current share price and were quite sizable investments.

If you don't mind me asking, what percentage of your portfolio is held in JLP? Is this a small punt in a large portfolio (already 'rich') or have you invested heavily in an attempt to 'get rich'?

I'm planning to buy another two or three hundred thousand if the price stays below 3p.

I'm toying with buying a million, but I have major trust issues with Leon. The share price is so low, it's seductive - i.e. the share price is so close to 0 pence, that it seems there isn't much room for downwards movements.

That, of course, is nonsense. It's all about percentages and the share price rising to 6p is actually a 100% gain. Falling to 2p is a 33% loss.

But, what if I don't buy a million and the share price goes bonkers?

I've bought another 100k in an attempt to average down my purchase price.

I'm now holding 200k.

I think my average purchase price is now around 7p.

@Kalan

Thanks for sharing your knowledge.

Is it unusual to be completing the drilling survey such a long time after purchasing?

@Happydays

It does seem odd - especially with mention of the results being reviewed by a 'competent person'.

"Munkoyo open pit operation's drilling program has commenced with the initial 8 drill holes completed in partnership with an established mining and exploration company. Drilling results are being reviewed by a competent person and the results will be released in due course."

@Northern

At the risk of being accused of x,y,z by GotCrabs and his merry band, do you think there's any risk that we've actually bought a dud and that drilling hasn't matched up with what was expected?

@gotcrabs

"another poster appearing with a new account today bemoaning their "fate".... odd how so many of the newbies can't write english ...."

harmprof referred to jbl which is the south african ticker.

you're now casually throwing around bigoted (******?) insults relating to non-uk users' english.

why don't you just **** off?

@GoingGoingGone

"Share price says different"

JLP closed slightly down @ 3.05p.