Member Info for cholseyn

Well if that wa sthe cas wh

Well if that was the case, why aren't the Kodal accounts available now? Until KMUK accounts are signed off they can change so it will be up to Kodal auditors to decide if they can sign off Kodal accounts not knowing what the final results in KMUK will be. Kodal auditors know of the arbitration and may be able to take a "worst possible view" to get the Kodal accounts completed.

I think this is a bit more complicated than the RNS is stating. It is the board of KMUK that will sign off the KMUK accounts incorporating the results from the subsidiary LMLB. Who controls the Board of KMUK? It is Hainan. So the timing of the signing off of KMUK accounts will be decided by Hainan. A further complication is the appointment of new auditors to KMUK and they will want time to do all their work on a new client. I am also convinced that the KMUK accounts will include a restatement of previous years results to account for the transaction in arbitration as Hainan want it. Can Kodal conclude their accounts without the KMUK accounts being signed off? I don't think the auditors of Kodal will go along with that so although the Board is optimistic that all can be done in time before 30 June there are complications. I think that the Board of Kodal will not like the accounts of KMUK when completed but until arbitration has been completed there is not much they can do. This in my view will be a test of Bernard's statement that apart from the arbitration everything is good between the parties. If Kodal accounts can not be signed off before 30 June and suspension follows then it is an indication that Bernard's statement may need revising.

Totally agree. The best companies under promise and over deliver, if IQE have. Prospects here are so good there is no need to wait to get aboard for a sustained run.

Bfd you proclaimed to be an expert in ALL before the takeover but never saw it coming which I can now see was pretty obvious. I agree the share price of ALL was higher than expected prior to the takeover and the premium was only 26% so that implies investors could see that coming. If there is any prospect of a takeover of Kod I think you will see it in the share price first. Some shareholders write that the results will contain a nice surprise and the share price will rocket up. I am doubtful as Bernard has informed us of the proceeds and there is an ancient AISC but no recent news on costs. Maybe the market is anticipating worse news on the costs so when revealed there could be an uplift? Meanwhile your attempts to blame the market reminds me of King Canute reportedly trying to stop the tide.

Yes but already priced in Lav. Shareholders are desperate for new good news RNS.

Except you won't see any of these figures in the accounts. As it is a 49% holding the Kodal accounts are not on a consolidated basis but an investment basis. All you will see from the accounts is the Kodal valuation of its shareholding in KMUK, which holds the mining company LMLB. When the finance deal was done Hainan paid $100m for its 51% and Kodal transferred the mine so you would think total about $200m, say £150m and Kodal's ownership about £75m. What value was the investment at 31 March 2025 in the Kodal accounts? £21.4m. Now producing, I am hoping this increases but think the asset will be based on accounting values rather than Kodal's board opinion. Bernard may well provide the mining costs and profits separately.

Yes but the benefits of AIM is to be able to raise capital for profitable projects. With the increase in gold price it is surprising there has not been any action here. Usually the raising of capital will result in dilution and this is what most AIM companies do and shareholders accept to achieve the bigger picture. However if and I am only speculating, the raising of capital requires consent from Hainan as a substantial shareholder this may not be forthcoming which puts Kod in a bit of a hole. I know others will say Kod is flush with cash but if the arbitration goes the wrong way and I am sceptical whether it will be a level playing pitch then Kod will need all the money it can have.

Badomen you are absolutely right. Don't engage with Bfd he is always wrong. There is something not right here which explains the share price. Not much point harking on about sales of spod when there is no visibility of income to Kod. Only a long term hold or sit on your hands for the time being.

Bfd you are embarrassing yourself. From "Effecting a takeover". "in order for the offer to succeed (that is, for the bidder to acquire control of the target), the bidder needs to achieve any level over 50% of the voting share capital as compared to (broadly) a 75% threshold under a scheme;". I am talking about a contractual offer from a bidder you are referring to an internal statutory, court approved scheme of arrangement. More than 50% shareholding gives the bidder effective control of the company. In practice the bidder would want 90% to effect a full takeover. This would be achieved by including a long stop date which would cancel the offer if 90% votes had not been achieved.

Not sure where Bfd gets his information. Takeover can be achieved by acquiring more than 50% of the voting share capital. So Hainan own 14.5% already and Suay Chin own approx 9% (unless others have more recent info) and we can guess how they will vote so already up to 23.5%. The info I read is that Institutional Investors own 24% and that leaves directors and us mere mortals owning 52.5%. A healthy ownership by individuals but if iis vote for a takeover it only needs 3% out of 52.5% to get past the over 50% mark.

Elcobble refers to Kodal changing auditors but Kodal are the minority shareholders in KMUK so it is more likely that Hainan wanted the change connected with the arbitration. When I saw the arbitration RNS the first thing I checked were the KMUK 2024 accounts and they seem to be in line with Kodal's interpretation of the transaction. I suspect the 2025 accounts will show a "restatement" of 2024 accounts to be in line with Hainan's interpretation. Last year KMUK accounts signed off in August and filed in September, no reason to suppose any difference this year. It is funny that the Auditor's resignation from RSM had the wrong company number on and has been corrected by crossing out. Looks amateurish and surprised that whoever signed off didn't ask for a fresh sheet. Gives the impression they don't care which is not a great impression to give as an auditor. Still no RNS from Kodal so asume there won't be one.

Yes but the counter argument is that Kodal provide RNS updates on the mining company in which they have an effective 32% shareholding so why not on the mining holding company in which they have a 49% shareholding?

A cultured poster on this board. I doff my cap to you, sir (or madam).

Hi Inv. That is the wonderful thing about AIM, every investor has a view. I see this share going one of 2 ways, assuming business as normal a slow burner for a while (at least a year) and then if spod is a good price multiplyng several times or I see Hainan deciding to either buy Kodal's 49% in KMUK or I think easier taking over Kodal and thus acquiring the 49% holding that way. I think the second and if they are going to do that the best time would be when the price is low. If that happens I see the takeover at a 40% premium to the current price but probably disappointing for most shareholders. Takeover would be easier with Board support. The arbitration and the change in auditors I am reading there is friction and Kodal could have got a simple RNS out today so I am reading there are more substantial discussions going on and a bigger RNS next week. This is all IMHO but please do your own research.

Well well well another poster who decides it is best to shoot the messenger. As I raised the auditor resignation at KMUK, I can only assume Donger is referring to me. I find it strange that the auditor resignation is only KMUK and not Kodal which implies Hainan are behind it. I see it as anything but a red flag and have since bought more shares. What I do see is a **** not knowing what he is talking about.

Those are reasons when the auditors initiate the resignation. When the company initiates it is because they feel that they have been let down by the auditors or that the fees charged are too high. Potentially there could be a conflict of interest over the arbitration issue. I am suprised there has been no RNS from Kodal. One argument is that KMUK is not controlled by Kodal so why should they but Bernard issues an RNS with good news on the mining so why not issue on this?

Just bought another 1m at 0.318 as hoping for fireworks.

Just come up at Companies House on KMUK but nothing on Kodal. Looks like Hainan aren't happy with the auditors which are the same auditors as Kodal. Further evidence of friction in my view.

Are Elcobb and Compo the same. Bit of an error there.

Yes but why pay £150m - £200m for 49% of KMUK when a 40% premium on the current market cap of Kodal would only be £90m.