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My suggestion is that when AMC was conceived, the lawyers who set up the corporate strucutre did so in a way to make the asset itself easier to buy in a transaction with a Russian entity. Cyprus has a Russian friendly business environment. I can't conceive of why else they would set it up like this.
The Company is the 100% owner of Irosta Trading Limited ("Irosta"), an investment holding company incorporated and registered in Cyprus. Irosta holds 100% of the shares in ZAO Kun-Manie ("Kun-Manie"), an exploration and mining company incorporated and registered in Russia, which holds the Group's mineral licences.
Are there any sanctions that would prevent a Russian firm buying AMC outright - the same AMC that owns Irosta? I’m not familiar with existing sanctions but it may be that whoever os tabling the bud wants to buy Irosta as it’s Cypriot listed and likely not under the same compliance regime as say AIM/LSE. If it’s a Russian entity and the sure precluded from buying AMC they’d go for Irosta.
This would mean that entity would be different from Euroclear, as the same sanctions issue would apply with Euroclear. I’ll put my tin foil hat away now.
well spotted Nolo.
Still, I wonder who can transact in individual sizes in that volume.
Is the Euroclear account selling - and if so - why? Just a thought. Those trade sizes (150k) are enormous.
I'd very much like to think so TDT and Geng.
Billyboy! It's been ages bud!
Keeping well and hope you are as well.
Indeed my friend - it's nice to get some interest nonetheless, hope some more materialises!
Best
CBS
yes Manuel my thoughts too. I actually think we're not trading at the proposed asset sale price because:
1.) the market doesnt believe that we are going to bite for it
2.) because it undervalues vs the nickel narrative at the moment
3.) that the proposed sale is not enough of an incentive to management
What we really need is a second bid to materialise.
it's in these situations you're thankful that your BOD has a lot at stake by having a large share ownserhship...
...
...
oh, wait...
Brilliant stuff - thank you TDT
Paste the link into www.archive.today
TDT - how can you tell they originated in the EU? I can’t tell myself.
TIA
CBS
another clunker reported after hours: 16:46:00 3.905 2,800,000 109.34k
I've a feeling Oracle it was written to do just that.
Imagine bidder 2: "They're considering around £100m? Hell...we'll go in with ££125m"
Bidder 1: "ah. Okay. Let's get ours to £150m"
and so on.
Again I can't see RY stepping away from this for ~£400k for his shares (hes got roughly 6m) at 7p.
Same goes for Tom Bowens - I'd think he would want more.
Ni is red hot at the moment and the narrative behind it is strong.
the TEO has not yet been approved by the GKZ.
Yes, it would appear that Western bidders won't be making an appearance, but i'm reminded that RY has stated in the past his pitches have been mostly to those in the East (China, Korea and so on).
Might we see Jinchuan get involved? Or would they rather leave this asset on the table and let someone else acquire, develop and sell them feedstock?
We have money in the bank and a slimmed down operation. Ni stocks continue to fall and the price reacts accordingly: is it any surprise that a bid has come out - hopefully the first of more - as the Ni price environment changes?
This will now be reported across various financial media from today/tomorrow.
One of the largest remaining undeveloped ni sulphide deposits in the world. Prior to today there was a £0 bid, from today there is a £100m bid. Could be wrong, but I don't thing it ends there.
oh, and one more thing: during that time period we also got the mining license ;)
Dilution is never fun, but given the progress over time it actually does appear to be value for money.
you're most welcome Oracle
To be clear yes there has been dilution, however that needs to be compared with progress.
as of 28 August 2014 the size of the resource amounted to 219,100 tons of Nickel at an avg grade of .58, and 58,100 tons of Nickel at an avg grade of .15. At this time there were around 430m shares in issue
8 years later
As of today and referencing the 28 Aug 2021 TEO update: the size of the resource is 1,150,000 tons Nickel at an avg grade of .77, and 320,000 tons Copper at an average grade of .21. Today there are 1.38bn shares in issue.
The size of the resource has increased roughly 5.3 times over that period in time and grade has improved. The shares in issue over that period 3.17 times.
agreed Nolo. Where would that put RY's comp on his holdings...not sure about what options he holds but he has soemthing like ~6m shares. I wouldn't think hes going to want to walk away from a 20 year project with just £420k for all hes put into this.
Indeed Gaz. Interesting however that this offer comes about before the TEO has been finalised by the GKZ. Are these guys just trying to get an early bid and try their luck? Could well be that another interested party steps in soon.