Member Info for Cranleigh

I’d be pretty unhappy with a 5% royalty to ADM for anything more than a few years, especially as the contingency sum may not turn out to be needed, or may be only partially needed.

It would be preferable IMHO for shareholders that we paid, in some way, a “fee” for the commitment while it is needed, plus “interest” on actual drawings until they are repaid.

And in the industries I’ve worked in (remote from mining and fertilisers) exclusivity tended to be valued at 2-5%....for what that thought is worth.

SL I think you are broadening the definition of “fake news” somewhat.

Both are uncorroborated by independent sources, but both came from the very highest levels within the company for whose integrity I have faith - one in a public forum with recording equipment, another personally to a member on here whom I have no reason whatever, based on his contributions over the years, to doubt!

My faulty memory - it was 18,000 shareholders in Yorkshire per RS - 20:43 into the YouTube video of a 25 July 2018 round table on London’s potential for mining finance, investment and deal-making.

https://www.google.com/url?sa=t&source=web&cd=1&ved=0ahUKEwjAk9KqpOHfAhUvvFkKHTqcAW4Qo7QBCAkwAA&url=https%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3D17au-_uckYE&usg=AOvVaw3FRmXFhQ237ehOpw9A6c-S

To that II total you should add the 95m shares recently issued to its owners for our stake in Cibra, before arriving at a PI total.

But that won’t change the picture of a company predominantly held - pending Stage 2, and hopefully for a good while to come - by PIs. That way when IIs want to build stakes, there will only be existing holders, Gina and CB converters to buy them from....

Morningstar, who look to me me to give pretty reliable data that is quite consistent over time, report that the top 20 Institutions hold a combined 23.36% of our shares. As number 20 owns only 1.9m, that must be pretty much it for IIs.

Reuter’s estimate of II holdings is close to that total figure too.

Both sources appear to exclude nominees used by PIs (eg Hargreaves Lansdown).

I seem to recall our Chairman saying that we had something like 30K PIs in Yorkshire alone....what would tthe total be worldwide is anyone’s guess. Mine is towards 100K.

Thank you Casa

Wakey wakey, Casapinos.

Read your own posts - you inflict them on the rest of us for our education and “benefit”!

Casapinos, SXX hold no shares in treasury.

Surprised such an informed, experienced (much more so than the rest of us thickos) Investor as yourself should state that they do.

They just have, like most listed companies, shareholders’ consent to issue x new shares, and a block listing agreement with the Stockl Exchange to issue enough to cover almost all potential CB conversions without issuing an RNS for each individual conversion - just these 6-monthly summaries.

“The Company will review the most appropriate form of financing for the increased capital funding requirement including:

· strategic partner financing to provide capital at either the asset or Project level;

· completion support from potential stakeholders or financial investors to provide contingent funding for the purposes of mitigating cost overrun risk;

· alternative sources of structured capital including subordinated debt and leasing providers;

· accessing the capital markets through convertible notes or new equity where the value proposition is appropriate for all capital providers (existing and new).”

Several of these could involve dilution, Alan, either via the issue of new shares straight away or as a result of conversion or convertible debt, or effective dilution off the top line like the Gina deal inStage 1.

Here’s hoping we get all or most of the contingency by other means - subordinated debt, completion guarantees or the like that have a short-term cost but don’t dilute existing shareholders’ long-term interests.

“ADM just need to make sure the funds are available in terms suitable to secure the debt element of stage 2.”

I guess you mean to secure the required contingency sum, previously expected to be in the $4-600m range. With their liquidity, ADM should have no major issue with putting that amount, of once confirmed, into escrow IMHO.

The question is, in return for what?

A straight completion finance arrangement would typically involve an upfront fee, annual fees and interest to the extent cash is actually drawn. That would be a great outcome for us.

If they had already been granted exclusivity for North America, wouldn’t / shouldn’t that have been stated in an RNS, being a very material contract term? So maybe on that they are jumping the gun, or twisting our arms to get more than such an arrangement?

Could a deal with ADM over the contingency amount be the reason that the much-anticipated European TorP has still not materialised ...... that one is on the table with ADM’s European outfit/s others have identified, but is being held for signature until the completion finance is agreed?

I think you may be misreading that, Chem - my understanding of the ad is that applicants are required to have 1 year of mine experience.

Thanks Myo - sorry for delay in responding - was flying to one of ADM’s apparently virgin states!

What link to a map, Myo?

Myo, Your thinking about ADM with their massive liquidity possibly providing a completion guarantee is very like mine.

I have a Costa loyalty card I’d be happy to let them have - it even has 3 stamps in it

For an enthusiastic partner like ADM exclusivity in the USA has to be worth a lot more in volume terms than they have so far committed to. Hopefully the excess at more than $145/tonne (minus the loyalty bonus)!

And if my Granny had wheels, she'd be a bus (cleaned-up version)

KOH 6 posts back “I'm not even starting that topic again“.

Since when...memory issues?

I recall analysts concluding at the time that the Gina deal was equivalent to our issuing new shares at something towards £1. And it seems to me that it was the enabler for the rest of Stage 1. Quite apart from being water well under the bridge.

Unfortunately not! Still accumulating...

“Shed loads I didn’t pay for at all”?!

Where can/could one get those?

GK and Zen,

Per the Prospectus, p. 216 Gina is due to receive 200,076,829 shares for her $50m.

At the current exchange rate of 1.28, that's equivalent to 19.5p/share.

Chris France - see chat Rule 5n (and the law on misrepresentation).