Member Info for Crazytowner

kefi must have been talking with han**** september last year. a multi billion dollar company and like many others, desperate to break into saudi arabia.

september last year, you'd prepare a cash forecast, listing all expense anticipated up to finance sign off at the end of march and then put in a contingency for overrun. these guys have had a lot of time to prepare for this and so should have been able to get the number pretty damn close. for arguments sake, lets say it was $15m.

at that time the share price was about 0.6p, so you'd be like, i can raise the $15m by diluting the group by 27%, losing circa $350m or i can sell this 15% investment. i wonder if we know of any massive mining companies looking to get into saudi that would be a good fit with artar.

i know what i will do... nothing for a few months, pretend to sell saudi, raise, stretch it out, tell everyone we dont need to sell saudi, raise again!

and sometime in the future they'll sell saudi for say the $50m - $100m and pat themselves on the back for doing so well.

Yesterdays news moved Harry / Kefi from be overly optimistic to outright deceitful in my opinion

Alanos,

I have always felt that Kefi were good at communicating with shareholders via Q&A and interviews, but now that I look back over the past 6 months of communications I feel misled

- Dec24 raise was for project launch end of Mar25, May25 raise for project launch end of Jun25. A 3 month slide to commencement is costing £7.6m !

- The Edison report which was reviewed / approved by Kefi prior to release just 2 months ago. "No more equity at parent level"

- "No longer motivated to sell Saudi" instead diluting the **** out of shareholders

As far as i'm concerned, get the finance sorted and then a phased replacement of the board.

Alanos,

I fully accept that HA has access to more information than myself, which is why i use the most recent company issued numbers in any calculations.

But let's not forget that some of us are capable and have experience working with such numbers too.

If the differences were marginal, i'd have absolutely no problem, but they are not and they have a massive impact on my investment short, medium and long term. I also don't have an issue with capital raises if they add value to existing shareholders.

This share should have had a sizable re-rate / move up on the back of the ratification news. It's now clear that there was massive forward selling throughout the whole period, settled by the 420m 0.55p sale yesterday.

There is still a massive amount of money to be made here, but i now have massive reservations as to whether the current board are the right people to do it.

Rob,

I am finding it impossible to make the numbers work that justify still holding Saudi.

November last year just Tulu Kapi is worth $1.3bn to its shareholders

Adjusting for the 35% dilution to the same shareholders its now worth $0.8bn

So assuming we could have firesold Saudi for $20m to make the recent raises unnecessary, it now needs to generate $450m (excluding any further dilution) in order to have made keeping it financially beneficial.

But it gets worse

Even if we had firesold saudi for just $5m last year, then we would have reduced the dilution to 26% and reduced the dilutionary cost of the raises to shareholders by $110m

So even selling Saudi for $5m last year would have been more beneficial to the shareholders than selling it for $110m now (which is above the top end of recent valuations)

I appreciate my numbers above are very crude, but the principle is solid, the decisions just dont financially stack up

rob,

this is what we've been told over the last few months with respect to saudi.

- long list of interested parties

- bids received feb25, revised bids received mar25 for additional resource and han**** jv

- shortlisting acquirers with artar

- institutions want us focusing on majority owned assets

- sale anticipated to complete in conjunction with project launch

- recent interview stating companies are desperate to get into saudi.

han**** have obviously been in the picture for months prior to the strategic review announcement and they clearly wanted to get into saudi.

if kefi had offered them our 15% for $20m last year (pocket change for them), they'd have snapped our hand and most of our arm off and that deal would have happened extremely quickly.

kefi shareholders would have then avoided 35% dilution and been fully cashed up to get tulu kapi into production.

deals may very well come to fruition, but they and anything we are left with in saudi will never exceed the 35% dilution shareholders have experienced these past 5 months.

so, the way i see it at the moment is that either everything they have been telling us has been deliberately misleading or they have displayed complete financial incompetence over the past 6 months

Rob, there is no contradiction at all.

You said no more fundraises. I said, as the board are clearly not going to sell Saudi, how are we going to pay for it?

Rob,

How can you say "As for the placing it will blow over and at least it could and should be the last one ever" ?

The board of Kefi clearly have no intention to sell Saudi. Saudi requires significany financial investment and Kefi group will need funding during the construction phase. Where is that money coming from?

Mithrel,

Count me in

Holding just under 30m shares

Doze,

Harry / KEFI had the chance to beat the AIM system and provide exceptional value to their existing shareholder base.

Instead, despite all of their clear communication of the interest in Saudi (including telling us how desperate everyone is to get into Saudi within yesterday's interview), Kefi have chosen the least benefit to us by a costly low priced high volume dilution.

This decision is about main board egos and wanting to be involved in multiple Countries of the Arabian Nubian Shield rather that what was best for us shareholders.

It's easier to justify main board salaries when split over multiple countries and put boards in at the subsidiary levels to do all the actual work

Fully agree and great quesitons Mithrel.

I went with the below. I suspect Roger is going to have a busy day tomorrow!

- How can Kefi justify allowing Edison to release Valuation figures on 20th March 2025 for Saudi of between $50 - $100m at a time that they had received indicative offers from interested parties if they knew these numbers to be false?

- How can Kefi justify allowing Edison to release information on 20th March 2025 stating "No More Equity at Parent Company Level" and that short term funding is available at this stage of financial sign off if this is false?

- How can Kefi justify informing the Market that there were a long list of interested parties in Saudi, and assuming the indicative bids were within $50-$100m, how can it be more financially beneficial to dilute shareholders than sell Saudi?

- Shareholders have suffered massive dilution during the past 6 months whilst stated deadlines have been continuously missed. As those involved with providing these deadlines are set to receive substantial bonuses over the coming months, isnt it appropriate / fair to reduce these also?

- Are Kefi concerned that they have misled the market and their shareholders in that the timelines and information which has been released over the past 6 months was known to be false and / or unachievable?

- Why is Kefi so determined to retain a small 15% investment in Saudi with disproportionate dilution of its shareholders?

- Is the Group Finance Director capable of operating in this role? In my opinion he should resign / be sacked immediately

- Kefi released a presentation just last week (14/05/25). Could you please advise where on slide 12 "Tulu Kapi Financing Syndicate & Closing Process" and slide 13 "Tulu Kapi Financing Structure & Closing Refinements" the requirement of this £7m raise is identified?

- In yesterdays presentation, Harry spoke about the AIM market being in the doldrums. Does he realise that Kefi shareholders are feeling extremely misled by the company and these actions are part of the problems of AIM.

robjm,

in the last 5 months kefi has diluted us by circa 37% to raise circa $20m !

if we look at tulu kapi alone and it's $1.5bn npv, we have lost $550m !

in the last 6 months saudi has been up for sale and we have been informed that there was a long list of interested parties which warranted shortlisting, discussing with artar & extending the deadline for the additional resource and new jv with han****.

there is absolutely no doubt in my mind that kefi could have received $20m selling it at a firesale price, therefore preventing the raises.

at no point ever in the future will our remaining 15% of gmco be worth $200m, yet alone $550m to have made retaining it the right financial decision.

so for me, looking backwards from today, this last 5 months smacks of total financial incompetence.

"Mates always look after mates" First time i've ticked up Bonkers

Hard not to be DSRT, This fundraise hurts due to the recent "No Longer Motivated To Sell Saudi" RNS.

Kefi are so desperate to hold onto 15% of Saudi they are willing to dilute their shareholders to oblivion.

Even if we took the most pessimistic view that Saudi could only be sold for $10m firesale to one of the long list of interested parties, doing so would have been better for existing shareholders who have just lost 15% of Tulu Kapis $1.5bn.

I guess that proves Market Maker Signals exist!"

Crazytowner : RE: Lots ofToday : 14:03

800 Trade just gone through

If you believe in the Market Maker Signals ...."Prepare for an increase in trading volume"

0.55p! No longer motivated to Sell Saudi!

Absolutely effing disgusting!

800 Trade just gone through

If you believe in the Market Maker Signals ...."Prepare for an increase in trading volume"

Seems to me that the share price is on the verge of a move up.

I think chartist mentioned that once through 0.7 its fairly blue sky for a while

Shotgunmike, the share price is certainly knocking on the door at 0.7p.

Centamin had a Dividend Policy of returning a minimum of 30% of its free cash to Shareholders.

Last year it returned 55%