Member Info for Crazytowner

I cant imagine the Central Bank Governor stating next week unless he was very sure that it would be.

As the Country Membership for our second bank has already been approved by the relevant Ministry and the relevant documentation for its ratification is already in place, things may move very quickly once Parliament sign off

Of the two remaining items for sign off, one is internal the other external to the company.

With the external one looking to be resolved next week, the internal will likely be immediately after.

Such a huge piece of news so understandable why some posters want to drown it out sprouting rubbish about multiple users etc.

From the latest TK RNS

The outstanding conditions precedent of the banks for approving all detailed definitive documents are that the Ethiopian Government formally ratifies the already approved Country Membership of the second bank, the whole syndicate confirms the already drafted detailed definitive documentation and other normal conditions for mining project finance transactions. This is all expected to be achieved in the current quarter.

From various news agencies

Central bank Governor Mamo Mihretu told a gathering of African finance professionals that he expects Parliament to ratify a pivotal bill permitting foreign banks to enter the Ethiopian market in the coming week.

Looks to be very close. Happy days

Now that is welcome news Opportunistic

There has clearly been progress this year with Project Launch, Increased Debt Finance & Bank Approvals.

Tutlu Kapi has momentum but a little more patience is required for this getting over the line and inevitable near term rerate / multibag

I like that they are looking to dispose of Saudi and focus on Ethiopia current and new assets.

I wasnt happy with the recent raise and where we were led to believe we were in the sign off process, but it was clearly necessary

Moving forward Kefi looks like it will be poised / financially cashed up to crack on with TK and new licence areas.

Happy with this and that KEFI are focusing on a portfolio of wholly owned projects within Ethiopia.

A company making strategy rather than one hit projects that once the Saudi sale goes through the cash will be available to accelerate

Bonkers,

You make a big fuss today asking people to tell you what has kefi done in the year and then ignore when you are a answered

That is so sad that you are sat a PC copying people's posts.

The company explained why sign off was being delayed from the September / October timeframe so that they could get better debt terms, guess what, they did

You missed the most important RNS so far from last month which is.....

"Initial Committee Approval Received from Second Bank for Tulu Kapi Project"

The snippets you posted show progress over the past 18 months, albeit not at the pace expected.

So in the period you mention, we have had

- Currency controls relaxed

- Project launch

- increased debt

- Government security established

- First bank approval

- Second bank approval

Like it or not, Harry has been delivering this year and all of the above are clear signs sign off is imminent

On average it takes 12 years to get a kine to development, the only feasible way to fund it is through dilution.

We are weeks away from full Bank sign off of a $350m finance package and people are saying they don't know what Harry has been doing.

Grow tf up

I think many are misinterpreting the raise as a sign that Banking sign off is significantly delayed when in reality it is ensuring it.

And if they can use the cash to get additional licenses sured up quicker and use the Saudi cash to drive an aggressive exploration programme then it will be multiples again.

For those saying nothing has happened this year, lets not forget .....

- Project has launched with Early Works now well underway

- Both banks have approved the finance package

- Full Bank Approvals on track for this month

This Capital Raise is painful, but was obviously required in order to secure the full bank approvals in a matter of weeks.

When that happens we will still re-rate to multiples of todays price.

If Kefi can use these funds to get other projects up and running next year then in the long term we won't really feel the dilution

Rob, posted a bit earlier. TW only very briefly spoke about Kefi in the Bearcast

He said that he had spoken to Harry today and asked if they will get Bank Approvals this month .... Harry said they are very much on track

He also said it is therefore not the time to be selling

"Anagnostaras-Adams noted that KEFI plans to exit Saudi Arabia, reallocating resources toward Ethiopia, where it sees vast potential for new projects. He described the company’s exemplary position in both countries and emphasised the transformational nature of Ethiopia's improved readiness for modern mining development.

On KEFI's capital raise, which totalled about £10 million, Anagnostaras-Adams stated: “The successes...introduced North America, Australia, and European long-term investors.”

Latest Bearcast

TW asked Harry today will they get Bank Approvals this month .... Harry said they are very much on track

Not the time to be selling

Kefi obviously need the cash and availability to further cash now with waiting until financial sign off and the inevitable re-rated price not an option.

Its not something Kefi could list as a remaining condition, but i can 2 reasons why the banks would want Kefi to raise prior to sign off.

1. A simple strengthening of the balance sheet to reduce any going concern concerns. Announcing the possible Saudi asset sale and significant valuation that we have seen was probably not enough.

2. In the unlikely event that Kefi lose the legal case this / next week. 5m becomes payable upon financial close which Kefi did not have.

Yesterday's news is very bitter sweet.

Its dilution imminently before a rerate from sign off, but the timing indicates their may have been questions / concerns around Kefi due to its weak balance sheet as a going concern.

Perhaps kefi had thought putting Saudi up for sale would alleviate any issues.

I think this ensures sign off this quarter as we were told a couple ago.

There will still be a rerate and we will all still make a lot of money

The AIF board room meetings are predominantly on Wednesday and Thursday afternoon, so if there is a signing event we will here this week.

If there isn't, then all parties will have missed and excellent publicity opportunity and we will still have 3 weeks for Harry to deliver in his stated this quarter

Great to see no immediate fall back on the absence of an RNS today.

The peace agreement is another star aligning this week

Am pretty confident that we will get sign off at the African Investment Forum this week.

With the presidents of our financing banks attending and the event focused around providing board rooms to get deals done its a given in my opinion