The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Interestingly, 100% offtake option is only triggered if Talaxis arrange all mine funding, and contribute 100% of the equity investment. i.e. Absolutely nothing for MKA to pay upfront. Sales can fund any debt financing, a real free carry.
Upon completion of the BFS, and subject to Talaxis and Mkango completing the definitive Joint Venture Agreement, Talaxis will have the Option to acquire a further 26% interest in the Project and offtake rights for 100% of production from the Project (subject to Newco (see below) having the option to retain such amount of offtake as required for Newco's downstream manufacturing activities) in consideration of Talaxis arranging funding for 100% of remaining project development costs, including funding the equity component thereof.
As i recall from reading the original deal, Talaxis have first refusal on the offtake form the mine.
you read my analysis on Twitter then mate :-)
Consequences of a failed takeover offer
The City Code provides that, if a takeover offer fails or lapses (e.g. because the required acceptances or approvals are not obtained), the bidder will not be able to make another takeover offer for the same company for at least 12 months (subject to certain exceptions).
i thought they can't submit another bid for another 12 months, under the UK listing rules?
Avacta have form in doing this with Zika. Find a solution when the problem goes away . A vaccine and / or another test were always the risks here . I couldn’t care less as I’ve been here since 16p and taken stake back and small profit back and letting 75% ride to whatever conclusion. All of you “investors” following the herd on at £1 +with amounts you really can’t afford, need to take a look at yourselves. It’s AIM - at all times be prepared to lose the lot . If you haven’t lived through it - I can tell you from experience that it’s rubbish , but NEVER put anything in here that you can’t afford to lose .
If a drop from 1.70 to 90p makes you sick - you are over leveraged .
Anyone who has sold , isn’t an investor . Simple . I am still here from 16p . Despite the lack of progress .
The people to blame are the BoD of Avacta for failing to get a product to market when we have a captive audience and massive opportunity.
i like this quote: "China won’t take new competition sitting down, Cheng said. It will continue to stymie rare-earth development abroad by buying rare-earth production companies around the world, exporting refined rare-earth materials, and driving down commercial prices to make competitors unprofitable, Cheng said."
"it sure is a hell of a lot easier to be first" . i am confused as to why the SP is holding up so well to be honest, given the delays in launching a self administered saliva test. It's like Zika virus all over again. develop a world class test, after the virus has disappeared. We need a defined timeline to launch, and we need it now.
RNS out . Panther outcrop sampling within Tr-10-4 verified the historical intervals returning 18.9g/t Au . Lovely .
Eh?
what a steal these were back at low 4s in early May. Just gone through 2 bags now - wish i had bought more now :-)
He is buying a house with the gains from the 20-40p range which we were trading in, before Avacta announced that they could produce an instant saliva test for Covid. I think it is appalling for him to be selling his stock before we get a produce to market. sends a terrible message. If he didn't need to sell stock to buy the house then why has he. Frankly i am losing faith that we will get anything out .
i am still holding but todays RNS is a stinker. 6 months later and we are no clearer on launch dates for the saliva test.
It's like the Zika virus test all over again. Launch the product when the market has dried up.
No details on that. UB and MA get 100% of salary on delisting. a further 100% if they stick around for 6 months.
nice work if you can get it.
Its all public information.
7. Caesars agrees to implement retention arrangements for the executive directors of
William Hill on the following terms. Subject to and conditional on completion of the
Acquisition and William Hill being delisted from the London Stock Exchange, Caesars
shall pay each individual who is an executive director of William Hill as at the date of this
Agreement cash amounts as follows:
(A) a payment equal to 100 per cent. of his base annual salary (less any legally
required deductions), payable within 30 days of the Effective Date or, if later, the
day following the date on which William Hill is de-listed from the London Stock
Exchange; and
(B) provided that the relevant individual has discharged his duties satisfactorily to the
payment date (as determined by the members of the Remuneration Committee
of William Hill, as constituted before the Effective Date, acting reasonably), a
payment equal to 100 per cent. of his base annual salary (less any legally
required deductions), payable within 30 days of the earlier of (i) completion of the
sale by the Caesars Group of all or substantially all of William Hill’s non-US
business; and (ii) six months following the Effective Date
5 years for me. Bought more at 3.8p a few months back. Myles' research targeted 76p, that was before the 60% upgrade of the resource. i would maybe sell 1/4 at 25p, 1/4 at 50p.
- MKA have more cash (US$7.4 million) than the market cap.
- There is an MOU in place for mine funding, which clearly references Songwe (Ref A).
- MKA measured and indicated resources are 20x larger than RBW at 21mt - TREO of 1.4% (Ref B).
- BoD / Partners hold 31% (Ref C) .
- There is going to be a supply squeeze on REE - (Ref D).
- Songwe will be easy to mine. Dr Scott Swinden (Senior Consultant Geologist) (Ref E) - listen from 1 minute.
(Ref A) - https://www.noblegroupholdings.com/wp-content/uploads/2019/12/FINAL-Talaxis-Chinalco-MoU-announcement-Mon-09122019.pdf
(Ref B) - https://twitter.com/flatracingmodel/status/1138009949756383232/photo/1
(Ref C) - https://www.mkango.ca/investors/aim-rule-26/
(Ref D) - https://roskill.com/market-report/rare-earths/
(Ref E) - Youtube - search "Mkango Resources PLC advancing Songwe Hill project in Malawi".