Member Info for Crossthetea

It would be very strange to hold a vote on a buyout at the AGM. Normally the item would be tabled and a deadline for votes to be counted would be set, then brokers would be advised to follow up with clients where applicable. Particularly when independent shareholders are involved.

I wouldn't be surprised if this decision is what is delaying the RNS today. Coris would want to involve as few SH as possible, as, well you know, HUM is currently on the verge of making money for whoever owns it.

And see shareholders receive circa 30pps if full value is realised? Poor Mr. Poyyapakkam would not be able to sleep at night.

The RNS tells us the debt terms change so repayment obligations will be on hold pending commercial production and operational efficiencies. So HUM only have to cover operations until then. And according to their latest numbers they are doing this already.

So... why should I vote yes? Seriously, I'll make more money by voting no according to latest data.

And guess who will be providing the debt and equity at >10% pa on the nominal plus receipt of dividends on net profits after repayments? Clear as day that this is their strategy and anyone who has been promised a share in the private company should be aware that they are going to be royally shafted long term along with everyone else.

Vote 'no' to wipe the backroom smirk off their faces.

The latest from VEIN is an interesting one. Reading between the lines. It seems the price has increased, there is a rival bid or the interested party are committed and currently finalising funding.

It doesn't fit with the doom and gloom narrative from Coris so I'm not surprised HUM made no mention.

The only way Coris would push this into admin is by spite, and spite does not make money. It is basically guaranteed that Hum would continue as a going concern with better debt conditions, better management and hopefully more gold out of the ground if the vote is No.

Plus a No would see Coris and DB squirm a little, which I do admit I would enjoy.

The RNS states that the board ie. Betts and the harem support the offer, which is enough for me to vote no also. I've made quite a chunk betting against Betts' advice so far so expect a big return this time too.

His record is uncanny. So wrong and with such frequency I would mistake him for an editor in Motley Fool.

Options depend on the terms proposed by the new owner. They could:

Offer to buy your shares

Offer to exchange your share allocation for some in the private company

(These are to acquire enough voting rights to have complete control)

or

Stonewall all operational decisions/force the BoD to resign and tip everything into admin

or

Do nothing

Which is why I am confused that they will provide an offer after dilution, surely they should just do that now, unless they expect SH to sell on the news so they pay the least possible. Still need unaffiliated SH approval though.

Nioko will lose significantly if it goes to admin. They will want the lowest possible expense to being private as a going concern then reap payback through dividends and loan repayments afterward.

Personally I would keep my shares in the private enterprise and take dividends as the will inevitably come. Private will change HUM from a growth dog to a cash cow. Growth is not an option after Dugby after all, as Bushy mentioned this is the green mile for DB and I would argue for HUM also

But the detail of the RNS tells me that the shares would not be delisted as a part of the debt-equity agreement, the company would carry on as a going concern and outstanding loan repayments paid to the detail agreed ie deferred pending implementation of operation efficiencis and commercial production... just a poorly written RNS? I would call their bluff on this one...

Yes, I am a share holder, yes I am down, woe is me you were right all along etc. etc.

But regarding the buy our consideration, unless the debt-equity conversion is a condition of the 2.6p buy out why the heck would I vote for it? All of a sudden the company sees 30M debt wiped out, is likely money making and is expecting around 35M expected from a large asset sale that does not impact current operations and reduces liability... and DB is replaced with who sounds like quite a competent CEO. Am I missing something?

Also, I wonder if they will now sit on any good news so as not to cant opinion before December... hmmm.

I still think they had a great product, just wrong time and marketing.

AI cannot be monetised and seaweed carbon capture... well.

Pity, the leadership were all just mediocre unfortunately, no passion. I still want the formulations for the skincare range...

It isn't rocket science, some are waiting for a (sub)4p entry as there is still money to be made here, HUM spikes like date night.

Others are just sociopaths shouting nonsense from under their bridge.

Anyone who actually believes in this company will just use this time to average down.

Ramping up, rain affecting ops schedule, mill maintenance... feeling optimistic?

Upside is rain should not have affected much beyond expected, sure there was a lot in July though Aug/Sep was largely clear with a few intermittent downpours well forecasted. A good ops manager would not have any trouble.

That's a great article, thanks for sharing.

A day or two max!!! Maybe for machines made by Fisherprice! You wouldn't even get the safety checks and controls qualified by then, though I've only ever worked on big boy mills.

Sarcasm not your strength @Punter64? ;)

It is 'bad news Friday', though I wouldn't be surprised seeing good news from the CEO ns out of sour grapes so we are sorry for letting him leave his position.

Maybe he found a few quid in the vending machine change tray by the kitchen, you know, the one that always has Crunches in stock... that's good news, right? It's all about perspective.

A big player who recognises the significant decline of large discovered gold deposits over the last 30 years and will buy to sit on this one until technology/processes/prices driven by scarcity make it profitable?

Liberia isn't the s**t show some try to make it out as. Crime is high, though on par with New York believe it or not. Relatively politically stable (compared to the UK). Yes there were a number of civil wars in the past, though sentiment has shifted.

Not a bad deal for 75m.

It's amazing what you hear ‘down the pub’, during a few completely chance and lawful meetings full of rumour and conjecture, I don't believe a word myself to be honest.

Rumour is that DB left of own accord after protesting against the Dugby sale, apparently the bank saw it as too big a liability given HUMs history… though now DB is gone, sentiment might change given who takes over as CEO, it would be a miracle though. Q3 will deliver largely to projection (a stinker) though Q4 and 25 are looking to be stonkers, if HUM is not sold by then of course. General sentiment is ‘let’s see’ regarding the CEO, though quite a lot of positivity around that.

Financers don't particularly care about operations, they just really don't want a loss on this one, pretty standard to be honest, so are wiling to help the CEO find his feet before turning the screws.

More positive than I thought, whatever hard information there is there…wasn't listening that closely as the football was on, all rumours surrounding a disclaimer, DYOR.

Through bleery eyes on a Saturday morning and compensating for the age that has passed, in real terms it was around the same as it is now for just above the same market cap (not including the cliff edge seen yesterday). So... nothing has changed over 7 years despite a potential buyer for Dugbe and increased production... not great for DBs CV, I guess he has been black balled from C-suite roles for the forseeable and damage has been done to the Betts name, whatever confidence that used to have in the precious metals business. Poor guy, he can cheer himself up with a new yacht.

Just have to say, everyone does realise that HUM will be sold in the short-mid term, yes? Replacing DB is obviously the financers losing faith in the promise of their return, but bringing private doesn't make sense as they will lose a bundle. I don't see why they would want to invest in making a going concern either given the state of the territory. DBs original plan was actually a good one, 200kOz/year will get the attention of the big players who already operate in the areas, so I can see HUM being prepped for sale as soon as 200kOz is met, likely at the real value of the company, around 60pps. Banks get their money, corporate shareholders are happy, new CEO is regarded a hero and moves on to a bigger role within the umbrella of the network. I would say late 2025/26 ish? Mark it in the calendars.