Member Info for Crossthetea

Well, that's not true. If the MM kept the price at the offer then there would be no liquidity, so they drop the ask by some percentage to allow buys/sells and more importantly commission.

Exactly! Either they have not decided, refused to give their permission to be included in the RNS or intend to vote no.

They must have been woo-ed by the BoD by now, unsuccessfully at the moment though.

GI, are you including forecasted opex? If so your are a bit off and the actual liabilities are around half of the 300M you cite, assuming Hum have accumulated cash in hand over Q4, so Coris value it at around 150M.

Out of interest I would like to see the Q4 numbers, as it is strange to me that Coris are being so 'charitable' by offering anything if they could pick up the pieces for nothing in administration. For some reason they feel they need majority share and delist without involving administrators... so what I take from this offer is they would rather not HUM enter administration, but why?

I will also add that it is likely contractors would down tools, increasing risk of the mining licenses being revoked under their terms (probably some form of local employment obligation). Administration would be a s**tshow for Coris.

Kenj, I seriously doubt if any administration process has ever completed in 48hours. Particularly with mining: assigning administrators, changing legal status, insurance, books review, ops review, contractors, legal challenges by contractors, legal status of equity, government interests. Then it will go to bidding. I do not know your experience, though it is much more complicated than some might think and will take time to complete.

Which is why I doubt Coris will go that route if they do not get the waiver. I believe they will make more money long-term and have a quicker exit if they were to keep their distance and let the company continue as a concern albeit with refinancing and restructuring of payments.

This is why I believe the 'due diligence' is taking so long.... there is a lot to consider.

Https://www.mining.com/web/gold-stocks-big-bargains/

Good news for currently undervalued gold miners operating as going concerns...

I'll take that gold backed credit note now please.

Which is why they need the waiver, otherwise they will be legally obligated to make an offer under Rule 9.

If 3/4 of the relevant shareholders vote yes, then Coris can 'may' all they like without any legal obligation.

*legal

It is illegal if the rules are followed. Problem is, they want your permission to waiver the obligation to make an offer under the rules. The statement that they might make a voluntary offer afterwards is ethereal and is not bound by any rule.

I might give Elon Musk the ownership of Mars if he signs his share of Tesla over to me. 99.999% unlikely I would though, though I'd gladly take his shares legally given before letting him know.

Vote no and they will be legally obliged to make an offer if they really want the company. One of the few AIM rules that actually protect the interest of shareholders.

Very insightful Mikodx... but what offer are you talking about? No actual offer has been made.

And at the SP at this level why would they offer something 50% higher?

The ironic thing is, with around £15M cash in the HUM accounts at the end of Q4, assuming Kour is on forecast, if Coris offer 2.7pps for the private shares they basically get their money back immediately, with faciity to restructure debt and offer god backed loans as per the comfort letter.

Not a great deal for shareholders my friend, I would call bluff, vote no and hold out for at least for 9pps at this time.

There isn't going to be an offer?

Maybe they think your admiration and respect for the BoD and the good job they have done so far will be enough for your vote to save their jobs.

That's worth whatever you have invested in the company now, yes?

Is it true that 40% of Coris loan book to Hum is unsecured? Again, generally unsecured loans are written off at Administration, that and Coris have already expressed willingness to defer loan repayments to keep the company a going concern if delisted...so surely they have shown their hand in that they do not want Administration here.

They just want a payday, which I respect, but so do I, so I'd vote no because I am absolutely certain I will get more payback with rule 9 in place whatever the outcome afterward. I wouldn't be surprised if they come back with a better offer to be frank.

Or rather I want them to pay me much more than their first offer. Never accept the first offer, stereotypical but true.

We as Independent Shareholders should realise that the ball is not just in our court in this instance... we own the court.

Bushy's right in that unsecured debt is generally written off if a company goes into administration.

This is why Coris are so driven to convert the debt to equity, to reduce their risk. Also, the BOD don't give two hoots in this scenario, they will see 2.6p for each of their shares as a bonus and take the same percentage in the new company as part of the privatisation deal, I have seen this happen a few times and I don't blame them for it, they are not running a charity.

GI is right in that Coris is likely going to offer less than 2.67p when the fear curve is at peak to get a few panic yes'. I'm voting no, because I want some of that long term value they want to keep all for themselves.

Very insightful many thanks for sharing.

Too Long To Read

It would be ironic if HUM is holding more than it's market cap in cash at the time of the subscription vote. Again, why should I vote yes to the waiver? I only see value in voting no.

Given Coris has been given to Jan-25, should we expect another RNS announcing deferment of the CIG loan repayment? If so I would be keen to see the Q4-24 results before any decision on the equity conversion is made.

I found a copper coin on the sidewalk once. True story.

Also, just as relevant.

For anyone else who feels GIs posts are TLTR, basically he said

'I took a calculated risk, lost money, but will recover.'

This is what AI was developed for.

Kidding GI, but seriously mate, wind it in a bit.