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Just had a check and the July '21 Placing Options at 8.5p look very unlikely to be converted. I took part in the 5.5p fund raise and recall many were disgruntled at not being asked. I doubt they feel that way now! The options expire in July '23 and I just don't see how the SP can 8 bag from here in that space of time.
"Due to a correction following concurrent competing applications within the MARS electronic claim registry, Power Metal's previously staked Haresign Bay Property has been reduced in size from 3,189-hectares (31.89km2) to 165-hectares (1.65km2) with two other uranium focused companies securing the balance."
That's a BIG reduction! Not clear who was at fault .. presumably POW?
I voted against the deal as I failed to see that the price was worth paying for what was on offer. However, I am going to sit tight (mostly quietly!) to see what unfolds over the next couple of years. So long as decent dividends continue to be paid, I will reserve judgement until the "big reveal" that surely must come, so we can see why large holders were so keen to vote yes. ;-)
SP graph over the last 48 hours is pretty grim 272p to 243p in pretty much a straght line. What will arrest this fall? Perhaps we are supposed to see equity issue at 278p as result for shareholders now? Pull the deal guys and announce a return of cash to existing shareholders. That will turn this around.
Interesting update today. Seems Pitombeiras is effectively "on hold" until market conditions improve. However, it does seem that they are in the process of another project acquisition (presumably at a good price) and so we can expect more news soon. Hold or add more IMO.
https://www.telegraph.co.uk/business/2023/01/20/green-revolution-fuelling-environmental-destruction/
"A similar ethos underpins proposals to establish minerals processing facilities in the UK, where multiple projects are progressing. Among the vanguard hoping to break our dependence on Beijing is Pensana, which is building a £125m rare earth minerals processing plant at the Port of Hull in Yorkshire.
Paul Atherley, the company’s chairman, who is also chairing a scheme to establish lithium refining in Teesside, says Pensana’s feedstock will come from a mine in Longonjo, western Angola. He is also seeking to source lithium from Australia for his other company.
“What we're arguing is that Australia, and South America and Africa should be doing what they are good at, which is mining and the extraction phase. And the processing should be done in Europe, in UK chemical parks hooked up to offshore wind, so we create these independent and sustainable supply chains, independent of China, so we can be absolutely sure about how it's mined and how it's processed.”
I haven't sold because I too am hopeful of a "No" vote although I am not optimisitic. If this deal IS junked, I would want to see a chunky special dividend announced and a significant uplift in the annual dividend going forward. Forget any further "deals" (unless there is a change of BOD) and effectively put the company up for sale or manage it into "run off" with a return of shareholder capital from income over the next 5 years or so.
Thanks for posting that link Barry. Fascinating video. I was already in the "No" camp but after that, I am really quite concerned about the probity of our BOD to be recommending such a bad deal. I have control of 250k shares but unfortunately cannot vote with 75k of them as they are tied up in probate. At least those shares will not be voting yes.
I am composing an email to Mich to voice my concerns.
Please, please, please, Mr & Mrs Hardy vote "No" and better still, go public with your opposition to this value destructive deal.
NKOTB, just reading the breakclause - it seems to me that, unless the BOD change their recommendation on the deal, the £7m WON'T be payable in the event of a "NO" vote....? The clause says "AND" not "OR"!