Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
I know it's not the way of the world, but it's still not a level playing field. Should have been the other way around, open offer for shareholders for the full amount required, then a placing if needed for any shortfall.
Point being, placees who participated would have known they were having shares @20.5 well before the open offer was announced for us mortals. They could have been selling down from 30p for all we know ;-)
@TJ, check out the volume on the 3rd, they were your flippers, hence the drop.
My post re. the placing from the same day...
"They obviously couldn't get the placing away at a premium, which to me says that the placees think some of the 20% JV was already priced in hence the discount."
They've refused to do an open offer for shareholders previously, stating it was too costly and time consuming...So maybe the BOD wanting to fill their boots is the reasoning.
https://drive.google.com/file/d/1-9UVxMbrgQhkCcNsQcLsZDHt6J8InLFG/view?usp=sharing
@EV, What he said was that.... it's their understanding there are no royalties. Bearing in mind KM has highlighted on a few occasions the fact this deal was done before his time, perhaps he isn't aware of it. I'll ask.
Good work on the Reddit site btw.
This was my previous reply...
"For my 9th year here it would need to be an obscene amount for them to take the lot off us.
A proper JV partnership and expansion into our areas of their revised mine plan would do me fine."
So, would you like to spare a thought on possible ways Ganfeng could potentially put a spoke in our wheel?
Evening @Obs, that's fine, I was happier with the 6 month time frame he gave himself in 2018 to achieve the operational JV agreement though! Same question to test your knowledge..
From Ganfengs point of view try to find the cheapest way to get us out?
@EV...I have said from the start that they will want to buy us out....Just a matter of how much and what they could possibly do to reduce it.
They wanted to do a deal 4 years ago but... quoting DS...They wanted it for nothing and we didn't want to let it go for nothing.
The toll treaty he spoke of, we've been trying to get since 2018 as part of an operational JV agreement...without success. Why? Whilst I agree with some of your points, try looking at it from Ganfengs point of view and try to find the cheapest way to get the flea off the Gorillas ass lol. KM has already stated the exploration JV agreement we have is 'loose' at best.
Still looking forward to see how this plays out...
For curiosities sake....
What are the main ways to dissolve or terminate a joint venture?
For the sake of completeness, in this section, we will cover both dissolutions of a joint venture and termination of a joint venture corporate entity. The primary methods of bringing a joint venture to an end are as follows:
Consensual termination
As the name implies, the joint venture is terminated following an agreement by all parties. As there is a common agreement, this is the most straightforward method of termination. In general, the main termination provisions in the joint venture agreement will be followed, including in relation to confidentiality and restrictive covenants. Assets can be dealt with by using the same method as when they were transferred or acquired. Any assets (e.g. intellectual property) created by the joint venture entity requires careful consideration in terms of who will continue to retain ownership etc.
Sale of interest
There are several ways of selling interest in a joint venture. Much will depend on the circumstances of the dissolution or termination and the set-up of the joint venture entity. A sale of interest can be carried out in one of several ways, including:
Based on pre-emption rights - if the intention is to sell to a third-party, the documents drawn up in the initiation of the JV should specify the rights of the shareholders who are being advised by another shareholder of the desire to dispose of their holding (e.g. the right to purchase a pro-rata proportion of the shares which are intended for sale). The third party then has to enter into an agreement with the remaining shareholders.
Default or deadlock - there are several options where a sale of interest is not consensual, including using put and call options, ‘Russian roullette’, and Texas (or Mexican) shootout. These are different methods for how shares can be offered for sale and be accepted or rejected.
Winding up - in circumstances whereby the venture and relationship have broken down irretrievably, it may be agreed by both parties that the JV should be wound down and the assets dealt with accordingly. In this situation, no third parties are involved, and assets are typically returned to those who contributed them.
Real, adult traders who do actually make 'real' money, don't post on the board 'if at all' after the trade...They are too busy researching or actively buying / selling their next trades. These latest muppets are agenda driven, possibly part of some Whatsapp or Twitter group IMO.