Member Info for DanTheMan105

I saw the rise this morning, and headed here to see what the news was. My first reaction was that the RNS could have been worded rather differently in respect of Peel's sale of their interest in the project for £1. Let's hope some progress with the FOAK installation will soon follow.

Just one small caveat, which I don't think anyone has brought up, and I'm sure the company must have considered, is that, having observed other small companies trying to exploit amazing business opportunities in Africa, the customers, or the governments (especially if the customer is ultimately the government) are a little, er, hesitant about paying the bills.

Forceofnatures, I'm hoping that there is a meaningful difference between the old AIM thing of issuing shares to support the directors' lifestyles, and issuing shares to finance expansion in the company's business. In the case of the former, the shares might be issued at knockdown prices, and the market might not react positively. What we seem to have here is the opposite: shares issued at top dollar, and a healthy rise beyond the issue price.

There always seem to be a few early adopters bellyaching about dilution, but is it not preferable to raise new money from enthusiastic investors, rather than grumpy bankers?

The market seems to be reasonably happy with the dilution, up about 20% on the day, and not an obvious 'spike', I wouldn't think. I just looked at the '1 Year' graph on Google Finance, it shows about 400% up - I'm really pleased to see a bit of progress after all this time.

While these are two pieces of really good news, for the governance of the company, and obviously for the successful removal of the gun from the well, the reason I finally lost patience with VOG and sold up, was the persistent failure of the Cameroon government to pay the bills. The company has been through two iterations of discontinuing supply and negotiating for payment of debts, and only one of recommencing. I would be much more impressed to be reading news on that front.

This has been an unbelievable couple of days. I just hope it can hang on to this rise for now, and consolidate for the first unit, and the W2T takeover. I do recall that Zak Mir's graphs a couple of days ago predicted 3.5p in the short term, and here we are.

Do we know the arrangements for manufacturing all these units?

Just re-watched Dave Ryan's interview on Proactive, dated 24th March, and he suggests the prospectus for the W2T deal should be available in 'a couple of weeks'. Nothing has been issued yet, unless i'm missing something. Could news of the takeover be responsible for the last couple of days' movement?

...and how about https://www.youtube.com/watch?v=NTtyIekYy2A

I hope this board isn't going to be flooded with this infantile nonsense indefinitely.

That's the way the money goes, pop goes the weasel....

https://www.celebritynetworth.com/richest-politicians/paul-biya-net-worth/

One more thing. In every prospectus/ Offer document, there is a lengthy section headed 'Risks'. This sets out what could happen if things go wrong, and is in (fairly) plain English. Most of the possibilities probably seem outlandish and unlikely, but they are spelled out as a form of warning. Sure enough Fraser was upbeat in his company presentations; he was accentuating the positives, but the statutory small print is always there. And if we say 'yeah, yeah, whatever', as most of us probably do, then we can't say we weren't told.

I have to say I am pleased that the votes approved the takeover. I had about 400,000 SXX, but sold in January when the bid was announced, and bought AAL. If nothing else, they are paying about 4% dividends, but also to maintain an interest in the project, which will probably do a lot of good for the region in the future. Disappointing, but no more than that, and there will now be an orderly process of transferring the contracts etc. I think the numbers actually attending/ voting suggest that some of the wailing/ cursing/ gnashing of teeth here was a little overdone. Just for completeness, the result was also mentioned in The Construction Enquirer:
https://www.constructionenquirer.com/2020/03/04/anglo-american-seals-potash-mine-project-takeover/

I believe the September start date was stated in the report as being after the bird breeding season, although it may also be the toad breeding season. Killing two birds with one stone. No!!

@Truthfactory I think we're basically in agreement, but you say:

"A better deal would be Anglo stumping up the £600m at a decent price and maybe an open offer to shareholders to run alongside?"

Why would Anglo stump up any money on a debt basis? They aren't a bank; if they're going to put money into a mine then they want to own it, or at least significantly reap the rewards of the mining operation, not receive a few percent. Hence their only offer is for the company.

@Diabolical
"Just came across this article in proactive investors about how and why one mining company who's founder and chief executive, with considerable "Mining industry and financial market experience" (Sound familiar?) went about raising money for their new mine in the UK. SXX does get a mention. There are lots of analogies to "Our" situation."

I note from the article “We wanted £1mln and we raised £1.4mln,”
And AFC Wimbledon have raised £5.2m. I think it's a bit of a jump to raising £460m

Odey's letter says:
In particular, Odey notes that Sirius’s most recent accounts (half year 2019, published on 17/09/2019) suggest
that Sirius’s equity value is £893.1m, a value of 120% higher than Sirius’s Board’s recommended offer.

It might be noted that those half year results were issued (marginally) before the 'debt non-occurrence' notice on Sept 17th , so refer to Sxx's fair value with an expectation of Stage 2 funding.

"AA will let this go bankrupt so they can pick it up for (almost) free. Shareholders wiped out."

AAL have made an official offer of 5.5p a share. Accept it and you get 5.5p a share. Play silly beggars and you risk getting nothing. Or maybe a phoenix-like ascent from the ashes, bailed out by hugely wealthy benefactors determined to see the downtrodden private investors make life-changing riches............... oh, is it morning already?

Surely the rule should be (is) one vote per share, not one vote per holding. HL seem to have a procedure for achieving this, explained on their website:

https://www.hl.co.uk/help#dealing/corporate-actions/how-can-i-obtain-company-information/how-do-i-attend-andor-vote-at-a-company-meeting

Perhaps their representatives should read their own instructions...