Member Info for daramuda

Indeed corbine they have increased the inherent value with dry mining and the new intended and funded plant plus the agri business which quite rightly you have great faith. Indeed the latter, if advanced now the threat of ebola is waning, could be once ongoing planting and sales of produce begin bring a tremendous boost is asset value and earnings. They are also through recent bottom line losses building up tax losses (although they and we rather do without them). One point made by Gibraltar1 that foxes me is that whilst the sp may remain low pro tem, I still think that it is a good time to add. My reasoning is that with ebola on the wane and rutile prices low but with the possibilty as I see it of an advance in rutile prices, SRX seems to me inherently and grossly undervalued. Against that is that there still seems to be a persistent seller. Take it or leave it lol.

Agreed Gibraltar1 but that take out price is dependant on what deal they can do with the iis. If the iis are prepared to accept say 50 pence a share then that will be the price; if likewise £1 same principle as you have been stating. But neither you, corbine, xan, tiger nor me can legislate for what the iis do. Last time around I guess that the iis were not prepared to budge from the Pala low ball offer (30 pence was it not?); what is the guarantee now that they wont just say enough is enough especially since Pala appears to have hoovered up a lot of loose stock which some unknown holder has been prepared to sell?

Odd trading last week (admittedly when there was a bit of a clamour for stock) you struggled to pick up more than 60k shares. Yesterday I could have picked up 50k with ease. Shares would appear to still be available from some source. Having said that you are absolutely right, if the iis stay firm these will not be taken out for small fry. I cannot see an imminent dividend despite Sisay's indications which are very much "in due course" so the only way for Pala to realise value is by a third party acquisition. The directors nor Castro are going to sell for peanuts so some party is going to have to pay decent money.

and unless Jan Castro has sold part of his stock which imo is unlikely, he has a load of Sierra Rutile at an average much larger than the current price. He may no longer be a director but I think his opinion will be sought if only as a matter of courtesy.

but corbine all this discussion about Pala or ANOther acquiring the company does not remotely reveal where all the shares that Pala have acquired over the past while have come from (on the basis that neither you nor Gibraltar1 have sold any).

John Sisay told me at the 2014 agm that the board were considering a move to the main market to bring in fresh investors, to improve liquidity and to limit the swings up and down of the sp. I asked if that was in confidence to which he answered no and that it had been discussed with certain shareholders.

imo there has been a seller for months. The question is whether there or when has/will end. Yesterday you could not electronically sell 50k let alone 10k Today TDW would willingly take 50K off me if I had wanted.

Interesting that some undemanding share options were issued to directors including Pala non execs just 3 months ago.

Was there any further information from the company regarding separation and optimisation after that announcement or did the issue just go by the wayside?

Thank you.

sniffer - I have looked at the 2011 and 2012 reports and whilst I may well have missed but saw some reference to the HTTs I cannot find that quote. It is most interesting and I would be grateful if you could highlight exactly where you found that quote. TIA

a good well managed company does not need spin.

but where have their extra 11 million come from? Gibraltar has often reminded this thread that the stock is tightly held so given the off and on trades over the last two months of the odd 200k here and there I feel that another shareholder has released stock which could otherwise have been held. I wonder about the dual role of certain directors like Barton and Brown and buying in the market with knowledge of a planned bid.

will like a decent return. Before he stepped down as chairman in 2014 he was regularly adding to his stake; sometimes paying over 50 pence per share. I wonder how far the interested potential purchaser went in November 2013 through to early 2014 when talks broke down.

A rise in the price would put some icing on the cake.

I thought that the company was going to finally be sold when the approach was made in November 2013. Pala would have been involved as a major shareholder in the value figure that Pala puts on their holding. We also know that what now appears to be moons away Pala (as I recall) were interested in acquiring the company at circa 30 pence per share. Whilst Pala might know the area in pence/pounds in which the proposed purchaser was interested in 2013/ early 2014, I agree with you that value is at the £1 plus figure. But whether a concern is prepared to pay that with ebola still around although under control and with rutile prices where they are, is the unknown. But srx is well run and the deposit is huge, the infrastructure good and the country is at peace with a good available workforce.

Gibraltar1 - do you have a view on the allegations of Sierra Leone corruption? If you do, does it affect SIerra Rutile? And might the company go the same way as African Minerals? There is a separate Telegraph article suggesting that John Sisay is being groomed to take over from Komoro.

SRX do not deserve in my opinion to have been bashed by the market today. The end of Ebola, an increase in production, a higher rutile price and advancement of the agriculture business should see the sp far higher. However it is time for the directors to stop granting options which are a top up to their earnings when the ordinary shareholders are getting zero return and Sisay should not indicate a sustainable dividend policy in the Indaba presentation when it looks at present to be an insincere "promise". I wonder what Gibraltar1 thinks?

corbine - seen that. Any thoughts as to why?

corbs/testpack - yes I did see the sky interview which seemed to be cut short but was very positive. Testpack - I agree in part but rutile prices seem to be forming. If right margins should improve and as ebola diminishes so the extra transport costs imposed by shippers will in turn diminish. Mr Sisay's email address is ;- jsisay@sierra-rutile.com I have written to him more than once but I get no reply. Perhaps the nomad should point out the revised QCA guidelines. You might want to read the Harbottle and Lewis article on the subject found on google. I wrote to Keab Gavin Anderson recently the company's PR. I received a helpful email from Christina Clark of kreab who advised me that the company's audited accounts for the year ended 31.12.14 "are expected to be released during the last week of March,similar timing as last year."