Member Info for del929

Instead of constantly arguing about who’s right or wrong why don’t shareholders email the company and air their views and ask them to address them.

The AGM is in 3 weeks so let the company know how you feel, i think it’s time for them to give us the facts, current reserves & resources (they’ve not updated since Rosgeo expired) have we actually got any current offers etc, no need to breach NDAs just give us the basic facts. We shouldn’t have to debate that after so many years in this FSP, Asset Sale. What’s their expected timescale for a sale (coming weeks, months, years, shortly 😉) If they can’t do that then we should be asking why?

Far too many numbers for me, I can’t figure it out. Certainly can’t see 28M anywhere lol

@LB; am I right in saying there’s a total of around £45000 available cash in all three of those subs?

I think the BOD will need to clarify on quite a few points before the AGM, surely most Shareholders are asking the same questions. It’d be madness to not address them beforehand if they want us to approve the resolutions.

Mr Y Fronts; I think that’s one of the companies taking us to court. Logik, Freddy Flintoffs on their BOD.

The TG were raving about the subs accounts a week or so ago, maybe one of them could elaborate on them for us? I wonder how much cash is available at present for each sub.

Spikeyj; releasing the NYUD JORC figures (assuming they’ve finished reviewing them)

@Layla; I agree, it’s got to be a consideration for any buyer, who knows what Putin could do next. The war could go on for years though so if that’s the case why have they stopped any EPC progress? Lots of questions and things to consider.

@Tim; yes agreed it’s defo a positive. When is the big question now though.

@Layla; “The Board remains of the view that any buyer is likely to be found in BRICS countries”

“Found” doesn’t sound to me like they have a buyer in place at present. I’m positive it’s totally different to what they were saying previously. Plus if the buyer completed DD Christ knows how long ago, don’t you think they’d have had everything ready to complete pretty soon after DFS approval?

Stej; they didn’t need it last year so why do they need it now, I appreciate it’s kind of standard but I think we should know the reason for the change. Last year it was seen as a huge positive for an imminent sale.

@Tim; many thanks, I’m going through it again tomorrow as so much to take in.

I agree, sounds to me like the buyer is gone and they are back to looking.

Thanks ref Japan, I just couldn’t see it.

I wonder if our NYUD entitlement has an expiry date and if they’d release the JORC info.

So it’s a virtual AGM only, was any reason given as to why, the cynic in me says they don’t want to face their shareholders.

I’m afraid to say that I’m going to need convincing for resolutions 4 & 6.

Ordinary Resolutions

To consider, and if thought fit, pass the following resolutions as ordinary resolutions:

1. To receive and consider the audited accounts for the period ended 31 December 2022 together with the Directors' and the auditors' reports therein.

2. To re-appoint Grant Thornton LLP as auditors of the Company.

3. To authorise the Directors to determine the remuneration of the auditors of the Company.

4. To re-appoint Christian Schaffalitzky as executive Chairman, who retires for reappointment in accordance with Article 47.1.2 of the Company's Articles of Association.

5. To re-appoint David Iain Rawlinson as a Non-Executive Director, who retires in accordance with Article 47.1.2 of the Company's Articles of Association.

6. That, in accordance with section 551 of the Companies Act 2006, the Directors be generally and unconditionally authorised to allot shares in the Company or grant rights to subscribe for or to convert any security into shares in the Company ("Rights") up to an aggregate nominal amount of £500,000 provided that this authority shall, unless renewed, varied or revoked by the Company, expire at the earlier of 18 months and the end of the next Annual General Meeting of the Company to be held after the date on which this resolution is passed, save that the Company may, before expiry, make an offer or agreement which would or might require shares to be allotted, or Rights to be granted and the Directors may allot shares or grant Rights in pursuance of such offer or agreement notwithstanding that the authority conferred by this resolution has expired. This authority is in substitution for all previous authorities conferred on the Directors in accordance with section 551 of the 2006 Act, but without prejudice to any allotment of equity securities already made or agreed to be made pursuant to this authority.

Special Resolutions

To consider, and if thought fit, pass the following resolutions as special resolutions:

7. That, subject to the passing of resolution 6, the Directors be given the general power to allot equity securities pursuant to section 570 (as defined by section 560 of the 2006 Act) for cash, either pursuant to the authority conferred by resolution 6 or by way of a sale of treasury shares, as if section 561(1) of the 2006 Act did not apply to any such allotment, provided that this power shall be limited to the allotment of equity securities up to an aggregate nominal amount of £500,000.

The power granted by this resolution will expire on the earlier of 18 months and conclusion of the Company's next annual general meeting (unless renewed, varied or revoked by the Company prior to or on that date)

It said somewhere that they are in the final stages of negotiating the sale of the concentrate (or words similar) and that they can do so without breaching any current sanctions. That’s a big positive imo.

@Stej; will do some more reading tomorrow and see what I can find.

Senior Manager, Solution Leader, Business Advisory

Ernst & Young

2004 - 20084 years

Moscow, Russian Federation

Manage and/or supervise business consulting projects: I. Investment Process Solutions: investment process managerial reporting, valuation models, investment decision process; project management; risk models in investment process; II. Business Risk Solutions: Sarbanes-Oxley 404 implementation; performance improvement; control model implementation; risk modelling; internal audit engagements; C(R)SA - control (& risk) self-assessment embedding.

Develop practices: risk-control systems, enterprise risk solutions, internal audit services. Development of internal audit services business. Supervision of sales and delivery of management consulting opportunities in internal control, enterprise risk management, internal audit, corporate governance.

Approach clients: oil & gas, energy, utilities, transportation, investment banking, FMCG, metals.

That’s me had a read of the Annual Report, trying to read back through posts on here is impossible. Anyone got any idea on any of these please? Apologies if they’ve already been discussed.

1. Is the “buyer” who completed DD still at the table

2. Which bank would hold the subs funds

3. Reserves & Resources, still no update since Rosgeo expired

4. Do we have a Japanese office?

5. Rosgeo, is that gone now? previously they were exploring options.

6. NYUD licence transfer & JORC, this will be sold as an entitlement?

7. Any mention of the 2 x court cases

@Stej; I will have a look later as I’m out today. Obviously the DFS can be removed, not sure on the others. Virtual AGM works for me as I’m abroad, will definitely be attending and hopefully getting some answers.

We all hope so, only time will tell. Maybe we will get more info prior to the AGM.

Beast, I’m out and on my crappy phone so struggling to read everything but I’m positive James was supposed to be focusing with Dimitri on the asset sale. I’m sure that’s what his appointment RNS stated. Will have a look later when I get home to check. Am I correct in reading it’s only a virtual AGM? Did they give any specific reason for that?