Member Info for Dingo1

Mazars Group are picking up larger blue chips over the last few years and top 4 dilution needed anyway. Assuming appointed they are credible option. Been looking at Poly and just jumped on board at < £2.60. With asset base I cannot see why this will not be back at £5 - £6 + after May and VP @Victory parade". Have EVR to larger scale but in at <80p. Enough of balanced gamble for now. Both have good assets outside Russia to justify value on stand alone

That was my thought a pick up at a fraction of true value. Would still see some premium to current price plus dividend. Ok if you are in at recent prices but not as a long term investor

Interesting to see how a sanctioned individual can transact on this. Obviously expecting to be able to receive that one off EVR special divi fairly soon :-)

Norbert, given value of the Russian /non Russian component parts why would they not get funding via Dubai / Saudi or related investment funds. They have lots of value in the ground and looking for quality diversification

Thanks

Does anyone know if on the steel side they use coal within the Group for firing the furnaces ...would an embargo hit them operationally internally ?. They could always buy outside Group but at higher price / impacting on margins . Overall consideration being on margins / net cash generation while suspended

May be good for them, but had his holding Co. been sanctioned then perhaps EVR would not be suspended for other shareholders ?. It is what it is and eventually a soldi business will come out the other end. The only question is one of shareholder liquidity

Surely with the de-merger cancelled and still throwing off cash, assuming anything near normal returns a $1.00 to $1.50 opening divi must be in the pipeline (no pun intended). Effectively for those buying in around £1 making these shares for free !,

If they cannot process a bank payment, good luck in securing the fixed assets especially those in Russia. May be they could secure the cash out of Evraz bank accounts :-)

Black steel, I note this is the Bank of NYM. In past dealings with them they where a night mare & held our funds for 10 additional days over year end which nearly screwed up our Bs / Covenants. Clearly needs resolution as not in cash default

My take on Evr now as follows:
1. Not sanctioned and currently operating outside of corporate / investor functions and therefore even if some disturbance, will be throwing off FCF
2. Now it is not selling coal operations, this both increases short term FCF and improves entity value
3. Dividend deferred so sitting in the business to be deployed until Dividend policy returns
4. Significant assets held outside Russia >= current equity value
5. If ultimately it delists from UK SE then given size I suspect it would re-list in HK or another market given international assets
6. All existing shareholders still have rights to any dividends declared whether or not listed as ords.

Given above it is a question of patience. I personally am invested and only did so for longer term as solid business.

In addition even if found they could have supplied steel for tanks what about all the Companies World wide whom provide defence components. Do we sanction all of them if supply to Russia . I understand some have both Civilian & Military use. This is an international business but with Russian shareholders. With the worldwide requirements for their outputs produced from multiple continents are we going to cut this off and do what ?. Put all eggs in one basket of China !. This is a well run business developing green solutions and this is why is wont go bust. Only traders who are upset here.

Richie, this would be the logical / constant approach but not logical times. Even if so and enables shares to trade, in future Divi will I suspect not be declared/ paid by Board as RA holds C 30%.

With decrease of shares available with 30% out and not chance of selling, liquidity in share reduced and price likely to rise. Only downer as I see it is this only works if suspension is temporary before BOD looks to other options which includes RA ! I am holding my 15,000 at a well below asset value price so even if fire sale I have covered position assuming funds flow to shareholders.

Ids that based on out of date information or current suspended status / Geo status .....

You are correct as long as access to operational cash flow not impacted on lending ..... Given amount held back by BOD re Div, this should not be an issue. Until recently a FTSE 100 co. and many fundholders. As long as you don't need to access investment then back to day job and ultimately value outside Russia.

One key point comes down to where the debt is secured and against which assets .... therefore not as simple as outlined

Biggest risk now with sanctions and need for Russia to rebuild is Russian assets gets nationalised. Operations outside of Russia will be impacted on credit / cash flow / operations and then any FCF for divi is then a moot point either way in terms of long term. Direct impact on all operations outside Russia / Ukraine.

If < 5 shareholders > 51% voting rights (all oligarchs whom may be sanctioned ?) is there a risk it is seen as akin to closed co. i.e then suspended ?

Significant shareholder but not a director and not a controlling interest. RA is just one shareholder whom has had assets frozen. Concern will be when unfrozen if he decides to cash out (obv after Divid paid) but only short term given quality of earnings