I think they'll be pretty calm about it, cause they know they can quite easily put it on another exchange. They probably don't see an AIM listing as hugely important. To them it could be anywhere really.
To be fair a large player like Liberum isn't probably going to be interested in these smaller jobs anyway. POL are going to have to go to the other ones who need the business. There are plenty of them. On another note, I do find it odd that GCM has suddenly gone on such a good run, ever since the issue with the nomad came about. Why? any conspiracy theories out there? Something going on behind the scenes re:GCM/POL?
We're reading too much into it imo. They just haven't had time to "finalise" a nomad. It's nothing do with a nomad rejecting them. If there was a problem like that, that would come after due diligence. Some may simply just not have room to take on more. I think it was slightly different for GCM and a few of the others, because they had ZAI as both nomad and broker. POL only had ZAI as the nomad and looks to me like Northland Capital (like many others) will want to do both. Some companies have made them nomad and joint broker. So POL could do that. My guess is the they are looking for someone to fill just the nomad rule and that's why it's taking longer. They're probably looking around at their options......but could easily go back to Northland and make them joint broker.
Probably something tomorrow morning. POL isn't going to struggle to get a nomad. It's just takes time to get it sorted. You just have to look at some of the companies that have already appointed one. They are hardly the best companies in the world are they. Tiny market caps, debt, low cash and they can still get one. Some nomads really aren't that picky and some are just happy to get the business.
Might be a little different here than GCM as they made Northland the Nominated Adviser and Broker. POL are already using Liberum Capital as a Broker. So they could easily just use them for the Adviser as well.
Clearly some are thinking the same, that's why you can buy at such a low level. However I think they are reading too much into it. It would be unbelievable if POL couldn't get a Nomad given all the rubbish on AIM. No problem with the directors either, cause GCM can get one. Over reaction imo. One thing that did cross my mind is he might think they can get a better valuation for the assets on a different exchange. Which is probably true. Getting nowhere near a half decent valuation trading on here. Even when their main investment doubled in value, it hardly moved.
I think we'll have to see how they are going to pay the rest of the Avobone money, before you get any major movements here. If it's a Financing Agreement with someone like YA or Bergen, then I personally would rethink things, because that's really going t effect the valuation (as they always do). Hopefully for shareholders, if there is a loan, there won't be a convertible element to it. We'll see. Obviously if they start getting the $19m per quarter, then it should all be sorted out quite easily, but that's still an if. To be honest, I don't really understand that one. Where is that be coming from? The way it's written, it sounds like it's a deal they've come to with Midwestern on the pledge, but who knows??
Remember NNPC saying they are aiming to clear these JV cash calls by April 2018 (the anniversary of the first payment) and Eroton are close to the front of the queue. Good to see they've started paying Eroton now.
Look what happened with KOD though. I lost track of due diligence and completion date delays there. It's pretty much standard unfortunately, particularly with Chinese bidders. I don't know why they feel the need to give target dates in the first place to be honest. It's nowhere near the initial dates given most of the time.
A bit of an odd one. I don't know much about ING, but can't see them trading too many other AIM shares. Must be more to it, you'd think. I guess we'll have to wait and see if they continue to buy. Large late trades today maybe???
The way those trades were reported reminds me of how the Tosca trades were reported when they were buying loads a few months ago. Effectively picking them up off directly from an II seller (so one is a buy and the other is a sell). We'll see. Probably by the end of tomorrow if it is them.
I don't think there's a time scale for potential offers. If there is one, it's a long time. There are however time scales set once you make an offer. I think that's one of the main reasons it's not a firm offer currently (even though a lot of the details have been agreed). If they had made a firm offer, it would of been very difficult to sort everything out in the short time frame you are given. BTW offer notice on the main page of the website now.
DALR finally moved up, inline with the Canadian price.....sort of. Should be closer to 86p bid, but at least it's moved.
In this particular case it really shouldn't be that long (a few weeks?). Dalradian don't need to do any due diligence, cause they are only buying the royalty and from the looks of the detail in last announcement the terms have pretty much been agreed between the two parties already. Noticed Dalradian Spike to 1.42 at the end of trading today in Canada. Hopefully a sign that somethings gonna happen soon.
For me it's pretty straight forward. DALR have essentially just valued the MIO royalty at £12m/2.5p a share and that's before planning, mine development etc. Let face it they should know what it's worth more than anyone. So either the deal goes through, which is very likely imo or the royalty will be worth much more when the mine is in production. Leaving all the other assets a side, I just refuse to sell under 2.5p at a minimum. Simple as that.
To be fair it's hardly a major shock they want discussions with the new management about the 51% rule. Mpinga probably made it clear they were working towards being compliant. I guess they would need at least the same commitments from the new management. Actually seems quite a soft approach to the situation (given where they are operating). I was expecting it to be a lot worse given the headline. Anyway, it didn't have a huge impact on the SP, given it was post else where early Friday morning. Interesting to see what happens next week. update/news Friday?????
Don't really understand why POL doesn't release stuff like that. Even if it was just a short RNS with a link to the news. At least it would be something. As for Sierra Leone, SULA caught my eye this morning. They seem to be cracking on in Sierra Leone. Maybe POL should do a deal with another listed company on it, to get it moving forward and show some value?
I do like the appointment of Anne-Marie Chidzero, when it comes to operating issues in zimbabwe. Don't think many realise who she is, but if you just a quick google search you'll see she is very well connected. Gives me more confidence about the new board anyway.