Member Info for elir71

Does anyone know what the fees and costs attributable for the successful recent open offer was ?

@ocelot .... yes openoffer take about a month, however, ALBA's not cash strapped and once out of the lock in period then they can sell some newlistco shares too. I dont think its the case that ALBA's management cannot see past a 28 day cash forecast horizon. As you say open offers can result in a bigger discount offered , but look at the discount Bergen got, what was it 0.06p a share !!. Now I acknowledge the December placing was far better executed, being x6 less costly in terms of shares. I agree with Ian67, that current holders would prefer to provide the funds themselves (and get the discount themselves). As they are more likely to buy (at a discount) and hold, then unlike a private placing, then the shares wont be dumped on the market, so the SP is supported.

All in all its about shareholder power v board power and fundamentally I will tend towards favouring shareholders rights.
Empower the BOD as little as you can but much as they need

@furion
The reason for 6, is that is authorises the issue of new shares, 7 proposes it in a non preemptive manner.

@ocelot
As I've previously mentioned, QFI's shareholders restored their preemption rights to the extent that allowed an open offer, which was successful. It is also a prerevenue company (and former Bergen user). The open offer was oversubsribed, so a total success. When you state costs, then, yes I agree, private placings are easier and cheaper for the BOD to arrange, but the cost is then bourne by the shareholders in terms of a tendency to depress the SP. I believe that new investors would be more attracted to the company in knowing that their rights are not eroded, particularly when they look back into the recent history of the company with respect to the Bergen placing. Look at how the SP rose after Bergen were kicked into touch.

It's £450k, not a big game changer in the light of things, but on the balance of things and haven given it careful consideration, I believe it to be in existing shareholders best interests. I acknlowedge the merits of your evaluation despite coming to different conclusions.

This is the wording I used (to hl.com)

ALBA - Alba Mineral Resources AGM
Please could you submit the following as my voting intention for the 2021 ALBA AGM
Resolution 1. FOR
Resolution 2. FOR
Resolution 3. FOR
Resolution 4. FOR
Resolution 5. FOR
Resolution 6. FOR
Resolution 7. AGAINST
Resolution 8. AGAINST

I would also like to make it clear that I would support Resolution 7 if clause (c) was removed
If clause (c) was removed, I would also support an ammendment of clause 7(a) to allot shares up to 10% of the shares currently in issue

I had a paper proxy form in respect to my paper held shares, being legal owner of those shares as opposed to beneficial owner through my ISA (nominee) account. You vote through your broker if you are a nominee account holder (which I expect most people to be). On Hargreaves Landsdown you log on, go to secure messages and select corporate actions from the drop down and express your vote

I will be voting in favour of all resolutions except for resolutions 7 and 8

I would be in favour of resolution 7 except for clause (c), as clause (c) continues the suspension of shareholders rights of preemption, but it is not possible to be selective on each clause. I'm also not keen on the wording of clause (a) as I would prefer shareholders to authorise the number of shares that can be issued, as opposed to the value of shares that can be issued, because they could be issued at a heavy discount.

Resolution 8, primarily for holding virtual meetings I'm against, on the basis that the covid restrictions should, by the time of the 2022 AGM be over with.

Yeah split it between Tom and qfi

I notice resolution 7 has three clauses
A and b are acceptable,
C is unacceptable as it continues to suspend our preemption rights

It may be necessary to vote down all of resolution 7 if the ballot paper does not allow for a vote on each clause.

I'm also voting against res 8, because there's no good reason not to have a proper shareholders meeting moving forward as the pandemic will be probably manageable by the agm of 2022. I also like free tea and biscuits and an excuse to visit London.

Just took my profit on petroteq
Perhaps early, but profit is profit

@Lee1978
I can see benefits to the share price if the IPO is handled correctly, but it would be beneficial for Clogau to be a bit further progressed within the constraints of reality. A big lump of quartz with blobs of gold would be a good start

@Lee1978

We'd have to look at the details at the time, but in all fairness the more detail that unfolds of the spin out, the more I am warming to it. Could things have turned out differently had news and sentiment been handled differently since decemember ? in my view , yes. Hindsight is 20 20, and its water under the bridge now.

In all fairness to GF thats the best podcast he's done for a long time. I'm very happy with his repsonses.

If we flog HH, its for cash, not UKOG shares !!

It seems ALBA shareholders will have the opportunity to buy in an IPO stage. Which would be of interest of those who invested in Alba primarily for the Greenland assets

If ALBA are a majority shareholder at IPO stage then conisderable fund raises will be needed by newco to develop Greenland to production. As long as everyone is aware of that and factors it in, then I'm ok with that.

On the whole , the more I hear of the details of the spin off , the less spun out I am with it

If inoculation and tests are good enough to get on a plane, they're good enough for an agm

I don't think any shareholder (legal) can be prevented from attending, if I wasn't at sea at the time I'd volunteer to act as proxy.

My present plan is to instruct my broker for my nominee held shares and proxy / postal vote for my paper cert shares

If the bod has to get existing shareholder support for open offers, it has to be more open with shareholders.

QFI did a very successful open offer following shareholders recovery of rights of preemption

Ukog shareholders just saw the last installment of equipment paid for by.... Ukog shares.

Your company, your choice

Once I get the proxy form then I'll post example note to broker.

Bear in mind that only legal owners will get proxy votes, but you can ask your broker to cast their votes, them being the legal owners of the shares you hold through nominee accounts.

My intentions are
Yes to authority to issue limited number of new shares for a limited time

No to doing so preemptively

No to permanent future virtual meetings, as it is unlikely that restrictions will apply in the 2022 agm

4g Au/ t average, scotgold has areas at 11 g Au /t

Good, an area accessible without dewatering has rich viable grades

@Wonga ... not a bad time to buy really

@Ham ... well I'd imagine the podcast main subject will be the divestment