Member Info for emacd

Let's just think about this one logically, it should be fairly easy as it's binary - the sale either goes ahead or it doesn't. We don't know the exact probability that Iris will be the successful buyer, however we do know for certainty that there will eventually be a buyer - we just don't know the given time scales for this sale. We do know there is a market for turbines, (just have a look at Rurelec's expansion plans), it's just that setting up plants takes a long time. We do know that IPSA should survive long enough to see the sale through, or alternatively that their assets would cover liabilities at least 3 times over if they went under. If the sale succeeds, we won't see these current prices again. If the sale falls through, there is a high probability that the SP will trace lower. Do I average down now at the current price with the risk of further retracement or do I sit tight at my higher average for less benefit? I have limited funds and can only average down once otherwise my portfolio will become imbalanced.

this is just a little bit painful. I do hope we have reached the bottom, we're hovering just above 52 week lows now.

Although I believe IPSA do have a strong hand in the negotiation, I would like to point out some incongruencies in the RNS. If they have sellers lining up, why did they have need to hire a marketer? If this RNS also serves the purpose of giving Iris some stick, why even mention the marketer in the RNS? The RNS now has the hollow sound of an empty threat. It's taken some time for this BOD to wake up. How watertight is this sales agreement then? If Iris were in the game to stiff IPSA, when do they get payment, this is obviously provisioned for, right? If the money only clears after delivery, then I have misjudged the SP correction by a few months cos this is still ages away from completion. I will hold with a view to averaging down just before the end of this month. GLHF.

Ouch, that was a bit of a paper cut. Not pulling the plaster though.

I first came across HMB about 3 years ago. I was very anti T/O and firmly believed it was going to fail cos everybody probably had high averages including II's. I averaged down a few times in my blind love for HMB, and again when it was 1.1'ish. I was upset when the vote results came through as successful, but acted quickly and bought a chunk more at 1.7 within minutes of the RNS and changed my vote to FOR. I sold the lot and broke even, I consider myself lucky in my fight to preserve my capital given the dubious RNS manipulation in the run up to the T/O announcement. Many people probably sold at a significant loss beforehand. I was irritated when it hit 2.5 shortly thereafter, but only mildly so - given that I have terrible timing and probably would have missed that boat anyway. I have moved on now and I must say hindsight is a wonderful thing! Everything except the cost of this T/O has been factored into the share price, I can't be arsed to check but I think it is in the region of £1mill all in, and HMB's cashflow was already constrained, before this. HMB is on my watchlist, but for old time's sake. I might be jaded (just a bit) lol, but personally I don't think much could be made on HMB. I can just imagine the next RNS (if Daffern could get a chance to write it - what with Assaubayev's todger so far down his mouth) going along the lines of: "We are pleased to announce that everything is hunky dory, no news yet on a few fronts, we've made progress on this that and the other, underground mining has commenced, however we continue to stockpile the 20g/t ore whilst we upgrade the machinery, please check back with us again next year when we delist - END GLOAT". haha I am looking at or invested in RIA/RRL/CNR/LRL/WRES/IPSA currently. Got burned slightly in NVTA. Any others you guys currently looking at? ATB

Not sure who in their right mind would be buying into this share so early before H2. There are still so many outstanding issues overhanging this share: HMB have had to pay for the costs of their recent deal Outstanding court case TD3 update Poor recovery and grades Underground mine capital outlay and equipement upgrades. Not to mention the extra £250K to retain Mr Daffern. There is a veritable sh*t storm of bad news hiding behind this iron curtain. I think that discretion is the better part of valour and they are desperately trying to fix this dog's breakfast before any update.

I like the fundamentals of this company and have chosen to invest. Looking at the medium term, the gradual increase in sales is promising. The turbine sales are taking longer than expected but this is just attributable to BAU. The SP doesn't reflect the turbine sales, however this is perfectly justifiable given the hold up. The resultant extra funds from the turbine sales will definitely create some breathing space - I love the fact that clearing their debt will lower their overheads considerably. Looking at the balance sheet, with or without accounting for depreciation, the sales don't match overheads yet. This is a bugbear for the short term. I also am not fond of the fact that scheduled routine maintenance this year will affect sales; it indicates scaling issues, and I don't fully understand the demand model. I get the impression of a glass roof where demand is concerned? What is stopping them commissioning the 2 remaining turbines themselves and just jacking up the juice? I would like them to also be a bit more transparent about their growth opportunities - "The development and ownership of power generation facilities in Southern Africa", is a bit wishy washy. What opportunities are they pursuing and how are these projects going to be implemented? I would like some light shone on this - the SP won't move unless this is successfully pursued. On completion of the sale I expect a re-rating to about 6-8p only. Unless IPSA is on everybody's radar anything more than this is a bonus. The norm is to often to trade well below NAV for AIM shares. I have taken a short term punt, however my investment horizon for this share is 2 years provided they are clear on what they plan to do with excess cash resulting from the sale of their turbines.

It certainly reads like he gets the payout. See top of page 83.

Its part of his contract. If HMB ownership of more than 25% changes hands, his contract must be rewritten/renewed and he is supposed to get 1 year basic salary as compensation for termination under his existing contract. It's a technicality, but under the circumstances more than enough to compromise the validity of his endorsement of this take over. Let's all play musical boardroom chairs with sweets for everyone every time the music stops. That's why AR want him on as GM instead of Director afterwards - to stem this all this hemorrhaging. The appendices have all the juicy bits, like it's going to cost HMB £500K +/- to get this all written up if it passes. It's quite a depressing read - stopped after a while.

Except with the consent of the Panel, neither the target company nor any person acting in concert with it may enter into any inducement fee arrangement with either the bidder or any person acting in concert with it when an offer is reasonably in contemplation. ||| As noted in paragraph 12 of the letter from the Independent Directors in Part I of this document, Hambledon and African Resources entered into the Inducement Fee Agreement, which includes mutual inducement fee arrangements. -- Great :P

Just read that Tim gets £194,000 automatic payout if this goes thru successfully.

in consideration for Hambledon engaging advisers and working with African Resources to effect the Partial Offer, African Resources will pay Hambledon a reverse inducement fee of £99,877 where, following the Announcement: • the Partial Offer is not made (for which purpose the Partial Offer shall be deemed to have been made on the date of publication of this document) within the 28 day period immediately following the date on which the Announcement was made (or such later date as Hambledon and African Resources may agree, acting reasonably); or • save as a result of the circumstances referred to in the first paragraph above, the Partial Offer lapses, is withdrawn, does not become or is not declared unconditional in all respects as a result of Condition 1(c) in Part A of Appendix I to this document being invoked; I wonder on what planet these directors think that this was all going to be hunky-dory. So at a minimum they've flushed £100K down the toilet. I am irritated that this Board cannot effectively manage this resource without resorting to so much wealth destruction!

Was simple enough. Phoned up the Stockbroker and asked them to vote "AGAINST" the motion. Asked for confirmation when this would go through. Confirmation pending. Looking at the institutional investor breakdown for HMB, it looks unlikely that AR will succeed with their takeover. Crossing fingers, toes and eyes, and waiting for the good news Akmola RNS later this year :) GLHF all.

People, anybody with a sizeable share, I urge to download the form from Hambledon's site and follow the instructions to vote against. I believe the Directors(or those that would remain if this were to succeed) are voting for it because they are probably a bit frayed from all the PI angst, think that additional handouts are going to bring the mine online faster and that this is an easy way to delist when we are only 6 months out from having a fully functioning coveted resource, and would prefer to have one task master. I am just not sure they have fully thought through the ramifications of having AR as their task master. In trying to pull the wool over our eyes, they will find they are the ones with bleeding bums. On 2nd thought I think there are too many cooks anyway, I think a cull would be good. I think that AR would try anything to depress the share at the end of the 18 month period when they would have the option of delisting and buying out the remaining PIs. Isn't it convenient this story comes up from t1ps.com to FUD it all. Sorry to the people who hoovered that up (probably commissioned by AR anyway). For the people who jumped on board in the dip and want some quick ROI, cash out now, cos this vote will probably fail without a significantly more realistic NAV offer. the share price will hover below 2p but won't dip much more than this and woe is you who buy to vote "for", cos if a white knight comes along we'll probably have a share collapse as AR pull their sweetener out leaving you licking a loss. We know for a fact that 9% will abstain and we have 0.02% "for" now. EBRD (6%) what will they do? - They didn't pay for their shares did they? The tattered remains of the institutional investors will probably vote against. (Which I would like to know more on.) and it's up to us PIs to vote against. I think this is a stupid waste of time for the limited human resource that HMB have. If they have so much free time entertaining this, we can give them a few spades and they can go help with the hole. Certainly they should as punishment for this garbage. After all the uninspiring jam tomorrow RNS's for the past year. One only has to step back and see that "actually, they still in business, still trundling along, making do with what they have, building an asset base with much more upside than down." I am watching with interest and rest assured will do my bit to protect my investment. I will definitely be voting against with my 0.08% and want to advise staying the course for the next 6 months till the underground mine come online and starts spewing cash, which is quite achievable, in spite of what the directors say. C'mon peeps vote against.