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The MMs seem to be letting it fly now. Hopefully it’s a relatively quick climb back up to a more sensible valuation, finally reflecting all the great news we’ve had on recycling in the last year, alongside Songwe.
Over years of being invested in this share you can see patterns being repeated. As some others have said, it felt like it was being managed/held in the 8s, with all the good news flow on the recycling basically having no effect. The pressure valve now seems to have been released and I expect it’s time to make up for the previous lack of reaction to positive recycling RNS’s. One thing I do know on this share is that when the MMs let it go they really let it go. GLA
Aren’t Cotec responsible for fully funding the development costs including building the four new facilities (3 recycling vessels and one magnet manufacturing plant)? So financing shouldn’t need to be arranged.
Yes the US JV will likely/hopefully receive some grant funding from US government, but Cotec are responsible for any remaining funding requirement and Mkango get a free ride for chipping in the tech. Mkango effectively own 40% of the US JV given we now own 80% of Hypromag, so we get a free ride to 40% of the JV profit.
The JV RNS says Cotec will fund the development/construction costs through shareholder loans, which will have a coupon payment (I assume), so alongside their 60% share of profits Cotec will also get a return on the funding they provide for development/construction.
That was the order book at 30 June, add on the £13.1m from yesterday and it’s a minimum of £91m as of today (not counting any smaller wins in July that haven’t been announced). Great progress and definitely severely undervalued at current share price.
Please excuse my ignorance but where does it say November? The Management Discussion and Analysis document that Mkango published today says: "Discussions are ongoing with the Malawi Government regarding the Mining Development Agreement. The Malawi Government have appointed an independent, international law firm to review and finalise the Mining Development Agreement."
I'm just saying that this was my conclusion at the time based on the trades and I stated it before SVS went out of business. It had certainly been the norm previously for WSG placings to be forward sold and we had millions of shares sold in big batches prior to the placing date.
I may be wrong, but saying "you are wrong" isn't very useful unless you explain why...
Well whether it's ad related or not the MMs appear to have let the SP off the leash mid morning after days of keeping it subdued (likely due to background seller). Wonder if the few chunky sells we had this morning were the last of them for the time being...
I have been invested in Westminster for over 7 years so I do get the frustration and share much of it. I just think our position is good at the moment (though not reflected in the SP) and am happy to wait and see what comes out of the AGM or webinar update rather wallow in despair which seems to be the flavour of the BB right now. Nothing personal, just a different perspective.
Don’t really see what has changed, few red SP days but that is all. We will get the update, either in two weeks time or a month’s time and that will be the time for judgement and smugness (either way). I’m perfectly happy with my investment in the meantime and think the company is in a great position.
Based on what we've heard from him in RNS's and interviews it feels to me like we won't get a full AGM update and that he will instead hold off until the July webinar / H1 results. We'll see soon enough.