Member Info for EV_Bull

Check the date on the decision Obs, 22nd so it's possible publishing after close Friday was requested from our side to avoid that.

Yes, I see what you mean Obs, the expenses related to shipping to get the net profit.
Presumably expecting the deal soon so the money would be sat waiting and could end up being spent on maintenance, refurb, port, dam etc. Perhaps another petition would be needed to approve those expenses if the deal hadn't come through yet.

The money will only be allowed to cover the authorised expenses, e.g staff costs and shipping as per the haul. I feel that they are surely confident that the bank deal will be done within weeks knowing that it is daft to stop shipments when it's just about to conclude. If there is no appeal from the banks about this judgement that would be a telltale sign for me.

If you read the parts in bold it makes the most sense Obs, I'll star the parts that make it clear to me that this is distinct from the original $10m:

"Requires the Debtor's *[authorization to continue the shipment of stocked iron ore]*. Basis your request in the favorable scenario of the current market in relation to the price of iron ore); Page 20157/20161 (Trustee is in favor of the request, which will allow the *[continuity of the Company's activities, through the sale of iron ore]* stored until the Debtor and the Banks Union present the agreement signed at the process. Considers that the authorization for sale is necessary in view of the guarantee offiduciary sale of all Assets of the Debtor held by the Union of Banks, added to the absence of the formalization of an Agreement between the Debtor and the Banks Union which prevents the resumption of activities and compliance with the PRJ. It maintains that there will be *[unnecessary costs with the interruption and resumption of activities of the Company under Reorganization]*.
It also informs that the clause of the PRJ that deals with the delivery of ore must be observed of iron belonging to Geralds Metals, under penalty of configuration of non-compliance with the PRJ"

"The order for the sale of iron ore must be granted, being adopted, as a reason fordecide, as stated in the decision on pages 16,544/16,965, item 10, which was maintained by V.Judgment rendered in interlocutory appeal n. 2199480-27.2020.8.26.0000, reported by Judge Pereira Calças:" ....[Quote from appeal]...

"Therefore, I authorize the sale of the recovering company's iron ore stock up to the limit of US$ 10,000,000.00 (ten million US dollars), with a 10% reserve to the Union of Banks, observing theif the procedure suggested by the trustee for proof of expenses and withdrawal of the amount. Int. São Paulo, July 22, 2021."

The last half will now be in 3-4 ships time if the agreement allows for a further net $10m.
None of them have left yet. HS could be for Gerald BCR could be for us so we might not have reached the initial $10m yet and I now believe this is $20m so another few months yet before that would be complete.
If we get a positive update on Monday confirming I think the sp would continue to rise yes. My fair value is at least 45p pre deal so I still see the shares as undervalued currently.

Who knows, a lot can happen in a week. I think it will be worth waiting for however long it takes.

Yes @obs in my opinion it quotes the prior appeal as the legal basis for allowing this further agreement.

We had the RNS maddog we only had permission for four shipments so the other ships including Marlin V were for the third party which I said at last week was probably Gerald and we now know to be the case from the court. We can now book another four or like I say may have had the agreement with Gerald to book them and let them have them if the agreement wasn’t sorted. :

https://www.lse.co.uk/rns/KDNC/results-for-the-year-ended-31-december-2020-w77x5fwr82y6thw.html

"As of the end of June 2021, DEV had shipped three of the estimated four shipments of 58% iron ore required to net US$ 10 million profit. DEV is also contracted to carry out logistical and shipping activities for third parties who have stockpiles held at DEV's port."

Deal

It certainly reads to me as an extra $10m, I am certain it would have been worded differently if it was referring to the prior judgment. It also removes the problem in the mean time of needing to ship 1/4 of a shipment.
I'm sure we will get an RNS on Monday.

Absolutely, It could also be that some of the ships are booked for Gerald or we had the option to offer our ship to them if we were unable to ship.
Whilst it’s not quite over the line yet it certainly seems like a positive that they are keen to keep this progressing and the finalisation with the banks is still expected to happen.

Very interesting decision posted,
It looks to me that a further net $10m sale of stockpiles has been agreed pending finalisation of the agreement with the banks.
No doubt expecting an RNS on Monday to clarify this.

"Requires the Debtor's authorization to continue the shipment of stocked iron ore. Basis your request in the favorable scenario of the current market in relation to the price of iron ore"
"Trustee is in favor of the request, which will allow the continuity of the Company's activities, through the sale of iron ore stored until the Debtor and the Banks Union present the agreement signed at the process."

"Considers that the authorization for sale is necessary in view of the guarantee of fiduciary sale of all Assets of the Debtor held by the Union of Banks, added to the absence of the formalization of an Agreement between the Debtor and the Banks Union which prevents the resumption of activities and compliance with the PRJ. It maintains that there will be unnecessary costs with the interruption and resumption of activities of the Company under Reorganization. It also informs that the clause of the PRJ that deals with the delivery of ore must be observed of iron belonging to Geralds Metals, under penalty of configuration of non-compliance with the PRJ"

"Therefore, I authorize the sale of the recovering company's iron ore stock up to the limit of US$ 10,000,000.00 (ten million US dollars), with a 10% reserve to the Union of Banks, observing the procedure suggested by the trustee for proof of expenses and withdrawal of the amount."

No, just the fourth left to do Kiran stated in a podcast this would be done in July. If we have our 20% agreed though it doesn't really matter.
Four have already sailed but one was for a third party.
"As of the end of June 2021, DEV had shipped three"
See the infamous presentation:
https://www.cadenceminerals.com/wp-content/uploads/2021/06/Corporate-Presentation-KDNC-JUNE-2021-1-1.pdf

https://www.lse.co.uk/rns/KDNC/results-for-the-year-ended-31-december-2020-w77x5fwr82y6thw.html

"As of the end of June 2021, DEV had shipped three of the estimated four shipments of 58% iron ore required to net US$ 10 million profit. DEV is also contracted to carry out logistical and shipping activities for third parties who have stockpiles held at DEV's port."
...
"we are highly confident that we will be able to execute a settlement agreement, as, at the time of writing, we understand the secured creditors have had either credit committee approval or are awaiting it, and the final settlement agreement has been circulated and is with the respective legal teams for review. Once this precondition has been met, Cadence will release its monies held in escrow, at which point Cadence will become a 20% shareholder in the Amapa Project via our joint venture company which will own 99.9% of DEV."

Spot the blob, whose pile is whose?
https://apps.sentinel-hub.com/eo-browser/?zoom=18&lat=-0.04436&lng=-51.18152&themeId=DEFAULT-THEME&visualizationUrl=https%3A%2F%2Fservices.sentinel-hub.com%2Fogc%2Fwms%2Fbd86bcc0-f318-402b-a145-015f85b9427e&datasetId=S2L2A&fromTime=2021-07-22T00%3A00%3A00.000Z&toTime=2021-07-22T23%3A59%3A59.999Z&layerId=1_TRUE_COLOR

https://apps.sentinel-hub.com/eo-browser/?zoom=18&lat=-0.04436&lng=-51.18152&themeId=DEFAULT-THEME&visualizationUrl=https%3A%2F%2Fservices.sentinel-hub.com%2Fogc%2Fwms%2Fbd86bcc0-f318-402b-a145-015f85b9427e&datasetId=S2L2A&fromTime=2021-07-07T00%3A00%3A00.000Z&toTime=2021-07-07T23%3A59%3A59.999Z&layerId=1_TRUE_COLOR

Yes Obs, just TI on it's own so could be in and out within 3 days potentially:
"Thor Insuvi on pier 01 broke the production record that was of Serveporto itself with 22.322 tons of iron aboard in a single day."

http://www.docasdesantana.com.br/index.php/operacional/programacao-de-navios#navios-cais-1
Sailed with 46,531T MLQ they mananged 22kT (half) in 24 hours, very impressive!

I meant both piers, but of course we will get our own port back in action at some stage.

The ability to ship successfully from both ports (simultaneously) is very positive news and clearly removes a potential risk from the project and means revenues from stockpiles (easily $100m) can be realised sooner than expected, especially as pier two has plenty of availability, there's no reason we couldn't increase shipments even more going forward. The port operators are clearly getting faster too. Shorter turn-around times mean more shipments.
It also proves to the courts, creditors and banks (and administrators) that the management at dev are competent and will be able to carry out their responsibilities under the JRP.

Here you go, how about these actions...
https://www.facebook.com/Serveporto
Between 21 and 25/07 for the first time in the history of the Port of Santana in the State of Amapá were docked on pier 01 and pier 02 of the Santana Docks Company Thor Insuvi of Singapore flag and Turkey Flag Halil Sahin carrying iron ore simultaneously bound for Qingdao Port in China. The Portuária coordination was in charge of the Serveporto Group, which in the first 24 hours of operation on the ship Thor Insuvi on pier 01 broke the production record that was of Serveporto itself with 22.322 tons of iron aboard in a single day.

Bulk Costa Rica is flat out, due in to pier 1 on Wednesday.
https://shipfix.com/ship/bulk-costa-rica_IMO-9603465

If there is any news from the courts tonight regarding the bank deal or escrow money it would certainly require an RNS for 7:00AM Monday to update the market regardless of whether the transfer has taken place or not.