Member Info for EV_Bull

We have another movement...
MOVEMENTS
Date Movement
06/02/2021 Certificate of Issued Publication
Relation: 0547/2021 Date of Availability: 02/06/2021 Date of Publication: 07/06/2021 Journal Number: 3291 Page: 1070/1123

Also Pier 2 is scheduled for 45000t so we need a bigger boat.

Pier A : 200m long, 12m deep and has a berth suitable for Panamax type ships.
Pier B : 150m long, 11m deep, and with a berth, it serves long-haul and coastal shipping.

Maximum ship length:
The maximum length is limited to 220m;
No limitation on maximum deadweight of ships.

http://www.docasdesantana.com.br/index.php/operacional/informacoes

I don't think the Deadweight is quite enough though, capacity is 39278 t DWT, unless going smaller for pier 2.

Beatrice is a great shout tomcat, only departed today too. My source doesn't have a name yet, will keep an eye on it.
There seems to be a lot of santana bound ships set to macapa port e.g FORESTAL GAIA is for Santana has destination set to Macapa so entirely possible.

I personally think once the deal is done if our MCAP is still undervaluing the assets someone bigger like Glencore would be interested in buying us out. We will of course find out soon enough.
I also think ~£25m is not a crazy number for our non-Amapa and assets if they were sold off.
i.e Combined value of Yangi, LT/LS and Sonora JV + EMH + Cash could justify current market cap.

I found the official case now from Friday's movement so it's easier to read if you put the pdf in to google translate:
It is a "Sub case" "Embargos de Declaração Cível - 50001" which is now "Judged" as of Friday and published today.
Presumable the banks could have been waiting for this to conclude prior to signing off.
https://esaj.tjsp.jus.br/cposg/search.do?conversationId=&paginaConsulta=0&cbPesquisa=NUMPROC&numeroDigitoAnoUnificado=2199480-27.2020&foroNumeroUnificado=0000&dePesquisaNuUnificado=2199480-27.2020.8.26.0000&dePesquisaNuUnificado=UNIFICADO&dePesquisa=&tipoNuProcesso=UNIFICADO

I think he's saving it up for the big one now.
Even Maddog trying to create some FUD for some cheap shares, are you not fully loaded yet?

VERY old news Maddog and nothing related to us of course.
https://www.wsj.com/articles/SB121582838535348121
"The investigation centers on MMX, the iron-ore company Mr. Batista founded and part of which he agreed to sell to international miner Anglo American PLC for $5 billion earlier this year. Police said they have evidence of possible fraud involved in MMX's successful 2006 bid to win a 20-year concession to operate the Amapa railway line, which links iron mines with the port of Santana."

Serbia is not (currently) in the European Union

The other thing that strikes me is the extra slots were booked 15th May which is when the "Conclusions for Decision" appeared at the courts.

Yes I think it all adds up now...
The presentation should have been "end of May" for #4 which was changed to "end of June" but should be "early June (Marlin V)" The slide may have been prepared earlier in May and quickly amended.
From the courts...

"She informs that the delay in completing the agreement is bringing losses to the Debtor. Reiterates the request for consideration of the expiration of guarantees and prescription of credit. At the end, it requires the subpoena of the Union of Banks complete the transaction, pursuant to the Proposal and 07.02.2020, the addendum of 02.04.2021)."

This could be related to losses relating to ship #4 if MV has to wait or be delayed.

Perhaps the banks had promised to sign after the April addendum ("banks aligned" RNS) when we booked our extra slots in early May and ship #4 on the expectation that it was all sorted but the Indian banks have been holding things up, the pressure is on to get this done now before the 3rd (tomorrow) which is why the banks are also summoned witihin 10 days and when MV is due in. I can't imagine the courts will allow this to happen so today could be crunch day.

I have checked back on my schedules and Marlin V was originally 31st May so that would make perfect sense.

Imagine selling out a few days before the big one lol, only to see it double / treble soon after. It's not as if anything has changed regarding what's happening, if anything another confirmation that ship #4 would be post-deal.

indeed @obs, which is why it was quietly released without any fanfare. I.e might as well update the current presentation and release and then alter / prepare it ready for the 20/27% news.

If I were to speculate, I'd say that it's been done to get it up to date-ish prior to the full update with the Amapa ownership news as KM will onbviously be presenting an updated version on the day of the news.
I consider this a pre-update update....

I think you might be on to something Obs as the $30-$40 from stockpile sales is gone. I suspect the April amendment mentioned in the courts may well be that potentially most of this is now going to the banks and why we are all now aligned. Surely that's what they would have been pushing for. Maybe we get our costs plus a small fraction.
The only other reason to remove it is because it's inaccurate now and worth over $100m which of course is enough to pay off the banks maybe we get anything that's left over or something like 10%?
Then thus having to raise more in equity (the $24m-$50m) may actually make it more likely for us to obtain the 49% because indo may not want to (or can't) fund their half whereas we would be able to.

we had an RNS about #2.
I have just re-read it so it does confirm #3 (Medi Zuoz) has taken place (last week).

So #4 Marlin V is now the question mark even though it's listed for Dev

Correcting the previous:
Also would expect them to know whether it's two or three shipments by now as *three* have already officially sailed but possibly due to the 10% held back until it's arrived and been inspected / sampled.

wonder if there will be some interviews out today explaining it.

• 3rd Shipment in late May 2021 – 4th scheduled at the end of June 2021
• Initial shipping up to US$ 10 million in gross profit (2-3 shipments)

You can read between the lines then it would mean that they expect the deal to complete before the end of June and they are confident enough to have scheduled a 4th ship in.
It doesn't however explain Medi Zuoz (#3) and Marlin V (#4) being stated as for Dev on the Ports own website.
Also would expect them to know whether it's two or three shipments by now as two have already officialy sailed but possibly due to the 10% held back until it's arrived and been inspected / sampled.

Monday 7th would be 10 working days from the "Decision" if you don't count the day it was issued.
Marlin is set to depart on the 7th also at the same time as ship #5 is due to arrive (according to the schedule although no name yet)

Some more info on the company registration.
This is the lawyer for Dev, Washington Pimentel Jr. (Bankruptcy and Corporate Lawyer) that has registered our JV company in Brazil. The email given for the company (PBA) is WASHINGTON (at) ACPA.ADV.BR.
https://br.linkedin.com/in/washington-pimentel-jr-b046607b
His websites listed on linkedin are:
www.acpa.adv.br (under construction but clearly using it for email)
www.washingtonpimenteljr.com.br

He is listed as Dev's lawyer here for example https://stj.jusbrasil.com.br/jurisprudencia/879250174/agravo-em-recurso-especial-aresp-1378186-sp-2018-0262624-6/decisao-monocratica-879250194 and here http://g1.globo.com/ap/amapa/noticia/2017/03/zamin-pode-voltar-exportar-minerio-de-ferro-para-quitar-dividas-no-amapa.html