Member Info for extrader

.."Look around at the small cap market, dilution after dilution at huge discounts.."

You're obviously not familiar with the terms of the Riverfort facility and how that has played out...and have ignored the value destruction at HELD without taking account of any shareholder dilution : the s/p is currently @2.7p, compared to a 12-month high of 22p.

Your complacency astounds.

Do you ever actually read RNS's ?

The latest loan isn't from a bank, it's from a boutique .."a European investment and consulting house focused in health along with oil and gas, commodities construction, and financing,.." and is somehow (somewhat improbably, IMO) secured by an insurance policy, details awaited.

HTH

The US (Dept of Energy, no less) - a bastion primarily of EAF - is getting in on the act, with Vale...

https://www.thecooldown.com/green-business/iron-ore-briquettes-plant-vale-doe/

.."Mining giant joins forces with US government to 'revolutionize' steel production: 'Already makes a difference'

The partnership will feature $282.8 million in funding from the DOE for the development...."

GLA and ATB

Even the US (Dept of Energy, no less) - a bastion primarily of EAF - is getting in on the act, with Vale...

https://www.thecooldown.com/green-business/iron-ore-briquettes-plant-vale-doe/

Mining giant joins forces with US government to 'revolutionize' steel production: 'Already makes a difference'

The partnership will feature $282.8 million in funding from the DOE for the development.

GLA and ATB

Ashmore's latest, for additional macro-economic context :

"...Argentina: President Javier Milei requested Argentina join NATO as a global partner. It is unclear if that would have any relevant implications beyond bringing Argentina closer to the US. Congress started debating a new fiscal reform bill that lowers the income tax threshold, establishes a tax amnesty that creates a scheme to regularise undeclared assets and cuts personal asset tax, amongst other changes.

In the meantime, Finance Minister Luis Caputo pledged to keep achieving a budget surplus, which kept Argentinian bonds well supported again last week. The trade balance was USD 2.1bn in March, above estimates of USD 1.2bn and USD 1.4bn prior. Exports rose to USD 6.4bn from USD 5.5bn. Imports rose to USD 4.3bn from USD 4.1bn....."

'Steady as she goes...'

GLA

Revisiting : what are the 'uncompleted' facilities about? Why is HELD 'financing the first stage of additional cultivation capacity' when it hasn't achieved first production yet - not even a pilot harvest by someone else, never mind its own ?

Reminder : it was 28 Dec,4 months ago, that HELD trumpeted this landmark achievement :

.."Elgo Dimitra, the public research institute overseen by the Greek Ministry of Agriculture successfully began [Ed.: for Halland75 benefit: note past tense ie more than 4 months, some time between July and December 2023] the cultivation of medical cannabis flowers for Hellenic Dynamics.."

Still running on fumes, IMO.

GLA

Riverfort loan o/s are apprx Usd 280k equiv.

Let's see whether balance is settled in cash or more shares b4 cracking the champagne.

And what are the 'uncompleted' facilities about?

The devil is in the detail, AFAICS.

GLA

The new loan, from an unnamed provider, is for Usd 1.05m

With this follow-on exchange :

Q :.." Sebastian, query: Is there no recursive incidence in the Court of Appeals? Isn't the question about the company's shares subordinated to the outcome of the appeal? Gcias

A: Judge Preska's ruling is a Final Judgment that can be appealed (as Argentina has done), but this ruling is also automatically enforceable unless Argentina deposits a guarantee to avoid enforcement. Argentina chose not to deposit this guarantee, which is why embargoes or similar ones began.

If the Court of Appeals rules in favor of La República and the beneficiaries of the ruling managed to get hold of some assets as collection of the judgment, then enforcement is suspended until the Supreme Court gives its opinion (if it reaches that instance).

The beneficiaries of the judgment will not have to return the seized assets(s) to Argentina until the Court issues its ruling.

In my opinion, it is a matter of negotiation. Not of seizure..."

Popcorn at the ready.

Sebastian MarilSebastian Maril

• 3rd+• 3rd+

Regional Director, US & Latin AmericaRegional Director, US & Latin America

3h • 3h •

Follow

..." YPF JUDGMENT CREDITORS ASK NEW YORK JUDGE TO COMPEL ARGENTINA TO TRANSFER OWNERSHIP OF THE OIL AND GAS COMPANY

YPF judgment creditors have petitioned Judge Loretta Preska of New York’s Southern District Court to authorize the transfer of ownership of all YPF shares expropriated by the Republic in 2012, including those allocated for the provinces. Originally filed on April 1, this request was kept under seal by the creditors, rendering it inaccessible to the public. Currently, Argentina holds a 51% stake in the oil and gas company, with 25% of this ownership designated for the oil-producing provinces. Recently, the Republic voiced opposition to the creditors' actions and urged Judge Preska to unseal the transfer of ownership motion. The New York judge sided with Argentina and YPF, who made a similar request.

Nevertheless, next month, Argentina intends to contest the creditors' motion to transfer ownership of YPF shares owned by the government. According to Title III, Chapter I, Article 10 of the YPF Expropriation Law, any transfer of the expropriated shares requires the approval of two-thirds of Congress. While it's improbable that the Republic will transfer ownership of the shares to the creditors, Wall Street is poised to play an active role in resolving this litigation, given that this development involves a NYSE-listed company and a sovereign nation with strong ties to the US, which may soon face contempt charges from a US court if it doesn’t comply with a likely turnover order.

In November, Judge Preska noted that shares owned by the Federal government, excluding those pledged to the provinces, could serve as collateral to prevent embargoes during the appeal. Since Argentina never pledged its shares, judgment creditors obtained clearance to enforce the 2023 judgment.

Plaintiffs will respond to the Republic's opposition to the transfer of ownership by June 1, after which Judge Preska will promptly rule on the motions...."

'Things are getting serious....'

GLA and ATB

.."this does mean that the QIA could be on both sides of a deal. Convulted? Who knows?!.."

Totally agree! AIUI, many of the Qatari Royal family hold British passports ('to be sure, to be sure') and of course have extensive sponsorship of horseracing, bothin the UK (Ascot, Goodwood) and France (Arc de Triomphe).

See also their 'honest broker' role in the merger/takeover GLEN/Xstrata, here

https://www.theguardian.com/news/2022/nov/15/sheikh-world-cup-qatar-uk-links-decades-hamad-bin-jassim-bin-jaber-al-thani?ref=biztoc.com.

Probably better to have them inside the tent, rather than...etc !

Not yet.

I'll leave it until Mon close of business, then ask Nomad.

Cheers

Qatar might well want to needle Saudi, but a feint is more likely than a serious counter-punch, IMO :

- Qatar already has strained relationships with the rest of the GCC, only now recovering from an outright trade embargo;

- it is home to Al Jazeera, which is a thorn in MBS's side and currently host to most of Hamas's leadership; it backs the Muslim Brotherhood, which is proscribed as a terrorist organisation by the rest of the GCC, etc etc;

- it has a 'complicated' relationship with Iran, with whom it shares the North Dome/South Pars gasfield on which its economy depends; it hosts the US forces at Al Udeid airbase, but conspicuously took no (acknowledged, tbf) part in the recent defence of Israel, unlike the UAE and Saudi; now is hardly the time to be ruffling feathers.

- it and the UAE are on opposite sides in the ongoing Libyan conflict(s);

- it has minimal iron ore expansion plans of its own, given geographic size and better investments/ employment prospects elsewhere for its indigenous population of about 350K, roughly 10% of the total population. Its biggest steel investment AIUI is a 25% stake in Foulath, Bahrain.

Having said all the above, it might suit Qatar ( GLEN's largest shareholder, as you rightly point out) to go through the motions, if only to encourage someone else to pay more for ZIOC than they otherwise might.

Truly 'win-win', from Qatar's PoV ! And presumably therefore - albeit in a smaller way - our own.

Bring it on!

AFAICS

.."The key takeaway is that they haven't taken Tranche 3 .."

That's my assumption also, but you know what they say about 'assume'....and I was hoping that - apart from confirming this was the case - AT's reply might be a bit more informative.

As would your sharing the Qatari tidbit that you've teased twice now ;->

GLA & ATB

Hi Jiving,

I thought of copying the Nomad in straightaway, but decided to do a follow-up only if necessary, to give AT an opportunity to take charge of the narrative (if he is able/interested).

ATB

(1) OK, MM : I'll bite. What are you seeing re Qatar?

(2) Re dilution via R/I, I reckon Elphick would fight with tooth and nail against - he has so far (but may have to concede in the end)

(3) Re (2) I've asked AT re current share nos, because ZIOC hasn't AFAICS updated to take account of Tranche 3 (which was discretionary)...and SMC is required to subscribe within 14 days of completion of Tranche 2.

AIUI.

GLA & ATB

See also this article , with more numbers

https://greekreporter.com/2023/01/27/first-medicinal-cannabis-production-plant-opens-greece/

including this, re potential competitors

.."Since June 2018, when the legislative framework for the licensing of plants for the cultivation and production of finished medicinal cannabis products came into effect, the General Secretariat of Industry of the Ministry of Development and Investments has licensed 134 plant installations nationwide..."

That's a lorra, lorra licenses....

GLA

May be worth looking into this company and see what it's up to.

https://www.greenprophet.com/2024/03/medical-cannabis-now-legal-in-greece-and-country-eyes-being-major-european-grow-hub/

There's been a Nelsonian blind eye turned to earlier news about this co, which appears to represent serious competition to HELD (admittedly, on the evidence to date not a very high bar).

GLA

Https://www.msn.com/en-us/money/technology/microsoft-s-15-billion-investment-in-ai-firm-g42-linked-to-uae-s-national-security-adviser

Note bulletpoint (5) :

.." G42’s commitment to sever ties with Chinese hardware suppliers underscores its dedication to addressing security concerns and fostering trust with international stakeholders. .."

Doesn't stop business co-operation on 'routine' matters, but at an existential level Abu Dhabi appears to be in the US camp...for a while at least.

GLA

Https://www.msn.com/en-us/money/technology/microsoft-s-15-billion-investment-in-ai-firm-g42-linked-to-uae-s-national-security-adviser

Note bulletpoint (5) :

.." G42’s commitment to sever ties with Chinese hardware suppliers underscores its dedication to addressing security concerns and fostering trust with international stakeholders. .."

GLA