Member Info for extrader

Thanks for this nuancing ! I believe Freyberg was instrumental in the Xstrata tieup with ZIOC in the first place, if so he'll have the contacts (Elphick and co) and context (C-B) to hand.

ATB

And now this PS from yasX

.."Incidentally, on the subject of funding, during my conversation with Elizabeth we discussed this issue. She suggested various funding options were being explored. My view was/is that if there was a real likelihood of the main project going ahead and the tariff being agreed, potential sources of funds would be readily available to them. That they appear to me to be struggling to raise funds suggests others are aligned to my view that the project is all but dead.

I think there are only two options for funding: a loan from a related party (likely SF) at a ridiculous rate and/or issuing more equity. With the shares at just over 2p, that is hardly likely to yield much without substantial dilution given the price of the shares at this time..."

FWIW

Elizabeth of Pimlico hasn't sent the promised reply, but spoke with yasX who has posted thusly on a dvfn , after the usual disclaimers

"... I in my characteristically robust style expressed my view that this was essentially a Co. kicking the can down the road as regards the tariff agreement and that increased focus on the solar business was essentially to substitute for failure at the main project. Naturally, she vehemently disagreed. I therefore repeatedly sought to elicit from her the cause of the protracted delay. Initially she indicated that the Co. had no idea as to the cause. Subsequently and upon further hard questioning she indicated that she had not expressed herself correctly an her position shifted to 'it does not take a genius to work it out'. Of course, this sagacious chap is a bit of a genius but for the sake of trying to obtain a response I suggested I was not a genius and that she ought therefore to spell it out. In short, after about thirty minutes of back and forth on the same issue she freely confessed it was due to matters of a sensitive nature. I told her that this was just a regurgitation of the waffle used by Hanno. In short, as regards the tariff/main project, the same theme was relayed (being, things are positive, these things take time, negotiations are sensitive, the Co. still seems very optimistic and so on). i made it clear I attach nil value to such statements and my view was the project was falling apart.

As regards funding, it is hoped something will be provided in terms of an update fairly shortly (that goes without saying since they are by their own admission in need of funds within several weeks). One option is to go down the warrant route, but, of course, if the Directors are in a closed period or restricted then this would not be an option they could exhaust (I have no idea if they would even if allowed so to do).

I made known my criticism of the use of Synergy - she was not able to provide me with details of how much they had been paid for their engagement, other than to point out they are not on a retainer.

Of course , she spoke with considerable optimism about the solar project - we agreed to disagree on the merits of that.

In short, the Co. seems to be of the view that the coal project will proceed and is a substantial project (which it would be if it were to proceed). As others have expressed, my view is that there is only a very remote chance of it ever amounting to anything meaningful and the migration to solar is to replace that project. She obviously disagreed, but, time will tell. We ought to be getting an update on various fronts fairly soon, but, I did make it crystal clear that any update merely regurgitating previous guidance that things are going well without any meat on the bones will undoubtedly be met with holders bailing out fed up of the interminable delays and promises of jam tomorrow..."

FWIW. 'Consider the source', etc etc

Hi Johnski

If this is Ed Croft of Stockopedia, he's very good .

You write :

.." A junior member of the group, then suggested that the group should go outside and simply "COUNT" a horse's teeth--to resolve the question once and for all! Upon hearing this, the rest of the group became so alarmed that, according to the manuscript, they "fell upon him, smote him hip and thigh, and cast him from the company of educated men."

If this is meant to be a parable of the SYME lse board, you'll have to explain who plays the part of the 'junior scholar with common sense' and who the 'rest of the [alarmed] group' are........
;->

Just use the filter, judiciously.

This is the note 2 July I made after a phone conv with AT :

AT called a little earlier today, the Nomad having forwarded to him my email to them.
He stated their view that there was no regulatory obligation to update but recognised the frustration that many shareholders might legitimately be feeling.
We spoke for the better part of 30 mins in a wide-ranging conversation , but everything ultimately coming back to the difficult position of trying to achieve 'a change in the dynamics' without being able to say what ZIOC was working on.
Specifically , he said
- unlikely to see a change in GLEN's attitude to greenfield, shared not just by Ivan and Gary but by the ExCom;
- where GLEN had done iron ore projects, they'd been brownfield or offtake involvement;
- the recent doubling up on Colombian coal despite ESG considerations was driven by influential/interested shareholders;
-he acknowledged (MItch's point ?) that there'd been a slowdown on COIDIC side, said this seemed to be as much from internal changes as anything else; coronavirus, meanwhile, was a headwind for everyone;
- re the recent revocation of CongoMining Mayoko Moussendji license, he said that they - unlike Zanaga - couldn't show they'd been actively trying to move things along ; he confirmed that Zanaga had never received any official complaint or approach on this matter;
- Simandou at best would only cover 10 % of China's iron ore imports, China seemed to be looking to Brazil to reduce further its current dependency on Australia;
- I asked re Forrest/Fortescue Mining visits to the area, AT wouldn't comment other than to say that Forrest was one of the few Oz miners who didn't share his compatriots' complacency that China would always be dependent on Australian ore;
- the current high ore price only adds to the frustration; as to cyclicality vs 'commodity supercycle' , AT said the Project remained attractive at $ 70/62% = $ 85 / 65%, esp. in view of lower impurities;
- he acknowledged shareholders 'opportunity cost' concerns, said that he and team were acutely aware of this' having salary-sacrificed the last couple of years' - he also said that none of the shares in lieu had been sold;
- he several times said things to the effect that 'there's a reason for our radio silence' but acknowledged that giving any timing would be a hostage to fortune. He conceded that he might have to reconsider his own position at some point, but 'not for at least a couple of years'.

My take hasn't changed substantially , ZIOC's task is to come up with something that gets GLEN's blessing, what that might be - in the words of the late Donald Rumsfeld - is a 'known unknown'.
With no apparent threat to licences and the overall macro-environment generally positive, it seems there's still an outside chance there'll be a breakthrough at some point. So ZIOC remains a high risk / maybe high reward position for me...and is sized accordingly.

HTH, NAI, DYOR, E& OE, AIUI etc, etc.

Hardly totally o/t.

Clean-burning coal provides a larger ('economies of scale') , more reliable + arguably cleaner supply of energy - and the prospect of a better quality of life - than random firewood collection/land despoliation by itinerant peasants.

I'd have a lot more respect for the 'green lobby' if (1) they embraced nuclear as a 30-50 year 'halfway house' to increase the possibility of an 'orderly transition' to other renewables; and (2) acknowledged that - to some extent - 'the future has already happened' , and we have to deal with the consequences/mitigants.

As the sainted and cuddly Sir David Attenborough - Population Matters patron - has said "All our environmental problems become easier to solve with fewer people, and harder - and ultimately impossible - to solve with ever more people." He's described humankind as a "plague on the Earth", and criticised the act of sending food to famine-stricken countries while overlooking population control..." (wiki)

The (self-centred) response to coronavirus is a telling foretaste , I think, of how far (=not) we're likely to get with international co-operation : The WHO's 'No-one's safe until we're all safe' is true as far as it goes, but politicians everywhere have looked only to their domestic constituency and concentrated on 'getting things back to 'normal'.

Meanwhile, slightly more on topic, Elizabeth got back to me yesterday saying she'll reply to my email. I askedthat , in the absence of any imminent RNS , she framed her replies in a manner I could re-circulate to fellow frustrated shareholders.

HTH...and watch this space !
;->

.."a e-mail to Glencore’s shareholders relationship management perhaps?.."

Signed off by ' A concerned minority shareholder. Cliff E." ?

So people keep saying.
Do you have a link to your source, pls - otherwise it’s just hearsay.
‘ Trust is good…but checking is better’.

Said by Lenin, who had some experience in these things !
TIA

I accept your apology in the spirit in which it was made.

.." your best deramp being I can’t find anything announced about TF fund rating, so it must be a fake.. really extrader…"
Your words/interpretation, not mine.

I merely remarked that it is odd - which it most assuredly is - for the rating achievement (which it is) - not to have been detailed in the RNS... and, odder still , not notified AFAICS to TF's existing and potential investors.

Seems like a missed marketing opportunity, at the least, to me.

.."although AZ has a pledge on some of DW holding (2.98%}..As well as a call option [over 630 million shares] at 0.6945p …"

You've repeated this canard several times now, referencing the 29 Dec RNS.

You've overlooked or forgotten that the Call Option RNS'd on 24 Sept had an expiry date of 31st Dec, at which point it lapsed, having failed to reach the exercise price .

Hi G_G_G et al,

I'm wondering whether the internal political fallout of this
https://www.spotlightcorruption.org/mozambique-and-the-tuna-bond-scandal/
which has entered a new phase, is distracting EDM and its bosses in any way ?

I can't help feeling that there should by now be some 3rd party evidence of things moving forward (or not) with the Project eg in 5-year plans, in MozGov's budgetary negotiations, in outcomes of discussions/meetings with individual or multi-lateral donor countries, etc , etc., much of which you'd expect to see reported (maybe inaccurately, but still) in the local press.....

Ho hum

And it's all very well saying we have CMEC's support, let's have something tangible from THEM (like - ha ! - EPC signature ...or at the very least, the scope/nature and results of the drilling (started 8 months ago) and and confirmation that the EPC is -or will be - compliant with Moz law ....)

.." the TradeFlow Capital funds received an Investment Grade final rating from a leading ratings agency for its 4-year Senior Note.."

Could someone provide a link to the customary press release for this ? Which would name the agency, the rating and the rationale for the rating.
I only ask because AFAICS TF themselves don't seem to have shared this info with their investors or the market, either on their website or their very active twitter feed.

The website only says .."This offers investors a low risk profile, fixed income style return, with equivalent risk of loss quantified at “AA” S&P equivalent by an independent study September 2018.."

TIA

Your post said ...'" like syme we dont lend money but we actually use a mechanism where we buy and own and control the commodity moved around.."

SYME's version of this - 'buy and own' - is accounting semantics (open to challenge), TF's isn't; TF 'controls' the commodity (NB commodity (generic, readily tradeable) not 'inventory aka WIP or manufactured goods) ; and goods are moved around = not stationary; which implies plenty of easy 'enforcement' opportunities.

So that's 3 pretty fundamental differences for a start . Or do you not think so ?

.."some of our own sme customers need support in their warehouse funding and monetization .."
If TF can keep its security package (ie 'true' ownership) in place for the pre or post shipment warehousing, that's extra business for them....but , on the face of it, makes SYME's offering redundant.

,,"half a billion dollars of transactions up to the end of last year alone with onboarding over 800 counter parties all over the world .."

Applied simplistically, this suggests the average transaction is about (500,000,000 /3/800 = ) $ 208K. A very different kettle of fish - and risk concentration- from that proposed by SYME (is it $ 10 -15 million, now ?, I forget).

AIUI

I'm not holding my breath.

Hat-tip to 1gw elsewhere for this

"Don't know if this has already been posted, but I noticed SAB Pharmaceuticals announced at the end of June that it had dosed its first participant in a Phase 2a Influenza human challenge trial.

hTtps://www.sabbiotherapeutics.com/2021/06/29/sab-biotherapeutics-doses-first-participant-in-phase-2a-trial-of-sab-176-for-the-treatment-of-influenza/

According to the US clinical trials database this is being done by hVivo at the Queen Mary facility, involves an expected 60 participants to be enrolled and expects primary completion in October with full study completion in November. Each participant will be held in quarantine from challenge on day 0 until day 8. So 60 participants times 9 days = 540 bed days.

I would guess that is what is occupying a reasonable proportion of Queen Mary at present.

hTtps://clinicaltrials.gov/ct2/show/NCT04850898?term=hvivo&draw=2&rank=14 "

If you follow the second link, you get an idea of some of the data being harvested...
I particularly like

8.Measures captured by continuous monitoring [ Time Frame: 28 Days ]
Measures captured by continuous monitoring may be explored in relation to Influenza challenge TO EXPLORE THE UTILITY OF WEARABLE CONTINUOUS MONITORING for assessing Influenza A/California/2009 H1N1 virus infection/disease.

'The gift that keeps on giving...'

.."hitting all the timelines and milestones set, all within a strategy which has played out like clockwork..."

I'm guessing this was audio only ? was it said with a 'straight' voice ? was Zak taking the p*$$ ? was this a 'paid for' plug....?

Questions, questions....

Friday's depeches

.."ELECTRICITY
The executive hires a British company to reinforce the installations
The financing agreement [ Ed. hardly, more like an LoI : they haven't got to MoU stage yet...]was signed on 5 August in Brazzaville by the Minister of Energy and Hydraulics, Honoré Ntsayi, and the managing director of Lincoln W Ltd, Daniel Gouobolo. The British company will initially invest CFA 32 billion [ US$ 57.5 million] on urgent work on the electricity networks.
The priority of the co-contracting company, according to Gouobolo, is to improve the supply of electricity to the country's major cities and solve the thorny issue of load shedding. The project will be carried out in two phases:
The first phase, known as the "urgent phase", consists of the rehabilitation of the electricity transmission and distribution network, and the second phase concerns the looping and extension of the same network. ...."

https://lincolnw.com/services/project-management/

Set up in 2016, micro accounts show shareholder funds of £ 1.2million, last year a white SouthAfrican/Congolese dual citizen became a 'significant control' shareholder....

' Nothing to see here, move along now'...

....I wonder whether NCCL are playing for time to build a solar life raft'.

As an investor in 'the main project' , I'd appreciate if management would address all of the above.

Thank you.