Member Info for extrader

To paraphrase the Iron Lady ' Don't go wobbly on us now, George"....

:->

My mistake !

.."there was an issue of 225m shares to Orph on 18th June in exchange for the transfer of the IP into Poolbeg.
25m shares management
225m shares Orph shareholders
250m shares IPO.."

Thanks to 1gw for pointing to the 18th June release that I'd not seen.
So 5% of POLB as management incentive, 3.2% to CF and 1.6 % approx to I O'C.

.."That was before the share in OO effect. They had 25m shares in Poolbeg before the divi in specie shares.."

But that first 25 m shares (which AIUI they were holding on an interim basis in trust to cover the 'sale/purchase' of the IP) doesn't cover 'our' collective 670/2.98 = 225 m shares, I think there's been a 10 for 1 sharesplit to get to 250m (to accommodate us and Schroders) and leave management with 10%...which becomes 5% when the IPO 250m is added.

.."Yes him and his mates gave themselves 10% pre new money for not much outlay.."

You're forgetting the 2.98 : 1 aspect.

.."Or, the fact he has already has a massive Orph holding..."

Roughly 7% of each company.
ORPH has already multi-bagged for him, it makes sense to see if he can repeat the magic at POLB.

'More bang for the buck'.
IMO

It seems he's picked up 16/500 = abt 3.2 % as incentive.

Since he's also put more cash into POLB than ORPH, that may give a clue where his priorities/interests/the potential lies.....

IMO

Could someone check my maths, pls.

(1) CF had 45,965,011 ORPH (before today's purchase of £ 300K worth).

(2) @ 2.98 that would entitle him to 15,424,500 POLB freebies /div in specie

(3) But today's POLB holding has him at 36,389,757, including a 5million/£ 500K purchase through PB

(4) Setting those aside, Cathal appears to have received (31,389,757 - 15,424,500) = 15,965,257 extra, as a management incentive.

That's about £ 1.6 million worth, or roughly twice his cash outlay under (1) and (3).

I don't know Ian O' Connell's prev ORPH, so can't say what his management incentive was.

Have I misunderstood something ? Seems a tad more generous than I'd prev understood - IIRC CF spoke of a 'couple of percent' for the team....this looks to be abt 3.5% just for him.

If POLB is valued at £ 50m, based on the £ 25m raised by IPO @ 10p, does that not make for 500m shares in issue ?

Reason I ask is that @ 2.98 and 670m our 'freebies' account for abt 225m.

There seem to be 25m shares unaccounted for.....unless I'm misunderstanding something (quite possible !)

?

Hat tip to timberwolf3 re ethics committee tardiness

..."Would seem that the Government contracts were being held up by independant ethics review comittee who have admitted that they were slow in their deliberations and that in future they will be able to act quicker

hTTps://blogs.bmj.com/medical-ethics/2021/07/13/the-review-of-the-global-first-sars-cov-2-human-infection-challenge-studies-hics/..."

From a quick read, a couple of complicating factors seem to have been (a) getting appropriate diversity to ensure meaningful read-across from the volunteers to the general populace and (b) the emergence and only gradual understanding of 'long Covid' with its potentially greater implications for a cohort of young volunteers.

AIUI

Peakhope 7 July

..” Emailed AZ yesterday regarding accountancy treatment and below is the reply I received, if I can email AZ and get a reply anyone can, the accountancy treatment is nothing to do with syme and is the responsibility of the client company “

“The accounting treatment is a matter of each Client company (and its auditors).”

“When SYME presents the service to its customer, one of the first thing we agree with the Client is how the service works and the how the Client has to account the transaction.”

Best

Alessandro Zamboni

Best wishes all LTH..”

Hi FatherTedCrilly,

Thanks to Jigger (and you !) for this.
As an aside, I wonder who all the attendees were whose names were redacted - Spads ? Military ? Security services ?

Ho hum.

Today's depeches reports a meeting of the public debt committee : there's disagreement over the size of the public debt , which they all agree has to be addressed.

The options - as the administrative head says, something has to be sorted by 31st August, our choices are to pay; to reschedule; to seek a discount; or to seek debt forgiveness.

Not an encouraging mind-set.....but maybe just being realistic !

.." It would be a smart and welcomed play.."

There's a first time for everything, I suppose.

;->

Hi G_G_G,

I think you're right to note some 'drift' on the milestones !

In the A/R released a bare 3 weeks ago, we were told (Operations review p6) :.."Agreement on the tariff is expected to unlock the remaining milestones including; finalisation of the 60% subscription price to be paid by CMEC, the PPA, PCA and FC...."

What, if anything, has changed since 25th June ?

.."As the shares from the Termination of EBTs are to held by NCCL as treasury shares, the company could sell them into the market..."
Which would likely have the same s/p depressant effect as a small placing....and would be RNSable too ?

.."Extrader, what do you make of what's happening here?.."

I've never seen this before.
Who are/were the beneficiaries of the EBTs ?
Can you terminate a Trust without beneficiaries' consent ?
How does terminating an EBT 'conserve funds' ?
Is the situation akin to an unfunded pension liability ? If so, what would have triggered a (premature, financially awkward) claim ? One or more of the beneficiaries leaving ?

"Could some kind person 'splain to me like I'm a seven year old ?" (Denzel Washington /Philadelphia )

.."The IPO (as in the roadshow etc) hasn't yet commenced. There have been numerous comments in presentations about DIM..."

That was my understanding , too. I thought I might have been asleep at the back of the class..

.."They have already begun the IPO for DIM..."

Where was this info, pls ?

It's mildly interesting that xinhua carries it.

Obambi is a local - and some suspect a front for Nguesso - certainly seems to be 'well-connected'. With all the talk of PPP (Nguessos' son in charge of the Ministry)

If someone's putting in a new (or refurbished) rail link to his mine, it might make commercial sense to run a spur (abt 170 Km) from Moussendji up to Zanaga, for increased throughput/commercial viability at the 'new mineral port ' at PN.

See map http://exploreit.icrisat.org/sites/default/files/uploads/1437123940_congo-administrative-map.jpg

The other interesting bit is the 2nd part of the project - the rehabilitation of the COMILOG link.
https://jrcloches.blogspot.com/2013/01/le-projet-de-chemin-de-fer-de-mayoko.html
.."The company will fully use the route of the former Comilog (Mbinda-Mayoko-Mossendjo-Mont Mbelo-Pointe-Noire), as well as that inside the port of Pointe-Noire leading to the ore storage area. Thus, benefiting from this infrastructure, DMC-Exxaro will rehabilitate it for more flexibility in the work, so as not to disrupt the current traffic..."

Exxaro sold out to Obambi, creating Sapro Mayoko.

COMILOG used to export manganese from Moanda in Gabon to Mbinda on the border and thence down to PN along this line.

Xinhua net also carries the story, slightly different export volumes

http://french.xinhuanet.com/2021-07/10/c_1310052809.htm

BRAZZAVILLE, July 9 (Xinhua) -- Congolese group SAPRO Mayoko and South Africa-based Thelo DB Proprietary Limited signed more than CFAF 600 billion in Agreement friday in Brazzaville for the construction of a 412-km stretch of rail for the evacuation of iron in southwestern Congo, Xinhua found on the spot.

The agreement was signed by Sapro Mayoko SA's Chief Executive Officer (CEO), Paul Obambi, and Thelo DB's CEO, Ronny Ntouli.

The two CEOs welcomed the signing of this agreement which will "boost" the activities of Sapro Mayoko which exploits the Mayoko iron deposit in the south-west of Congo.

In addition to the construction of the new 412 km railway section from Mayoko to the future pointe-noire ore port, part of this funding will be used to rehabilitate the old 182 km railway section from Mayoko to the Autonomous Port of Pointe-Noire (PAPN).

Due to numerous derailments, this former section of railway makes it difficult to transport iron from Mayoko to the PAPN. The construction of the new section will take five years and will allow the evacuation of 12 million tons of iron per year.

SAPRO Mayoko SA is congo's only iron mining operation in Mayoko, near the border with Gabon.

It acquired the Mayoko iron deposit in 2016 from the South African mining company, Exxaro DMC, with an initial production of three million tons of iron per year. The Congolese company has a long-term production target of 150 million tons per year. end