Member Info for extrader

Hi Doctor100,

Thanks for this 'real world' example of how complicated things are !
I hop, for your sake, that you haven't had to give personal guarantees or anything like that and that the who/whom flow of funds is (mostly) in your favour.

ATB

Hi Sootysnipes,

Regret , no reply from AT to my various recent posts, usually accompanied by a 'nudge' request for some update :

- 8 Mar : Friedland / Nimba
- 5 Mar : 'one or two mines in Africa'
- 26 Feb : article on China's plans to 'de-carbonise' the steel industry
- 19 Feb : article re COIDIC apparent fallout re PN SEZ and Chinese refinery near Cabinda
- 18 Feb : Ivan comment to the effect that Simandou is 'on' , Pilbara watch out
-4 Feb : Credit Suisse/Morgan Stanley re steel price outlook.

He would engage intermittently before, but hasn't replied to any of the above - obviously, no update , but also not even the suggestion of a tweet to show signs of life.

We have the upcoming elections 21 March and GLEN's AGM 29 April I'll use as 'prods' , plus anything else in the interim.

HTH

Synergy principal Sachdeva represents AFC, has waived his £ 40kpa NED fee since 2015 and his existing financial interest appears limited to 1.75m options exerciseable at 6.25-6.5p.
I couldn't find the quantum of consultancy fees, could you say what it is, pls ?

TIA

Any professional on a retainer would expect a different fee structure to apply for intensive specialist work : my lawyer and my dentist do.

Hi Daisy,

(1) If you're not happy with the management (which is a fair point), then surely strengthening it is a positive.
(2) No amount of strengthening management will speed up EDM.
(3) The appointment of advisors suggests/implies that we're getting nearer to a point/points that require expertise that any prudent management will want on board. I suspect SF's involved in this.

You may not like how long things are taking - but see (2) above - and the s/p can move up or down , not necessarily for reasons connected with NCCL.

NCCL is 'high risk/high reward', so anything to reduce the risk is usually considered a positive.

If you have children, you'll be familiar with the occasional , plaintive 'Are we there yet ?'
Treating them like adults always worked for us.

Greensill was about more than 'inventory' funding.
For one thing he (and / or Gupta) have to take the credit for this bit of financial wizardy :

https://www.greensill.com/whitepapers/supply-chain-finance-and-innovation/

where he basically monetised 25 years' worth of future receivables from a hydropower project to pay for the connected alu smelter....that would be paying for the electricity....

Other People's Money ! In this case, the Scottish Government (SNP) as ultimate guarantor, with Westminster paying in event of default, by deduction from Scotland's devolved budget for schools and hospitals.

Next payment on the (gross) $ 575m of bonds (that run through on 'take or pay' basis to 2042) is due mid April, just in time for the Scottish elections.

Hi all,

https://www.mining.com/friedland-backed-hpx-to-fast-track-guinea-iron-ore-project/

$ 200m raised, with 90% political risk cover from MIGA to advance Nimba, targeting 15mtpa by 2025/6.

.."Friedland made his fortune from the Voisey’s Bay nickel project in Canada in the 1990s. Since then, he has been involved in some of the biggest mineral discoveries in the world, including the giant Oyu Tolgoi copper mine in Mongolia and the Kamoa-Kakula project in Democratic Republic of Congo..."

Looks as though the 'dealer' (Ivan) and the 'digger' (Mick Davies/Xstrata) have been joined by the 'doer'.

Caveat to 'the caviar' :
.."The proposed open-pit is located in the Guinean Nimba Mountains, classified as a strict nature reserve in 1944 and then as a World Heritage Site in 1981-82 for being home to globally threatened and endemic species.

The boundary of the reserve and World Heritage Site was modified in 1993 to exclude a keyhole-shaped area to allow mining in the proposed project area.

The modification doesn’t make Nimba’s path to production smooth. HFX will only be able to secure the environmental permits needed to start construction if the project the World Heritage Committee approves it..."

Get a move on, Zanaga !

Thursday 11th Proactive

'Hearts and minds' buildup to news from China that it's collaborating with the 'capitalist West' in CHIMs, fronted by an acceptably ethnic Chinese scientist ?

There was a post on 25 Feb @ 2054 that some people deserved to be burned alive, but either the mods or the poster have 'disappeared' the comment.

https://twitter.com/LarissaSchwedes/status/1368557188629868544

The dpa correspondent

;->

All explained (with some extra detail) in this article :
https://uk.finance.yahoo.com/news/credit-suisse-missed-many-warnings-114423299.html

HTH

Two connected reasons : over-exposure to Gupta by Greensill Bank and withdrawal of first loss insurance for Greensill Capital by Tokio Marine, for non compliance with ins policy terms.
Greensill notified of intention to cease cover in August of last year, according to FT [on a roll at the moment, with Wirecard]

Add in Credit Suisse failures in due diligence and Greensill shareholder SoftBank 'roundtripping' loans to/borrowings from though subsidiaries...

Apollo Global reportedly offering $ 100 million for the carcase.

https://wolfstreet.com/2021/03/04/softbank-fintech-unicorn-greensill-on-verge-of-collapse/; and
https://www.bloombergquint.com/business/credit-suisse-missed-many-warnings-before-greensill-s-collapse

It's a bit more complicated than you make out.

HTH

.."No hence of a Greenshill fiasco happening here..."

(1) It's Greensill, not Greenshill.

(2) The challenge is not on the borrowing side (which is relatively easy to sign up), but on the funding side, which is evidently more problematic for SYME and where it DOES unfortunately face additional headwinds now - 'no thanks to Greensill' .

Today's FT has a full page centre spread on Greensill; a second, related article about the collateral damage to Credit Suisse ; and a Lex column note that refers to 'loopholes in accounting that mean debt-like financing doesn't need to be reported as such'; and speaks of 'accountancy rule-setters already discussing tougher disclosure requirements ... to cover the risk of regulatory arbitrage'.

Lex concludes : " Greensill is a minnow, but offers a useful illustration of where risks can lie ".

It may well be unfair to SYME, but 'perception' counts ....and I think it's naive to think that the Greensill shock won't affect potential lenders' attitude to the whole supply-chain finance industry.

IMO

Hi Dingdog1,

Totally agree the general tenor of your post, save for .."an investment of £165,757. That is not punt money..."

If you take Mr and Mrs Friel's combined holdings in Amryt, ORPH and Raglan, I imagine you're looking at £ 40-50m easily, possibly more.
Their (Raglan) investment here is approx 0.4%, so very much in 'punt' territory for them, I'd suggest.

ATB

Census here in the UK...and elections in Congo-B....

Bizarre to think that the second might have more 'real world' impact for the average investor here !

Great link, 99icecream !

I've forwarded to AT.

Also ties in with GLEN's proposed 'advisory vote' on coal and iron ore at 'Ivan's swansong' April AGM.

Agreed. This one article covers both : https://www.theguardian.com/australia-news/2021/mar/05/tens-of-thousands-of-jobs-at-risk-as-greensill-capital-moves-closer-to-collapse.

Re the 'rogue' employee, Greensill was told that policy paperwork was incomplete last August and (per the article, granted) didn't correct.
It tried to force an extension to cover on Monday and withdrew the case yesterday.
Greensill previously tried to force reuters to withdraw an article critical of some of its dealings...and withdrew from that too.

I 'get' that insurance companies will often try to avoid what the insured think of as their obligations, but it's pretty clear that Greensill knew that there was 'an issue' 7 months ago....and doesn't seem to have done much about dealing with it.

I once took one of my local colleagues to a casino in Cairo, where we spent 3 hours playing blackjack, drinking the complementary G + T's and occasionally being distracted by the belly-dancing.
I staked him part of my per diem.
We both came out ahead...and slightly the worse for wear.

.."why wouldn't you want that to work?.."

I do want it to work. I don't think SYME is necessarily the right company to make the breakthrough.