Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
.." a group of Congolese athletes being stuck in a transient hotel in Africa and the local football team having to bail them out.."
You've clearly no awareness of the importance of the 'diables rouges' ...and the passionate following they have in local media.
The Romans understood the importance of 'bread and circuses' even if you don't.
Have a nice day.
PS Depeches front page headline today :
.."WATER AND ELECTRICITY
The government is concerned
Faced with recurrent complaints from the population about the disruption in the supply of drinking water and electricity in Brazzaville, Prime Minister, Anatole Collinet Makosso, on 29 March visit to the facilities of companies La Congolaise des eaux (LCDE) and Energie électrique du Congo (E²C) to find out more about the real causes of this situation..."
More details on page 3
Page 2 leads with the National Assembly being tasked with waiving parliamentary immunity for an MP who's complained about a breakdown in law and order and manifest public corruption :
.." the MP for Moungali I sits on the Defence and Security Committee of the National Assembly. He was detained by the security services for having openly denounced the growing insecurity observed in recent years in the country's major cities, and the Minister of the Interior and the law enforcement agencies, whom he feels are not up to the task
the task assigned to them.
In a telephone exchange, he also criticised the mismanagement of public affairs, in particular financial mismanagement of the country, marked, he said, by "the massive misappropriation of public funds by the elite and administrative officials, and the non-payment of parliamentary emoluments of members of parliament in recent months".
These audios caused a buzz on social networks..."
It's interesting because Depeches is owned by Jean-Paul Pigasse .."A friend of Denis Sassou N'guesso, the President of Congo-Brazzaville, Jean-Paul Pigasse runs a press agency specialising in Central Africa and publishes "Les Dépêches de Brazzaville". "We are one of the only press agencies active in the entire region", he explains. Opponents prefer to refer to him as the "spokesman" for the Congolese government..."
https://www.leparisien.fr/faits-divers/la-justice-enquete-sur-l-ami-du-president-congolais-
"It's complicated"
GLA
Eddsy from 27 March : .."I suggest you go back to the drawing board, if you think posting spurious in country news is productive and worthy of your time!.."
Eddsy today : .." Great post MM, I too follow the in country politics, especially the Chinese. .."
Well, it IS April 1st...and a classic example of 'confirmation bias' in action....
;->
GLA (including you, Eddsy)
They paid back because the investor saw how things were going , saw that taking shares wasn't likely to work out, took fright and asked/insisted on getting his cash back (read the RNS closely).
HELD 'obliged' ...and dressed it up as something it was happy to do because of the cost savings it had made.
Then promptly had to borrow afresh, because err...cash was tight.
.."I thought that the principal loan (450k) and the interest on the loan could be repaid in cash or converted at 9.884p per share, so why has 90k loan and interest been converted at 2.34p..."
from your link, it looks as though the ref to 9.884p in loan repayment terms is a mistake and should have referred to the 40% premium over 5-day VWAP for the Warrant pricing, in the line item below.
Hi Jiving,
Thanks for this overview of the likely 'runners and riders', which I share.
I'd add - as participants, if unlikely lead players - India and (maybe) Oman.
India , most likely via Jindal Group, which has been looking at African iron ore assets for some time, most recently Friedland's Zogota in Guinea ; has African operational experience (it took over Vale's Motize/Mozambique coal+ rail operations); and has an existing 'green ore ' requirement in Oman from its $ 3Bn expansion plan for its Jindal Shadeed subsidiary
See https://english.alarabiya.net/business/economy/2022/12/04/Jindal-Shadeed-Group-plans-3-bln-green-steel-plant-in-Oman-for-auto-products, for details and which shows the markets for its intended production, planned for 2026.
I'm not clear how much weight to attribute to the 'India Inc' concept - some see India as overtaking/displacing China as investment destination (given politics, geography and demographics) - but Essar Group has major 'green steel' investments planned in Saudi and Arcelor Mittal, Tata Steel and Vedanta, to name but 3 , are all presumably potential consumers of ZIOC's premium product.
Oman is more of an outlier, but - apart from its indirect interest in the Jindal steel project and potential direct interest via Vale's mooted Omani green steel mega-hub- is AIUI also the largest (16%) investor in Kore Potash, which may be interested in due course in accessing AD Port's (expanded) facilities at Pointe Noire.
Meanwhile, circling back to Abu Dhabi (whether SWF or just 'AbuDhabi Inc') , I'm sure you're right to refer to the Mopani copper mine deal as 'keynote' : not only did AbuDhabi's IRH/IHC crash a party with the Chinese original preferred bidder, but -apart from buying out GLENs equity stake - they also assumed part the associated Zambian debt to GLEN, see
https://www.agbi.com/industry/2024/03/abu-dhabis-irh-completes-zambian-copper-mining-deal/
And IHC isn't lacking in financial muscle
https://www.agbi.com/finance/2024/01/abu-dhabis-ihc-sets-up-holding-entity-with-27bn-in-assets/
Lots of intriguing possibilities - and that's apart from whatever MM is teasing atm....;->
GLA and ATB
Hi all,
Away on my travels during the excitement, now playing catch-up.
Thoughts :
-Initially disappointed at missing deadlines (self-imposed), a rod for their own back. I wonder whether they had a Strategic Investor lined up and there was a set-back ? From the timing, my WAG would be Saudi ...with GLEN jibbing at Manara's offtake demand (?).
No worries, Elphick speaks at the end of 'interest from strategic investorS_...'
- as the original FS timeline suggested and others have pointed out, the SI (s) would want to see the latest numbers before committing. I take 'peer' review to be ZIOC's own 'tame consultants' to appraise the Chinese work...
- as to whether ZIOC are short-staffed or not, surely the recently-incentivised management team should be burning the midnight oil, if needed ?!
If things are as advanced as we believe, most of the work will be sub-contracted or awaiting input/enquiries from the counterparts, no?
- appointment of Shard Capital as joint broker I see as a 'necessary evil' - term used advisedly ;-<
The first 2 x Tranches raised funds at avge 6.9p - not exciting. The Third Tranche is at ZIOC's discretion, it'll be interesting to see when/if they take it up . The GLEN loan extension runs for 4 months to July, ie a month beyond the 'snapshot'/test-date interims, hopefully long enough to cater for all eventualities.
- as to 'informing the market'/reassuring PI's , it seems unlikely ZIOC'll oblige. Why should they ? (a) if there's still jockeying around, they won't want to tip their hand/indicate a preference/alienate someone (anyone) unnecessarily or inadvertently.....apart from anything else, think of the potential media circus.....and (b) I don't think PI's figure largely if at all- in their calculations: we're an irrelevance at best and a nuisance/inconvenience at worst...
All AFAICS,
GLA and ATB
The HELD payment of £90,756 paid in shares on 28 March @ 1.26 = $ 114,352.
We're told that this is 'part of an outstanding loan and accrued interest'.
The question is (or should be): How big a 'part' ?
It was paid 28 March 2024 on a loan for $450K taken out 26 October 2023 ie 5 months ago.
.."The annual interest rate payable by the Company is 15% per annum payable on any outstanding amounts, quarterly in arrears.
· Each advance is repayable in monthly cash instalments after a holiday period, expected to be serviced from operational cashflow over the next 12-months.."
Unhelpfully (again) we're not told what the grace period is. The loan is $ 450 K.
If HELD had paid in 12 instalments, that would be $ 37.5K per month or $187.5K due to date. This exceeds the repayment actually made and also rules out a grace period.
A 1 or 2 month grace period would mean principal repayments of $163K (4 months@ $41K) or $135K (3 months @ $45K), so also not arithmetically possible.
So let's try a 3 month grace period and 9 instalments of $50K.
Two instalments due end March 2024 would be $ 100K. If interest is paid 'quarterly in arrears', after 5 months only 3 months interest is due. Three months' interest @ 15% on $450K would be ($67,500/12 *3 =) $16,875, together $ 116,875.
Absent any 'hard info', this seems as good a working hypothesis as any.
If so, HELD has paid off $100K out of its $450K loan and had accrued interest payable of $ 11,250 at end March 2024.
The situation appears even tighter than my 'blink' impression on first read.
If anyone has different numbers, pls share....including your assumptions!
GLA and ATB
Hi guys, from the RTOP board
There are some basic misunderstandings about RTOP.
(1) It's not a new company : the Prospectus , if anyone bothers to read it, includes its last 3 years (loss-making) results as an Italian company, incorporated and doing business (unsuccessfully) since 2017.
(2) There's been no 'floatation' merely a listing introduction to the London market.
(3) No shares were sold on listing in the UK : TAG decided the share capital should be divided into 60m units and parcelled out 35% to (cough) unconnected accounts - on unspecified terms [Ed.: could even be for free] - in order to satisfy UK listing 'liquidity/marketability' requirements.
.."The Company is not party to the arrangements to be entered into between TAG or RegTech Italy and such independent third parties....
The Company will not receive any proceeds from the disposal or sale (as applicable) of such 20,997,000 Ordinary Shares.."
(4) As with the SYME RTO, the valuation at listing of 100p a share is a complete fabrication and has/had no connection with reality aka RTOP's historic (consistently loss-making)results or its future prospects.
(5) As soon as PI's bought shares in RTOP that 'legitimised' its fabricated value aka 'worth what someone is willing to pay for it'.
(6)TAG was THEN able to use the 'currency' it had thereby created to settle some debts/intra-company payments.
(7) It's an open question whether RTOP in fact owns the Orbit Open platform, on which it 'depends heavily' for its growth : I posted this on the SYME board about 3 1/2 years ago :
.."(1) RTOP appear in the Gartner survey as ' Vendors' of Orbit 4BC
(2) These people hxxps://www.glgroup.it/about-us/ say that they own Orbit Italy :
.."Founded in 2000 and acquired in 2011 by GL Group S.p.A., Orbit Italy is a BC consulting firm IT service provider, and software development leader. Our team of highly skilled and certified experts has extensive experience in business continuity, disaster recovery, and risk assessment process management..."
and here hxxps://www.glgroup.it/orbit-4bc/
that Orbit-4BC is one of THEIR product lines; and, scrolling down on that page
that the MIR3 Business Continuity Management Service (that RTOP shows on its website) is "distributed by Orbit Italy, the only Italian company who can offer pre and post-sale technical support.."
RTOP and SYME may differ in the detail, but they're both 'variations on a theme',
AFAICS.
GLA
Hi guys, from the SYME board
There are some basic misunderstandings about RTOP.
(1) It's not a new company : the Prospectus , if anyone bothers to read it, includes its last 3 years (loss-making) results as an Italian company, incorporated and doing business (unsuccessfully) since 2017.
(2) There's been no 'floatation' merely a listing introduction to the London market.
(3) No shares were sold on listing in the UK : TAG decided the share capital should be divided into 60m units and parcelled out 35% to (cough) unconnected accounts - on unspecified terms [Ed.: could even be for free] - in order to satisfy UK listing 'liquidity/marketability' requirements.
.."The Company is not party to the arrangements to be entered into between TAG or RegTech Italy and such independent third parties....
The Company will not receive any proceeds from the disposal or sale (as applicable) of such 20,997,000 Ordinary Shares.."
(4) As with the SYME RTO, the valuation at listing of 100p a share is a complete fabrication and has/had no connection with reality aka RTOP's historic (consistently loss-making)results or its future prospects.
(5) As soon as PI's bought shares in RTOP that 'legitimised' its fabricated value aka 'worth what someone is willing to pay for it'.
(6)TAG was THEN able to use the 'currency' it had thereby created to settle some debts/intra-company payments.
(7) It's an open question whether RTOP in fact owns the Orbit Open platform, on which it 'depends heavily' for its growth : I posted this on the SYME board about 3 1/2 years ago :
.."(1) RTOP appear in the Gartner survey as ' Vendors' of Orbit 4BC
(2) These people hxxps://www.glgroup.it/about-us/ say that they own Orbit Italy :
.."Founded in 2000 and acquired in 2011 by GL Group S.p.A., Orbit Italy is a BC consulting firm IT service provider, and software development leader. Our team of highly skilled and certified experts has extensive experience in business continuity, disaster recovery, and risk assessment process management..."
and here hxxps://www.glgroup.it/orbit-4bc/
that Orbit-4BC is one of THEIR product lines; and, scrolling down on that page
that the MIR3 Business Continuity Management Service (that RTOP shows on its website) is "distributed by Orbit Italy, the only Italian company who can offer pre and post-sale technical support.."
RTOP and SYME may differ in the detail, but they're both 'variations on a theme',
AFAICS.
GLA
The Second Advance $ 300K availability appears to have lapsed in accordance with its 150 day terms.
HELD is repaying a mix of P + I on the first $450K in shares, but doesn't break this down, just gives a £ lump sum.
It settled the 'front end' arrangement fee belatedly and in shares.
It's running on fumes, IMO.
GLA
This is the company 1AF2/TAG is pursuing
https://www.stockloansolutions.com/
See 'How it works' for details.
At a quick glance , the shrinkage margin they seek has risen - to 40 to 60% - from the 30% or so that they were quoting when the SYME shares were pledged in 2020.
GLA
I've followed local media for some time and have noticed more outspoken discontent recently...and more to be discontented about.
You may feel that country risk is a 'known unknown', you can bet that potential investors in Zanaga will be interested in the current position.
Feel free to ignore and put me on filter!
Usually, depeches devotes about 1/3rd of coverage to its footballers (domestic and overseas), so clearly important to the national psyche.
https://twitter.com/brazzanews/status/1772998867987906993
This isn't a good look (reported by Brazzanews, not a fan of the regime)
"Congolese players abandoned to their sad fate in Accra in a transient hotel (see photo)
Does the Congolese state still exist? In any case, in this year of youth, young Congolese athletes who participated in the 13th African Games in Accra have found themselves stranded for almost a week in this city due to lack of transport tickets. They are mainly young footballers, semi-finalists, nevertheless put on a mission by the Congolese state. They are today abandoned to their sad fate in a small hotel in Accra resembling a transient hotel and left to starve.
Faced with this sad reality, the Congolese Football Federation has decided to come to the aid of these athletes in distress. She made a money transfer this Wednesday March 27, 2024 to allow these athletes to meet their immediate needs. Furthermore, FECOFOOT has undertaken to pay for the tickets for the return of this delegation. .."
All a bit fin-de-siecle to me.
GLA
Australian miners are having a reality check.
The same AFR carries a story re GLEN - 'Australia's biggest thermal coal producer' -rowing back on its coal volumes pledge
https://www.afr.com/companies/mining/glencore-abandons-coal-production-cap-as-another-climate-pledge-falls-
GLEN's position is made complicated by its Teck acquisition - it wants to bulk up then spin off as a discrete business - at least it's acknowledged the issue and SAYS that it's keen to prioritize coal for steel over coal for power.
From the recent Climate Action Transition Plan https://www.glencore.com/publications
...In the event the demerger does not proceed, we will assess how best to integrate the EVR [ Ed.: Teck] assets into our climate transition strategy, recognising that THE TRANSITION AWAY FROM STEEL-MAKING COAL for steel production will be slower than thermal coal, given the important role steel is expected to continue to play in supporting the construction of transportation and renewable energy infrastructure, AND THE EXPECTED LIMITED AVAILABILITY IN THE MEDIUM TERM OF ALTERNATIVE STEEL PRODUCTION TECHNOLOGIES THAT DO NOT REQUIRE COAL."
What else can BHP (to a lesser extent GLEN) realistically do ? Should they follow fads or facts ?
AFAICS