Member Info for f1nesse

710?

Resulting situation on the date on which threshold was crossed or reached 3.59 3,382,838

Position of previous notification (if applicable) 4.16

Funny that! if you have 4.16% and you buy more you end up with 3.59%!!!

I think that was an Ordinary Resolution which passed, needing only a simple majority. The 20-1 consolidation is due on July 17.

Strange voting pattern though with significant opposition to Resolutions 3 to 8 incl. R3 was the appointment of the auditors and R4 was the payment of the dividend. R5 allows the Directors to allot shares. These all passed as Ordinary Resolutions, but Rs6-8 were Special Resolutions and failed. " These resolutions relate to share issuance authorities, authority to buy back shares and authority to call a general meeting within 14 days, respectively. The Board intends to engage with shareholders who voted against the various resolutions to understand their reasons for doing so." Someone somewhere has their own agenda...

Both Bumping and Herefor are right in a way. That nicely photographed blasting 'exposed' 3,000 tons of ore, which is like 15% of hoped for monthly production. That ore still had to blasted and mined but only after the Gabbro (sp!) Norite overburden loosened by the blasting had been shifted to the waste pile (how many truckloads a day for how long?) Removing the waste and thus "enabling blasting of the exposed magnetite ore into the pit and the commencement of consistent ore delivery to the DMS JV plan" all takes time and money, so yes they did hype it up a bit so they could get the placing away. £900k won't go hugely far but will provide working capital breathing room until first sales invoices are issued and first sales receipts banked. Anyone care to speculate on the timescale for the money to start coming in? We haven't seen another set of photos yet ...

Ok with the acquisition; ok with the consolidation, now 20:1 rather than 100:1. But they have shafted the PIs again (they have a record of this) by issuing the stock at 2.45p with no participation for PIs, with the market around 2.80p or better. This super-discounting of the new stock represents a considerable transfer of value away from the regular investor base to the insiders...

Malebo Ratlhagane has resigned for personal reasons. She was apointed to the board in 2023 as Deputy Group CFO, having been with the company since 2014, and the plan at that time was that she would transition into Group CFO. There have been various board changes since with John Wardle and Kristoffer Andersson making the running. I hope there is nothing to read between the lines of Malebo's resignation and the rather bland statement announing it.

... 0.05 offered

MMs found another 60M shares easily enough. Can't go up until this tap runs dry...

.0479 and .05 - the FOURTH decimal place...

Price reporting mechanism can't cope with the third decimal place so an actual .479 will be rounded to .5 and since .479 is less than .5 any trade at that price will be erroneously assumed by the system to be below midprice and therefore a sell. The MMs will run out of stock sooner or later...

... so all these 'sells' are actually buys. There still seem to be shares available on tap but continued buying will eventually move the share price

Interesting trading pattern. There is a lot of buying but obviously there's a tap running somewhere so the MMs can get stock. When the tap closes ....

More likely the other way round. You're just a ramper on the SDY board. HSS is well ahead of SDY both in terms of digital offering, headcount and indebtedness.

Final Ex-Dividend Date 29-May-2025

Final Dividend Payment Date 27-Jun-2025

The final dividend for the year ended 31 December 2024 is £0.3m, equivalent to approximately 0.02p per share. This will offer a yield at the current share price of less than 1%. You should be in this share for capital growth rather than income, though the dividend is an encouraging sign of confidence looking forward.

Dennis has put us in the right place. But if we don't get the Hebei money - and Dennis has done his best - it's back to the long haul at least for a bit. I'm just as agog as the rest of you ...

Markets don't lie and share prices go up when there are more buyers than sellers and vice versa! I think everything we know already is already in the share price. We are awaiting agog for positive news, but hold on a minute, let's get realistic about what may be coming. Suppose for example, KZG wins (has won?) the arbiration case over Aftan but Hebei-Xinjian says "So What!" and doesn't pay. We then have to go through the proces of legally recovering the operation; allocating resources to it, staffing it etc. And Hebei might seek for example a fair value payment for work carried out during their pewriod of stewardship, or else remove all their equipment and retrench the workforce. Then there is the question of working capital for WHM; for the lack Aftan payments one would expect more working capital to be needed to keep WHM onsteam. And we haven't started talking about Perdevlei yet! Management has been careful so far in not issuing equity like water but who is to say their hand may not be forced. The market is full of mining companies who seemed to be going well, but getting into production was so costly that the original shareholders benefitted little. I am as interested as any of you in this coming out well, but I am not holding my breath and I am not going all in yet. Sure, after the next RMS there is likely to be a sharp movement in the share price but IMO it is not 100% certain that it will be up!

A management speak update today and it looks like it's been a struggle to stay in profit. EBITA in the first six months of 2024 (per RNS of 24 Sept) was £7.3m vs £10.8m in the first half of 2023 and £24.3m for FY23 (RNS 1 May 2024) down from £32.0m FY22. EBITA in the current announcement of 12 month trading is 'c £10m' for the whole 12 months.

From Rosenblatt's point of view it's easier to walk away from £21 of debt and start again than work for a decade to pay it back. It's not been a happy ride for shareholders, nor for the bankers. And ethics is still a county to the easth of London!

What size hit to the balance sheet are you anticipating.? They have put aside £2m. Is that really enough? Sure, concentrating on the core businesss is the right way but I am concerned that this dversion into excavators has been very costly and I will only be reassured when the deal is done.