Member Info for fatherelmer

Even the monthly set of site photos would be nice! I wonder if the switchgear, and cabling, has turned up yet?

One interesting thing for me about this piece of news - which I agree is indeed good - is why has this not merited an RNS??

At a 24% discount to todays SP, and todays exchange rate $3m would convert to another 8.5bn shares and leave Odey with ca. 70% of TSTR. Every extra $1m of debt converted adds ca. 3bn shares or ca. 1.5% of TSTR.

Body, the last debt for equity swap (1st June 2017) was at a 24% discount to that days share price, so I wouldn't be surprised if a similar thing happened this time.

Krispy, you could well be right re Odey's plans and as long as there is some strong SP recovery that would probably be okay. I can't imagine how / why anyone could be pessimistic about this share given what has happened over the last 12 months or so 😀

I carried on digging and Ethiopian hold a 40% stake in ASKY too.

Correct they hold 49% of Malawian, 45% of the proposed new Zambia Airways and a Management & Strategic Partnership *(though no ownership that I can see) of ASKY Airlines and are also planning on something similar (with ASKY) in Guinea.

If Wikipedia is correct it looks like I was wrong and LAM is 91% government owned with the remainder held by staff. https://en.wikipedia.org/wiki/LAM_Mozambique_Airlines Out of their 15 destinations only 4 are international: - Dar es Salaam - Harare - Nairobi - Johannesburg

What ever happened to this route - has it now disappeared completely??

This news is on the front page of the fastjet website already!

stokey12, if they offered 1p (�0.01) for the shares I think there would be a stampede to sell (I would sell them all mine)! In the first debt for equity swap Odey paid �0.0012155 per share, when combined with the OO shares (and assuming they didn't have to pay a premium for the additional ca 11% that they managed to acquire as part of the process) their investment average is ca. �0.000384. When the prospect of going private was talked about previously it was suggested that Odey would have to offer at least the highest price paid in the preceding 12 months (this was implied as a legal requirement) in which case that would be �0.00295 (achieved on 13th June 2017). As an aside Karen O'Mahoney's (new TSTR CEO and Odey representative on the SPMP Board) has an investment average of ca. �0.000448. Therefore, to me the range of any offer is from �0.000448 to �0.00295.

fjetcrazy, what do you think this'll mean for FJETs route network domestically, and internationally? Hopefully, they are shielded from the losses that LAM makes? Also where does this leave Ethiopian as I thought they had a large stake in LAM?

stokey12, there is at least $3m (if not a lot more) due to be repaid by 30th June 2018 and as TSTR have no cash of their own to repay it, and I can't see anyone being willing to loan a company with no income money, I can only envisage that this debt will be repaid either through the issuance of more shares (another OO if you will) or via a debt for equity swap (as happened previously when Odey acquired their original 54%). If it is the former (another issue of shares) then if the story of the OO is repeated, via that process Odey managed to increase their holding to 65%, I can therefore see them repeating the process and taking it past 75% where the option will then be open to them. If it is the later (debt for equity swap) then as Odey would be the only game in town for such a deal their holding would easily surpass 75% and probably onwards towards 90. This again would leave the option open to them, if not indeed force their hand should the 90% be breeched. If they have the option (of taking private) I can see only 1 reason as to why they wouldn't do so - and that is to leave a listing in place so that they have an eventual 'exit strategy' all ready to go. On the other hand I can see more reasons as to why they would take it private: they get to liquidate all TSTR assets (the mines), they get to receive all the $2m due upon commissioning (as it wouldn't surprise me if this doesn't occur until after the debt is due to be repaid) they reduce TSTR operating costs to the absolute bare minimum (if not completely) and they get to keep the entirety of the future SPMP dividends when they start flowing (rather than have to share with minority holders). All just my opinion of course - so what do I know, apart from I do think we will know soon enough (by 30th June 2018).

stokey12, IMHO it will depend upon whether or not TSTR is taken private or not (which if it's going to happen will likely be when the outstanding debt - due by 30th June 2018 - is repaid). If they are taken private then the answer would be no (as there would be no point) if, however, they remain listed then this will occur at a point in time prior to receipt of first Dividends - so any time before late 2021 / 2022

Honeststu, IMHO I can't see the China deal being done before the 28th, the recent CFO trip is just the next stage which has to be reflected upon, digested and the next steps planned and agreed. There could be many more such stages yet. As for when the deal is to be signed, due to Asian respect culture this will happen in China and require very senior people from all parties to be present eg Chair, CEO and CFO from VRS, and as I don't think Neill is off to China in the next week I wouldn't count on any deal being announced any time soon.

BurtonS, break even was my first thought too, it was only when I dreamt up the numbers in my original posting that the overall position changed. The forecast growth in revenues, in the individual businesses, is my attempt at allowing for the items that you mention.

To help out, and for comparison purposes, the same numbers for Financial Year 2017 are as follows: - 2D-Tech Limited = revenues of �0.13m, loss of �0.45m - Cambridge Graphene limited = revenues of �0, loss of �0.05m - Versarien Advanced Composites Limited = no revenues, loss of �0.15m - Versarien Graphene (Hong Kong) Limited = revenues �0, profit �0 - Versarien Technologies Limited = �1.1m revenue, loss of �0.6m - Total Carbide Limited = revenues of �2.25m, loss of �0.32m - AAC Cyroma Limited = revenues of �2.5m, profit of �0.03m So overall for Versarien plc.... - Revenues = ca. �5.9m - Loss = ca. �2.2m With other 'central costs ca. �0.7m

Given that it is the financial year end at the end of next week I thought it might be interesting to see what people thought VRS may produce for us (I know we won't find out until, probably, early July) just seemed like a timely topic, and a bit of fun.... - 2D-Tech Limited = trebling of revenues (to ca �400k) but still loss making (ca �200k) - Cambridge Graphene limited = large increase in revenues (to ca �100k) but still loss making (ca �100k) - Versarien Advanced Composites Limited = no revenues still loss making (ca �200k) - Versarien Graphene (Hong Kong) Limited = no revenues or costs in the period (set up absorbed centrally initially) - Versarien Technologies Limited = increase in revenues ( to ca. �1.5m) but still loss making (ca �300k) - Total Carbide Limited = increase in revenues (to ca �3.25m) with a small profit (ca �200k) - AAC Cyroma Limited = increase in revenues (to ca �4.25m) with a small profit (ca �300k) So overall for Versarien plc.... - Revenues = ca. �8m - Loss = ca. �0.8m In the above I've allowed for an additional 'loss' (read cost) for central overheads of �0.5m with the large increase in these costs reflecting expansion of the central team to handle enquiries and costs associated with China, setting up Versarien Graphene (Hong Kong) Limited and the Palo Alto Sales office.

Escovido, over at the 'other place' there was some chat about the China deal 'going south', last week, based upon some interpretation of Neill's tweets though I haven't seen anything about a placing - that noise has all come from Twitter exchanges (from a few weeks ago) mainly from @timkempster who also inhabits the 'other place' as loglorry1. Unless as was suggested below someone has heard something in City boozer I suspect that is all Neill is reacting to.

coffeecups, thanks for that. Therefore, if we use 5 for the P/E Ratio as suggested, and the figure of �73,168,000 of 'revenue' as calculated 'from beyond' on Friday we can see a 'best case' prospective share price of 0.57 however, as we know that the TSTR take will be some way below the full revenue share - lets say 10% that would give us an SP of 0.057 or about 75% higher than we are today, and that is once full production, and SPMP dividends start flowing sometime in 2021/22, therefore perhaps today's SP is realistic for where the company is presently, with a prospective high somewhat lower than we would perhaps all like!