Member Info for fbrj

Wishful thinking....0.187p!!

Once upon a time I used to hold this stock between March 2018 and August 2021 - 2m at an avarage of 3.75p. My first buy was at 5.8p! The sp did get to 6p (after visiting just over 1p in early 2020) and I probably just about broke even overall or at a loss of maybe £5k. I've nevertheless always kept an eye on it.

I feel it is now or never with a farm in and yesterday I put in £5.25K at an average of 18.7p. The podcast link is worth a listen imv and neatly sums up the situation ("binary"). The UOG section starts at 35 minutes. you probaly know Charles Archer follows UOG and features in the discussions.

https://www.youtube.com/watch?v=ZlNiKNgDU9w

Good luck!

Try reading 2nd bullet point half year results released 20 August

DTP re dividends. FWIW the broker Auctus is assuming the next 2 divs to be the upcoming 10p final (reduced from 14p) and a reduced interim of 6p (rather than a maintained interim of 9p). If the later is correct then the current yield is around 10%. There is some detail and links on this thread around 6th May.

Thanks Londoner - I think 2 divs now seems most likely and somewhere around 10c or 12c/share for the Sept payment - depending on the split. Bit of a toss on which way it will go.

I am just sensing that there is some pressure building (from a variety of sources - including Trump today!) on relaxing the Gov NS new drilling policy.

I don't think this potential upside is anywhere near reflected in the SP. I also hold SQZ but a smaller amount.

I've been adding over the last six months to a (new) holding in ITH, with an average price of about 125p. As a newish shareholder I've been impressed with the management, focus, results and communication of the company.

Many of us are here for the attractive yield which at the current sp and even at the (recent high) cable rate is about 17%.

What are the views about how FY2025 might be apportioned and when?

For FY 2024 it was split approx 30/35/35% paid by way of 3 interims - Sept, Dec and April and in the previous FY it was 50/50% Sept and April.

Was the Dec "special" div related to the ENI transaction and, if so, do people think that it is more likely that we will revert to 50/50% Sept and April?

As public company shareholders I would have thought we have a right to know where our money is going. The name of the vendor seemed a bit conspicuous by its absence. C'mon Ben tell us who it is!

What StanAccy is hinting at - none too subtly - is that there is a link between BT, POW and/or PJ (the latter two being the vendor of the Nara Project.

Ss - you are correct re the highest price paid by the Purebond/concert party over the preceding 12 months.

Without the whitewash waiver Purebond/concert party have to make a Rule 9 bid if they go over 30%. That bid has to be in cash and only subject to a 50% acceptance condition before going uncondtional. That 50% includes their 30%.

ie it is not a vote, as such, but acceptance or otherwise of a cash offer. What this means is that if they got to say 55% - they have to pay out to those who accepted the cash offer. Everyone else stays as they were (ie being a shareholder).

Glen - usually a dealing fee on the buyback into your isa, plus a small spread between sale price and buyback price. Difficult to quantify exactly.

A month ago I posted that I had become pretty disillusioned (as an LTH) and concluded:

"You might wonder why I still hold. In fact over the last 6 months I have sold down 2/3rds of my holding but am keeping 1m "just in case".

I hope the new shareholders have some input/control over where KAV is heading in the immediate future (ie strategy)."

I have liked what I have read and heard from KAV over the last few days - so much so, that I have bought back today some 350,000 shares in different tranches. It was quite difficult to get orders filled and even a fill and kill at the full ask failed. A bit more widespread enthusiasm and this could really get motoring. A change in sentiment might be around the corner!

Never mind the longer-term shareholders like us who must all be significantly down (75% in my case, for the shares still held), I wonder what our new "strategic investors" are thinking - down some 45% in just 4 months? Apart from the strategic investors, another £1.5m (part of the £3.0m announced last October) are also down 45% (unless they flipped/forward sold immediately after).

BT must be under pressure from pretty well the entire shareholder base. Have to find one of those elusive rabbits and a hat!

Legal - it looks like that but it depends what you mean by "drill campaign". I think it will be a while until the drill actually turns. BT is tweeting: " ... building our understanding of the project's underlying geographical structure....". How long will that take?

I don't understand why KSZ cannot be progressed simultaneously?

Maybe KAZ just has a dud KCB portfolio? Most of it selected before BT's arrival on the scene - chosen by what he refers to as the old guard. He has been pointing the finger at them in his "boots on the ground" stuff. A bit unedifying I thought putting that in print even if it had some grounds to think that. Not exactly a great incentive for Gumbo.

I'm still irritated by those recent options (multiples more that last year) in a year when the sp has collapsed by 80% and on top of that the reprice of the old ones. What kind of message does that convey to shareholders and the market by our PR guru?

Legal - I agree with your post 100%. Especially condolences but not forgetting that there is a board/broker which should have been capable of putting out a message re delays in the absence of BT.

Metal I know I being facetious but why not just simply mention what the AM was for - in the announcement - to avoid any speculation? It's these small things that find irritating. Even the RNS re options had the wrong date in it - can't a financial journalist manage to check this sort of stuff before it's released? Just gives a sloppy impression....ok rant over!

Metal - what was the "lot on" on the corporate side since October? Did I miss something? Maybe the Prospectus issued in mid November? Oh and the option considerations of course....

I agree. Although disillusioned with BT for the reasons I described (I also gave him credit where due too). It's the corporate strategy I was focussing on in my post. Rather than changing BT we need more input/direction from chairman/board/new investors to avoid the highlighted issues. BT is inexperienced despite what he might think! That options RNS should never have seen the light of day. Ask BT why it was released when it was - what does 5.30pm on a Friday tell you?

I am a long standing KAV shareholder and gave BT the benefit of the doubt over some concerns that were raised when he first appeared on the scene. However I have become increasingly disillusioned - probably partly driven by the dreadful sp performance, especially over the last 12 months.

I can't blame him for the land portfolio he inherited or for any geophysical misinterpretations - the latter is not his area of expertise and to be fair he has tried to rectify that with new hires/consultants etc. I also give him credit more the new monies/shareholders he has brought in.

It is the evolving strategy I have more of a problem with. I particularly dislike the continued issue of paper/warrants like confetti. The total issued share cap plus warrants is now in excess of 1 billion! The so called warrant bank is particularly fatuous. I don't think he really understands the long term effect of dilution. I disliked the tie up with POW - I think I'm correct in saying that he and PJ are old mates from Manchester. Don't get me started on Kanye. The Botswana listing too. I haven't looked back for the detail but I am sure there are some outstanding assay results (why no update?). Strategy paper? Why isn't the KSZ "B " not being drilled right now? I was under the impression that once POW had finished with the drill - it would be moved to the KSZ. The moving concepts of Proof of Concept, Year of Discovery, proving up theories with "new" technologies etc etc. Basically just fluff - demonstrating "success".

BT is a good communicator and I feel he has a good grasp of the technical side of things for a PR person. What is less convincing is why a "penny dreadful" financial journalist should be suited to running a public company - what are his qualifications to do so? He has dabbled in the past (NTOG?) but do not think he has demonstrated much success on that front.

Slipping out an RNS after hours (5.30pm) on a Friday should come as no surprise. And guess what - a whole pile of, imv, completed unwarranted options (I exclude the contracted new hires here). Compared to last year, the numbers are multiples larger. What control is there over this when all the approvals are coming from people awarding themselves options?? These are now "no lose" options. If earlier options now look a bit of a stretch with a declining sp - no problem, just change the terms! Optically I think that is appalling. Has BT also awarded himself options he can continue to hold even if the leaves KAV? Incredible if so. Busy working on these self awarded options might explain why the strategy paper is "late"!

You might wonder why I still hold. In fact over the last 6 months I have sold down 2/3rds of my holding but am keeping 1m "just in case".

I hope the new shareholders have some input/control over where KAV is heading in the immediate future (ie strategy).

Thanks JP - a well reasoned summary.

One thing I do recall BT saying (can't remember where now) is that any interesting cores will be reported straight away.

ThePrevin - ARS is not subject to the UK Takeovers Code as the company is registered in Bermuda. This was also highlighted in the RNS yesterday. The 30% point is a Code, not a legal requirement.