Member Info for Fevertreeman

Yawohl

tells you that Mr Market does not think this will fly, and nor should it in order to line the family pockets at shareholders expense

NEDs have voted not to accept which means most institutions will follow suit. It could be tight but I suspect come first offer closing period Le Frog will not have got control, and the bid will either lapse or he will be forced to up the ante. Certainly the PE group that bought in will feel aggrieved that he is attempting to shaft them unless there is some pecualiarly Gallic backroom deal that wont come out till further down the track

Woeful behaviour from the ****y Frenchman. I note with sanguine amusement the investment case on the website which makes a tailor-made case for why shareholders would be bonkers to accept this junk from this character, including

Strong balance sheet
The strength of our cash flow from our operations allows us to self-finance capital expenditure programmes and technological innovation while also returning cash to shareholders by way of dividends as appropriate

Share price carries an Adams discount akin to the Put-in discount on Russian shares.....as various sages have pointed out, talk on NAVs is fanciful, when (a0 we don't have financing secured after what 5 years (2) mine infrastructure yet to be built (3) CU and Ag yet to be mined ..............

Made me laugh using the verb 'deliver' when referencing Adams. Under delivering suggests that you have actually delivered something, that there is something to point too albeit what's delivered is below expectations...Adams has NOT DELIVERED ANYTHING.....

Been involved in enough bids over the years to know that this is not going to happen at this price. As the NEDs (that in itself makes me smile) pointed out the actual offer price was at a discount. In normal situations where you are trying to get hold of a company, you have to pay a premium for control to your other shareholders.

The NEEDs have no choice IMHO but to recommend against accepting the offer otherwise they would be failing in their fiduciary duties. So what happens next? Notwithstanding the withering criticism that should be levelled at Serge and the Dan David Foundation, our Frenchman is going to have to come up with something north of £1 to have any chance as the business is now beyond the trough point in trading terms. In effect the Frenchman wants to take the shareholders out at the lowest point in the cycle, and keep the spoils for himself.

So the local called him into the study and told him they expect monthly updates (and presumably want the charlatan in-country regularly rather than on his sun-lounger). So yet another extension through to July, which means that that it going to be a long wait....as usual, you have have to wade through the smokescreen to work out what, if any progress, has been made. Strangely mute on the finance syndicate situation - "Subject to final construction pricing and document execution, capital requirements have already been catered for within the syndicate"......We know that he had pledges for about 2/3rds and was short 1/3, so presume nothing has changed despite the sophistry in the use of language.

Beyond perennial financial engineering that penalises his shareholders? My negative list seems to get longer as the years pass
1. Unbelievable value to destruction that has snowballed during a period of 'free money', and in last 12 months booming oil price
2. Atome spin-off far from being the rocket to PPL sp is now a major drag
3. 2021 production targets missed
4. US offline, and no sense of whether things will improve
5. No new finds ; production waning

What is Levine 'playing at'?

...reverse Midas touch at it again. Having baled out pre Atome, I have popped back to see Napoleon Carnage has managed to give any joy to his shareholders (his private interests presumably laughing all the way to the bank). And to my dismay, I see Atome - 31% since demerger ( another outstanding vote of confidence in Napoleon), and PPL at its lowest level for 12 months despite booming O&G plays. How is it possible for one man to destroy so much value and still be in a job!

As I have posted before this has been carefully managed by the octogenarian to screw over his shareholders, and anyone with a long memory, will recall he has clashed with investors before.

A few weeks ago I wrote this about his modus operandi:

"Put out gloomy announcements, cut forecasts & shelve dividend. Then as things pick up don't frighten the horse by being too bullish which would really drive the sp, but release carefully calibrated RNSs always with the "we remain cautious about the future "line whilst gently raising forecasts (note: this must be below what he actually expects he can achieve)"

Frankly this is an outrageous state of affairs. One wonders what prompted the so-called charitable foundation Dan Dare or whatever it is called to pledge its stock at the time it did. Governance issues galore!

The professional institutions will be furious with the behaviour of the Board. In any other company with the restructuring behind it yielding significant savings, growing cashflow, clear evidence of recovery all around etc....they would be reinstating the dividend and raising forecasts. Remember this company in normal times throws off huge wodges of cash

THE NEDs need to cry foul on this - cannot have a situation where shareholders are this disadvantaged. The Frenchman has no intention of restoring the dividend because he wants it all for himself.

And childlike comments about civil servants and jigsaws sum up the mindset of mug punters that charlatans like Adams feed off

Simple answer to that - I feel an obligation to private shareholders like yourself, as a former professional investor. Does that answer your question? Havea look at the share price; have a look at his remuneration arrangements, take a look at the broken promises, and pleases explain what investment metrics you are using to value this crock?

and has only gotten worse in recent years. One can only hope that good sense prevails and the device gets approved, but any one who has ever had lengthy dealings with the FDA knows that it long ago lost its reputation for even-handedness, so frankly anything is possible. lets hope that AN has Plan B ready

... that HAA is not in Ethiopia but Moscow advising Putin on distraction techniques....

Is that a better source of photographic evidence that there is actually some work being done on the ground? Adams 's holiday snaps of his time destroying this company will consist of : lots of pix of him at mining shindigs spouting the same ol bus; a few photos round the pools of various 5 star hotels in Ethiopia & Saudi Arabia; a clutch of protocol snaps of him with revolving caste of officials; and some cracking ones of his Cyprus lounging lifestyle splashing around with his family.....but none of any actual bloody CEO, roll yer sleeves up build a mine , pick up a shovel, visit the bloody outback

Time's up don't you think?

Seriously? The merry go round of stock exchange announcements in recent year often have the same boiler plate language around resettlement, etc.....apart from some maps and a few photos on the website which are themselves instructive for their age!!!! I mean wtf has Adams been doing all this time????
-Diamond drilling at Tulu Kapi (2012)
- geologists in a ramshackle hut (no date but assume as above)
- a bunch of tin-roofed prefabs (no date)
- landscape photos ( make great post cards)
- 3 photos of trenches being dug (2014) by hand ffs no machinery in sight

That gentlemen is it, the sole evidence that anything has actually happened; the last kodak taken SIX YEARS AGO

The endless *******s about geopolitics, security situation, resettlement, etc....as you say boil down to one inescapable fact that Pinocchio has not been able to raise the financing for over 4 years, despite promises that the cheque isn't just in the post but on the verge of being deposited into the bank account. Adams is an utter on-man, fact that the Ethiopians know to their cost. Apart from his Boris Johnson-like relationship with the truth, the other thing that will be keeping the locals concerned is that he has absolutely no track record of actually building or completing a mine. His 'expertise' which is frankly hilarious given the situation is supposedly as a financier. I genuinely hope the Ethiopians give him the red card, so the company can fire his arse