Member Info for Fevertreeman

Kefi is "going down, down down deeper and down"

Another 'vaporware' RNS. Whatever 'promises' HAA has made about not needing to come to shareholders for cash again, his track record on promising and not delivering is truly epic. Mr Market seems to got wise to his ways and has marked down the stock, presumably on the basis that a placing may well be on the cards.

…in principal I and 9 others have agreed to back the builder of the worlds best mega yacht with a mega return dangled…. but there’s a snag. The builder has been saying for years that the the blueprint is approved, the boatyard is ready and tooling up it but there has been no real progress and the natives are getting restless. It’s an expensive operation to keep things ticking over without a fully funded contract. But the consortium doesn’t have enough money : in fact 4 of the of us haven’t got any money available and the other 6 who do say they won’t commit till they see our cash and only then will they consider fully handing over… but we can all change our minds because we’ve got months to decide….!”
Pretty much sums up the situation…. And this is the result that HAA has been supposedly negotiating for what at least 4/5 years. How the heck is anyone supposed to take investment decisions based on this “non-result” which will now likely drag into the autumn….and beyond.
Meantime how does this solve the working capital issue now that the auditors have flagged….No wonder share price is marooned - another RNS that raises far more questions than it answers.

Advanced conditional approvals, which have already been received, account for c.63% of the US$356 million aggregated funding sources and the remaining c.37% (c.US$131 million) is expected to come from existing identified parties working alongside those who have already resolved their conditional approval..."

This is going to end badly for s/holders either because (1) The Ethiopians fed up with HAA withdraw licence or because (2) financing gets delayed so long that HAA is forced to do deep discounted rights issue to raise working capital. Whatever he says and whatever promises have been repeatedly made over the last few years, the facts speak for themselves. Nothing has materially changed...no funding has been secured (beyond promises and failures like ANS), the hard work is still ahead in terms of building a mine and extracting the minerals, SA assets remain worthless, and KEfi is fast running out of cash (but not HAA). Tin hat time is fast approaching and the risks remain extraordinarily high

hahahahaha.

This man should not be in charge of a listed business. I was prepared to give him the benefit of the doubt but as an ex analyst and s/o who has sat on the board of a large listed company, his performance was nothing short of a disgrace.
He was ill prepared; making it up as he went along; evasive; lacking in facts; gave no timeline at all ; and spouted nostrums and half truths... What do I take away from this car crash of a Q&A:
1. He needs more working capital so he needs more funding even tho' he only just completed one in December. The costs are so opaque that one wonders wtf is happening on the ground...
2. The mention of his house in Sydney, farm in the country and place in Cyprus really irked me considerably what this clown has down to shareholder value whilst lining his own pocket
3. ANS clearly has no cash despite the bullish messages of recent RNS.....and are in no hurry to stump up
4. ANS sound a savvy bunch; one wonders if they too are having second thoughts about him and are reluctant to commit any money without being underwritten by others...pass the parcel
5. Best scenario - dead money for 9months ;worst case - goes into administration and gets picked up for zero by ANS or SA

Well always good to help the sheep avoid being sheared isn't it? Unless you are a soothsayer which I doubt or s/o with inside knowledge of HAA's inner thoughts which I very much doubt, you like everyone else are sitting on a very large loss, courtesy of him. What's laughable is the length of time people have been 'persuaded' to stay with him. Sp was what c9p 5 years ago and look at it now. I wont bother to mention dilution

The absolutely deafening silence reminds me that the auditors flagged the material uncertainty issue at time of results in early June. According my to them Kefi as a going concern is dependent on raising “ adequate financing from lenders, s/holders or other investors before the end of June 2021, in order to meet operational commitments and overheads”. We are now at the end of August and I assume thst HAA is now desperate ( and the E’s know this). What is particularly disturbing about the auditors material uncertainty comment is that they are reliant on the estimates and judgements of HAA…..

Whom some punters seem to hang on his every word…he’s as reliable as a North Korean watch !!!

Hahahaha…..if HAA were Pinocchio his nose would stretch three times round the earth, and I fear further ‘economical with la verité ‘ pronouncements to come. Someone here thinks this will get taken over….only by the E’s finally having enough of Cypriot Harry and cancelling the license

The disingenuity of the Chairman/CEO/fable spinner knows no bounds. When was this supposed to be signed off this time - “on the cusp” of what? My guess is another long delay t o the autumn and a fund-raising with HAA lining up yet more excuses.

Absolutely agree! Well done ST - really cheered my summer. I think it will take a while for the market to absorb the full meaning of this but this management team is delivering strongly on its promises and executing its business plan adeptly. I remain a very happy holder and expect that this will now start to attract greater institutional interest not just here but in the US as well. Also given the spate of UK engineering businesses being snapped up recently - Meggitt, Ultra etc- this is also a potential takeover in due course though no one is likely to accept a bid at this nascent stage.

Let’s hope Bundred’s positive enthusiasm is evidenced soon as the new contracts pipeline will start to be a concern for s/holders if come autumn cupboard is still bare

This is what happens when there is some selling, the m/ms run for cover as normal market size is so small. Clearly PL has sod all interest in market mechanics but he has totally messed up. Trafigura could buy this with chump change now leaving shareholders bearing massive value destruction. The lack of transparency from PL is awful.

Checked out an interview with the arrogant PL 2019 with Malcy. Amusingly Malcy spells out his titles (President Chairman, CEO) which clearly irritates PL. what a cluster f—- he has made of this for s/holders but not for him of course with his side deals etc….

One thing he certainly is a pathological value -destructor ! His record is sensational almost as if he deliberately wants to destroy his shareholders.

As s/o has already mentioned, the person who benefits most from Atome is PL and his family. His behaviour toward shareholders shows no sign of changing and his value destruction has been and continues to be epic.

Wasn’t it s’posed to be July according to Honest Angastora Bitters? Meantime anothe month’s salary and consulting fees added to bank account. Trouble is there is genuinely no one to call him out. My prediction is he blames local geopolitics for delay , assures it’s all on track, gives vague dateline ( by Xmas) and asks for more money to keep lights on. A depressing but predictable dance routine for this guy

despite the positive equity story spun by management.

The facts around this are negative - if they were positive, then it would be a different matter.