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It's possible that the MDA is now just an unnecessary weight on the share price. Malawi are proving themselves uninvestable.
An option could be for the board to read the room and sell songewe for cheap with no MDA (or mothball it). Then at least the market won't continue to think that there will be big dilutions or fund raises to keep chasing rainbows in an inept African country.
Full steam ahead with the recycling plants IMO. Would be good if the board actually got some return on investment from our new PR company as well.
What an extraordinary post from the ministry of mining. Almost mocking...
https://m.facebook.com/story.php?story_fbid=pfbid0Rn4GRYwTYbQVhz2qmcN1yfojtKadbqqnc1HiGjLxyRRrqxwYeoQKP3czHAV4Rucgl&id=100080015388530&mibextid=Nif5oz
Africa is 11.73 millon milesĀ² and 54 countries... quite a big stomping ground...
I'm also now more confident than ever that most of the value will be unlocked in this share when recycling plants are up, running and revenue generating. Songwe will be a cherry if it ever comes through.
IMO
AGM definitely wasn't massive. Was about 30-40 people there. Most of the gist seemed to be - "we can't do anything because we're sanctioned. The company is still making product and selling it on the market. Working at 80-100% capacity"
Other points:
- can't appoint lawyers to launch legal challenge as assets are frozen so can't pay for legal costs
- can't delist and relist anywhere due to suspension.
- we can't release financial info as it is unaudited and it's illegal to release unaudited financial info and no auditing company will touch us.
- there's no successful precedent of a sanctioned company suing the UK government and winning.
My impression is that the company continues to operate but they are paralyzed in terms of dividend and bond payments.
I'm sure there's more I missed and maybe I've misinterpreted things.
Open to other interpretations! Just my 2 Roubles!
It's the hope that kills.
https://twitter.com/Times360Malawi/status/1668626431029694469?s=19
"President Lazarus Chakwera has today assented to seven bills that were recently passed in parliament.
This has been done in accordance with the powers conferred upon him by Section 89 of the Constitution of Malawi" (included is Bill No. 13 of 2023: Mines and Minerals).