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Hi F79. Thought you had sulked off? Never mind. Good to see you are still engaged. Am travelling so can’t pull the numbers out that easily. But you should be able to work it out for yourself. PB have 85 million votes just by themselves. Plus there are Solai pension holding? Also add the others insiders like the Directors, Mike Miles, POW etc. you can see how many voted for vs against. Also at a total shareholder level they got 276m votes for out of a total of 705million. 39%
Again F79 you miss the bigger picture and just parrot 🦜 the company line. The vote was not a great success for the company. Phase 1 funding was expected to go through easily considering the number of votes held by the insiders. The ‘independent shareholder’s’ seem to have voted against by a majority. This means phase 2 is likely to be much tougher to push through. Even though no doubt your vote is already in the bag for them.
Atb
Do you honestly believe F79 that what you are a fan of or not a fan of will be in the slightest of interest to PB when they have control? Or is it more likely that they will just do whatever they feel is in their own best interests?
Addendum:
I should also mention that I pointed out to Mr. PWB that there is a serious weakness in the corporate governance of KAV a UK listed plc in not having an independent board level CFO. I also told him that if there was an independent finance person it would be unlikely that they would have signed off on the PB deal which is happening after 85% drop from the peak share price and at 100% dilution. He seemed to take my point on board.
Summary of AGM for those not on Telegram:
Was very brief and not many shareholders turned up. I counted only 2 others that were obviously shareholders although there were probably a couple more. The rest were mainly Druces staff and the board members.
BT, Hilary and Brett attended by video. Not sure wether it was Botswana or Zimbabwe.
Votes will be counted by Druces and results issued in an RNS hopefully later today.
No questions raised by the audience.
I did manage to get some time with Mr.PWB afterwards. Very impressive and inspires confidence. He said he is trying to improve the communication strategy. Less information and more factual. I told him that investors would naturally like more information but more timely and meaningful in the form of RNS which he agreed with.
In terms of the future he said that he had a timeline of about 1 year to turn the company around and hopefully we will all benefit with the new funding in place giving some safety net although there would naturally be more funding required down the road.
In his view the best prospects in order at: KCB, Ditau and KSZ. He has a couple of geologists out at the KCB and said that people he knew from Reunion were excited about what they have seen at Ditau.
Asked about exit strategy for investors / Kasangra’s he said that if the KCB results were as expected then it could be sold / listed as a separate entity.
Disclosure: Just a private investor with a ‘long term’ holding in KAV. I have held for over 2 years now. No connection whatsoever to KAV or any other party that is even remotely connected.
I think you are spot on there Purdey. KAV have consistently failed to provide timely and meaningful updates via RNS. There have been many instances of broken promises / excuses. Promises to release assays, promises to provide full petrology reports, promises to release presentations / updates / Q&A recordings …..all of which has contributed to the slow grind in the share price from a peak of over 6p to 1p today.
There is possibly an issue with trust and confidence in the company which is keeping outside investors away. Without new buyers the share price inevitably drifts down due to existing investors getting cold feet or simply looking for liquidity. There were just 4 trades today. None on Friday and just 2 on Thursday. Does anyone honestly believe that investors will be rushing to invest once the Purebond deal has completed?
Someone really needs to get a grip at KAV and show some leader and direction which the current lot have failed miserably in doing so far. We live in hope!
Hi Purdey
Did not notice that but I don’t think it’s anything to be concerned about. Probably just an administrative matter in terms of how the licenses are held. No reason to believe that either Hilary or Brett are anything but straightforward and honest professionals. Hilary in particular from what I have heard from people who know him is ‘an absolutely wonderful guy’ and is in fact the driving force behind most of Kavango’s projects and in particular the KSZ. He is a ‘first class geologist and a great asset to Kavango’.
Hi Purdey I think it would be fair to say PJ is Ben’s mentor and they go back a long way. I believe it was PJ that introduced Ben to Mike Foster the previous CEO at Kavango.
Regarding the missing interim accounts: good spot. Not sure why they would be missing? Presumably just an oversight? I believe KAV outsource their finance function so maybe just been missed? You could always drop Ben a line - he is actually pretty good at responding to such questions. Thanks
Thanks for that Purdey. Whatever happened to Mike Moles? In the words of Captain Kirk: “It remains UnXplained!”
However it is a great shame he is no longer on the scene. Many of us invested here on the strength of his presentations and as you have pointed out his own significant holdings in KAV. Before Purebond I think he was probably the largest individual holder. In fact Mike Moles and Hilary Gumbo the original founders of KAV are probably the biggest financial losers. Can’t imagine either of them are too happy with the current state of affairs.
Thanks for the feedback F79. I’ve been reading your posts now for what must be a couple of years and you have always been polite and courteous. However, I don’t think anything I will say to you will convince you to change your already held views on this stock. You seem to always toe the official line and rarely if ever make any critical observations. Of course you are completely entitled to do this.
On your / BT’s point that (1) we have not yet made a discovery (2) we are not cash generative: is that not the case for virtually all junior exploration companies at our level of development? Should that then mean that they all change track and head off to say Zimbabwe? Where we are promised ‘low hanging fruit’?
On the PWB connection to the Kasangra’s/PB - when I first suggested this possibility a few weeks back it was dismissed - particularly by people on the Telegram group who went out of their way to ‘prove’ there was no connection….now we can see of course that there is. People can of course make up their own minds on the implications of this.
We can of course agree to disagree. At the end of the day we are both hoping for a turnaround in the fortunes of the company. You from a perspective of almost complete faith in the management whereas I come from the view that if KAV does succeed it will be despite the management rather than because of it. Time will tell.
Good luck and ATB!
JP - I got the impression that the move to Zimbabwe was driven more by BT’s personal ambitions rather than something that was being done in the general interest of the company. As such your suggestion that they would be better off packing Zimbabwe into a separate JV with PWB, BT and Purebond was an excellent proposal.
The other thing which stood out for me in the call was the revelation that Purebond had been introduced to KAV by PWB as part of the fund raise in October. Some months later PWB was appointed a director at KAV. BT was very aggressive in his refutation of any concert party.
Would indeed be good to get a translation. Slipershare has previously shown great insight. Pam? Is that Pan Asian Mining? Ran? Is that the Ran Mine in Zimbabwe that has a tragic history of mining deaths? and where 500 families were forcibly evicted by its mysterious new owners?
That’s great Elric. Another gem from the presentation was that KAV have managed to blow $11.5million so far and just drill dusters. However, money coming in from Purebond soon so chocolate biscuits at the AGM no doubt.
Hi Eric - the call was well organised and the host Mark Fairbairn from stockbox as usual did an excellent job in pressing the right questions and in keeping the discussion flowing. People will of course be able to make up their own minds as to wether their concerns were allayed, confirmed or in fact heightened. At the end of the day Turney is basically saying that Purebond is the only deal on the table - take it or leave it. He has not appeared to have made any effort to negotiate a better deal and refuses to go back to Purebond to ask for one. The only glimmer of hope was that if the “KSZ drill hits massive sulphides and the share price rockets up to say 10p then shareholders may think twice about approving the second part of the deal …” or words to that effect ….He has now asked Purebond to join a future event on Tue 30 May to answer questions and put their case forward …
Difficult to judge how people generally felt as there were only 2 others who spoke including myself…hopefully stockbox can release the recording soon for everyone to make up their own minds. Thanks
Telegram has probably been chosen because the owner of the KAV group is very supportive of Ben so it gives him a more friendly environment. Telegram can also be moderated / censored whereas in forums like this one people are pretty much free to air their views openly. Strange that this is not done in the usual Stockbox format but hopefully the recording will be published later for everyone else.
Eric - the expectation and hope was that the presence of PWB would reign in BT and give KAV some much needed maturity, leadership and direction. There is little evidence of that having happened and we have not heard a squeak from PWB since he was appointed. To the contrary BT seems to have been given free rein to do as he pleases and is now even leading us into an adventure in Zimbabwe. Given that KAV made such a big deal of how safe and reliable Botswana is it is very worrying to now be heading to one of the most brutal and corrupt regimes on earth. There is also the suspicion that PWB is actually Purebond’s man and is working to their agenda. The Kasangra family have also invested previously in Moxico Resources (although in limited amount). It is likely that there is a connection but we don’t yet know the full story here. Thanks