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I wonder which shareholders he's referring to ? Obviously not the vocal 27% that told him not to do anything as stupid as investing all our money in the NS at the start of the EPL ? Either he's bought a hearing aid or maybe some of the larger shareholders who supported the deal are suffering from buyers remorse?
I haven't seen the report but gauging by the continued interest shown by those that have and their adherence to a request for discretion from Deloitte I can only assume the lights are not out completely ? (as yet)
Not sure if this has been posted already but a positive view …
26 February 2024
Metals and mining - Mcap: £136m - Price: 51.8p - Update
Sylvania Platinum
Sluggish PGM prices affect forecasts
Sylvania’s Q224 and H124 results were overshadowed by a lower PGM basket price, which resulted in a 10% reduction in revenue. With the delay in the PGM price recovery we expected, we have pared back our forecasts, particularly for platinum and rhodium. This, combined with Sylvania’s weaker-than-expected Q224 results, has resulted in a 30% reduction in our FY24 EPS estimate to 7.4p, with cuts of 23% and 14% for FY25 and FY26, respectively. Our new valuation is 118p/share, down 13% from our previous 135p/share. With exploration assets valued at book value and conservatism in our Thaba joint venture (JV) valuation, our valuation offers upside as projects graduate from exploration to production over the coming years.
Surely the 'get out of jail' card here is that if the price falls to a ridiculous discount to NAV and the management cant re energise the SP then they are under pressure to wind the thing up and pay out the proceeds ? Or they get taken out with a bid ? Rumours of a bid for Harmony were reported on Citywire .
Indeed , I too wonder at the low sales ....
I suppose the Covid years stunted any growth in aerospace and didn't do much for their traditional markets either but you would have thought they would be coming thru now ?
Anyway , I think i'll just average down some more and keep my fingers crossed . I also think with any decent pick up in sales it will get taken out.
GLA
In terms of the next acquisition, at least we can expect an all cash deal , I cant see Mercuria wanting to dilute their control and they must also want the SP above 278 ! Obviously an overseas purchase remains the best outcome....
No one knows what's in the pipeline but I would doubt another large share issue , after all that would reduce Mercuria's influence?
If it did happen and the assets and deal were good enough( which is a big if!) it may not bad all bad ?
A good add on at least !
Hope this puts floor on the SP ?
If they are in the mood for farm outs , what about CHAR ? I know Newk's often mentioned it in the past . Gas on Europe's doorstep and a good tax regime ?
I live in hope!!
Norway was mentioned ...
Shell have been trying to offload their Norwegian assets since early 2022, I think the original price was about
$1 bio . They came close to a deal late last year with HBR but it fell through due to Gas price vol.
Obviously HBR have other plans now , have Serica moved into pole position?
Still huge tax in Norway but the subsidies are better , AA invested there recently !
IMV the only thing that changes this is a large overseas production acquisition with a move to the main market, (which they should have done instead on Tailwind!!). I suppose in the meantime the divi helps, but we live in hope!!