Member Info for FreeBuffett

After the sale of IMM to AAG and set up of the SPV, PFP will still have 632,494,834 shares in circulation and 2,208,283,209 less 632,494,834 = 1,575,788,375 shares available for issue. I’ve ignored warrants. Plenty of scope for investors and Directors to get onboard with new PFP whatever that turns out to be. Align have already indicated their acceptance for new PFP to issue £1.5m worth which at the current ask is circa 231m shares.

… promoting a push before completion …. https://twitter.com/alignresearch/status/1691706979268333868?s=46&t=H2lwJY5o6h5QUsnawZUz6w

Presumably those that that want a greater holding on the share register at completion getting in before the SP rises too much, that and day traders.

….. has voted for all the resolutions at next GM.

Not quite cut and dried yet " ... The board are currently taking legal and tax advice to ensure any subsequent future payout in the event of a successful resolution of the [bilateral investment treaty] claim is received almost exclusively by Pathfinder shareholders who are shareholders of the company at completion.... "

OldSchool3, despite my question that would be my assumption too. We need to remember that post disposal PFP need to establish a business in 6 months or accept being a cash shell. So perhaps a bit more needed above keeping the lights on

… expect an issue by PFP prior to completion to fund life post sale of IMM or did the last AGM vote stop this possibility ?

OldSchool3, that certainty appears to be the case. My question would be if you hold at completion but between this time and award you sell all your shares, do you still get the windfall based on your holding at the time of completion ?

It appear to me to be similar to a dividend situation, those on the register by a certain time get a share of the spoils. This should push the price up prior to completion after which presumably share are effective ex-divvy and the SP relives on PFP battery activities.

I guess you have to anticipate a lengthy process but one difference now is that there is a a well funded owner of IMM with a decent recovery record and access to top international lawyers. I presume there will be initial contact with Moz Gov / TZM to give them a chance to come to the table, having said that I’ve always said they would dead bat any approach. However they cannot ignore the BIT process and will be pulled in whether they like it or not. Interesting times.

The revised deal is what it is. We now wait to see what “new” PFP do either the battery business.

Lookingformoney , I’m pleased you received a response to your email.

Thanks for the post SteveY1, interesting. I’m not a lawyer but AAG are not funding PFP they are buying IMM. It may be that the details you mention have a influence on the £15m AAG have to find to fund their claim against the Moz Gov as part of the sale of IMM and knowing this judgment was imminent it might be why the progress of the deal has apparently slowed. If this is the case then hopefully there is more clarity with this ruling and as you highlight it is just a bump in the road. I can understand that if PFP were aware of a pending ruling that could have some effect on the deal that they would wait for the judgment, and that they would keep their powder dry with a period of radio silence pending the actual judgment. Better to be working with the actual judgment than have speculation and misinterpretation running up to the ruling.

Lookingformoney, I am surprised that you have had no response. I did think your comment having not received one by cob on Tuesday was a bit too soon. A week, ie by cob today would be a reasonable expectation. Remember PT is an employee now so he may have to get board approval to respond or give a director the option to respond, depends on the scope of your questions I guess

Two and a half working days

I flippantly previously suggested a hostile takeover but if Mr Mathenz is the guy in Singapore then he is a private investor just like us with his holding through UOB. His day job is reasonably high level and he has a financial background. Can’t help wondering why a private investor took 52m shares, possibly buying from other large holders, without some confidence of future developments. Remember his holding above 3% built since October 2022 so relatively recent to PFPs history.

@Lookingformoney if you have +11m shares which is circa 1.8% of the company just contact the CEO direct, he cannot ignore such a holding.

@Lookingformoney, who do you suggest has the ability to lead the board ? If you voted PT off I presume you had a new CEO in mind ?

Bugzy, that would be my assumption too.

Interesting development though. Those with a more Machiavellian bent might wonder if MKM is purchasing for a third party or even a hostile takeover .