Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
Very true - although I'm sure one or two cases against Nomads for breach of duty and hefty fines would probably change things to a certain degree. I'm sure that some of these businesses are all a con from the outset, with directors, brokers and nomads, plus PR, all complicit - especially in the past where we have seen some resurrected from the ashes on a massive pump (more than just PIs pushing it), the share price soars and then comes crashing down again! A certain potash company that was apparently going to feed the whole of Africa and was very 'cleverly' marketed to PIs springs to mind!
Sorry just spotted a typo - should have read years not year! Most companies have these schemes, although does seem a long time for the shares to be deferred for - no expert on this sort of stuff but believe they can only actually be cashed in once the award becomes vested
Just part of the incentive plan/bonus package I think? The awards for the previous year have vested, and the awards for the coming year have been set? That’s my reading of it anyway
I’ve written a few articles on this topic in the past - but the reality is that rules are in place already, it is just that they aren’t properly enforced. It is also hard to prove deliberate market abuse - I’m sure Minty would argue that the timing of the incorporation of those subsidiaries was pure coincidence, and just happened to come at a time when all sorts of rumours were going around about Brazil - very deliberately ‘leaked’ in my opinion to a select few who thought they were insiders and were known to pass on what they heard! - and just prior to a placing! For anything to be done, more people need to want the market to be cleaned up - many don’t as they make a lot of money the way things are currently.
Some people have been saying that for a good few years - right back to the days of the ‘deal’ with Wood Group! Not to mention pointing at that the more recent ‘deals’ with big names were merely agreements for the provision of services (at a cost of course), should anything ever happen! Most companies aren’t going to turn down potential business. There was lots of spoofing going on here - one of the worst was the Brazil and China subsidiaries being registered with Companies House just a couple of days before a placing - shouldn’t be allowed to get away with deliberate market manipulation, which is what that was used for!
I think many people did - I missed it myself initially as skipped straight to the changes to holdings part!
We do know that for sure - it states it in Section 2 of the M&G disclosure notice! Easy to miss as usually nothing much of significance in that section in most cases!
No one has bought or sold in those RNSs - purely a change of ownership as a result of the demerger. Although does raise questions as to where the other 3.5% odd came from in the current M&G holding
Wasn’t aware of that but makes sense, although still strange that it wasn’t directly in M&Gs name previously - given that some shares must have been for it to jump to nearly 8.8%. Seems like similar notifications have popped up on several other shares as well as a result of this.
Pru have actually sold all of their holding! It’s all in the two RNSs!
Success or failure here pretty much all comes down to where the diamond price goes over the next few years - I hold and see a chance of a recovery (potentially a good one), but there is also the risk that it could become another Lonmin or similar if it ended up having to do a rights issue to refinance the debt. The strength, or otherwise, of the diamond market at the point when the bonds will need to be refinanced will play a big part in the future here, certainly for equity holders at that point in time. In the meantime, the other lenders do appear to be onside and willing to extend further credit.
Worth remembering that the providers of those undrawn facilities are the same lenders which the covenants relate to - in my view they wouldn’t extend further credit to the company if they didn’t intend to at least temporarily relax those covenants (they don’t relate to the bonds). To me this is similar to what we saw with many oil cos a few years back, where covenants were breached but the lenders allowed it - many of those cos have now recovered well since oil prices bounced back. There are of course risks - which is why the share price is down at this level.
Nope - existing holders would most likely be diluted into oblivion during any funding. I also believe that the business is fundamentally flawed - hence why I have been writing bearish articles on it since the share price was well over 3p!
Given that it is insolvent and has only five weeks to find a Nomad before it gets booted off of AIM, plus pretty much no cash, I see a high chance of wipeout for equity holders (hence saying in my last post that I see that as the most likely outcome!)
That isn’t actually what I have said at all - just that if PIs act together then they should be careful that they don’t become deemed a concert party by dint of working together whilst collectively controlling in excess of 30% of the voting rights. If they were deemed a concert party (such as a shareholder action group for instance that tried to collectively vote out the board) and held in excess of 30% then it could in theory spark a mandatory bid (not good for anyone in that group!). MOS is insolvent - probably to the tune of £500,000 or so by my reckoning.
The MREL issue was at a bad coupon for the company - but given the drop prior to that (and some of that as a result of Brexit sentiment rather than actual fundamentals), I would argue that anything negative is priced in. Took some at 203p the other day, although mainly as a trade.
Well known pump and dump merchants - on twitter as well - who I suspect were helping Origen etc cash in on the rise and liquidity. Part of a crew along with someone who I suspect was a partner in Origen (exactly the same name as that person and got terminated as a partner straight after I wrote several articles about what was going on here). Same bloke was well known for taking notifiable positions a year or two back - often under the guise of Spreadex, where he and his crew held their accounts (moved on to SVS Securities after that I believe, when Spreadex no longer wanted to deal with them!)
I’m currently in Hungary and received notification of higher than usual spending - I then checked my account and it had extra charges of more than £4,200 for 0.46MB of data, and my connection was then cut off (very useful as seeing as I’m here on business and needed to use my phone!). I imagine there will be compensation claims from some due to the stress this has caused people!
If you need funding for it, for instance. And don’t forget, not all producing assets are actually any good and particularly profitable! If you’re several years from actually making a profit - then any current retained losses would be worthless anyway as they would have expired by then (three years to make use of them)