The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
Listening to Vox podcast Jan 24 the day before NH went on, John Meyer suspecting negotiations behind the scenes but also Justin Waite:
"I'm chatting to Neil soon...obviously he won't be able to say too much. But maybe he'll be able to work on nuance and suggestion."
And John Meyer hinting at twice current mcap:
"now the group has 130m market cap. I'm sure it's worth at least twice that..."
Regarding offtake partner:
"Lots of companies in the data room...because we're nomad and broker to the company we're very close to what's going on"
https://www.voxmarkets.co.uk/series/daily-podcast/
From 11.30
Gaias, thing is that they would have calculated that before the previous offers, yet still offered 33p, unless those were not serious offers?
If they paid Piedmonts share of the 185m then they could still add value to it with the 50% offtake they'd get. That's what SPAngel were suspecting in this weeks release, although rumoured and may not actually be their intention
I think some of the bod average is in low 20s, would 40p do it for them. I'd be a bit miffed (pun intended) at 40 personally. New board member Jonathan Henry would i guess be no sooner in than out the door? Makes me wonder among other things that maybe 40 would be rejected too?
Creep acquisition is also an exception apparently, allowing accumulation shares. But that would mean waiting until July for another purchase of shares? Why wait? Are they saying ratification may not happen? If so, why do they want to buy?
Actually want them to get on with it as it can't be good for MIIF sign off or even government, wondering who they are to be dealing with
End of this Q1, if ratification achieved (ruling party has slim but nevertheless 1MP majority), Ghana listing, Feldspar economics released, MIIF sign off, offtake partner with pre-payment, resource upgrade, then 21p it should be nowhere near. Imo
Bentnose thanks for posting, yes, looks like it doesnt apply as registered in Australia:
https://code.thetakeoverpanel.org.uk/tp/introduction/section-3.html
Thanks for posting Teddy. Also SPangel saying it doesn't apply:
"UK investors are concerned that Assore might breach 30%, though UK takeover provisions do not apply in this case. Assore has bought the maximum that the 3% creep provision will allow every 6 months.”
Not2sure thanks for posting, yes it is the price the bidder paid in previous 12 months
Only thing unclear to me is how are Assore permitted to hold more than 20% under Oz corporation rules? Can only be under an exception (takeover offer) which would mean one is imminent as part of that Piedmont purchase?
Smart, it's what I thought but there is nothing written in AIM rules or listing rules I could find saying Takeover Code is mandatory
In ALL constitution there is undertaking to follow AIM rules too whilst listed. I'm assuming Takeover Code applies?
https://www.atlanticlithium.com.au/gm-notices
According to the UK Takeover Code I was reading once 30% reached the offer must be at least equal to the highest share price over the last 12 months, which up until March 5 is ~41p. After that date it drops to 33p again. Surely they won't offer 33 again?)
A 50% premium like last time would be ~60p right now, 50p early March
And what if we do sell the 50% spod under contract, at a higher long term supply price. If up and running will Ghana plant be matching that. Or bidding for it with others. Will ALL be compensated for loss of earnings if it could be sold for more than the spot price?
Potentially way down the line, and may not even happen, but still questions
Thanks for posting, I appreciate the time and effort youve spent digging these out.
It's answered a few of my qs re feldspar. So exporting looks possible if no uptake domestically. Price paid is still unclear and production capability, but due to know more this Q1.
I'm hoping AH is orchestrating a bidding war for the remaining 50% spod as we speak) I remember 30-40 parties had expressed interest, I think it was said during the latest Sep investor presentation if i remember correctly.
I'm assuming this can be sold until such time that a downstream plant is available in Ghana. I've not seen anything written out about this however and it would be great to clarify. Then, if up and running, the Ghana state pay market for the remaining 50% $180m pa approx at current spod price, or we carry on as before?
Very clear presentation by Samuel Jinapor, energising imo
HNY all. With all the market negativity surrounding the current spod price, I think the Feldspar MRE has gone relatively unnoticed so far (surprise surprise)
A feldspar study is planned this quarter looking at the viability and market conditions for producing. Not sure what the pricing would be for it, that should become clearer. But I've seen average import price of $200/t for 2022.
15.7mt at 40.2% would be over 6m tonnes of feldspar. If its going at that price that's over 1bn in revenue? Please correct me if I've got this wrong. Also, would it all have to be sold in Ghana, what price will they be paying, or can it be exported are questions I have.
Then there's quartz and muscovite which havent been mentioned much at all.
So in short the current share price doesnt reflect the by-products of the project let alone the spodumene!
A minimum 30% Ghanaian participation upon Ghana stock exchange listing. So there should be some welcome buying imminently from Ghanaian institutions.
Liked that Samuel Jinapor said the global investment community is watching and that its a binding contract that they will take to parliament.
"I think it's also important for all of us to be mindful that the global investment community is watching and taking notes. And in any industry these matters have far reaching consequences as to how you attract investment into all areas of your national life. The sanctity of contract is absolutely important"
A 2 year negotiation, a legal framework from 2012, not to change that in the middle of the game as he put it.
I think that point needs to be made more
AR2023 p31 salaries + bonus:
NH $533,334 + $942,500
KM $222,537 + $213,750
AH $382,346 + $616,300
LK $422,041 + $607,500
Retention bonuses were paid at 100% of fixed remuneration just for staying with the company up to completion of DFS.
Not incl shares that were granted too.
They are too high agreed
Thanks for posting. So long leads were ordered on 28.11.23? And 50mt resource upgrade targeted for June 24. Would be great to get the word out via rns and utilise a distribution list via subscribing on the website.
320m shares would do that. Yes we got there in the end but I would say relations with shareholders is at a low ebb right now, given this years extensions. Certainly didnt reply to my questions.
He's been rewarded with shares, whilst we've been in the dark most of the year and seen the sp rise and fall heavily. Not just now but a few times since April when the deal was first delayed. Not to mention the large buys of approx £1m that I saw once the sp fell below 50 then to 32 (????) in the past weeks.
News flow is a photo of 3 guys about to start drilling at present. Website as others have mentioned is not the best plus i dont think the subscribe for news updates works on there. I think BA could do a lot more re keeping shareholders informed. Just a bit hacked off at the minute.