The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
I agree RY is putting the future of Amur before the shareholders profits and as such benefiting from that himself.
regards sale of the asset KM, the offer was shock when i saw 105 mil being discussed in the winter, then the terms revealed are appalling and and the but mow pay later if ever is also interest free credit, so bad it has to be turned down, and any sale needs 75% approval, so no chance this deal being accepted.
i still remain hopeful that TEO wi;ll be produced this summer, the asset commercial registration of the reserves will significantly increase interest in developing the project from large investors and thus the sp will rise, RY has always claimed that Russian money and Chinese buyers for the nickel would fund the project. cue to sanctions Russian money from most banks if difficult to get and risky, but i am still of the opinion that no sale should be agreed pre TEO and official commercial recognition of the reserves and its commercial readiness.
I also believe the GKZ fed govt will produce the TEO, many billions of western funds are still invested in Russia including many large European and western companies, and Russia still wants us to invest there.
Mr Young needs to not loose his bottle and wait for the TEOa t the very least and then sell the project and a significant portion of the proceeds should be paid to share holders on completion.
i also would prefer Amur to secure a second investment in another country prior to any sale to avoid the company being under pressure after the sale of KM to get another asset within 6 months, i would take part in a rights issue to raise 5 mil to invest in central America for example.
2.8 mil shares voted NO X by post HSDL form arrived on Wednesday. posted back same day
best regards to your all.
i have watched Mr Young on the interview about the prosed deal being voted on by shareholders
1. he is a genuine person, i do not agree with the doubt placed on Mr young's honesty and sincerity .
2. i do believe the figures and structure are not good enough to be considered anything other than a low ball initial offer
3. nothing in the interview tells me a much larger initial payment is possible with a large dividend to share holders.
4. nothing suggests the Russian Govt would not approve a significant investment by 1 or 2 foreign sources not western such as Chinese.
5. i am 100% vote NO X and have done so 2.8mil shares.
best regards to you all.
I have a strong hold for this stock. the deal offered on the current vote is bad, see below why holders should vote NO X to the sale to stanmix on these terms
1. it offers a funding source for amur to keep going pay wages and start again for 5 years it works out about 10 mil per year
2. it states the largest component is paid no later then 4-5 years, it could also mean 10 mil per year for 5 years. maybe 50% being used by amur to keep wages etc paid.
3. this could possibly means only a moderate dividend of around 0.4p per share per annum for 5 years if paid annually which is not excluded in the terms.
4. shareholders have speculated on an increase in share price due to the TEO reserves being legally registered which will increase the value and commercial status of the KM project, which will open the door to large mining companies taking over for a premium much higher then the 105 mil, possibly Chinese and Russian joint venture.
so. the decision is with the shareholders, just vote against the deal, no sale can go ahead without shareholder approval of 75% of the votes.
more offers will follow for KM, we need to urge the board to wait for the TEO to be produced and if needed raise capital to invest in another project via a rights issue to diversify the corporate portfolio while we await the TEO.
best regards to you all.
happy to receive my postal ballot paper from Halifax SD today, big X in the no vote box. 2.8m shares held. no further explanation needed. no chance of a yes vote on first offer,
p.s to the fake vote yes to getting nothing and obliteration of your investment capital people, stop trying to scare the shareholders who are worried about their savings by pretending this offer is in any way going to be accepted, nasty weird people, you need therapy, and if you want some come and get it.
i have had a telephone conversation with Halifax share dealing today, i was informed a letter was sent first class yesterday from Halifax share dealing, it is a notification of the proposed sale and it is a postal vote instruction, which i have been instructed to post back to Halifax share dealing first class on the same day i receive it or the next working day. it is not apparent at this time that the option to vote via my online share dealing account is available, so it is a postal vote instructions will be on the letter from your broker nominee holder, although i see some banks are offering a telephone vote option such as Barclays, so best to check with your own account holder.
this offer means no return to shareholders and destruction of the share value as witnessed last 2 days. i will 100% against the offer as i know if shareholders approve the sale, no further offers can be examined after that point despite was some members on here are suggesting.
i will vote against the sale i own 2.8m shares, what should happen when the initial low ball offer is refused is a better offer may follow 1or 2 more times from the same source, its up to you the share holders, do not be intimidated or put off my any pressure, it is your money. my idea is that this offer gets the boot and the TEO progresses and when the reserves are registered the value of the resource will increase, i am very disappointed with this offer price and the terms are alien basically.
strategically it might be the RY expects it to be voted down and hopes it will lead to other bidders, maybe TEO is due soon, share holders want a significant portion paid in cash shortly after completion as part of any sale at least 75% and the price should be agreed after the reserves are registered not before.
my biggest concern now is getting my vote in via Halifax share dealing. need to chase this up, and vote against the offer.
under aim rule 15 significant change to company, which this proposed sale is, a 75% approval is required, i am with Halifax share dealing and there was no corporate action notice issued yet, so unable to vote via my account yet, should be up and able to vote by end of the week at the latest. contact your broker/ bank
all things considered, this first offer should be voted down, i own 0.22% and i will vote against the offer, the sale proceed price is too low and the terms of payment are really bad...if the project is now held as for sale, surely better offers will follow, where are the Chinese with an improved offer? vote no to the sale at that price and payment terms..