Member Info for hxulcolrdoh

Tier

Q: "How will you improve cash collections?"

A: "We will work with our customers"

Your question is maybe the biggest

If Trade Receivables balance at year-end 2024 was US$538.9 million why have have they not been received !

Even some receipts would have avoided such as disasterous raise/dilution.

What is going to change about receipt collection ?

25% dilution for $30m.

The company must be in dire straits!

Https://www.lse.co.uk/share-prices/fallers.html

Well done AK.

CYB did Grok not anticipate the turn of events ?

Maybe you could ask Grok "Is AK a weasel?"

Thrown himself off a ledge.

If you are a shareholder and wish to register for the webcast and/or submit questions, please complete the registration form

https://www.savannah-energy.com/investor-presentation-webcast/.

Registration must be completed and questions submitted by 11.30 a.m. on Tuesday 4 March 2025. Once registered, a link will be sent to you via email shortly before the scheduled start time of the webcast.

Yes place @ 7p. One third going to directors

· The Company has completed the Fundraising, via a subscription for 437,112,466 new Ordinary Shares

- certain of the Company's Directors have acquired, or are imminently due to acquire, in aggregate, 129,963,910 million Ordinary Shares

Update ?

I'm eagerly awaiting my next disappointment and the usual last minute "the update is that there is no update".

I don't know why I even bother checking.

Thank you for the correction Mike1959.

I agree that Tharisa's investment in KMH to date is $155.3m currently it looks like it will eventually be $232.7m.

I admit that as an ex Tharisa shareholder I'm fascinated by the story behind Tharisa's fall from grace. Initially I thought it was an opportunity to return. At this point though I don't think it would be wise to put a valuation on Tharisa other than that supported by it's dividend. On that basis it is fairly priced. In the past year as prices for both PGMs and chrome have been weak I think they'd probably be doing well to maintain their dividend.

Moreover given the dead albatross that Tharisa has hanging around it's neck in the form of KMH I see no catalyst for a positive change in the near term (even if there were improved chrome and PGM prices).

At this point I largely see Tharisa and it's KMH adventure as an ill concieved tray bake. By that I mean that I'm always amused when I see people buying half a dozen bars of chocolate, melting them down, mixing them and re presenting them as tray bakes. Generally the end result isn't particularly an improvement on the starting ingredients and largely a pointless exercise.

IMO at best IF it ever works (TBD) KMH will be no more than the mining industry equivalent of a VERY expensive tray bake.

Setting aside issues such as NPV and a return on 'patient capital' Karo Platinum ONLY has to deliver $342m in profits to return the $290m to KMH that would allow them in turn to recompense Tharisa the $232.7m required to make them whole for their contribution to the tray bake.

Eeked out in dividends @ 15% NPAT that should take roughly forever(?) to make it's way back into shareholders pockets.

Donning the hat of an ordinary shareholder KMH seems like an EPIC mis allocation of shareholder funds. Maybe Donning a Medway (whoever they are) hat things would look different.

Hi Sotolo,

allegedly if you put a frog in a pot of cold water and bring it to the boil by the time it realises what is happening it is too late.

I think this is a good analogy for the way Tharisa management have slowly drawn back the veil on the Karo spend.

I don't believe there is a discrepancy between between what I have projected (ie eventually $243m of Tharisa funds to reach 80% ownership of Karo) and what has been revealed in the document provided by Visitor ( $135m to acquire 75%).

We know from footnotes to the last accounts that a further $20m has been spent to increase the Karo holding to 76.22%. Generally as Tharisa’s share of Karo increases every time there is a raise an increasing percentage of the raise goes to meeting Tharisa’s commitment and less available to dilute Medway. If Tharisa owned 79% and Medway 21% I reckon it would cost $25m to acquire the last 1% of the stated ownership target.

My definition of transparency would be if on March 2022 PP had declared “Dear shareholders we are funneling $243m of potential dividend distributions into Karo”. Instead a lot breadcrumbs are hidden in obscure places and yes if you find them you can join up the dots to make a donkey.

When was the last time a lesser spotted Knot was seen by a shareholder?

It must be several years ago.

Are sure that the species is not a victim of habitat loss ?

Thanks Visitor for the link ( https://www.overend.co.za/download/sens-rns-results-of-agm-and-dividend-conversion-rates-22feb24-final-updated.pdf )

It confirms that if management hold to the stated aim of owing 80% of KMH ( 68% of the mine ) then Karo will have mopped up roughly $243m of funds from Tharisa which could otherwise have been paid out in dividends (i.e. 81 cents per share).

What will the pay back term for the 81 cents be? Obviously the 81 cents should be over and above the parent Tharisa dividend and further there should be an additional return on the ‘patient capital’.

Whether the investment was in the interest of other parties ( sequere pecuniam ) it certainly doesn’t look like it was in that of ordinary shareholders.

MATHS -

To move Tharisa from 70% to 75% they fully participated in a $65m raise which also diluted Medway who didn’t participate. This brought their investment at that point to $135.3 m. The $65m took the form -

30/06/23 2.33% $27,300,000 for 3800 KMH shares. ($7,184.21 per share, 72.33% KMH)

31/07/23 2.68% $37,700,000 for 5248 KMH shares. ($7,183.68 per share, 75.00% KMH)

Subsequently there has been a further investment of

30/08/24 1.22% $20,000,000 for 2784 KMH shares ( $7,183.91 per share, 76.22% KMH)

Bringing the investment (revealed so far) to $165.3m.

If the 3800 new shares issued at 30/06/23 diluted Medway's then 30% by 2.33% to 27.67% this implies there were 3800 / (30.0/27.67 - 1) = 45,125 KMH shares on issue before that dilution.

Post 30/08/24 there would be 56,957 KMH shares on issue with Tharisa owning 76.22% (43,412) and Medway 23.78% (13,544).

To complete the dilution (20% Medway) a further 10,763 shares would need to be issued which at an implied cost of $7,184 ps would come to $77.3m and this would bring the total shares issued in KMH to 67,720.

At that point Tharisa would have invested $242.6m to acquire 68% of the mine implying a value of $356.7m for the mine.

Alternatively there would be 67,720 shares in KMH owning 85% of the mine which at $7,184 ps puts a value of $486.5m on KMH and $572.3m on the mine. And the good news is that Tharisa only paid $242.6m (in real money) for their $389.2m (on paper) interest in KMH.

Ditto

Even though in theory VANQ is not embroiled in car finance case that is to heard at the Supreme Court the the drop at 3:30 was in response that the SC have declared that the Treasury will not allowed to participate in the case.

Or did you mean it was discussed at the AGM and the AGM was RNS’d ?

Hi Tharisa – re your comment on the equity input into Karo i.e. ”We provided a full and detailed explanation into our Karo investment at the AGM in 2024, this was also published on RNS”

Can you please provide a link to the mentioned RNS that “provided a full and detailed explanation into our Karo investment”. I can’t find it.

Or did you mean it was discussed at the RNS and the AGM was RNS’d ?

At their 27-Mar-2024 CMD VANQ guided that by 2026 they'd

- Increase Gross receivables to £3.0-£3.5b ( 2023 - £2.35bn )

- Reduce cost to income ratio to 49% or less ( 2023 - 60.9% )

- Transition to mid-teens ROTE ( 2023 - 3.2% )

A year on and will VANQ confirm at their March 13th results that things are on track or will they announce that there has been back sliding?

The former should result in a positive re rate. The later would torpedo the high hopes that we (certainly me) have had for new management.

The ex CEO bluffer extraordinaire Malcom Le May went to IG Group after he high tailed it out of VANQ.

Bearing in mind "There remains significant uncertainty as to the range of outcomes from the motor commissions appeals"

It looks like the CBAM proceeds will cover the commissions appeal provisions and then it is off to the races for CBG ?