Member Info for indi123

I don't think any shareholder wants the company to fail. However, I do believe Harry is not wholly honest about Tulu Kapi. He is just stringing sharehdwrs along

Starresnstoff - Please see example below :

Tulu Kapi Full Funding Package Assembled

23 Aug 2021 07:00

RNS Number : 3906J

Kefi Gold and Copper PLC

23 August 2021

23 August 2021

KEFI Gold and Copper plc

("KEFI" or the "Company")

Tulu Kapi Full Funding Package Assembled

Enlarged funding package structured to enable start of Tulu Kapi development at the end of the Ethiopian wet season

KEFI (AIM: KEFI), the gold and copper exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, is pleased to report that it has now assembled the full funding package of US$356 million estimated to be required for the development of the Company's Tulu Kapi Gold project ("Tulu Kapi" or the "Project") by KEFI subsidiary Tulu Kapi Gold Mines Share Company ("TKGM"). This package is designed to fund all infrastructure, the start-up of the open pit mine and the initial development of the underground mine.

Highlights

· Tulu Kapi full funding package of US$356 million assembled

· Enlarged funding package now covers full development of Tulu Kapi, including initial underground development

· Financial completion through the signing of binding documentation and the launch of full development expected at the end of the Ethiopian wet season in October 2021

· KEFI to retain c.70% interest in TKGM

Bear - let's see how things play out over the next couple of months. I hope I'm proven wrong, however I don't think the Ethiopian Government or the banks are going to be signing-off on Tulu Kapi in the near future. The only timescales and project information we have, are the ones from Harry and he's been saying next month for the last five years. It's not happened in the last five years, I don't think it's happening in the next five. Harry's duping everyone.

In my opinion, we private investors should vote down all the resolutions at this year's AGM. This is one company in which individual private investors votes could have a major impact. Take a look at the share register, not many shares are held by institutions.

FC - if you haven't looked at the previous five years' RNS's in relation Tulu Kapi funding, I think you should. You'll find almost exactly the same wording and the timescales always seem to suggest the funding is imminent with words like: "The Company expects binding terms to be entered into within the next month or so subject to ongoing successful satisfaction of outstanding conditions precedent which are normal for a transaction of this nature; ".

It's never mentioned what the 'outstanding conditions' are. Just that they are normal for this type of transaction. However, we do know these 'outstanding conditions' have not been satisfied in the last five years. I think Harry and his friends are just dragging this out while they raise money to fund their lifestyle each year. Going off the last five years, sadly I don't believe Tulu Kapi will be happening any time soon.

I've looked back at previous years' RNSs and come to the conclusion Harry Anagnostaras-Adams has been spouting the same rubbish about Tulu Kapi project funding for the last five years. Being realistic, I don't believe any bank/syndicate is going to loan a few hundred million dollars to a company whose market capitalisation is less than $50m. I think Harry's leading everyone on a merry dance. Unfortunately on AIM there's no legal checks in place to stop someone fleecing people out of millions of pounds. I would agree with fantasy, vote against all the resolutions at this year's AGM to make a point.

Can shareholders force a vote of no confidence in the Board? If so, the AGM is probably a very good time to force the issue.

Pre-consolidation there were around 5-6 billion shares. Don't know where the 85billion figure comes from - scaremongering?

Anger doesn't make you money. Shareholders tend to vote with their heads, not their feet. They'll sell if they think this is a lost cause, or buy if they believe the company's spiel, or just wait and see how things play out.

Thanks Bear. Harry seems very confident regarding the sign-off in June.

Agree non1, and they use the term "expects to" not "will". Plenty of wiggle room.

Yeah. Don't give up your day job :-)

Fair point regarding a second partner being announced. Would be good if the company at least stated where things are in relation to the search for a second partner.

MPO818 / Cyril

Have a look at the timescales for NEO's deals with the companies listed below :-

Zennor Petroleum

JX Nippon

ExxonMobil

Also note the RNS of 6th April states the following :

"The primary conditions precedent to completing the transaction are receipt of the approvals from the NSTA for the transaction and the associated extension of the Company's two GBA licences. Following completion of the transaction, operatorship of the licences will transfer to NEO."

Based on the information above, in my opinion, the Jersey Oil & Gas deal will follow similar timelines, i.e. at least a couple of months. Though, I won't grumble if it happens sooner than this.

My comment was really made to dampen the expectations of 'Breaking News', in relation to the NEO deal, when the annual results are announced later this month.

MP0818 filtered :-)

Not really expecting any surprises with the annual results. A detailed account of last year's business and mention of plans for the future. Probably the usual mundane information. Looking at NEO's other contracts, it'll take them another couple of months for the first $2m to be paid.

At the moment, the lack of satellite imagery is niggling at me.

I've looked through the satellite images from back in March/April and cannot identify the 36-2 well pad as clearly as the 16-2 well pad. Perhaps I'm looking in the wrong location, or the the 36-2 well pad images aren't as clear as the 16-2 well pad, or more worryingly there is nothing to see there - now or in the past.

I wouldn't be too surprised or disappointed if the GM was delayed.

Do we know why a General Meeting is required for shareholders to approve the funding? Is this normal practice?

Has anyone managed to find a decent satellite image of the 36-2 well pad? If so, please could you share a link?