Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
I recall from info from the AMC board that any foreign company buying a Russian resource designated as strategic can only acquire 25%. Despite improving Sino-soviet relations, does this mean that any Chinese company bidding for EUA can only do so for 25% of the total?
sansavatar,
Good to hear from you! Do you still have my email address? I confess that I lost the group's email addresses when my laptop was stolen (I hadn't kept them anywhere else, including the cloud!)
This morning, in an attempt to rattle a couple of cages, I sent the following email to S P Angel, Nomad to AMC:
"A group of us, all substantial investors in Amur Minerals, for whom you are the Nominated Advisor, are extremely concerned at the lack of corporate communication coming from that company.
As a (long) retired company secretary to a FTSE 250 company, I am aware of both the need and statutory requirement to keep shareholders informed of the company’s progress subject to certain considerations, eg a period of purdah during an NDA, but the substantial period of silence from the company has, in our view, become excessive and unacceptable.
I would welcome your view, as AMC’s Nomad, on this situation, together with details of any advice which you will undoubtedly have given AMC in the discharge of your duty."
I'm not holding my breath for anything dramatic from SPA, but the exercise should have two effects: firstly, SPA should contact AMC, if only to ask what the heck is going on (if they don't already know). Then also, if RY looks at these boards, as we are led to believe, he will get reinforcement to the message being sent by several other shareholders concerning his appalling lack of communication - bordering on contempt - and the need for timely information and carrying through on promises.
I am personally hoping that this radio silence is due to necessity and because of an NDA, resulting in a jv/to. Either way, Mr Young has some 'splainin to do during his next visit to London
Under LSE listing rules, companies must notify shareholders without delay of major new developments that may affect their business if the development may lead to a substantial share price movement. They must also notify without delay information concerning a change in financial condition, performance or expectation of performance if the change would be likely to lead to a substantial share price movement.
There are exclusions from these notification requirements relating to impending developments and matters in the course of negotiation, such as acquisitions or disposals. As the company is woefully late in releasing the results of the 2018 final drilling results, one can only assume that they are in meaningful negotiations with a jv/to partner, and thus subject to an NDA.
There has also been much speculation that the BOD are deliberately hiding results or information for whatever reason: the company's nomad, S P Angel, has a statutory responsibility to ensure that the BOD comply with the LSE regulations. Perhaps I am reading too much into this, but with so much information clearly being withheld, the only logical conclusion is that the company is, indeed, in an NDA with some other entity. The question is, for how much longer?
in tenebris
I am astonished that there seem to be many investors posting here who don't know/understand the rules under which information must be released to the market.
The relevant rules are:
General obligation of disclosure for companies
9.1 A company must notify a Regulatory Information Service without delay of any major new developments in its sphere of activity which are not public knowledge which may:
(a) by virtue of the effect of those developments on its assets and liabilities or financial position or on the general course of its business, lead to substantial movement in the price of its listed securities; or
(b) in the case of a company with debt securities listed, by virtue of the effect of those developments on its assets and liabilities or financial position or on the general course of its business, lead to substantial movement in the price of its listed securities, or significantly affect its ability to meet its commitments.
9.2 A company must notify a Regulatory Information Service without delay of all relevant information which is not public knowledge concerning a change:
(a) in the company's financial condition;
(b) in the performance of its business; or
(c) in the company's expectation as to its performance;
which, if made public, would be likely to lead to substantial movement in the price of its listed securities.
9.3 The requirements of paragraphs 9.1 and 9.2 are in addition to any specific requirements regarding notification contained in the Listing Rules.
9.3A A company must take all reasonable care to ensure that any statement or forecast or any other information it notifies to a Regulatory Information Service or makes available through the UK Listing Authority is not misleading, false or deceptive and does not omit anything likely to affect the import of such statement, forecast or other information.
9.4 A company need not notify to a Regulatory Information Service information about impending developments or matters in the course of negotiation, and may give such information in confidence to recipients within the categories described in paragraph 9.5. If the company has reason to believe that a breach of such confidence has occurred or is likely to occur, and, in either case, the development or matter in question is such that knowledge of it would be likely to lead to substantial movement in the price of its listed securities, the company must without delay notify to a Regulatory Information Service at least a warning announcement to the effect that the company expects shortly to release information which may lead to such a movement.
9.5 The categories of recipient referred to in paragraph 9.4 are:
(a) the company's advisers and advisers of any other persons involved or who may be involved in the development or matter in question;
(b) persons with whom the company is negotiating, or intends to negotiate, any commercial, financial or investment transaction.
Mike,
I agree that Robin's explanation doesn't hold water. The firm's Nomad, S P Angel should be giving Robin clear advice on when and when not to buy/award options. Having worked in a previous life on a desk right next to a bunch of corporate finance people, some of whom were Nomads, I am certain that the board have had many opportunities to buy shares, but clearly have chosen not to until recently.
I have no doubt that AMC will come good for pi's - and reasonably soon -, although I agree with those who regard the lack of transparency as lamentable: that's not to say that there is any skulduggery going on, simply that they need to heaps better at investor relations.