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@Observer842 I guess only the BOD [hopefully] know the full CLN conversion details.
It would be good if we could repay anytime but only have conversion rights at certain dates.
I doubt that. When the loan was taken we did not hold any aces, so could not choose terms,
but I would like to some conversion now and us repay the balance. Bit like the celebration
when you paid off your mortgage, a good feeling!
On latest RNS, Loan Note outstanding £1.7m Placing £1.25m
Leaves shortfall of say £500k
Does anyone else feel that the loan consortium may have indicated a wish to convert
a good chunk of debt to equity. Although, of course, further dilution now, we will have
plenty more to come, in any event, if Amapa gets developed as expected.
Despite the immediate drop in sp, if a large conversion at 12p was made I would see this
as a mark of confidence and a continuation of positive sentiment. Was this why the full
amount to repay CLN was not raised?
@Cause17 your post 10.09 sums up the present situation exactly imo.
After every placing there are short term holders willing to sell, and that is where we are.
However, I have [and Bannor will concur!] always felt that the CLN has been an albatross
round our neck. Freedom from this is well worth a short term hiccup is sp imv.
Will certainly add more if sp goes below 12p. Remain positive for future.
I am more positive than "hopeful resignation".
Alan Green has been a fan of kdnc for a long time.
Regular posters here will know that I have been advocating for enough cash in the bank,
as we have no regular income, to see us through the Amapa negotiations.
Now we have sufficient for our immediate future needs I expect to see an upward move
in sp once the weak holders in placing are taken out.
The CLN repayment is definitely a must imv.
@Observer 842 A little bit of detective work for you!
If you Google coronavirusAmapa you will find a regular update, relating to the State.
For Monday 17th Aug news there was an item on Public Agencies services resumption.
State Agencies such as Economic Development/Rural Development etc.
These management bodies return on 24th August.
The State of Amapa has to provide documents to CDSA the port operator.
Could this explain the delay? otherwise I would have expected shipment by now.
@Obs Afraid I am of the "old school" and would consider that action rather underhand.
Unfortunately for me, perhaps, I would wish my dealings to be completely open
and not be given preferences.
Nevertheless on this occasion I was able to add considerably to my holding at prices
below the placing, so not at all upset.
However, I consider a public offering should have been made in this instance.
@Observer842 re 09.48 post.
It was me who asked the question at last AGM. Trouble is nothing has happened.
As you are aware I lost confidence in BOD until cap raise was made to cover expenses.
Would have been nice to partake in that event. I certainly would have!
As the shares in the exercised warrant will not be admitted until 20th August, I guess the shares
sold were part of a larger holding [or borrowed] from the same source. Thus perfectly legal.
On a cap raise new warrants should be available for all holders to participate.
I know it takes longer and more costly but this has never been tried by kdnc.
Why let pals of W H Ireland have all the cream?
Whilst not directly applicable to Port Watching, I posted the following on 7th June.
"My fear is that the bank consortium who currently hold a charge over the Amapa mine assets,
will use every legal weapon to protect their interests. To lose their case will mean a write off of
millions of dollars. Not sure what, if any, appeals are available but I am sure they will explore
all avenues"
Seems that the courts are giving them leeway and time to coordinate an agreed response.
Meanwhile the jrp remains intact.
Still see the eventual outcome as positive for kdnc, in the meantime we have cash to continue
to operate throughout this delay. Would appreciate an update from BOD though.
@Mrc Yes I am back reinvested here.
My gripe was lack of working capital to withstand any delay in Amapa ore shipments, bearing in mind
this was originally going to commence Dec 2019. Shortly after that time past I was advocating a cap
raise [instead of assets sales] to see through this delay.
Eventually --after I had sold-- an equity cap raise was made. i then began to reinvest and have added
regularly. Hope to regain my losses eventually, now happier. Cash in bank now for running costs
gives BOD room to negotiate without fire sales of assets.
@Bannor Agreed. Get the ore shipment commenced asap and then take our 20%.
Now we have cash in bank for immediate future months running costs we have plenty of time to
finalise secured creditors negotiations. If creditors are being unreasonable the courts will surely
side with jrp conditions and allow progress to commencement of rehabilitation, paid for out of
ore shipment proceeds.
Since the positive RNS in November re drilling results,
copper [$6450] pr tonne and Gold $1800 pr oz are considerably higher.
Yet sp has fallen on stalled funding ---confirmed by end July?
Surely a profitable future on these commodity prices. Any comments on outlook?
So that looks like Trafalgar Property increasing their stake in kdnc from 8% to over 9%.
Is that by conversion of CLN or open market purchase or both?
Presumably RNS to follow soon.
Either way a mark of confidence yet no sp recognition--yet!