Hi it was djm1 who recently posted a note that he had spoken with Keith......
“ Tillywhiz
I phoned the company to ask why the RNS regarding point 2 and was told it was about information in the market. I think Phil Taylor was selling and there was speculation that he had information that the rest of us were not privy to. Thsts what I was told. What's done is done as they say but it was interesting because not long before Zak Mir had charted a rise to 54p I think. Even 54p is below what most of us think is a final sale price and certainly less than the company guided themselves in the ACF report.
As you ( I might be wrong) linked to the very enlightening article on long term accumulation it looks like the very long year is being used to relieve PIs of their shares for ii gain.
Patience is wearing thin for many..let's hope it's worth the wait.
GLA”
Cheers Tiddlor for confirming the 68% ownership of WK.
The minority interest element for WK was also noted in the ACF valuation.
“West Kytlim is the second largest alluvial PGM (Platinum group metals) mine by production globally located in the Russian Ural Mountains. EUA has 68% ownership stake in the project.”
Some decent buys reported today.
10-Nov-20 11:34:55 12.75 600,000 Buy* 12 12.75 76.50k
10-Nov-20 12:26:08 12.44 280,750 Buy* 12 12.75 34.93k
10-Nov-20 11:36:16 12.5 300,000 Buy* 12 12.75 37.50k
10-Nov-20 11:35:34 12.75 300,000 Buy* 12 12.75 38.25k
Cheng - yes but they allowed me to purchase a second time even though there was no cash. I suspect I could have kept buying if I’d tried. The trade that shouldn’t have happened should be reversed tomorrow. If not I will send an email.
@Loch - it happened to me a couple of years ago but I recall it was corrected the same day and the trade cancelled. You can’t buy shares with cash you don’t have - I don’t think HL accept IOU’s so it should be reversed tomorrow when everything is hopefully reconciled on their platform!
I bought 10k at 112p which executed but not showing as bought. So I thought the trade hadn’t gone through, so bought the same amount again and still not showing.
Called HL but gave up after no response. Just checked account and now showing two lots of of 10k bought today and a negative £11k cash balance!
Presumably the second trade will be reversed tomorrow and cash put bank into credit position?!
FB - could you please explain why Duferco would not exercise these options?
Thanks
“In addition, I am pleased to announce that the previous owner of Vanchem, Duferco Participations Holding S.A., has agreed to accept an early repayment of US$11.5 million of their US$23 million convertible loan notes issued in accordance with the terms of acquisition announced on 23 October 2019. US$6.5 million will be repaid through the issue of new Bushveld shares and US$5 million of the loan notes, plus interest of US$1.15 million will be settled as a cash payment.“
BMN will need to confirm via RNS the details of the issue of the new shares to Duferco. They will need to disclose the price paid and when they will be issued so that the market is aware of the increased number of shares in issue.
@montmuzzard - it’s a bit of guesswork, but I was thinking more in the region of £1 for the asset sale paid out as a special dividend and then say annual dividend rising towards say 10p per share. The recurring dividend alone would value the company moving forward at well over over £1 a share, so win win.
Ragsrob - an asset disposal has always been on the cards from last year. Therefore any transfer of Licences as appropriate would already have been considered.
“In recent months, Eurasia has received a number of inbound expressions of interest from multiple parties interested in acquiring all of or a stake in its assets. The Board has therefore decided to appoint UBS Investment Bank in London ("UBS") as its leading financial adviser to assist in a review of its strategic options including asset sales or a sale of the Company.”
“All existing non-disclosure agreements interested parties have already signed with the Company in relation to the potential acquisition of the Monchetundra asset remain valid.”
Mac, the more I think about it this scenario makes sense and I agree, this could be one on the reasons why the deal is taking an extended amount of time.
I also think a deal structured like this would further maximise shareholder value over and above a clean break deal where the entire company is sold.
Mac, what are your thoughts on EUA retaining some form of long term interest in the assets that are being sold?
For example an earn out agreement based on future profitability generated by the acquirer. MT and surrounding area is sold and a future earnout is recovered by EUA as additional licences are acquired by the new investor and production is scaled up.
This would mean a huge asset disposal and dividend to shareholders. EUA Mining plc remains (we keep our shares) and continues to acquire further licences and prove up additional resources for a future sale.
Although not a clean break disposal, a deal structured this way would mean EUA get maximum long term gains while someone like NN is doing all the heavy lifting.
Interested in yours and others thoughts.