Member Info for Jarv55

Offler or he could just mothball it and wait for the war to end he is a very patient man you know.

Sinosteel EPC contact update:

As Monchetundra's flanks application is progressing, the Company keeps its EPCF contract in place with Sinosteel, which establishes the route to the Monchetundra Project's development. Sinosteel is a diversified and integrated base and industrial metals enterprise and a major importer of iron ore to China. The Sinosteel EPC financing covers 85% (or US$149.6M) of a total contract value of US$176M.

A US$50M sub-contract is specified within the contract and is assigned to Eurasia's 80% subsidiary TGK, or a sub-contractor of its choosing, for engineering and pit development works in advance of mining. Once activated, the contract provides for a payout of the US$50M subcontract over a period of 36 months. The sub contract has not yet been activated by Eurasia as it continues to consider its options for the assets. In the meantime, the Company can trigger the start of the Sinosteel EPC contract, at any time at its discretion, until 2027. Accordingly, Monchetundra project remains 100% financed as previously announced. Further updates will be provided in due course as appropriate.

GLG do you actually know what the structure of the Sinosteel deal is?

Offler do you honestly believe Dmitry having sat in this for years with shares at 5p will take 3-5p lol

Interesting times ahead no guarantees and risky so punt money only but this could be a big turn around story.I wonder if anymore people will come on the bod. Jim McColl, Non-Executive Director said: "I have been working with the Amigo team for several months and have found them to be passionate and hard working. I am delighted to join the Board at this time to help try to find a new role for Amigo. A particular area of interest will be to explore the opportunity to build Amigo through acquisition as a wealth management focused group, supporting SMEs and high net worth individuals, as well as potentially providing back-office software solutions to support other developing finance platforms."

Following the appointment of Jim, the total number of Directors on Amigo's Board will consist of three independent Non-Executive Directors, including the Chair, and one Executive Director.

All this is just specultion at the moment but it would give Alba a quicker and cheaper way onto the London market.

· Reflecting the wind down of operations, and the accrual of all future business wind down overheads, net assets have decreased to £0.0m (FY23: £12.6m).

· All net assets remaining after the wind down of operations are pledged to Scheme creditors.

· Revenue declined 81.9% as all new lending ceased, and the remaining loan book substantially reached the end of its term.

· An impairment credit was recognised in the period of £7.2m due to sales of previously charged-off loans as well as net recoveries post charge-off.

· Administrative and other costs decreased 50.8% year on year, leading to a loss before tax of £12.7m (FY23: £34.7m).

· All debt, other than standard trade creditors, was repaid in the previous year. Cash held at 31 March 2024 was £174.9m, of which £84.5m was restricted, primarily to pay Scheme creditors.

Does anyone know how much tax losses Amgo have that could be used?

Https://scottishfinancialreview.com/2023/09/11/alba-bank-in-big-hires-as-it-prepares-to-launch/ Nick Lawler, Market Director, Northern Europe at Mambu, says: “Now more than ever, the availability of finance is key to the success of all SMEs. SME pain points need to be properly acknowledged by banks, as success rates for loan applications are 20% lower than for large enterprises. By pivoting to Mambu, along with a growing number of neobanks in the UK, Alba is in good stead as it continues to transform this sector of banking, supporting small and medium-sized businesses to reach their potential. We look forward to working with Alba as it supports direct lending to SMEs and fuels economic growth in Scotland and the wider UK region.”

Gordon Bennet don't see why he would push out the bod he has praised them.

Alba was earlier this year granted its banking licence by the UK Prudential Regulatory Authority (PRA) and the FCA.

Sharpe’s appointment as chair is subject to regulatory approval.

Sharpe brings with him over 45 years’ experience in retail banking. He is currently chair at Metro Bank plc, Hampshire Trust Bank plc and Pollen Street plc.

Chief risk officer Lewis has over 25 years’ experience in financial services. He joins from Aldermore Bank plc, where he served three years as chief risk officer.

Prior to that he was an expert partner at Bain & Co in its Financial Services & Digital practice and, before that, worked over 20 years in NatWest Group, where he held a number of senior business and risk roles, most recently MD, Commercial & Private Banking.

He was also co-founder of NatWest’s Esme Loans Ltd.

Alba Bank CEO Rod Ashley said: “With the addition of Robert and Andy to our leadership team, Alba has reached another crucial milestone in our journey towards launch.

Https://scottishfinancialreview.com/2023/09/11/alba-bank-in-big-hires-as-it-prepares-to-launch/

there are soome big backers in Alba stage coach etc

Https://www.linkedin.com/feed/update/urn:li:activity:7233764774868578304/

I think the bod would rather activate the Sino deal than sell out cheap at 300mill.

Very interesting

The bank will initially operate from two office hubs in Glasgow and London with longer term ambitions to establish commercial offices in regions across the UK. It aims to become Scotland’s version of new-style digital banks such as Monzo and Revolut.

https://dailybusinessgroup.co.uk/2023/03/mccolls-sme-focused-alba-bank-ready-to-mobilise/

Https://www.albacoltd.co.uk/news/posts/2023/alba-adopts-ncino-cloud-banking-platform-for-sme-lending/

Interesting article Daniel thanks

All this bickering isn't good for anyones health lets just wait for the numbers.

How much cash do they have left in the UK Plc how much do they have in the subs?

How much of the sand is sold?

What tax and VAT rebates they have received so far?

Does the Queeld case effect the sale?

We know their first priority is a sale lets see If they give us an update on what has been going on and if they still have plans for Eua2.

Lets see if they give us an Agm date.

SS doing some dd first, obvioulsy high risk, but do think this has good potential for a turnaround if they can back something like Alba in.

Razza says the guy calling Ncyt to £12 lol