George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
Bottom of yesterday RNS..................
"Further to its announcements of 14 March 2024 and 20 March 2024, the API Board will now take steps to implement a Managed Wind-Down subject to the approval of API Shareholders at a general meeting. More information on this process will be set out in due course."
In my experience of other managed wind downs, they dont deliver the value expected and take a lot longer than anticipated with a rump of assets that they cant shift. I'd rather just keep going as is and sell when theres value than try and wind down at the bottom of the property market.
Feels like it will drift back to the 40's where it started
Its an odd situation where theres a majority for the deal but it doesnt pass.
What happens if the 61% who voted for the deal also vote against the managed wind down? (as i will) (does that just need a simple majority to pass?)
Does seem a bit odd i agree
I dont quite understand the recent buying given that it has been announced they are considering issuing shares at a significant discount. Why not wait until after if you wanted to buy?
Derisory and insulting were two words that came immediately to mind when i read the announcement.
If they want to cherry pick it would have to be A LOT closer to NAV to be worth considering.
I think the API board should firmly reject it and move on with the CREI offer and not agree to more time wasting if SHED are not serious as it seems is the case
I think for annual results they have 4 months to announce
MH - refinance needs to be completed before annual report can be signed off to meet 'going concern' requirement, otherwise the drop in the share price will be a lot more than 20%!
Interestingly the Bond price has risen since the disasterously bad RNS
Surprised that the API price not closer to the CREI offer. You can arbitrage by selling CREI and buy API and end up with more CREI than you started with (API no stamp) even allowing for the spread.
Agreed. The alternative proposal from SHED seems to me worse than their original one - we take all the bits we want, on the cheap, and leave you with all the rubbish to get rid of. That only works if they pay more for the good bits otherwise we lose both ways. Custodian offer is much better on both valuation and strategy
There is no way they can release the annual report without having the Bond refinance sorted. Wouldnt pass the going concern test so no auditor will sign off
Todays RNS implies that SHED are not looking to fold their hand. Interesting
Should find out tomorrow if SHED will bid. I suspect they wont as the CREI offer is 10% better than their indicative offer so they would need to make it worthwhile. Looks like it was just a fishing trip for them but maye they may be interested in a specific property or two so who knows
Agreed re divi. I assumed things were in train re bond when they announced the divi otherwise it would be stupid but they obviously are stupid after seeing todays making a bad situation worse
They really need to get this resolved this week after todays clanger
Unbelievably stupid announcement. You either announce refinance or wait until you can. This has just added to the enormous uncertainty. The refinance should have been dealt with months ago however painful it was then would be a lot less painful than its going to be now. Utterly idiotic. The Board and Manager must go
Will be interesting to see CREI response. I expected a holding RNS but nothing appeared