Member Info for JDwag

Here’s the thing, Bcl, in this market that we currently lie, who is to say that we get a 150Mw from Moz and the share price still doesn’t go above the current par value? That’s not the whole case anyway, for a placing to work you’d need an SP way above par value for a period of time and for there to be sufficient liquidity for a placing to be ‘worked’ into the market anyway. P.s. even on big news I’m not expecting miracles with the SP, and I bet neither is LC or the BoD! Again, this is not an indication of ‘no news is immediate’ it’s an indication of the market in which we currently trade.

Spot on Mike, to not put these plans in place now hoping for the best and then having to conduct an EGM at a later date would be corporate suicide. He’s doing the right thing.

JD

Unlikely, SGB. I’m somewhere else in the UK on that date. Would be great if one of the old guard was there to ask questions / get feedback, though.

The current finances are perplexing, I doubt anyone could argue that, at the last annual accounts, to the end of 2018 we had circa 600k, and once you add in the £500k from Sanderson we took in March, I’m genuinely surprised that circa £1.1m has gotten us to 9 months into the 2019 financial year, add to this the fact that the 7 No. MCPP MLs will need paying for in pretty short order (not to mention the other projects progressed and a MCIPP ML very shortly too) then it’s all the more puzzling. I also don’t think that Sanderson / Shumba would allow a capita reorganisation so LC could issue another 750m shares so we have much to find out in due course.

JD

I’ll cordially disagree with you on this, the ML recently awarded for example was probably 10 years in the making, from resource to PFS / DFS to application and eventual award 3 years after the original SML Application went in, this was really big news for us, it’s also hugely valuable and will be more valuable when he secures a PPA off the back of it, I think too many people confuse successful progression of a company on the back of a current share price (which is subject to huge variables over multiple cycles) and not actually the milestones that get reached over a multiyear development period. Of course, you and others will argue the only thing here and now that matters to a PI is the share price, and you’d be right, but it still isn’t the same thing as nothing has been achieved.

JD

Really, Bcl? So why top up lately? Honest question!

JD

SirG, personally, I would rather ‘raise’, it could be part of a bigger recapitalisation by the Company. For example, if they decided to raise 400m shares at 0.75p (say for example that’s the best deal out there) and to put the ‘cash on books’ ghost to bed I’d be all for it. At current rates we are burning less than £2m per year, that would put us on a very good medium term footing until MED, etc. starts paying something to the coffers.

JD

Getting their two major shareholders agreement on it I would have thought, Also, Kibo will need to issue their 6 Month Accounts (to end of June 2019) by the end of September so I would have thought practically at least you’d have to get the actions of the last accounts cleansed before you move on to another set regulatory accounts.

Beyond that of course the Junior Exploartion Market is a mess, there’s little new money out there, my own view is he’s hoping for the best (news and new funding to come) but planning for the worst (removing the par value on the basis that it doesn’t pan out as he hopes). It’s a prudent move for a CEO to do so.

But I’m a contrarian at heart, another 60409 added for me.

JD

Like Zebedee from Magic Roundabout, ah, my student days where the best.

JD

Yup, that’s the great thing about AIM, your only ever 1 or 2 pieces of news away from having that frown turned upside down lol.

JD

Some interesting passages in there (unless you want to accuse them of lying in an RNS):

‘At the date of preparing the Circular, the Board had no plans to allot New Ordinary Shares but has proposed this resolution so that it has the flexibility to do so should it be required.’

I realise the febrile masses on this board don’t want to hear common sense (it’s gone out the window in the country generally of late) so why would it be on any difference here I guess.

Also, the timelines they set out means there couldn’t be an issue of ‘sub-par value’ shares until at least mid-October at the earliest I would have thought.

Onwards an upwards.

JD

Indeed. Que faux outrage that we’ll be diluted to oblivion, blah, blah, blah.

JD

The nominal Par Value had to be expected, I guess. All done with the approval of Sanderson and Shumba as they’ll be voting for it of course.

JD

With summer 'over' you should now start to see more liquidity come back into the markers and you should also see an increase in news being released as the workforce comes back to full strength. I think September could be tidy for us, just my own thoughts.

JD

Would make commercial sense I would have thought to use the same coal mine for MCIPP for ‘Petco’. With a fully licence Mabesekwa Mine you could be looking at circa 5M Tonnes being produced per annum for both projects. Massive numbers.

JD

https://www.miningmx.com/trending/38198-shumba-to-build-1bn-coal-to-liquids-plant-supplied-by-mabesekwa-prospect/

‘The agreement with CoPet is for the coal that was not part of that agreement [with Kibo], but maybe Kibo could be brought into the overall structure,” said Phumaphi. “The deal is big enough to accommodate a number of parties.”

JD

Maybe, maybe not. A lot of work and speed went into issuing those MLs from both Kibo and the Ministry / Mining Commission. I don’t view that work in isolation. I think offtakes and PPAs could be closer than you think on MCPP, but considering how long any of these deals take, yes, I wouldn’t be surprised if it was next year, either.

JD

Of course the biggest and most valuable news of all would be an MCPP Offtake agreement.

JD

I would think / hope Benga is next, we need to start getting some concrete financial agreements in place on out ‘big’ projects.

JD

Good find. Big plans for Mabesekwa from both Shumba and Kibo's side of the resource.

JD

I figure, why not.

JD