Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Yep standstill for another month, maybe even 2 which will allow us to post Q2 numbers. Banks need to see what is an achievable number for MTL and impossible to gauge after just 1 quarter. A deal will be done, I have absolutely no doubts.
Got a response from MTL regarding attending the AGM.
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Thank you for your note below.
The AGM documentation is being sent to shareholders today and these will contain details of AGM attendance.
Attendance will be in person or via proxy.
Let me know of any further queries after your receipt of the AGM documentation.
Kind regards.
Ian
Its 100m pound refinancing deal on a mine which opened a couple of years ago, is still running at only 50 percent run rate and since DS took over in January had never posted anything other then a loss each quarter. DS has made some fundamental changes to the business and during his first quarter has recorded a 4m profit (the first since the mine was open) I would fully understand that the banks and lenders would want more time to ensure this profit is not just a one off and is actually sustainable and has the ability to scale up to name plate before agreeing a next step. It’s very likely that the banks and major holders are going to have to take a haircut on the debt (which would be a huge positive for shareholders) for that reason I would want a lot more then 1 quarters data before agreeing what number I am willing to accept on the sides and bank and what gel to use. :-)
Especially liked this bit - “The Group believes that there is a reasonable expectation that it will be successful in restructuring its debt facilities, on a basis that will provide a sustainable financial structure to continue to operate the project to produce sustainable cashflows.”
History shows us that DB doesn’t say / realise anything that he truly doesn’t believe is going to happen.
Ive been invested in this company for over 10 years. My holding is now worth 4k and my average is over 45p (you do the math!) having significantly increased my holding a couple years back. When the answer to every problem is issue more and more and more shares, the share price is only going one way... I wish you all the best of luck but I think the only thing I’ll be using FDI for is reducing my tax liability from a huge loss. Real shame. This company had so much potential.
Taking a bit of a hammering today. Rock and a hard place springs to mind. Trying to negotiate the best deal possible for the company, whilst you are being pushed to show your “extremely good” hand. Either way, the fundamentals are strong, just wish our chairman would stop shouting his mouth off at every opportunity.
Big time!
Unfortunately (and unlike MTL) I cant see a way out of the brexit debacle. Too many chefs (with too many of their own ideas of what brexit is) spoil the broth. I can’t see government allowing no deal, nor can I see any majority agreeing to compromise on ANYTHING. Complete and utter mess.
It’s within everyone’s interest to agree a workable deal for MTL and once we do... game on!!!
Spot on goooba!
Tiptop - well played with Rose Petroleum, I noticed you were in and out with a profit quicker then DS and JB could say “get us the hell out of here” Seems like they’re in a real mess over there. I’m listening to your informed wisdom here on AAOG so keep it coming.
Just putting myself in the banks position, I would likely extend the standstill agreement for 3 months. Remember this is the first quarter we have made a profit in the companies history and before agreeing to take a big hair cut or agreeing to very reduced rates, I want to see how MTL could progress things over the next 3 months. Just my opinion. Keep the faith, we’ll all be rich next year :-)