Member Info for Jiving

Thats true Moneyman, what a pity Glencore gave up control - used to think the opposite, but now after the last 6 weeks what a total shambles. Have they screwed up a potential deal with the Saudis - is this what this shambles is all about since the 2 RNSs?

1.2m shares just recklessly dumped into the market, always taking out the bid in size - it just does not make any sense for a rational seller to behave like this & it never happened in previous subscription placings.

If this isnt the first tranche of the placing, then it is a big holder deliberately driving the price down - Glencore? Frankly, I feel very uneasy about this whole situation.

Hopefully, the penny dropped for Nguesso from the way his new Saudi/UAE friends treated him - the royal jet at his disposal, the official state visit - ie the lifestyle he always wanted is now clearly on offer. And no Western anti-corruption legislation, audit committees, NGO's to trip it up.

And following on from that Relax, if you go to the patent application via the link provided by Soup you can see the actual examiner's detailed response; where a substantial number of the NFX patent claims are accepted & others are queried for revision. Our US patent application is simply going through the normal patent process, nothing special or untoward is occurring.

So it seems the LSE online block automatically censors 'p a k i' even when referring legitimately to the country, bizarre. I see MM substituted a comma for the i & fooled the system.

relevant para's from wsj:

"the obvious prize is copper, a metal needed in the transition to cleaner energy. one of the world’s biggest new copper mines is expected to begin production in 2028. the reko diq mine is a joint venture between barrick gold and the government of ****stan, in a remote part of the country hit by two violent insurgencies.

talks are under way for the saudis to buy into the reko diq mine. the saudi sovereign-wealth fund, public investment fund, would team up with saudi mining company ma’aden, to acquire part of the 50% stake in the mine owned by ****stan, according to people involved. in addition, the saudis could be given exploration rights in other parts of the copper-rich area.

riyadh has ambitions to turn ma’aden into a global company, but it is wary of the security risks at the ****stani mine. in july, saudi arabia said it would buy a $2.5 billion stake in brazilian mining company vale, also through the same fund and ma’aden.

for islamabad, there are strategic advantages to tying saudi arabia in, while barrick has joined with saudi arabia elsewhere too. barrick and ma’aden didn’t respond to requests for comment. the public investment fund declined to comment. "

Wow just come through, dumping at any price:

09-Aug-23 10:44:36 5.55 557,600

Thanks Soup that makes sense. I believe we were waiting for the lung samples for quite a while till they came through & then finally announced the results in May. These congress deadlines are of course serious & necessary, as they have to review submissions. The important thing is for Dan, & maybe Julian, to be there in Sept and networking.

I wonder why that is Soup, surely the May 'inflammation & duration' results would have been exactly what you would want to present at the ERS (more so than last year's results which were presented) to stir up pharma interest?

Always & MM the Reko Diq info is crucial to our understanding of how Manara intends to operate & its risk appetite. In particular it appears they are prepared to finance a large 'greenfield' mining venture of a type folks like Glencore dont want to touch (ie Zanaga). The PIF stake in Vale's existing copper/nickel operations was a low risk portfolio style investment, but financing Reko Diq is to go headfirst into a greenfield project in a very high political risk area. I note Barrick will act as developer/operator leaving Manara primarily in a financing role - exactly as they want. As MM points out there are strong parallel's with our large scale greenfield site & Manara would presumably need a world class miner to develop/operate the project - with possibly Vale playing the equivalent role Barrick is at Reko Diq.

Ex, I/we dont know for certain what is going on in the market, it looks like the Shard placing the first tranche but it could be another seller. The 3 July RNS seemed to indicate the first tranche was happening quickly: "An application for the admission of the 12 million Subscription Shares in the First Tranche will be made shortly and the 12 million Subscription Shares in the First Tranche are expected to be admitted to trading on AIM on 5 July 2023. "

I agree completely that Elphick has been extremely careful in his use of equity & we have, thus far, suffered very little dilution. The type of subscription structure that we have signed up to with Shard is fine if you want relatively small amounts of capital at irregular intervals (ie just to keep basic corporate functions going), and means a couple of million shares are released every couple of months - with little market impact. But if you require a serious chunk of funds in one go, say circa $1m, this is a very bad way of doing it as it means you have a flood of shares continually hitting the market every day & being 'placed' at ever lower prices. It would have been far better IF you wanted $1m to have done it in a single placing of 12m shares at whatever discount to market the broker said was needed. Transaction quickly completed, and normal market trading life continues.

I am currently buying small top up amounts by leaving orders on the bid side (6.6, 6.4, 6.0 etc) which is why I am aware of the large seller continuously driving the price down in a fashion a 'price conscious' PI seller would typically not undertake. Incidentally I note the best time to pick up cheap stock is often in the aftermath of a botched placing.

What the company might want circa £700-800k for up-front, is indeed interesting, as is the whole rationale for placing shares when the Glencore loan still has 6 months to run & some unused capacity. Do we have to contribute towards the Chinese costings exercise or is this for an early loan repayment?

This looks like Shard dumping the first 12m into the market, 'someone' keeps taking out the Bid every day almost regardless of the level. Usually the sign of a determined seller.

This is the problem with this structure, its fine to release a couple of million over the course of a month to meet running costs, but when you dump the whole 12m over a short period it's a disaster. Also of course it produces a far lower level of funds for the company. A simple 12m discounted placing on 3 July, would have raised way more funds & done far less damage to the share price. Bad call by CE & AT.

Seems sensible to me. They know how much money they need - presumably to complete 004 tests & running costs - so they seek to raise a cash amount. When Dan was on TG a number of investors requested that existing shareholders be eligible to buy shares in any future placing, I believe that is what 4b & 5 is about. Also see Clause 6 which is a buyback mechanism for up to 10% of outstanding shares.

So they are giving themselves both: the capacity to raise funds for the future should it be necessary; & also the ability to buyback should circumstances permit. For example if we get an upfront payment, then we may not need to issue further shares, & if there are then sufficient free funds we could even buy back up to 10% of the shares.

Are Peel going to be able to keep this above 0.30p?

Not sure I follow: whose 'mates' are getting the rates - CE/AT's mates or Shard's mates? The last tranches that Shard placed like 2-3 years ago - is that what you mean, sold to Shards mates?

Dont see it for an instant as being Elphick as why would they dilute holdings he had since 2004, ie his mates are already in (pre-IPO they financed the original exploration!) & dont want to be diluted, see share dilution history they really really dont want to dilute & haven't.

If its Shard's mates - because thats what happens in placings, they handover shares to client accounts & trading partners, well its really not turned out so well - look at the big trade/placings the last two weekss. Any mates could have got in at better prices buying in the market.

What a total screw up - 6.50p on the bid, last trade 6.60p - all to do with organising a placing without providing any rationale to 'new' investors via a podcast, interview or updated presentation about what is actually going on with last 8 months news: Glencore amalgamation, port talks, slurry pipe quote. Disgraceful amateur stuff: AT, CE et al surely you have a plan you could explain?

I have a small sub 500k buy order in, but every time I move it up on the Bid above the then prevailing bid & actually above recent 'sells' I get gazumped by the Bid being moved just above my price. I am not in a hurry so will sit this one out, I am certainly not chasing it above 0.30.

Thanks Soup, my perception watching this on the IB platform, is that one MM is adjusting the Bid/Ask in a manipulative fashion to ensue they process essentially all the market orders. Possibly they directly, or their client, have a large position to manage.

I dont have Level 2 but is the same MM (Peel on Friday I believe) continuing to be the main player on both the Bid & the Ask?

And now we get a flurry of tiny orders.