Member Info for JohnNth

“Further to the announcement made on 25 June 2024, Solidcore confirms that the Moscow Exchange has approved delisting application submitted by the Company on 24 June 2024. Cancellation from admission to trading on MOEX will become effective on 15 October 2024.”

This is good news as it paves the way for ‘agreed and orderly’ delisting from MOEX and hence do not impact arrangements/agreement made to use POX facilities in Russia (with OFAC clearance) to process mined ore until such facilities are built in Kaz.

Matters would’ve become complicated if Russian authorities played awkward.

Date got pushed back by 15 days from 30 Sept which is no big deal.

IMO all is going according to company plan and will pave the way for early relisting on LSE sometime in 2025. which is an absolute must for any divis to be paid.

Interim figures are out on 12 Sept and Russia listing terminates on 30 Sept. Company have been buying up shares in Russia from holders selling out, so keeping price depressed on AIX helps considerably.

IMO CORE have also been active on AIX most recently, where it takes very little to move price; get the feel it is holding sp at around $3 for now to keep angry holders at bay. Once delisted from MOEX, I can foresee move by mgt to lift sp by bringing forward plans to relist on LSE and cancelling shares held in Treasury which could reach approx 70m by the time Russian matters are resolved.

With gold at record levels, CORE could be delivering EBITDA of around $600m for 2024, and EPS of around $1 (assuming total float of about 400m after cancellation of shares). This would mean a forward PE multiple of under 3 for 2024 based on current sp, which imo is ridiculous.

Interim should provide information to better forecast YE figures, but imo it will not deviate much.

I'm holding on, but please DYOR

The company have filed an application to delist from MOEX by 30 Sept, but as yet not received any reply from Russian authorities to say da or nett.

In the meantime, I think CORE issues shares in AIX in exchange where requested by Russian holders of stock, or buys up stock in exchange for cash. CORE have added approx 12m shares to Treasury so far in 2024.

Given there is 7 more weeks to the deadline, is there any incentive for CORE to support higher sp on AIX, as this would impact sp on MOEX and a resultant higher price to be paid by CORE for Russian stock?

Current sp on MOEX is $2.49…an absolute bargain to be buying up shares for cancelling!

Me thinks, CORE will hold onto the current line on delayed relisting on LSE until after MOEX deadline and all matters wrapped up in Russia. The company will then cancel all shares held in the Treasury (which they said they would eventually) and announce a date for listing on LSE. This could be sometime late this year or early in the new year.

Reduced share float would significantly enhance company fundamentals, together with imminent listing on LSE sometime in 2025 would provide a significant boost to the sp.

NB. This is my opinion only…please DYOR

In my post on 8 August, I stated CORE held 41.6m shares in the Treasury. Actually, This figure is incorrect as the company have added more by buying up shares in Russia. As of 2 August, the figure stands at 58.4m. Shares held in Treasury do not enjoy any voting or economic rights. The total share float have not changed and stands at 473,690,320.

So, whilst the company have been buying up the stock in Russia, it has had absolutely no impact on price in Kaz; in fact quite the reverse.

IMO, it is possible the recent surge from about $2.60 to $3 could be the result of CORE buying stock actually in Kaz.

Further, no doubt the company may well be adding more stock to the Treasury as and when from Russia. CORE should now proceed to cancel shares it holds so as to better reflect in company fundamentals eg. earnings per share. However, for this to happen, Maaden would have to sell shares to stay within the 30% threshold (current Maaden holding 29.7%).

Who started the Ukraine war?

Easy...it was Zelensky by reneging on many areas of Minsk agreements signed with Russia.

@Moorscloud.......I haven’t a clue why sp is rising (40 cents in the past week). At the last conference, Nesis ruled out any buy back of shares (to add to 41.6m already held in Treasury), stating it would actually reduce liquidity. He seemed to insinuate a field of dreams approach to valuation…if you build it, they will come!

IMO, lack of any impact on sp upon releasing interim figures may have changed his mind. You cannot on one hand set your primary objective of maximising shareholder value and do nothing when it is clearly in your power to do so. Company cannot pay any divis for reasons already known, so only option left is the stock buy back. Company may have a price in mind and intervene as and when needed to keep above that.

In UK, companies normally disclose transaction in own shares, but not sure what the rules are in kaz, and so we may have to wait until the next conference to find out.

If it is indeed a share buy back by CORE, then it has most definitely worked. They will have spent about $1m in total in the past week, and added $160m to company market cap.

This to me is common sense and they should continue with it to support levels above $5 at the very least.

Gold is up 20 per cent this year so far; helped by rising USD to Tenge exchange rate should add further $150m+ to EBITDA. Yet the sp is languishing at its lowest point since mid 2022.

Company keeps telling us its over-riding objective is to increase shareholder value, and only way this can be achieved now is through listing on the LSE. Waiting to bulk-up before listing does not sound credible anymore. If there are other reasons for delaying listing; and there may well be eg. adoption of unethical methods for company expansion which may be interpreted in breach of UK laws, the company must somehow find a way of communicating this to shareholders.

Current excuse of bulking up simply no longer wash..........

In case you cannot access below link, Vitaly Nesis says teh following:

"“Our decision not to seek additional listing in London immediately has nothing to with Solidcore obligations to AIX. The company would be able to negotiate specific timing of any listing in London with AIX if the company wants to do it sooner……………….”

Turkey have just signed a free trade agreement with Ukraine. Turkey is 7th largest steel producer in the world and largest producer in Europe. Turkish steel mills can now buy Ukrainian ore with no tariff and minimal transport costs.

Surely, this is good news for FXPO!

Sorry...you have to complete few details and you get access to the link to webcast held in June 2024.

BSR says "SolidCore has a 2 year “no-move” clause with AIFC which expires on the 07/08/ 2025."

Please supply evidence.

I stand by my statement as follows:

"Nesis did say there is nothing stopping CORE from being listed on LSE."

For evidence, click below link and listen in from the horse's mouth in Mr. Nesis from exactly one hour onward.

https://edge.media-server.com/mmc/p/qza39mby/

Get your facts right BSR; stick to non-relevant war talk cos you don't understand much else.

There is almost a zero risk of FXPO ceasing to be a going concern, but the Chairman/CEO is duty bound to inform shareholders even if the risk is as remote as one could imagine. Saying this, and given this litigation has been a drag on the company for so many years, it is time Zhevago put a hand in his pocket and settled this matter. He has the resources to do it, but one feels he is too greedy to part with money.

Lack of any sizeable movement in sp, despite excellent interim numbers, should be a wakeup call to Nesis and the board to take urgent steps in injecting liquidity in trading of its stock. This can only be achieved through listing on the LSE.

Nesis did say there is nothing stopping CORE from being listed on LSE, so the decision to postpone listing to 2026 (until company bulks up) should be reviewed at the earliest.

BSR...instead of just criticising others and keep rambling on about the war and war ONLY, say something of substance or else....................

I think that depends on your buy-in price. I don't intend selling for a long while, but events can overtake that. I am of the opinion nothing major in terms of divis or takeover can happen until shareholder register is brought up to date, and that won't happen until the company relists back on LSE.

@Power...Z should never have listened to BoJo in 2022, who pumped him up to be a Ukranian Churchill who will prevail over Russia. Z even despatched the Chinese Foreign Minister, who wanted to bring about an early solution back to China with a short shrift in late 2022.

Two years on, Z is now begging China to actively participate to bring about peace.

Z, a Ukranian Churchill....now that is funny.

WARNING to others, beware of the consequences before putting a comedian in charge of the country!

Maaden International Investment LLC raises its stake in Solidcore from 23.9% to 29.7%; one of the bigger investors must have sold out or reduced their holdings.

file:///C:/Users/Owner/Downloads/2024_07_26_Disclosure_of_interest_by_connected_person_(Maaden)_eng.pdf

Now that Maaden holdings is just shy of 30% threshold, it begs a question...is there a potential take-over in the offing?

@Moorscloud.......

IMO the company remains a solid investment in medium to long term. It is highly profitable and operating in mining sector which is projected to remain buoyant over coming decade at least. On the flip side is the jurisdiction it is domiciled in and conducts its business, where risk will persist even after when the company relists in London as it is a frontier jurisdiction. IMO sp will never reflect true value of the business unless it diversifies away from eastern Europe/West Asia which is highly unlikely.

But such risks are already over priced in IMO. Assuming normal inventory levels, I think the company will post approx $600m EBITDA for the current year ($430m in 2023), making company market cap at $1.3bn looking derisory.

I just cannot see it go below current levels unless say….Russia was to invade Kaz which is highly unlikely.

Relisting in London and ending war in Ukraine would provide significant boost to sp. IMO the first will happen in 2026 and latter is gaining momentum and will happen sooner no matter who wins the Whitehouse.

Most immediately, we will have to rely on company financial updates, which should be very positive and progress on any M&A activities. I think divis will commence as soon as company is relisted in London.

I also agree with many experts who thinks market has run ahead of itself and correction is overdue. If that was to happen, remaining invested in Solidcore should provide a safe haven.

I have substantial holdings in the company and have absolutely no plans to divest away. I’ve been left disappointed with some recent company decisions, but remain confident overall in its future.

This is my opinion only...please DYOR

It is futile for shorting this stock at this level as there is a single majority shareholder in Constantin Zhevago.

Makes perfect sense to include Russia in any peace conference; you only make peace with your enemies...

Further, spike in Trump popularity will have sent alarm bells ringing in Kyiv. Add this to the fact Ukraine isn't making any headway on the battlefield makes peace lot more likely in the coming months; which begs the question what will the peace agreement look like.

Here's what I think:

1) If Ukraine is dead set on joining NATO at some future date, then they will have to let go of both Crimea and Donbas region; Russia will insist Donbas be made independent state and it will hold onto Crimea.

2) If Ukraine accepts future outside NATO and be non-aligned, then Russia could be persuaded to hand back ownership of Crimea but have it back on a long lease...say 200 years at peppercorn rate. This in theory keeps Crimea under Ukraine ownership.

Further, it would insist Donbas region be given autonomy within Ukraine along lines of say Scotland in UK with exception that it keeps control of its Foreign policy and keeps its armed forces out of the region. Russia would also insist on Ukraine enshrining protection of Russian language/culture in its constitution.