Member Info for johnpwh

Thank you Troajan

30% voted against. That's good, it was never likely to be defeated but at least shows the shareholders weren't 100% happy.

Trouble is that the 2 new directors will have substantial shareholdings which they are always likely to use to vote with the BoD on future issues so that chance of getting a change of Chairman is diminished.

Sorry Shortarm, think I am confusing you with another poster. Apoligies!

You have beaten myself and C&B by a few years!

My thoughts about Dr S and the C are similar

Hi C&B, that kind is my point. Maybe it is a folorn hope due to their previous but Rockover blokes are even older than us (I was made in 1957). Those chaps will want Dokwe into production in their lifetime, and they have significant shareholding sand are to be AAU directors. I am not saying they hold the whip hand on the current AAU BoD but they do have a vested interests to push the development forward soon. The AAU BoD have not had that pressure before,

To be honest Claret I don't think the vote should make much difference as it is very likely to be passed so is already in the market price. The trouble for me and I believe Shortarm is that we are both elderly ish gentlemen and need these projects developed ASAP. That is where the age of the Rockover directors will help I think as they will have influence we don't and will press for.early development

Real signs that long termholders are dumping now, half a million shares at a time. Bad day.

Sad to hear that but I'm not surprised . The company is changed over the days when Salinbas was the great hope. That was squandered down to 23.5% and zero control so a new company maker was needed. Hence Zimbabwe. If if works it will be great but there is risk

I think Dr Sener is a very fine geologist. No.I don't believe him as much as I did years ago when I came here as he has become adept at the political.answer. Rarely if ever are questions from shareholders answered properly even when it is obvious to those reading what the ques⁷tioner wanted to know. I particularly was shocked with the sharp and abrupt actions of the arrogant chairman in the latest Q&A when he mocked some of the questions asked. The business side of the company is weak I believe though the technical side is strong.

Woe is me, another green message I cant read. Never mind,at least I know it's not worth reading

HI Shortarm, must admit I admire.your unswerving positivity ! Wonder what they have to do to upset you! I have been here a long time, as have LoB, Claret, Van and until.recently DJ. Just because we don't constantly eulogise about the company and its board that doesn't make us whinging Poms. I expect you sometimes are not as bullish as you always appear! It is good to question. In my experience people on her who do voice a less bullish view normally also publish their reasons. That is a healthy attitude in my view.

I have little doubt that the issuing of shares will be approved by the meeting on Wednesday, I just wonder if the for and against votes will be published? I am hoping they are. From now on I fear ordinary shareholders won't have any influence as the voting power of board members, whether from AAU or ex Rockover will be immense. Most ordinary shareholders, like thee and me, are I suspect looking for an exit here. The BoD have lost the audience.

Couldn't agree more Stockboy

In agreement with you Stranger. although Salinbas could conceivably be sold if there was split out into a seperate Ozalin only/ Ozaltin & Proccea JV covering only the NE Turkey assets with AAU relinquishing their interest there. Not keen on that idea as we must not underestimate the effect of legal costs and other fees from professional with fingers in the pie when performing such a split. From (dim and distant) memory AAU shareholders were promised a certain % of the 'net' proceeds by way of special dividends following the capitalisation of the Turkish assets into the 'new' JV. Now I forget the figures and frankly cant spare the time to research, but I do remember that when the actual dividends we were to receive were announced may posters basically said 'bloody hell what were the costs implied here?'.

Conceivably Zenit could own Dokwe but I am reassured from yesterday that is very very unlikely. Again reading between the lines I suspect that both shareholders and the Board are very much more enamoured with Proccea than Ozaltin.

I liked the reply to the 'What would be the preferred method of financing...' question though not happy with many others on the published Q&A. One of my favourite words is 'obfuscation' and that would be a kind way of describing some of those answers rather than misleading!

C&B I am not quite as cynical about Zimbabwe, that country was obviously Southern Rhodesia, Rhodesia being a prolific source of minerals. In the Mugabe years I would have been very worried. But there are signs that after that tyrant the country is emerging and wants to integrate on the world stage. Now could be just the time to invest there while valuations are low due to their fairly recent history. There is no doubt however that the risk profile of AAU has changed to be far riskier, but then post the giveaway JV it was going nowhere so something had to happen. I do have a significant chunk of my kids inheritance here and am concerned that if that were wiped out I would be letting them down. I will be looking to reduce my exposure here but FOMO will prevent me from exiting completely as I do think Zimbabwe has dramatic potential unlike Salinbas which looks further away every year.

Salinbas attracted me here initially (along with posts by dicfromrugby on ii, some may remember his wonderful interesting take on the English language), but Salinbas seems a damp squib, and a half forgotten one at that. Ariana has lost control of their Turkish assets and are in no position to confirm dividends will ever be received from Tavsan. At the moment I believe that it we receive dividends from Tavsan they will be nominal, and that yesterdays presentation reinforced my view. How can they when Ozaltin hold 53% and will want to redirect surplus to develop Salibas with as little debt as possible, as has happened at Tavsan funded by the remaining income from the Kiziltepe area?

And what did AAU receive from ceding 76.5% of Salinbas to the new JV? $5m plus I believe an amount from Proccea of maybe $2.5m though I find that figure hard to find and and $2m ftowards as drilling campaign, Typo you say, it wasn't $2m for drilling from Ozaltin it was $8m!! Nope. As part of a JV with a 23.5% share AAU would have been liable for (slightly less than) $2m of an $8m campaign, and so it is only that sub $2m amount that AAU effectively received in respect of the drilling campaign. AAU gave away far, far more in 'special' dividends than they received for 76.5% of their prized asset. To add insult to injury they then sweetened the deal by losing half of their interest in W Turkey for a relative pittance just as the Kiziltepe plant was paid for , debt free and throwing off lots of net cash that AAU at the time had a 50% share of.

Reading between the lines I think the BoD have now seen this though naturally they wont come clean and admit it. ( I did write to Dr Sener at the time expressing my views which he did reply to while naturally following the boards guidance) . Hence maybe the aim to retain 100% of Dokwe expressed yesterday.

I can forgive Dr Sener who was still then young and focussed on his geological brilliance rather than having extensive business experience. But the Chairman was an experienced, seasoned ex FD of several mining companies and I hold him total respons

Good post Stranger. I agree about the intention to retain 100%, its emphasis was unexpected. That itself brings worries as the amount of debt would be very big for a company with this MC, and we have all seen debt sink AIM companies and bigger companies alike. Like you I am happy with Proccea but far from happy with Ozaltin. It is the involvement of the latter that removes any sort of certainty about a regular dividend from W,Turkey. Ozaltin are the dominant partner in Zenit with over 50% share. Nothing will happen without their say so. It was a terrible mistake allowing that to happen.

Have seen the answers to my 3 questions. They weren't answered, just waffle. But then again what did I expect?

I'm not going to comment much, I will be voting against, my vote will make no difference to the outcome but I think shareholders need the board to hear a protest vote. Bit like voting for the Green Party in the GE knowing it is a spoiled vote.

I am an aircraft nerd and enjoyed the conversation on the Spitfire being made by its Merlin engine. Same with the Mosquito and of course the Lancaster which was a donkey when first designed as the Manchester with Vulture engine. I would however like to present one warning from history, the Fairy Battle. This aberration killed many fine young men in 1939 and early 1940 before the loss rate of often greater than 50% was considered unacceptable. No prizes for guessing the engine fitted.

Thanks for the link

Good news is that the only way is up from here. Since you wrote that Rick that the SP has gone down.

Long term holders with large holdings are dumping now I believe, hence the large sales of hundreds of thousands at a time. There is no confidence in timescales and the unknown dilution due to the ASX listing.