Member Info for jr71

Open offer shares were expected to be admitted today too.

Hi Robsky

He did reply saying he would call me in a few days which he did.

He started the conversation saying he couldn't discuss anything that wasn't already in the public domain, which we all know is the case anyway.

I found answers to most of the questions I had asked in the last few RNS anyway with the corporate update giving a few more figures to what has already been released.

I think it is in the final results RNS that a payment from Togo is expected in Q4.

Corporate update says some manganese ready to be shipped, so in theory it is possible a payment could be made Q4.

FI is profitable although sales were a bit lower than expected.

He said he was happy with were the company is at and pointed out he took 27k in shares as payment in April I think it was.

Add on todays 60k worth and that's nearly 90k in shares so guessing he must feel ok about things.

In the event that the Open Offer is not fully subscribed, and subject to Independent Shareholder approval for the Rule 9 Waiver, the amount of each CLN being converted will be increased to compensate for the shortfall. In the event that no subscriptions are received under the Open Offer, the CLNs will be converted in full, and, as such, the resultant shareholding of Mr Grosso and Mr Carbone would increase to 31.42% and 22.44% respectively. If the total interest of the Concert Party were to exceed 50%, the Concert Party would be permitted to increase its percentage further without the requirement to make an offer under Rule 9 of the Takeover Code. However, the Takeover Code also applies to Mr Grosso and Mr Carbone individually, so that each of Mr Grosso and Mr Carbone could only increase his percentage up to 29.9%, without incurring any obligation to make an offer under Rule 9.

There is a TR1 April 23. I believe the SP was between 4 and 5p then

Robsky.

Hopefully Togo funds coming in Q4 , fingers crossed, gives the SP a boost.

One bottle of 21yr old on the way.

I believe its from Glen Grant distillery.

Valued at £150, so RoyRoy was spot on. Sorry, no prizes...

I have also taken up full allocation plus a few more today (not your level Forrest), based on having spent a bit more time reading through the last few RNS.

Togo payment expected around Q4 2025. (Q4 is about 7weeks away)

Sales for FI were Approx. £1.2 for 2024 with £1.5 expected for 25 and 26

Still a gamble though.

I should have written down the various points and which RNS I found them in.

Afternoon Robsky

No reply as yet from Russell.

I did point out that I , and I believe, other shareholders were reluctant to take up the rights offer unless there could be confirmation of directors taking up the offer too plus some sort of realistic guidance on production and sales forecast.

I also mentioned that according to the CLN RNS that some of the funds would also be used for working capital. This to me means we are still not generating a profit from sales.( unless there has been an unforeseen expense which then raises more questions.) so when are we likely to be profitable?

I also asked about dividends as it was mentioned in the last RNS in relation to the new shares. Normally most companies just say new shares will rank Pari Passu with existing shares, and also about royalties from Nayaga.

I am still reluctant to take up the open offer unless I get a positive response from Russell but on the other hand I don't want the concert party having a controlling shareholding as they definitely don't have shareholders interests in mind. (It brings back memories MAGP)

Hi Robsky. All good with me thanks. Hopefully likewise for you.

I did get a prompt response from Russell the last time I emailed but that was a few years ago but definitely won’t hold my breath.

PC

I read the bit about the directors as meaning they intend to use their voting rights in regard to the resolutions.

I have emailed Russell with a few questions so it will be interesting if I hear back.

So, if no shareholders take up the offer, the loan notes get converted to shares giving the concert party just over 53% of the company?

If they don’t get converted then the loan needs security with interest charged at 20% payable June 26.

Will the board be taking up the offer?

Meeting taking place on 14th, the day after we need to have forms submitted for the offer.

It feels like we are being pressured into this. I am reluctant to feed more £ in as part of the loan was to be used for working capital meaning, to me, that they are still don’t have enough in sales.

Part of the circular says the new shares will qualify for dividends, normally, I believe, they just say new shares will rank pari passu.

They also mention money should be coming in from Nayaga.

Have any 'spirited shareholders ' received a bottle of 21 yr old whisky yet?

Another view would be, we are still not making enough money to cover working capital.

"The move to Delta has been a significant shift in our operating model, we look forward to settling into our new facility, optimising operations and growing our sales without the distractions we've experienced to date, and delivering profitability to our shareholders. We look forward to announcing our output and profitability forecasts during the coming weeks."

Taken from 1st August rns.

Surely these forecasts should land any day now. It has been about 10 weeks since this announcement.

I would also be keen to know how they will deliver profitability to shareholders as I’m sure would all holders.

Thank for the clarification Markyess.

Thanks for the update.

This is from 22nd Jan rns.

· FIR will sell 50 mesh rock phosphate to the JV, estimated to be 11,000 tons per annum at steady state continuous operations, at its cost of production. This equates to approximately a 200% increase in FIR sales from total FY2023 sales of 4,606 tons;

If we are selling to the JV at cost of production, then we only profit from the sale of the end product under the profit share agreement.

Either way, it would be good to get this thing moving.

If Mr Grosso was happy to buy at 4p, why isn’t he buying now?

Morning all.

Weren’t we meant to get guidance on production by now or have I missed it?

Evening Robsky.

Long time no post bud.

Guess you are like me . Ever hopeful that some of these shares actually do well...

23-Feb-24 13:51:57 3.45 4,001 Buy* 2.80 3.50 138.03 O

23-Feb-24 10:36:45 3.45 28,985 Buy* 2.80 3.50 999.98 O

From the other exchange

From 17th may 2022 rns

Pre consolidation

Each of the 677,500,000 new Ordinary Shares will have an attached warrant to subscribe for 1 new Ordinary Share at any time up to 31 May 2024, at an exercise price of 0.18p per new Ordinary Share

Expiring shortly then.