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Hi Mike,
Could I please trouble you to indicate the exact wording and whereabouts of it on the Government Website whereby it is stated that money cannot be transferred either directly or indirectly to the bank of a uk company
Worth looking again at the post of Shadowless on the 5th Dec following his attendance at the AGM. They were supposedly in touch with multiple banks and awaiting a positive response but if nothing materialised might look at Cyprus .Perhaps they had in mind Kiteserve .In any event with a month having gone by it is not unreasonable for us to expect an update. Whether we get one of course is another matter!
Shadowless and anyone else going to AGM.
Can't make it but if I could I would like to know:
1 Have they found a Bank and if they have how much longer do they think the due diligence process will take?
2 If they have not where can I find the legislation re bank transfers from a Russian bank.I have looked online at the Government publication entitled Russian Sanctions Guidance and can't see anything there.
3 If all is well and completion likely to take place soon will we still have to wait up to 3 months for the dividend.As they have had had many weeks to decide how best to deal with the dividend issue I would like to think that by now they know exactly how it will be tackled so that our waiting time will be much reduced.Also when do they anticipate that the shares will go ex div.Will it be immediately after the sale is concluded or at a later date? I would have thought that from an administrative point of view the sooner the better ,so that they know at the earliest point the identities of all shareholders and their holdings,most of which information will have to be provided by Hargreaves Lansdown etc
4 What progress ( if any) have they made re a reverse takeover?
Fingers crossed it goes well although I fear the opposite.
Unless things have changed in the last two weeks when James answered a query of mine re timing ,early in the New Year for the Licence Grant is a little optomistic.
James said that the Application has been accepted and they are working through the environmental and social aspects of the Licence Application towards granting and that a Water Use Licence had also been applied for.He concluded by saying that he expects granting during Q2. I was encouraged by use of the word "expects" which suggests that he does not anticipate any problems.
Balance of opinion seems to be that the BOD want this deal to go through,one reason being it guarantees their salaries for next few years.That being the case I assume they will be monitoring the votes coming in and if it appears that the resolution could be defeated would they advise our Russian "friend" which might stimulate him to buy shares in the open market. I the answer to this is yes we could conclude that lack of significant buying in the run up to the meeting is indicative that the Resolution is likely to go through.
As to the conduct of the meeting,as far as I can see from the Articles,only the Chairman or a shareholder holding more than 10% of the share capital can call for a poll,so the Chairman probably would not do this unless the show of hands is against the Resolution,hence,as others have mentioned, the need for as many to attend as possible if a "no " vote is desired
Opening an old mine can be hugely problematical.Good example is the struggles of Vast with their old mine which was supposed to be a treasure chest of riches.Mind you I would have considerably more faith in JC directing operations than the idiots at Vast.So all in all I am not unhappy about todays news and bought more on the dip
Gilyard. That is not how I remember it.I recall that after the show of hands it was announced that because the result
was close,there would then be a full count of all votes submitted by post and otherwise and this would determine the outcome.The result was announced later-Crede out so a victory for all of us.
David.I guess we have to rely on their honesty .Last time they did not give the exact voting figures,only the result.However if there was reasonable cause to suspect dishonesty,I assume that legal action would be the remedy
My take on this is that there is little chance of us being rescued by a white knight which means that it is Sviblov or back in the wilderness. So the main reason to vote no,which I will be doing,is in the hope of extracting a better deal out of Sviblov who I would have thought is unlikely to simply walk away if the current deal is voted down.
I think it would be best if as many as possible of those who intend to vote no,attend the meeting so as to make sure that the BOD do not try to get the resolutions passed by a poll of those present,which nearly happened at the infamous Crede EGM, which I attended
Going down to wire and given the level of due diligence (as indicated by JC) required by the funders who JC said that he is in discussion with, I wonder whether the next RNS will advise us that a further extension has had to be agreed.
Anyone know who he is?
I see that the reporting threshold was crossed on the 14th when a little over 2 m shares were traded.More than the average for most days but not a significant number. I suppose he must either have "limped over the line" by way of open market transactions or acquired shares by way of a private transaction
I emailed my query to BOD and am very impressed that JC himself took the trouble to reply as follows:
"Based on post covid diamond prices and excluding any possible Alrosa related sanctions I think your assumption of 200
or more dollars per carat as an average price for Ghaghoo run of production is fair
Question.Had a look at the GEM RNS of 16.2.2017 when it was announced that the mine would be put on care and maintenance.Reason given was fall in the price of carats for the diamonds that the mine would produce from $210 per carat in 2015 to $142 in Feb 2017 and the weak state of the diamond market at that time. Anyone know what the current value of carats is likely to be?BOD RNS of August last year only mentions the value as at 2014 of $242