Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
In the past AMC was very much a leaky ship and if there really is an NDA in place things must have changed. As ever it is difficult to get too excited despite the attraction of the scenario proposed by Hughes and for which I for one am grateful. I do however bear in mind the comment of TDT about being careful what we wish for in Abromovich. Same could apply to other Russians who take an interest
Posted on Vast BB. Picture of JC and AP in Harare
Hi RL. Very balanced summary,as ever and much appreciated.
I was wondering whether you have analysed the NRR project in terms of it's likely Stage 1 profitability at current iron ore prices so that we can assess how much profit could be available to put towards stage 2. Also what chance Glencore providing the rest of the capital in return for an offtake on Stage 2 ?
If we hear nothing else in the short term,at least we may be informed that the second interest payment,due on the 31st December has been received. RNS re September payment was released on 7th October.
As to whether this proves to be the brilliant long term investment that AH claims it to be ,surely much depends on how the funding of phase 2 is achieved. RL is correct to caution that a daunting amount is required
TDT His status may have changed but as President,theoretically at least he is the second most powerful person after Rl and again theoretically because we don't know exactly how it operates within AMC "tasked with providing strong leadership for the Company by working with the Board to establish short and long term goals,plans and strategies and presiding over the entire workforce ,managing budgets and making sure resources are allocated properly" ,to quote from the web.I for one am very happy that he remains in the position of President ,although still intrigued as to why he was voted down as a Director and who was responsible.
Hi Geng,
Your reference to a GAP has been made on many occasions and I can see from the way that you have traded AMC that your methods have served you well.If you can take the trouble to explain how GAP'S arise and their significance I would be most appreciative,because at present I am struggling to get my head around this
Hi MD.
Commercial Solicitors are expensive but in return provide advice expeditiously and I cannot believe that advice has not already been given.
On the website AH is still described as the President and an Executive Director and we are entitled to assume that this is correct. I wonder whether the advice given was that notwithstanding whatever happened at the AGM AH can still be appointed as a Director under the provisions of the Articles of Association..This power is given by Article 66 of the original Articles dated 2004 and may still be applicable
Interesting find indeed and thanks JTB .It appears to be up to date which suggests that contrary to what we hoped the last year has not as yet yielded a development plan with a partner,ready to be implemented as soon as the EL is issued.Many assumed that Petro China are likely to be involved but are they out of the picture? I also note that the partner sought will be asked to contribute to and not fund the project which confirms that we are likely to need a fund raise ,although this does not come as a surprise
a surprise
Since the AGM and it certainly does not take that length of time to obtain urgent advice from lawyers.So they must have received the advice by now and it is time for them to let us know the outcome.If the website is down because of amendments required following whatever decision has been made which is soon to be announced an RNS ought to be lodged soon.
Vast appear to have had to do this to satisfy the bank's requirement to include in particular raising cash for AP's 20% and most recently as an anticipated loan term.One would like to think that the meeting yesterday was something of a tick box exercise by the bank to comply with it's own internal lending requirements . I hope so but inevitably with past history staring us in the face doubts remain.
If there is harmony within the BOD the Articles of Association give the BOD power to appoint a director at any time.Perhaps they could publish the votes and if as we are anticipating the numbers are small relative to total voting rights ,say that they believe that the voting was believed not to be in line with the wishes of shareholders as a whole so that they were dealing with a rogue vote and appoint Adam anyway
Yes Glandore. Happened at the notorious" Crede" general meeting which I attended.When the show of hands vote proved to be close and perhaps not in line with the total votes of shareholders it was decided to count the shareholders vote instead,Could this have been done today?
The vote will have been by way of a show of hands of those in virtual attendance and I think the need to take legal advice arises because the result of the poll is not in line with the postal votes and the BOD are wondering what to do about it. However the question remains who voted against the resolution and why?