Member Info for JulianM

Must be due some production figures soon and it is difficult to know what to expect.I suspect that given that most of the stones will be small and we only pocket 15% of the gross profits from such stones ,the results will not do much to cause the market to wake up and we will have to await news on TR ,Ghaghoo or other prospects.So,patience the best approach I feel.

Agneiss-I agree that making appropriate arrangements takes a little time but as long ago as the 2nd October RNS when we were advised that The Russian Federation approved the deal they knew that they had the green light and could commence work on the mechanics of the issue of the dividend.So they have had 6 months to prepare and if they had the best interests of their shareholders in mind ,by paying the dividend asap,they would have been geared up to proceed as soon as the funds arrived,which was at least three weeks ago.So I am not impressed

Helpful as ever James has in answer to a couple of queries ,just advised me that the largest of the diamonds shown is over 2 cts which he says is good for the size of the deposit,with less than 15% of the diamonds being 2cts or more.He also says that the yellow diamond is a "vivid" and that this is most encouraging.
So ,plenty of positives.

Thanks Echo.As to funding I assume that this will be covered by our partners which is why we only receive 15% of proceeds and 25% for larger stones

Processing not drilling.

I suppose I am viewing the current drilling campaign as more of a starter with TR being the main course ,so that good results will be a bonus.Perhaps the commissioning process for TR will be significantly shorter as well given that they will have so recently commissioned the equipment for Marsfontein

Hi CT
So you have stayed the course as well!
I don’t dispute that the money should arrive and when I receive the dividend ,no doubt much later than it could be, I expect I will be out for good

Commissioning of the recovery process.Last item so I assume all is up and running now.Must admit it has taken longer than I expected and hope it proves worthwhile. Difficult to know what to expect asJames did not want to make any predictions so first interim progress report will be important

1 I wonder when they found a bank willing to assist. Whenever it was I believe we should have been told at that point.Would have prevented the sp drift which may well have caused many to lose faith and sell up or at least sell part

2 Strictly speaking it was not correct to announce that completion had taken place when the sale proceeds had not been received so if the money is still awaited completion is still pending.If it is still awaited I wonder why when electronic transmissions are so speedy.4 days or more seems excessive.

3Assuming the money does arrive they have had months to work out the mechanics of paying the dividend and I hope this is effected in considerably less than 90 days.

I also hope they do not go down the route of a RTO which will leave the shares suspended for months .I have experience of this with Amala foods(a disastrous investment) where the shares have been suspended for10 months

Gazzleberry.

Well if it is Russian Restrictions that are the current problem,we ought to be told because the 7th November RNS clearly indicates the problem at that time to be "Western Introduced Restrictions".Not my trawling through them has come across the specific instrument,so I have given up on that one.

Geng .Presumably we are no longer in he rising trend so I wonder what sp horrors the chats indicate to be awaiting us

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

Very interesting but very large project with substantial funding required

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!

Thanks Geng.So have I.

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.

Happy to add my thanks as well.Really helpful and in some ways reassuring

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

Agreed Geng. The interview has changed my mind on this and like many LTH.s and having met him, I have always held a better view of RY than most of the newcomers

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