Member Info for Kitrash

Roget would be proud of you!

Where are all the prognosticators today? You're very quiet.

I have mentioned in an earlier post about my initial research into the BIT Business Model. As yet I’ve not focussed on any specific dispute that might be an analogue for PAT as regards valuation. That’s a work in progress. What I can say is that BIT has become a very effective tool in the arbitration of international disputes in many jurisdictions. LCM have become one of the front runners in this area and their 2022 Annual Report shows an outstanding track record with 11-year cumulative IRR of 79% and cumulative ROIC of 163%, inclusive of losses. I’m looking forward to confirmation by LCM of unconditional funding for the PAT dispute, which we know is imminent. That, we hope, may start the process of building pressure on the Rajasthan Government to settle.

To all our contributors. There have been times when I have been somewhat scathing of what’s happening with PAT, principally because I have a substantial holding. To offset that, there have also been moments when I believe I have offered some useful commentary. Having admitted to that MIA CULPA in the second sentence of this Share Chat, for the past couple of months I’ve been looking more deeply at some of the issues affecting PAT. One area that has focussed my attention is the growth of BIT cases in a number of jurisdictions affecting the resources industry. BIT arbitration is developing into a very definite and successful business model. It seems to me that the option PAT is pursuing with LCM in BIT arbitration has considerable potential. I’ll post my detailed research in the near future, but meanwhile DYOR.

Oh, for goodness sake guys, leave it alone. Stop gnawing at the bone. It'll be what it'll be.

Answer the question!

Mickey1122. You've still not answered the question. Do you have a patent on "LOL'.

Looks like a lot of gobbdygook to me! "Jmar the current mc of ggp is around 400m . Back in the day it was close to 1B£ so it’s not an over optimistic call by Law . Also the miners and the POG seem to be heading north from here so Panthera is an extremely bullish play in India , never mind the updated jorc @ Cascacades on the way but India changes everything fast next week all be well."

Mickey1122, you seem to have the patent on "lol". Please find something more useful to say.

Edhellas. I think you have nailed it pretty well. The news coming out today is very positive, even for me, an eternal sceptic. However, it will take time to nail down the agreement for funding. Four months, six months? There's always someone who holds back from signing. As I've said in a commentary a while back, I've been there with the old Indo Gold and I know how difficult it is to get "pen on paper". The difference between success and failure is wafer thin. MB is getting very close and if he does get the job done it will be a success for the ages. May the force be with you MB.

You guys make MB sound like the Lord Jesus Christ. Let's hope for a miracle.

You are all like the Black Knight from Monty Python. Only a torso and head screaming how great PAT is.

It's the 14th July so where is the update of the LCM Due Diligence? Be scared, be very scared!

LawrenceH. PAT is a UK registered company and as such the arbitration is UK and India. Australia is not party to any potential arbitration.

Prof. I think you'll find that the International Arbitration Tribunal if it were to take place would be between the UK Government and the Central Govt of India. The Rajasthan Government won't be the primary subject of the arbitration. You may like to check that with MB as you seem to have a close relationship with him. I think the arguments will revolve around the Central Govt changes to the Mining Act and Regulations that followed years after the initial disputation with the Rajasthan Govt. I'd love to be corrected on that one.

I agree Prof.

Mark's hairline is receding day by day as he struggles to negotiate with multiple parties, particularly the Indians, all of whom have their own interests at heart. I can only hope that he has a modicum of success without giving away the whole of the treasury. For those who are interested, when Indo Gold Ltd (now PAT) first planned to list on AIM in late 2000 it had AUD12million in the bank and the issue price was AUD2.00/share. Then Indo Gold Ltd was shafted illegally by the Rajasthan Government and the planned listing was shelved. That AUD12 million has gone to fight the illegal requisition. The legal case against the Rajasthan Govt is solid, but that matters little in India where the political institutions and the courts are hand-in-glove. Let's hope Mark has better luck finding a solution that was never available previously.

As I wrote once before, the truth about the relatively small number of shares on issue goes back to the days when PAT was an enlisted entity in Australia. I was there. I know. Mike Higgins the current chairman was instrumental in minimising issued shares. Mark has, under the guidance of Mike, followed that strategy. It's not easy to do that. Billions of shares are easy to issue. Mark always knew the quality of the assets when he was appinted by Mike to take the CEO role. Huge credit to Mark for everything he's done since then. The Board also needs enormous credt for backing Mark in a very difficult and challenging environment

The truth about the relatively small number of shares on issue goes back to the days when PAT was an enlisted entity in Australia. I was there. I know. Mike Higgins the current chairman was instrumental in minimising issued shares. Mark has, under the guidance of Mike, followed that strategy. It's not easy to do that. Billions of shares are easy to issue. Mark always knew the quality of the assets when he was appinted by Mike to take the CEO role. Huge credit to Mark for everything he's done since then. The Board also needs enormous credt for backing Mark in a ver difficult and challenging environment.

Vedanta is the obvious choice in my book. Huge conglomerate with interests in base metals, oil & gas, and steel. Adding gold to their portfolio would "round-out" investments in mining. It could be that MB has good connections there from his previous Oilex experience.