Member Info for Leo_IX

Never expected to be buying sub 7p again but there's a pretty determined seller out there. On the plus side, that £10.4k 'sell' last week was clearly a buy so not everyone's gone crazy. Right now it's like buying pound coins for around 50 to 60p which is fine by me.

If you weren't so scared of the facts you wouldn't be so quick to trash my posts.

You can't just say this is a multi-billion pound asset without looking at the balance sheet - recoverable value of the mine is listed there as $80m. Debt is >$110m. Opening up new areas beyond the current LOM plan is years away and just not relevant now. Glad you're not ramping though!

With a conservative NAV of 12p/share, money in the bank, can't understand why more aren't buying. In fact the two largest trades of the day (neither showing on LSE) are sells at 6.8p. Guess the Twitter rampers have moved on but this looks sure to reward a little patience, maybe in a big way.

So we should have received another $5.75m today on top of the $3m already in the bank from Invenire. If not we get to keep $1m and HEPI goes back on the market. Let's hope the BOD thinks this is worthy of an RNS tomorrow morning. It's interesting that Invenire raised its bid without HDY receiving a counter offer from HOEC or another bidder. Suggests there is other interest out there.

Adam,

There's $1.4m gone missing from previously stated cashflows with no explanation and you think I'm looking for a cheaper entry? H1 total cash is now less than Q1. How do you account for that? The update took an extra week to arrive, the numbers make no sense and you think I'm looking to buy in? You have seriously lost the plot. We've seen endless (and expensive) standstill agreements, a writedown of $180m in the mine's value and now accounting irregularities. I hope you enjoy the eventual debt restructuring because I will - from a safe distance.

Something's very wrong here. We were told in April that Q1 fcf was 3510k and now Q2 is 1344k, but the H1 total is 3451k as per today's RNS, meaning Q1 cashflow was therefore only 2107k. This stems from an adjustment to Q1 UK/Philippine G and A from 952k in April to 2355k today. What are we meant to believe?

Am I getting this right? HDY has received an offer for HEPI which is $5.75m higher than before which equates to an àdditional 6.2p per share, but two days later the sp is struggling around the 7p mark in total. How is that possible?

One thing's fir sure as someone previously mentioned Bowden won't take a deal unless it's workable and achievable unlike the previous head holzberger.
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Is this the same man who accepted the senior lenders' revised repayment terms back in Feb before he ran it by his major shareholders? The subsequent u-turn was spun by some as being a masterstroke of negotiating but in my eyes it just looked inept. He may be a genius at running the mining side of things but it's not clear to me that he's in control in the boardroom.

Sorry jgallach, those two were just another Bed & ISA transaction. Volume in the lead-up to the Q2 update continues to be pitiful.

Agree with your assessment of cashflow being similar to Q1. An increase in revenue is on the cards, but given that we know how maintenance work was deferred from Q1, an increase in costs seems likely to cancel it out. For Lee's forecast of $6m FCF to happen, costs would need to fall by £750k and capital costs would have to be zero (Q1 £750k) while revenue rises by $1m. Only the last of these seems plausible imo. When considering the long-term viability of the mine, we shouldn't ignore the non-cash costs which came in at a whopping $8m in Q1. Would love to see a breakdown of that number, but will have to settle for comparing it with this quarter's.

Not sure I fully buy into the notion that the banks cannot repossess due to the licensing conditions. Is it really credible that two of the world's biggest lenders were unaware of local regulations when they stumped up tens of millions of dollars? Or that they don't have high level connections in the Filipino government if they need a helping hand to circumvent them? It's true to say that they'd prefer to work with MTL to get their money back the conventional way and imo this is what will happen. But it's unlikely that they're quite as helpless as we like to think.

Here's the full text of section 4 of part III of the whitewash circular:

INTENTIONS OF THE CONCERT PARTY REGARDING THE COMPANY'S BUSINESS Each member of the Concert Party has confirmed to the Company that they are not proposing, following the Subscription, to seek any change in the general nature of the Company's business. Each member of the Concert Party, and their concert parties, has also confirmed that, should the Proposal be implemented, they have no intention to make any changes regarding: - - - - - - - - the Company’s future business; the Company’s research and development functions; the continued employment of employees and management of the Company and its subsidiaries, including conditions of employment; the balance of the skills and functions of the employees and management; the strategic plans for the Company; employer contributions into the Company’s defined contribution pension scheme (including benefits for existing members and the admission of new members); the redeployment of the fixed assets of the Company; or the maintenance and continued admission of the Company’s ordinary shares to trading AIM. As such it is expected that there will be no repercussions on employment or the locations of the Company’s places of business, including on the location of the Company’s headquarters and headquarters functions
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The question now is whether intentions are the same as undertakings and IMO sadly they are not. I don't see the delisting being halted on these grounds, it will have to be stopped in the vote on 13 June. Best of luck to all holders.

Riddler's link from yesterday is still working:

https://www.maistro.com/investors/whitewash-circular/

Can't see the Whitewash circular on the Maestro website. Have they taken it down?

Thanks for that. Looks like I was right not to subscribe.

Morning all. Not a holder here at present, but noticed TW made a reference to CLP in his podcast a few days ago. Far too tight to subscribe to the old windbag myself so was wondering if anyone here had heard it. Here's what he wrote in his daily newsletter:

"I flag up a shocking little episode at Clear Leisure (CLP) which should make you worry about Octagonal (OCT) and Inspirit (INSP) given that their FD is disgraced Niliesh Jagatia"

Anyone know what he means?

Not convinced we'll hear any news this week. Last time we passed a bank repayment deadline on 31/1 there was no RNS until 8/2 agreeing to the extension.

Clearly Bed+ISA transaction - sell followed by buy a few seconds later. Same thing happened yesterday with 1.25m shares. There aren't enough shares available for buys of this size without moving the share price.

I'm using IWeb, part of Halifax. £25 to open an account, but commission is a £5 flat fee and limit orders are free to set up if you trade within an ISA. If you want to trade on overseas markets as well then IG are a good bet.

Adam,

Can only speak for myself, but I gave little credibility to the SP article, partly because of their track record but mostly because it made no sense for the company to agree to a fundraise if the major holders weren't on board. After all they had been haggling for months and even arranged an extension to carry on negotiations to 31 Mar if necessary.