Member Info for LTbeliever

And then this one, in 2022, which talked about "issues" with the freshly received EPC;

https://www.lse.co.uk/rns/KP2/kola-construction-contract-and-financing-update-pyucll7ftlsq7rb.html

So it seems that an RNS will be issued, maybe not straightaway but soon after receipt, telling us if the EPC is acceptable or not.

FWIW, this was the last RNS issued when the first EPC was received by the French (5 years ago!)

https://www.lse.co.uk/rns/KP2/epc-received-277dio3mkgy13ko.html

I'm wondering whether it is possible to get the EPC and not issue an RNS?

Eg because they are reviewing it?

"§ EPC Proposal and EP Contract offer - on track to be delivered to the Company by the end of January 2024; "

let's see if they will stick to their revised schedule!

Chinese New Year in a couple of weeks so I hope it will be before that.

IMO, it is; we have had many delays, some justified, some not BUT we are finally getting there; plus, inflation is heading lower, Debt yields and China is slowing down, all pointing to more reasonable costs for the mine project; Potash price is low too but only back to its long term trend; who knows what the Potash price will be in 3-4 years, when production starts?

Plus a 4 week delay, Vs the December update!

"PowerChina and SEPCO have confirmed that they have received all the information relating to the Works, internal reports are being finalised, and the EPC contract is in draft form. Regarding the Works detailed in the Agreement:

§ Additional engineering design works - Completed;

§ Finalisation of internal reports - week commencing 15 January 2024;

§ EPC Proposal and EP Contract offer - on track to be delivered to the Company by the end of January 2024;

§ Kore Potash and SEPCO/PowerChina signing the EPC contract - targeting before the end of February 2024."

On the plus side, MSYS has now - hopefully - sufficient cash, lower opex and a bigger business.

We will see how things play out in the next few weeks.

So, we own 5.5% of new MSYS...Much much worse than expected.

Mkt cap around 2mln at open tomorrow, so 1.5p per share if we are lucky, 2p if someone pushes.

Not long left until Monday evening; still waiting to see the dilution factor.

Another 8mln shares today.

That's also possible, maybe the new investors will get the jitters. If they invest 1mln, I guess they will be aware of the risks and will compensate by diluting us, existing holders, to the maximum.

Sol,

Just for a laugh, if the new guys get 10mln shares, so they have 50% of the new MSYS (and 20 mln total shares), then at 2mln MKT cap the new SP would be 2mln/20mln i.e. 10p;

If, for more laughs, the new MSYS is worth 4mln on Day 1 (because of fantastic spin by TPope, new Management etc), then you are laughing all the way to the bank, because the new SP would be 20p.

So you see, the SP on Day 1 can range from 2p to 20p; hence, we need to know the dilution factor first, before making more reasonable guesses.

Sol,

10 mln shares PRE-Placing; Mkt cap before suspension was less than 500k;

new guy/s will throw 1 mln in, implying a POST-placing Mkt cap of 1.5-2mln (at mkt open), depending on the market's reaction; Co assets will then be 1mln cash + 1mln Book Value for MW; so the Market may decide that the new MSYS should be worth eg 1.5mln, 2 mln, or more (depending on what value, if any, they ascribe to the new enlarged business;

So, the POST-placing Share Price will depend on the Mkt cap (unknown, as above) and the new total shares' number (the dilution factor); if, for example, the new guys get 90mln shares (i.e. a dilution of 90% for us), and the new mkt cap is 2mln (optimistic assumption), then the new SP will be 2mln/100mln i.e. 2p.

Still breathing, albeit oxygen is running low; few more days then; deadline is 16th January for the Acquisition, but we may have news before this.

Seems someone is slowly accumulating...

The only certainty is delisting tomorrow, if we have no news / Annual Report / Funding etc in the next 4-5 hours; so, by tonight's bedtime we will know if our shares are worth zero (delisting), or close to zero (heavy dilution);

Some interesting buying today; Chinese should have left Congo by now, and EPC should be getting close to RNS level - IMO

Happy New Year!

After a 90% dilution, I reckon the new boys will have their own boys on the Board and the NBs and GJBs will be history; whether they will own shares in the new structure, we will have to wait and see.

Who knows? It could be an existing Inst. Investor willing to gamble "only" 1 million of investors' funds; how lucky/unlucky only time will tell (give it a year or 2); as for the dilution, yes, 80-90% is my estimate too.

We will know in 4 trading days.