Member Info for LUCAIN

The more I reflect on this, the odder it seems.

If the dissenting party controls close to 50%, one would expect him/her to be represented on the Board - where one would expect him to make his reservations clear well in advance of AGM. Was he overruled? (Does the Board vote by head, rather than by holding?). Did the majority think he/they wouldn't push it on the day? Well, now they know.

Possibly he/they anticipated that further dilution would erode their blocking stake - and indeed might have been planned with that aim in view. Either way it seems clear there is a major division at Board level - but about what?

About the diversification strategy? or about Rukwa?

After yesterday's events, it is clear that a person or persons controlling some 50% of the shares is unhappy with aspects of the company's plans. What aspects, we don't know. That is very unsettling for investors.

How long do they have to sort out the situation and get the accounts approved? What happens if they can't? Are we looking at a possible suspension of trading?

Nothing to stop them posting the Chairman's statement, most companies do.

So, more than 24 hours after the AGM, all we know is that the resolutions were passed. No Chairman's statement, no indication of progress or otherwise on the taxation and related issues. Presumably otherwise, in the circumstances.

Not very satisfactory.

Was anybody there?

I believe the AGM is today, presumably in Canada.

When should we hear news, can anybody say?

I guess that's it.

Looks like people are trading back from HEX into HE1, in spite of what seemed like a good RNS there.

Unfortunately this is unlikely to return to higher levels, no matter how good the results, until the environmental issue is convincingly put to bed with the coincurrence of all parties.

Still seems like an over-reaction to SP. Uncertainty, I suppose.

Ah, I see. It's because of the court ruling on motor loan commissions, which apparently will reduce profits in the current year substantially, according to a company statement.

Dunno why the statement was not issued as an RNS. Apparently the company does not do RNSs.

Does anyone know why the share pricer has dropped so much in the last few weeks? Circa 800 to under 500?

There have to be trades we are not seeing yet

Remember, 'tinpot state officials' can and probably do read this board.

The company is making too much money. The host state wants its share.

All your fault Harchris for pointing out the figures.

This is why Nigeria is not a popular business address.

Still persistent selling, apparently two streams, one in lots of 10k, the other in larger often uneven amounts.

If the selling ever stops, this won't be long surging.

Thanks for your frank answer. Life would be easier if everyone did likewise.

There is evidently a persistent seller, 30k, 10k, 10k again this morning.

Any idea who, or why?

I'll take your word for it, but it seems daft. And there were about six of them this morning.

So what's the point of the cancelled trade?