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To answer my own question, it looks like one-year, so that would give them potentially until 2nd May 2020 should they want to drag it out. The second award, also open to appeal, was on 12th September this year - though that is a further award based on the original one so would likely dependent on the status of the first. Regardless, it potentially opens the door for delay to September 2020. However, hopefully, sense will prevail and GSK will pay up and close the chapter in this fiscal year - guess we'll find out soon enough....

Anyone know how long GSK would have before their right to appeal the award against them lapses? I have read through their 2018 annual report and quarterly updates for this year, and can find no specific reference to the Vectura action, though did note that they have increased the provision for legal action from GBP200m to GBP400m in the current year. Though that does cover a multitude of legal cases currently proceeding against them, so may not be immediately cause for cheer. I'm assuming, if they decide to pay up without appeal, it will be in this years financial accounts, and therefore likely to be paid in the next 3-4 weeks. Unless they appeal at the very last moment to drag out as long as possible?
Anyone know more about these things than me? Be a great Christmas present to get $100m imminently, plus royalty revenues to first half next year and will surely give the share price a much needed boost!

On the plus side, losing is fully assumed in the current price and even that result would end the uncertainty, likely giving a bounce. Any win, wizz......

Regardless, I am surprised the price has remained so low given the clear indication in the results of a special dividend, or possible commencement of dividends, in the apparent absence of M&A targets and the cash pile. This remains an incredible bargain at the moment taking a medium term perspective, in my view.

I'm forever the optimist and so often end up disappointed - so I'm hoping my 18k prediction will be nicely exceeded by reality!

Thanks Lindon - yes does appear that way, though exactly to what degree remains unclear to me!

Hopefully a set of strong results tomorrow (materially above market expectations, as the pre-close statement suggested), along with some positive litigation news with spring this back to where it should be! Fingers crossed for that.

We now have the nervous wait to understand what level of dilution there will be. Given it is a condition precedent that $20m in equity (not additional loans or free cash flow) is raised within the next 4 weeks - the result of 18 months of renegotiation efforts with the banks - it is not a start point. Therefore, it seems pretty clear the major shareholders must have agreed a mechanism for this which excludes us PIs, or we'd surely know by now? Hope it's a creative solution that does not punish the long term holders too much as we should have been smiling long ago. Like a number on here, I have been in MTL for a long time (over 12 years, initial purchase 38p) with an average price now of 3.4p, averaging down all the way with now 4m shares. Fingers crossed the wait is not too much longer for clarity and the return to solid growth for this share to the high potential it clearly has.

Yes - if I recall correctly, a condition of the working fund loan was to combine all of the debt. If not completed, we would be in default on this loan too. The date was extended to 31st January to align to the bank funding completion date. Both of these are today. Based on the quarterly update, it inferred the bank discussions were progressing and at or close to concluding, but working fund was still in discussion. Today is a crunch day, but hopefully will be resolved successfully - though I suspect more likely with a further extension at this point. Fingers crossed for a good day regardless!

Yes - I think you are probably right Pharma.

For the recovery rate, isn't there two processes, both the Biox and flotation - with each extracting some of the gold, and the combination of both delivering 64%?

No - seems it is correct. Recovery has been overstated previously (reason IH and AR are off). Previous accounts to be re-stated after review - and I suspect the reason refinancing delayed. See below the headlines on update report, On the plus side, that being the case, the best is yet to come - but risk on financing remains. I am expecting a further extension....

I paid 38p for my first batch back in 2007, so a lot of pain for a long time!! I've averaged down over the years and now just below 4p - but a substantial amount invested so very pleased to see all the very positive signs now ready for a burst back into life.

If I remember correctly, there have been 3 dilutions along the way since then, two open offers and one when the major shareholders (Candy's et al) took a load for further cash injection before funding agreed with BNP and HSBC. I think at least double shares now, could be much more. Since then, all the false dawns, really hoping that - as I believe we all are now - this is the real thing and many of you will make significant, even substantial returns, and me (and CV etc who have had the pain for so long) at least a decent return!

It is looking pretty messy, sadly!!

I think the update a few weeks ago with interim funding was very telling - that funding discussions were not progressing well (otherwise they would have concluded long ago) and all options were being considered (not stated specifically, but implied) - which likely meant us lot will take a bath. All we can do now is wait for the RNS and see how bad it really gets - and hope it's not as bad as currently seems. Either way, my largest and most optimistic investment held initially from 2007, is now looking like a horrible haircut..... I'm in this multiple 7 figures!! Or we could yet be in for a pleasant surprise...??

Sadly, it was becoming pretty clear that things were not good - expect a massive further dilution as the major shareholders provide funds which cannot be secured from the market.... my guess is it could be to the tune of $15m, given the statement released today: 'The Company is in advanced talks with its major shareholders with the intention of procuring mezzanine finance sufficient to repay the US $12million bridging loans and meet working capital requirements. The Company will make a further announcement on these discussions in due course'. Given the $12m loan is already at 30% interest, I fear we cannot expect a pretty picture --- hope I am wrong, but 10 years experience here suggests not......!!

Definitely a bargain - but with a caveat (as with all things in the Philippines!)... I am heavily and long term invested here and this has been a long rocky road. My current concern is the length of time it has taken to finalise the bridging finance, which itself was never expected necessary as the capital repayment plan was already rescheduled to be workable. The additional working capital finance, initially to be in place by end of June, had instead to be provided by key shareholders @ 20% interest in the interim to allow a loan repayment to be made. Regardless, the external additional finance was confidently expected to be concluded by August, after which the 'friendly' $10m loan has a penalty interest of 30%.....!! A further debt repayment is due at the end of this month..... and continued silence from the Board.... However, once production starts in full flow and finances are stable, this will really fly....

Very disappointing update today, but I remain bullish for the medium-long term here.... so much so that I have dived in again today whilst there is blood on the streets..... I've been in for over 15 years (through SKP) with a never ending promise of jam tomorrow. I'm either a deluded fool, or this is now the bottom and there's only one way to go - my money's on the latter, given the portfolio of solid products with great potential, a promising pipeline, and a decent cash pile.....

Well, this is going to come right down to the wire again! If I recall, the existing loan from major shareholders has penalties applied if not repaid by 31st August, and the fact concluding has taken so long is not an encouraging sign... really hope I am wrong and the next 3 days brings some positive news flows.....

I fear we may be in for another nasty surprise on Monday? The delayed $15m partial loan repayment is due, though the much anticipated gold sales revenue remains elusive and the refinancing incomplete, despite previous suggestions both would occur in September. Unless this has changed in secret, there is no money so and the potential of default is real. There is equally a FURTHER authorisation for major shareholder (not PIs) fundraising - my guess is that we will find a further dilution announcement when the market opens. Still hoping for much better news though......

Hi CV7Blue - I may be being over-optimistic here given the history of this share, but I am fairly confident we will see 9p by the end of this year, rather than next. I too, have a big holding, much of which goes back 9 years when the price was 9x where it is today. I'm averaged down to around 6p now, but given as soon as gold starts flowing, it's pretty much pure cash flow, it should recover quickly. The current price of gold is 20% above the financial projections for loan repayments etc, and with extraction cost c $400 oz, market $1,200, the soon to be rescheduled loan repayments will be fairly safe I suspect. With the strong likelihood of further reserves to be proven, I think we will have some very nice upside, despite the numerous dilutions along the way. Fingers crossed and hope I am right about your 9p, for you and me! Let's hope the approval for flow is quick and it starts very soon now - we've waited patiently for too long.

Thanks Ferdeb - and best to you and the rest of us here for a very successful 2016. All being well, in a matter of weeks, MTL will be pouring gold - so fingers crossed, that will soon be reflected in the share price. A final reward for our patience - in my case of over 8 years!

Ooh - that's a big sale! Hope not a sign of more bad news to come??

Opps - that was supposed to be 'defeat has been plucked from the jaws of victory'!