The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
"Under the Companies Act 2006 various company decisions must be made via resolutions. Certain of these decisions, generally those that are most important or sensitive, must under company law be passed by a special resolution."
https://www.informdirect.co.uk/company-records/special-resolution-what-is-it/
I would say this current resolution is both "most important" and "sensitive", wouldn't you?
Is there a way to have the resolution declared invalid?
I also just called SP Angel and spoke to Harry, who gave the same answer. Richard and Adam are working from home.
I asked why is was an ordinary and not a special res?
Also, how could the res be declared invalid...
He said he would pass the questions on.
He sent me a test email which I have recieved.
At the very least a no vote allows us to hold on to our asset a while longer until conditions are more favourable.
There really couldn't be a worse time for us to be selling... all though I would vote yes to a one-off payment scheme.
There are so many stories about a coup underway... once Putin is gone Russia will become a place to do business again.
How can there be any possibility this vote could go to a show of hands?
Who do you distinguish the guy holding 10m shares from the guy with 1000... they both have two hands but their holding and voting power is dramatically different.
Rover, how is option 3 actually an option at this juncture ?
To get to option 3 you need to go via option 1....
I'm still convinced my no vote was the right thing todo... and no I cant afford to loose the lot.
As I see it a no vote keeps the possibility of a better offer... and better exit price.
A yes vote cements the awful terms and kills any hope of a decent exit price...
I don't think the RF will seize the asset. So far no assets have been seized - as far as I know. If the asset was seized this would basically be theft and nobody would want to develop it as when the current situation improves it would be returned to the rightful owner.
I think its very likely that if this deal is rejected a better on will arrive... and even if it doesn't Putin will soo be dead or deposed and as such the situation with Russia should be greatly improved over the next 4 years.... when we would be likely to get a lot more than 105M for it.
https://www.businessinsider.com/putin-coup-underway-impossible-to-stop-ukraine-military-intel-2022-5?r=US&IR=T
https://www.dailymail.co.uk/news/article-10815347/Coup-oust-Putin-way-Ukraines-spy-chief-believes-tyrant-deposed.html
https://www.mirror.co.uk/news/world-news/kremlin-coup-oust-putin-already-26962491
https://www.hindustantimes.com/world-news/putin-very-sick-coup-to-overthrow-him-underway-claims-ukraine-report-101652603537955.html
https://www.express.co.uk/news/world/1610578/Vladimir-putin-heath-latest-cancer-Russia-coup-christopher-steele-ukraine-war
no smoke without fire
I finally cast my vote via II today. It wasn't easy... I asked them to send me confirmation it had been received by the company and they could not... they do it through a 3rd party. They did say they'd confirm when it had gone to the 3rd party
I would urge people not to delay as its not straight forward... and obviously very important.
Make you vote count
Why is this being forced through at breakneck speed?
Because the Ruskies want to buy our mine fair and square rather than outright steal it... and Robin is being heavily lent on by the authority to a) tow the part line, (hence referral to the special operation, rather then the war)... and b) at least take the proposed deal to the shareholds, even though we all know its an awful deal.
Russia must be a very uncomfortable place to do any business right now, and Robin has to been seen to be working with the authorities. I would bet that secretly Robin hopes the deal is rejected.
MyMonkeysBike,
I don't know... we haven't got to the asset seizing stage yet...
we know plenty of oligarchs had assets frozen... which is completely different from seizing
Perhaps it wont be seized, but rules regarding selling it just get tougher ... and a new offer 6 months from now could be even worse. Who knows...?
Its a bird in the hand vs 2 in the bush scenario
Hi Geng,
Apologies for my ignorance... but what do you mean by this?
"If the deal goes through then NAV will be higher than MCap at around 1p+ with nothing being given for future income. Probably the most secure AMC has been financially ever!"
Please could you explain a little about your thinking here?
many thanks
M
A no vote, would be made in the hope of a better offer coming, but runs the risks a) a better offer does not come, b) as the RF situation worsens the asset could simply be taken by the RF.
A yes vote, means we accept a low price and may never be fully paid.
Neither is attractive…
The question for me is … which is the greater risk? The one of not getting paid if we go or the one of the asset being taken if we stay???
Any sensible thoughts on that would be most welcome.
indeed it does read like 'its a done deal'... now its been publicly announced in Russia... if it was not approved by us shareholders would that not trigger a slightly improved offer just to save face? Improved offer being the same numbers... just prompter payment.
Interesting to see the article referencing JORC... I thought that didn't matter in the RF
The Kinross deal is not one lump sum... but its not spread over 15 years either.
---------------
As part of the transaction, Kinross will receive a total of $400 million in cash for the Kupol mine and the surrounding exploration licenses, which includes payment of $100 million upon closing, as well as additional payments of $150 million before the end of 2023, $100 million before the end of 2024, and $50 million before the end of 2025. Kinross will also receive a total of $280 million in cash for its Udinsk project, which includes payments of $80 million before the end of 2025, $100 million before the end of 2026, and $100 million before the end of 2027.
https://www.kitco.com/news/2022-03-02/Kinross-suspends-Russian-operations.html?sitetype=fullsite