The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Russian President Vladimir Putin is scheduled to hold a special meeting to discuss alternatives for the control of the ruble after an exceptional rate hike of 3.5 percentage points failed to halt its fall, Financial Times reported on Wednesday, citing two people with knowledge of the matter.
According to the report, the Finance Ministry is in favor of requiring exporters to convert part of their foreign exchange earnings into rubles. This move would force exporters to sell up to 80% of their FX income within 90 days after delivery and prohibit firms refusing to comply from obtaining government grants.
In addition, discussions are also expected to be held on other measures, such as reducing the amount of foreign currency that exporters can take out of Russia, a ban on the payment of dividends and the granting of loans abroad, and the limitation of currency swaps. Nevertheless, one of the sources cautioned that the measures "aren't decided in any way other than with him."
https://www.teletrader.com/putin-to-reportedly-hold-special-meeting-on-currency-control/news/details/60507055?internal=1
As this is B2B, it will be good to start seeing some known companies onboarding to the Angra Global for their currency payments. This will be market moving info and also income generating.
SP is pants but positive news will move this to the upside imo.
Yes good possibilities, but obviously there are risks as with all investments. I'm still quite a lot underwater, 40% or so, been holding for 2 years. But hopefully this will come good because the sky is the limit with this type of investment. It's down to the BOD to execute the strategy.
Reading the prospectus is a good starting point as to what the vision is and people can decide for themselves if they think good progress has been made since it was published.
I agree with others that they need to start getting the PR moving. I tweeted them requesting they do so.
Neobank. Main market. Whats not to like?
Was in ARB at 10p before it went on its massive run up. I think this has more potential and isn't reliant on BTC price and difficulty of mining. Even 10x from here is only £130m valuation, not a lot for this type of business. Done well this will be profitable or a takeover target for sure imo.
Good luck holders.
He must have Bloomberg terminal. Didn’t reply when I asked which level 2 he uses 🤷🏻♂️
What level 2 do you use Max? Surprised you have L2 unless a trader.
It could be that the new BOD don’t give a toss at what level the placing is at. As I mentioned earlier, all new, no emotional attachment to this business at this time.
Could even be laughing at the pommes!
What will happen, in my opinion, is placings to (hopefully) get into production then a 10:1 share consolidation to reduce shares in issue and create a reasonable SP.
Extremely disappointing to me that what should have been a sure thing investment has been reduced to the current level. At least Bill seemed like a decent company boss, while acknowledging he was likely out of his depth, he did build the SP to good levels. In a rising market admittedly.
The brave will buy in on the drop. Usually best to wait three days for SP stability.
Thanks Forrest, appreciated. I was questioning the cash position based on the SP performance and the increased volume of sells. Made me think a raise was coming and insiders knew.
If the raise can be demonstrated to get the project off the ground I think the SP will recover. If it’s to keep the lights on then we’re in the 5hit.
Get the point of my questions about cash and cash burn today now Ceej?
If Rod still holds shares I’ll be amazed.
This smacks of insider dealing.
Erm trying to work out the cash position and cash burn next financial statement due in September if same as last year. Is that point good enough for you?
And they were published 30th June.
They were Financial Results for the Year Ended 31 December 2022
It's simple really. Last financial statement, which was some time ago now on 31st December 22, showed cash at $2.5m. Admin expense $2.35m. If cash burn is the same as last year and the year before we have less than $1m cash as far as I can estimate. Ok we have secured a loan for $1m with a further facility for $1m. So potentially enough to stay afloat for another year.
Here we are in the third quarter with no D$O coming out soon it seems. Although the website still states 2023 for D$O on the home page.
The options are as far as I can see: Raise, thus diluting current shareholders.
Or a larger loan (which won't be on brilliant terms for the company likely 8% plus). However, this may be where the dfs comes in. As I previously mentioned, this could be a condition of a loan to offer credibility to the project along with commercial costings and feasibility. imo this could be the saviour of the company as a raise just would be crazy dilutive.
A loan to bridge us to shipping the ore and generating profits for EH and MM is the best thing that can happen here I reckon. And cutting 'Admin' expenses.
UFO needs to get the D$O off the ground pronto and the bOD need to communicate how they will do this!
So 30th May Rod sold 5m. Then held 132,404,762.
30th June Rod resigned keeping options.
Since then SP has gone from a high of 0.38 to 0.20 today near on 50% down from the announcement. Average volume is 40m. Volume today is 126m so far. The sell off started last Thursday Vol 64m Friday Vol 105m, Monday and Tuesday relatively normal Vol of 40m and 47m. Today so far 126m.
If it is Rod selling out I think he may be out today. Just an opinion, he may have sold 24m on Thursday, 65m Friday. Paused Monday and Tuesday. Possibly selling the rest today. The rest of the increased volume could be speculators jumping in for a fast trade on a rebound when the seller dries up.
I would be surprised if this continues to drop, but if it does then it might smell like a placing being forward sold. All just opinion. Interesting to see how it plays out.
Agree this will be on some companies radars with the high silver grades and D$O potential. This management team have no history with UFO as far as I know so little emotional attachment. If they flip it for a sale for a good price their job is done for themselves and us.
Personally I think the production of D$O should be a piece of p155 so cannot understand why there are potential delays in getting this off the ground. But as I once heard about Western Australia. WA means Wait Awhile! Some patience may be required, as with all my AIM stocks it seems...
Many variables in play here. However, it could be that the dfs is a condition of a large loan facility to get the project generating income.
Interesting no mention of AA, but in my experience with other juniors, AA drag their heels and are very frustrating to have as JV partner imo.
Also investing to me that yesterday I asked the cash position and cash burn, but no-one commented on that issue, just who had done the best deal with EEE.
Tempting to buy back in and in my mind there was no way 0.30 was the price to pay. Maybe a punt at 0.2-0.212 but won't bet the house on it. Held a lot here for a long time but reduced significantly when Rod leaving RNS hit. Only got 1.5m at the moment.
Disappointed as an investor because this one always seemed to be a no-brainer. Hopefully it gets turned around but the successive management like to milk this iron cow for all its worth imo.
Point proven as the caps removed from my post.
How much cash has UFO got at the moment? and cash burn? this may help with the raise question.....it's not unfeasible a loan may come our way if the business case for the D$O is sound. See HZM.
dip, capital letters are removed when any swear words are in the text. in this case han**** is considered such. typical cronky lse.