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.
Your last set of numbers are incorrect based on your formula.
I do like it when some numbers are put forward to asses the asset value here and ROI etc. Be good to see others do the same for debate. Mac? any updates on your valuation?
A quick scan of what's happening here and I don't see the issue.....just got to wait longer for iron ore to be processed....only potential issue could be a raise perhaps? not sure on cash position as I reduced significantly when Rod left.
Would be curious to know how much Tilly sold and when and how much stock is remaining:
'Will hold my remaining stock until the asset sale unravel'
None of my business of course, but curious anyway.
It may be conjecture Spike, but if the BOD are professional people then that is a likely scenario. More likely than someone notionally hanging around because they have made a 0.25p offer. I understand you have a vendetta against this stock and are not invested by your own admission, but creating random scenarios to suit your narrative does not make you credible imo.
Going to have to filter toffers for a while. She's just ranting now.......
Toffers, if you had bothered to log into the AGM you would have heard for yourself the hopeful timeframe plus many other pieces of information to help assess the companies probability of a sale. But seeing as you hold no shares, you couldn't log in.
You need to stop with the Q&M rhetoric as we have all heard you. several. times. Unless anything new comes up the drum doesn't need beating any further.
If any indicated offer were too low, the BOD would tell the potential offerer to 'do one'. Therefore they would no longer be at the table or in negotiations.
From the AGM negotiations are ongoing, therefore the ballpark figures must be acceptable to both otherwise why waste time negotiating......whether a deal gets agreed or not is another story.
The court case from what I have read is a minor annoyance. Not EUA fault Q&M 'lost' their share certs, or that indemnity hasn't been taken out. I would be very surprised if this damages EUA in any way.
It would be my preference for EUA to issue a PUSU (Put up or shut up) notice to the potential buyer as DD and geopolitical impact should now be known.
Hopefully the BOD getting low votes for their resolutions and particularly low for CS re-election will be enough of a warning that some investors now expect action and better communication in future. Failure to get this over the line in the timeframe spoken of at the AGM could hold serious consequences on further resolution results next year.
Fair enough Scuba, but to me, once the Rosgeo JV expired it was gone. So to me it was not new news yesterday, others may see differently. Perhaps those who do see differently can contact the company for some sort of clarification is it is needed.
Not progressing with Rosgeo other than Nyud was known before yesterday I believe.....It was just reiterated for the hard of thinking.
Regards cash. I took the statement from CS to mean enough cash for the year. Clearly open to interpretation, but for me I took it as for the year between AGMs and is usually the case for the auditors to sign off the accounts that the business is a going concern, which means the auditors believe there is enough cash for the year ahead from sign off of the audit.
Leno, they haven't got their deal done yet have they? and I do think it is weak not to meet shareholders in person. So I stand by my comments. So quote me if you wish, but it's yet to be seen if CS can get the deal done.
Again, I think they dropped the ball not giving the info shared today as a corporate update before the AGM and voting deadline. This is a PLC, the silence beforehand forced some shareholders like me to make a stand and vote against some of the resolutions which is something the BOD could have avoided imo.
My patience also ran out in the private sale and my team issued an ultimatum to complete the deal. Deal done.
The negotiations will likely be taking place before a formal offer is agreed by both parties to be put to shareholders. The BOD will only put an offer to shareholders that they think is fair imo otherwise no offer will be put forward to vote on.
Negotiations can take a long time. I have recently been involved in the sale of a private company in the low hundreds of millions £ that took nearly three years to complete. The paperwork for that deal was extensive and lawyers and advisors can get very bogged down in the details with lots of 'to me, to you' (Barry). So the paperwork involved in EUA sale will be huge.
The options extension is hopefully an indication of when the BOD hope the deal may be concluded by, but as I stated before, can be extended again I guess. So taken with a pinch of salt and won't pin all hopes on that deadline (been there, done that). However, CS did state more than once that he is hopeful the deal is completed this year.
Cael stwffio IKN!
It's amazing what a bit of communication from the BOD can do to a shareholders sentiment. They have a long way to go yet to satisfy the minimum comms they should be making though, so a reprieve until the end of this year as far as I'm concerned.
Certainly quarterly or six monthly mining results and plans would be welcome. I asked the question if the BOD would commit to releasing this info, but the question was not answered, so its not all rainbows and unicorns just yet.