Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Hi everyone,
I just got off a 45 min call with the fund manager of Prosperity Capital Mgmt (they have 13.98% share and were at the AGM) which was very revealing and I now have a lot of more inside info for everyone. I will set this out shortly on my next message. On my original e-mail to him btw he responded as follows:
"Hello Mr Dunsire!
"Thanks for reaching us out. Pls call me at .... (I’m on what’s up), we need every help that we can get in this situation."
Hi All,
I am going to try to speak to Prosperity Russia fund (they have 13.98%) to get their views on this.
Lawrence- about going to the share register next week - I tied to contact IR by phone twice but only get an answering machine.
I sent the IR guy Patrick an e-mail and will copy you in. I put in wrong dates of Mn/Tues but you can perhaps correct that with IR> I will forward you the e-mail to your e-mail in 2 mins!
exactly. Gibraltar another favourite place for Russian oligarchs to domicile their companies.
Lawrence that could be great. I (we) just need to double check with investor relations of POG that the register is open for viewing and taking copies then. It might be necessary to arrange a time as well for the viewing. Shall I contact IR or can you do that?
Otherwise, - it would be good for us to indeed draw up the likely % holdings as they already stand with the majority shareholders to determine what % gap needs to be bridged...!
coe - so once we have exhausted this forum and reached the values you describe ...we should also cross contat PI on the advfn forum. It would be interesting to see where we get.
Also if anyone lives near Kent, then somebody could take a copy of the shareholder register in Kent , 34 Beckenham road, Beckenham, BR3 4TU. From this we could also get at least the addresses of other Shareholders who are not holding nominee shares with the banks. This could all help to top this value up.....
yes totally agree Whosnext.
Has anyone a correct answer to Toolittletolate's question below because this is really important?!
Rustybucket- you mention that one shareholder bails out ..presumably you are referring to Fortiana (previously 4.62% sold 4.12%).
You will have noticed also that Bonum Capital Cyprus just bought following this 3.5% shares- likely to be an OTC transfer from one oligarch to another. Both are Cyprus based investment vehicles owned by oligarchs. You can bet your hat on these guys (oligarchs) colluding together to get their majority to take the company private. We need to know the TRUE purpose of the intended share issue of ca. 1.1 Billion shares. As previously mentioned if this is not related to the CB but effectively a private issue to private shareholders (i.e. oligarchs) then the control of the company will be lost to the oligarchs. Shortly after it will be delisted from the LSE and we all know what that does to the share price.
So we are now at approx. 6.5m shares, that's 0.2% of the outstanding shares ..we need to keep going to see how much more is on this forum and other forums and see how much we can theoretically each increase our holdings if necessary!
nunquam - you need to ask your broker barclays for the relevant documents to vote at the next AGM as you are the beneficial shareholder..
Mdunsire: 680k
Willing to double this if we accumulate a sizeable hand.
Coe_ we should all quote how much more we would also be willing to buy if we are going to manage to block.
Although admittedly it will be difficult if not impossible to get anywhere near 30 percent. 5 or 10 percent might be able to swing the votes....
CofE I think you have the right attitude here. Instead of all bickering, we all need to realise the high risk situation now. We can try to be proactive and form a small shareholder group with a common interest in blocking this new board and issue of any further shares beyond the CB.
There are approx. 30 percent of shareholdings not classified as major shareholders on the register. Somebody of which many could be small shareholders. How many shareholders are there on this forum and similar forums? Maybe we can create a small shareholder group acting with a common interest?
Kenz
I don't need these unfounded insults! Also please recheck your maths!
No it was in USD!
well the CB, if with a conversion price to equity of 13.5 cents, would mean that the $100m (which can be increased to $125m) would mean = 740 Million shares. and based upon $125m bond value would mean 925m additional shares.
Under article 19, they are proposing issuing £11million of nominal 1p shares which is equivalent to 1.1 Billion new shares.
This is considerably higher than what would be issued from the CB of June last year. IMO it is not clear at all that this intended issuance is related to this bond. This needs to be clarified. If it is not we need to be very worried that it is issuance to enable control of POG by UGC and the oligarchs.
OK Rustybucket - do you know the number of shares of a nominal value of 1p to which the convertible bond has conversion rights relates? Unfortunately I donot have access now to this. If the same as the number of shares in Article 19, then we have no dilution beyond the CB at the 12.9 cents price. Dont get me wrong I want to be wrong here OK. They should have perhaps provided more clarity in Article 19.
Sorry I do not have access to the convertible bond. OK so as long as the convertible bond total number of shares matches the newly to be issued shares under Article 19, then admittedly I may have jumped the gun here. Thankfully.
Does anybody know off hand the total shares which can be issued under the convertible?
Is the convertible priced at a strike price of 1p per share and for 1/3rd of the shares? If so then MAYBE it is related to the convertible.
updownflat,
granted they are alloting the shares and do not say to whom. More clarity is required here.
I dont have the convertible bond contract at hand- but we can easily check this - to see what the total share value of the convertible bond is and the strike price?? Do you know this off hand?
Updownflat- no I do not have a short position in POG and indeed just took a £60.000 hit yesterday on the shares....
I am angry and I would (more than anyone) love it to be as everyone says it is on this message board.