Member Info for Metalhead25

There was an AGM result RNS last week, you plonker

May I just say I think F79 is a polite and well reasoned poster and I value his posts on this BB. I can’t quite bring myself to weigh into this debate, though. I’m interested to see what the current drilling brings, and what the proposed new project in Zimbabwe is.

Hi LJS. According to the recent accounts, the company had, as at 31 Dec 2022:

- £72k cash

- £395k shares, of which £329k was Sandfire

Loss for the year was £671k.

If the loss rate has remained the same since 31 Dec, that seems to me to suggest that the company must by now have burnt through the cash and the majority of the Sandfire shares.

Personally, I’m happy to admit this leaves me in a major quandary. I think the company’s projects and partnerships are brilliant, but I fear what a standard broker placing would look like in the current market and with AFP’s public profile so low. I guess the hope is that Colin has something better up his sleeve than a standard broker placing and/or that the broker does a particularly good job. But for me the risk is prohibitive at the moment. I am currently out.

At this point they need to rip the plaster off and do the placing. They’ve published accounts showing they have F all money, we all therefore know it’s coming. The share price will be constrained until it’s done in my view (barring something spectacular, but it’s now 3 more months until the next FQ update)

Certainly they will be trying to do a placing. But how do you place shares in a company which normally has either zero, one or two proper trades per day?? Broker will be earning their keep!

As some on here suggested, it seems like relatively little has happened in the last three months - most of the info in today’s RNS is from the quarter before. However, it looks like FQ will kick into gear again during the next period

Re the timing of the judgment, a few points from the perspective of a barrister:

- the timing of a reserved judgment depends on how long it takes the judge to write it

- sometimes judges give an indication of how long they think it will take, but usually they don’t

- if they don’t, nobody else has any real idea: the legal team may say they would expect it to be about x but they’re basically guessing

- even if the judge does give an indication, it’s usually unreliable: it’s hard for the judge to estimate (a) how many hours it will take to write the judgment, and (b) what other commitments he or she will have over the relevant period

- in this case, the judge’s concluding remarks at the end of the hearing were reported in the press and I don’t recall seeing an estimated timescale

- accordingly, if JW has given an estimated timescale before, he was probably passing on what his own lawyers estimated, but they in turn will have been basically guessing

- sometimes, a judge’s clerk will update the parties on progress during the judgment-writing process: perhaps the new estimate of September comes from the judge’s clerk, but there’s no way of us knowing that

- unless the NI High Court works differently to the London one, September is part of the summer vacation, meaning that it’s more likely to be either July or October (that being so, one might hope for a push for July)

- TLDR it’ll be done when the judge gets it done

I feel for you, arguing with the half-wits, trolls and conspiracy theorists who have taken over this board. I’m afraid I largely can’t be bothered with it anymore. Like you, I’m glad we are doing this drill and looking forward to seeing what is there

I’m broadly supportive of Ben. Was he also born in 1925?

The results webinar inspired me to write a long-ish twitter thread: https://twitter.com/metalhead2525/status/1664186565822758913?s=46&t=Jne_cUYLxmaxpafySDDQ2A

All comments welcome!

Https://oilprice.com/Latest-Energy-News/World-News/Namibia-Considers-Taking-Stakes-In-Local-Mining-And-Oil-Companies.html

These results and valuations are as at 31 Dec. They don’t take account of the recent developments at Lucy and Microsalt

If it’s announced in the next few weeks that the AA deal is off he should be investigated for insider trading in my opinion

Hi all. Not invested as you know so pinch of salt etc. However, fwiw I’m somewhat perplexed by this deal:

- Why is the company planning to fund $800k of “signature bonuses”? Who is getting those and why? Sounds dodgy to me.

- As I understand it, the operating licences come with total expenditure requirements of either $9m or $15m depending how you interpret the RNS. Where will Corcel find the money?

- The blocks are operated by Sonangol, not Apex, and are brownfield sites not currently producing. Corcel\APEX may want to explore them and put them back into production but what if Sonangol don’t?

- There is mention of an exploration campaign involving seismic and drilling. These are expensive - again, where is the money coming from?

Terry, you seem to be all over a whole bunch of companies just talking them all down. What is going on with you? If you’re looking for cheaper entries, can I suggest your time would be better invested researching companies that are already undervalued (like AXL…) rather than trawling round the message boards trying to talk good companies down?

It’s a fair point, pinnochio. I used to be in xtract and he was always putting out RNS updates at random times there as well

Doubt we’ll see much reaction to this anyway. They’re good results but this is a very low profile share apparently in need of a placing. In my view it might have been better to get financing resolved first and then wheel out the good news (inc this)

I am of much the same view as F79. Whilst there are some things I’m uneasy about, and whilst I would incline towards a smaller and/or later raise if possible, I don’t consider the board’s proposal to be incomprehensible or obviously bad, and in those circumstances I think it best to back those who have the fullest knowledge of the possible ways forward and the risks and benefits of each

It has to be just a matter of time before the breaks come off. The market valuation is becoming ridiculous

#Stockbox #KAV

Kavango Resources Telegram Q&A

https://twitter.com/stockboxmedia/status/1657023569522556929?s=46&t=Jne_cUYLxmaxpafySDDQ2A

@KavangoRes CEO @Ben_Turney will be doing a live Q&A from telegram on Friday the 19th of May from 12pm.