Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
What happens if NM issues a mates' rates placing to DGR do you mean? I think his nest would be feathered indeed.
Yet another reason why I wouldn't give NM a carte blanche to issue that amount. Let's see what the deal is first, and then approve it, or not.
Newboy/Brooko - if it's such a fabulous all-encompassing deal, i won't mind paying 30p to get back in will I?!
It won't be though, and even when the placing is done, the Taurus deal has yet to complete. And anyone who takes Tony's word for it from now on is a fool. The Taurus deal is not done until an RNS is released saying that the funds have been received.
Quady, evidently the equity is very unlikely to be issued to NCM/BHP. However, 2/3 of the issued share capital is a shed load of equity and whoever gets it (if it's in one lot) will own 1/3 of the company! Lots of Ifs raised by those resolutions.
There are two streams aren't there:
1) Regionals - that's going to need extra equity funding at some point along the way to accelerate drill programmes. Ref the Chinese at 32p. But it's small change ($50m+) compared to the second stream...
2) Alpala - the fact that NM wants to raise the limit on his powers to Place without further recourse to shareholders suggests that part of the tCFP is going to be quite a large chunk of equity ($600-800m). His stated intention has always been to do it at the Project level. However, this move suggests to me that it will be done at the equity level.
If you say it's the bottom Sean, it must be so. I defer to your obvious experience.
Sean, can't be bothered with you, sorry.
Newboy, if they do a small fundraise where does that leave shareholders with respect to the Taurus loan? Until the Taurus loan is in the bank, you are going to have to be nervous, or you should be. A small raise only buys a small amount of time. A larger raise buys a lot more time to get that loan over the line, or find alternative sources for a smaller loan (smaller since you've just done a big capital raise).
Excuse me? SO4 owes me and it owes all PIs that have been shafted by this. I retain a VERY keen interest in proceedings here, which I don't need to justify to you, but I'll humour you just this once. IF the right steps are taken, the story can continue in tact. therefore, I watch and wait. If the placing is small, I will not be re-entering. If it is large, I will consider it. It's as simple as that.
Sean - you're getting diluted whether you like it or not. And if you can't see that a bigger raise is better than a smaller one, at this stage, well then you're new to this game.
And don't play the line about caring for fellow shareholders. What BS. You care for your "fellow" shareholders do you? People who you've never met on an anonymous public BB. No, you care about your own wallet. So, don't get sanctimonious with me.
Newboy, I think it's as simple as this: they had planned to have the Taurus money in the bank by say end of October. Said money has not arrived and they're been pushing full steam ahead burning through their Placement cash pile like it's going out of fashion. Basically, it's been a case of the desire to get this thing completed on time (and therefore more likely to be on budget), has meant that maintaining a prudent cash buffer while the loan came through went out of the window. That's always a mistake, but perhaps Tony's carefree attitude towards placings explains it...there's a free pool of money available on tap in the markets when you need it - who cares if the PI gets hammered. If he were running a private company he would never in a million years have acted so imprudently. What he has done is the action of a POS.
And when it comes to the placing size, I'd rather see more than less. I want to see enough raised so that shareholders can be da m sure it's not going to happen again before March 2021 (well as sure as you can be with the seemingly straight-talking but actually slippery character that is Tony).
DL, basically everything that you say shouts novice. Anybody who is not up 20% since May has to have been doing something very wrong indeed! I am up a lot more than that YTD (including the crash).
Ah well then Troajan, if MM said "mentioned" profitability in H2 2021, then that's good enough for me! Where do I sign?
I'm pretty sure that DFS and BFS are almost interchangable.
Ref CGP's MD&A, it must have just been a mistake on their part stating Q1 2020 for the BFS. There is no way that the BFS is going to be out 9 months early! That would be a minor miracle.
CGP are on the hook for half of their share of the CAPEX 90 days from completion of the BFS and the second half 90 days from satisfaction of the requirements for SOLG's Alpala funding package. That's from memory - the detail is all there in the original RNS, a concise summary of which I posted on here in October. Don't have it to hand otherwise I'd repost it for reader convenience!
Newboy - Steve :) only joking...
Brooko, ok we'll have to agree to differ on the story not having changed. When were we even informed of this tight deadline? It was there buried in the 5th of August statement (15th October). We're now 6 weeks on from that and Tony's frantically looking behind the sofa for some loose change.
IF they pull off the placing AND the debt funding, then the long term story will not be significantly changed, assuming that the placing is not too large (obviously if it is large then the dilution will seriously impact your profit targets).
Now, I don't doubt that they will get the placing done. But at what price? And that will still leave the debt funding as an outstanding issue to be resolved. Let's be clear, unless they do a massive placing the obviates the need for the debt funding, then the debt funding issue is going to be a very big deal going forwards until we have RNS'd confirmation that the money is in the bank. No assurances from Tony that it's "nearly over the line" are going to cut the mustard now.
That's right Spencer, you filter out anything that doesn't fit your confirmation bias.
Wonder who among the users are JW's mates on here? Brooko - Paddy, Spencer - Pete? All conjecture of course.
"Story hasn't changed!!!"
GEEZ - the story has changed BIG TIME! What part of the line that we were fed: "fully funded to production" did you not understand?
Brooko19, sour taste in the mouth for sure. Haven't you?
UT of 24p at the very bottom of the day's range and with huge volume. There is further downside to come, be assured, unless Tony pulls a rabbit out of a hat.