Member Info for Microtan

LockedIn, an excellent concise summary of news flow. I would add: -
MID-AUG If no sign-off on RHA within 2 weeks of election, legal action to secure 100% PREM ownership

This contingent action was said by GR at the Webinar. He said that RHA needs to make progress and that if 90% ownership is not secured within 2 weeks of the Zimbabwean elections then PREM would reluctantly call in the $20m loan account and effectively wind up the RHA holding company. The result would be that PREM who lease the plant and machinery and tenements would then secure 100% ownership of RHA.

I see this contingent action as brinkmanship to get the 90% share signed-off without further delays because the Zimbabwean government could not face the Indigenisation Act amendments being publicly torn to shreds over what is a relatively small debt.

NewsDay Zimbabwe 26 July 2018: -

"Mnangagwa pleaded with the electorate to vote him back into office so he could complete his economic turnaround strategies."

The Zimbabwean elections are on Monday 30 July 2018.

https://www.newsday.co.zw/2018/07/amendment-of-indigenisation-act-opens-investment-floodgates/

Crazycacti, you saying "my looking in changes nothing". Registering to attend and then getting answers to your questions directly might change something.

Perhaps you wish to avoid direct contact with GR because you fear the consequences of your true identity being revealed.

Crazycacti, you asked "Did anyone ask the question of how the loan will be paid off and normal overheads covered?"

You then said "If not, there weren't many brain cells in attendance."

I attended and had no reason to ask that question because the loan has been extended to November.

I concluded that we would probably repay the loan by then from RHA income as equity will be dealt with one way or another by mid-August. GR stated that he would give until 2 weeks after the Zimbabwean elections to get sign-off otherwise he would take action to wind up RHA holding thereby leaving PREM owning RHA mine 100%.

Can you reveal why you did not attend this very relevant Webinar and pose your question there?

Shorters of this stock can do so via Spread bets and CFDs (contract for difference). My broker has a platform for this that I can access but never use.

Crazycacti, some CIRCUM cash will be retained, if required at that time, to cover these overhead costs. RHA could be contributing to finances by then. However let future events unfold before making any conclusive judgments.

Webinar
Jul 25, 2018 11:00 AM
https://zoom.us/s/139614727

AGM Agenda 09 August 2018

1. The reappointment of Russel Swarts, who is retiring by rotation, as a director.
2. To amend regulation 6.1 of the Memorandum of Association of the Company by increasing the number of nopar value ordinary shares of a single class that the Company is authorised to issue from seven billion (7,000,000,000) to nine billion (9,000,000,000).

The AGM is being streamed by a webinar at 10:00am on 09 August 2018. Link to register and join the webinar, https://zoom.us/s/911429653

There is another webinar at 11:00 am 25 July 2018 to discuss the proposed strategy and provide a general corporate update. Link to register and join the webinar, https://zoom.us/s/139614727

I have not had any communication with the Company since suspension because our shares are in limbo until the suspension ends. I may however contact the Company by email on 01/08/2018 if we remain suspended by the end of this month.

Moneytolose, why not contact the company's nominated adviser on +44 (0) 20 7628 3396 as suggested in the Temporary Suspension of Trading RNS dated 02 July 2018. He is in a better position to discuss your current concerns.

Wolframite, what was said about the AGM 4 weeks ago was then superseded 2 weeks later by the RNS 02 July 2018.

"TEMPORARY SUSPENSION OF TRADING ON AIM
Premier African Minerals Limited
Trading on AIM for the under-mentioned securities has been temporarily suspended from 02/07/2018 7:30am, pending publication of the company's annual report and accounts.

ORDINARY SHARES OF NIL PAR VALUE FULLY PAID (DI) (B8J4BR2) (VGG7223M1005)
If you have any queries relating to the above, please contact the company's nominated adviser on +44 (0) 20 7628 3396".

The 2017 Annual Accounts are subject to sign-off by the auditors and the AGM announcement is affected by this sign-off.

Moneytolose, you are correct about bargaining positions and it is fortunate that RHA share increase to 90% and Zulu JV funding are no longer in that position. NIEEF have agreed to reduce their share in RHA and Cadence have signed a Memorandum of Understanding in respect of Zulu JV.

Your concerns about not holding an AGM are premature. Last year notice of the AGM was announced on 28 July.

We can pontificate; sledge or complain here until blue in the face but it will not alter the speed or degree of progress made one iota because we are not directly involved. At best we can vote at the AGM and to a lesser degree participate in open seminars.

I hope that bluesky687 is correct and that the company is working very hard to sort things out. The result of the Zimbabwean general elections 30th July 2018 may have some bearing on the speed of progress. That is in less than 2 weeks’ time, as is the anniversary of the notice of the AGM last year that was announced on 28th July 2017.

It is only natural for some to be concerned as each day passes without any news on the share suspension. I am reasonably confident that this will be sorted within the next 2 weeks but we will only know for certain when news is actually announced. Meanwhile enjoy the summer.

16 July 2018 - Bulawayo 24 News reports: -

"Zimbabwe has broken new ground by becoming the first nation in Southern Africa to launch an online trading platform 'C-Trade' for the capital markets, setting a new path to attracting further investments on the Zimbabwe Stock Exchange (ZSE)."

https://bulawayo24.com/index-id-business-sc-local-byo-140630.html

Why make an issue over the gauge’s cracked glass. The gauge worked and besides it is inexpensive to replace if really necessary.

The prototype was fed by hand using various feedstock to demonstrate its versatility.

I was pleased to buy at 0.4375p this morning. Not a large buy unlike the £25k that soon followed by someone who is accumulating shares.

I see from the RNS 27 June 2018 that the Cadence conditional heads of terms agreement has 5 stages in the Zulu time-line, the first stage being the completion of the Investment Agreement and mobilisation of the drilling and the commencement of the DFS work at the project.

RHA is another formality and we should see RHA back in production soon. We will then be in a far better position with tungsten APT prices much higher than they were last year. We export the tungsten ore to Noble Group who were facing bankruptcy, but they have now agreed restructuring so this concern has lessened. Sales to Noble are subject to 90% upfront payment with additional government export guarantees.
https://www.ft.com/content/2cb46a78-75be-11e8-b326-75a27d27ea5f

I expect the time-line for the handover of the government’s share in RHA to be signed this quarter with production commencing during Q4 2018.

This increases PREM’s share in RHA to 90% and is in exchange of the $20M due to PREM for the government ‘s part of RHA capital expenditure.

The Annual Report should also be published soon and this includes an update on events since the year end.

I also expect the AGM to be announced soon and the agenda to include a reasonable increase in share headroom that can, if required, be used to fund development of our other mineral assets e.g. limestone and rare earths. Time-line for these should be within the next 3 weeks.

GR's personal timeline as CEO and Executive Chairman is dependent on the above. He said in an vox interview that he will not be CEO of Zulu Lithium Mauritius Limited ("MauCo") but I expect that he will be retained as a PREM consultant once RHA is back into production.

These are my time-lines and subject to change as events unfold.

Any constructive comments are more than welcome. GLA

By his securing the Cadence conditional heads of terms agreement, GR turned around the SP by 75% last month. That increase did more than cover his salary.

I top-sliced at 0.26p but it was subsequent profit takers who did more unintended damage to the SP. I then bought back at 0.166p just before suspension as did many others.

https://www.thestandard.co.zw/2018/07/02/cadence-minerals-agrees-invest-zulu-lithium-project/

Football fans collectively emulate primeval tribal and hunting reactions to success or failure in scoring a goal.

I instinctively hid my eyes with half opened fingers during the England penalty shoot-out; cheered when underdogs Russia scored and berated the referee for permitting the despicable Columbian foul play. All this while reacting to a TV screen. F1 next!

Crazycacti, salvaged as in recouped. Nothing worrisome.