Member Info for Mogli

Very helpful Olderandwiser. Gives the impression of a well run company diversifying and consolidating. Thanks so much for putting the effort in, glad I don't have to pay you for this meeting!

I've voted against the conversion of the loan note into shares as 22p is obviously ridiculous. An insult. However, correct me if I'm wrong, even if Belphar achieved his 22p takeover, his motives would be to realise the true value of the shares in due course. This outcome would carry the remaining shareholders up to 40p or more. It's just that we wouldn't want a person who obviously specialises in robbery to be at the helm. Well done guys for making the effort and giving us a feel for the atmosphere. And thanks Pantastic and Sisyphus for chatting with me at the meeting and answering some of my interesting questions (only joking).

Fundamentals are good, long track record of profitable mining even when Gold at $1100/oz. I think they've continued exploration and development outlay in anticipation of new plant coming on-stream without delay (which has the potential of doubling profitability). In hindsight management ought to have cut-back on expenditure like most other producers. Perhaps the low production costs of $339 and the prospect of doubling turnover led to over confidence? Having said this, the exploration and development expenditure have secured the long-term future of MML and the fundamentals remain in place, in fact they have been strengthened. Institutional investors are buying these new shares, albeit at a discounted offer price, they anticipate good returns going forward. And so do I.

Average selling price $1336 - Production cost $339 = $997 gross profit/oz $997x15,560 oz sold in quarter=$15.5m income. Exploration $4.4m +Capital costs 8.9m + Mine development 9.2m = $22.5m expenditure. Did we loose $7m in the quarter, or am I missing something? I suppose if we disregard the capital costs, then there's $1.9m profit for the quarter, $7.6m/annum. Let's hope no further issues with new mill.

Well, looks like I got it wrong and no announcement of a deal to scupper Belphar dilution today. In worst case scenario, if Shakidi gets hands on majority shareholding, he will want to extract maximum return and so it's not a disaster for other shareholders, the trajectory will be upwards. Yet we've done all we can to block his ridiculous 22p offer, and we still await Simon's plan, there's certainly something of significance going-on. Also £550k loan premium is not much when considered over the remaining two year term, much better than a dilution in my opinion.

The 18th November deadline is subject to share conversion approval on 1st. We don't think this will happen as Simon was probably busy in the Rosbunker boardroom last week, the lawyers are now just finalising the details and putting together the RNS for tomorrow morning. Perhaps we will open at 30p? IMHO of course.

Did O&W not say in previous correspondence that the business is seasonal and that the cash balance hits a peak around the end of the financial year? There's audio on company website with questions relating to this from institutional investors after the results presentation, directors didn't seem to yield. But it's not a bad divi. Should resume the upward tragectory again next year. In the Q&A they also mentioned that they're looking for aquisitions which didn't go down well with the guy who'd asked the question about cash balance.

Hi Chac-Mol: Simon's probably having a vodka in the boardroom right now.

Had a little top up on the strength of it.

I think that Simon will simply finalise the Rosbunker deal, the options were already on the table at the time of the AGM (behind the scenes), the Belphar developments will simply bring-forward the completion of the deal. It will be announced on Monday or Tuesday. The share price could double within days. This is of course my own opinion. If PAN management were not arranging a blockbuster deal, they would have given opinion and advised proceedure to shareholders days ago.

Us old-timers used to complain about the lack of news-flow, now we've had 15 Rns' in a month! Thanks for the procedure Pantastic, I'll be arranging that this-morning. We're still awaiting advice from Simon, he's very busy behind the scenes, I imagine he's closing the Rosbunker deal, this would obviously kick into touch Belphar's 22p offer. I really can't understand how Belphar has persuaded Hepworth to agree to the sale of their potential 40 million shares @ 22p -the offer is obscene, it doesn't correspond with the available data. Belphar are now legally required to make a cash offer for the entire issued share capital by 5pm 18th Nov, or else withdraw from the proposed offer. If the worst came to the worst and they made an offer at 22p, or even 28p, we the PI's are not obliged to accept such offer, we can retain our holding. Belphar can obviously appreciate the value of the company and almost by stealth they are moving in, they must know that within six months the shares will be worth over 40p. The thing is, if we retain our shares, takeover or not, we will be the beneficiaries of such a return. Belphar could perhaps be described as a hostile bidder, but none the less they will want maximum return and our retained shares would reflect the same. Lets together try and scupper the Hepworth loan note conversion, this would stop dilution and fend off that predator Belphar. This is all my own humble thinking DYOR etc. And of course we still await Simon's advice.

We are awaiting official advice from directors, here's sentence in RNS: The Board is considering its position and will shortly issue a press release and write to all shareholders with its response and advice.

I'm sure the other institutionals will now vote against dilution. Pay the £550,000 which over two years isn't that much. Dan Balt and PAN as a whole are so profitable that in 2015 finance at reasonable rates will not be a problem. By then will only require half the current loan amount anyway. We've got the responsibility of maximising Simon's retirement pot, not allowing Kaki to ruin Simon's autumn years. Perhaps Simon will give us a Rosbunker situation update to wet our appetites and keep away the predators, the situation could even expedite things with our Russian friends?

In a few days we've had three resignations and the sale of 14.7 million shares. Could it all be good news or could there be potential difficulties with prospective deals? Obviously the buyer can see the prospects in the business and this underwrites the current shareprice but if I were Alpcot, I'd wait for the Rosbunker resolution before selling, surley this would be in the best interests of the Alpcot shareholders 50p rather than 21p? In any case something is imminent.

Sisyphus -that 6am Eureka moment seems to bring everything together into a logical outcome. In addition it also releases Simon as retirement beckons, though I guess he'll be contracted in for at least a year. 6 Months max to double the current share price IMHO (Simon wouldn't hand over his magnum opus for anything less). Think how soon your six monthly dental appointment comes through. In the meantime, every day is accumulating profit, oil majors on board, bank balance swelling.

Yes, with established systems, financial reporting is so much easier. Should be almost routine this year, results ought to be sooner rather than later. Something else is causing a delay?

I think trading will begin at over 22p on Monday, perhaps 24p? Surely we can't be kept waiting any longer? Chunky buy Pantastic. 29-30p next pause for breath.

My stockbroker sent this today: Given there is reputedly £400bn held in ISA accounts (with around half of that in stocks and shares and the rest in cash), then just 1% of this money being directed towards AIM shares could have a material effect on share prices............ consider the impact that the relatively low levels of liquidity could have on such shares if new buyers are to enter the stage. Indeed, the Financial Times of 5 July described the AIM market as “possibly the most tax-advantaged stock market on earth.” If only Westerhouse were to get their act together!

You're right Pantastic moving to my own and my wife's ISA's

The recent posts by oldstockbroker and olderandwiser have been very professional and immensely helpful, I feel indebted, especially as a trip to HK was involved. As a result I've topped up my holding once again. Thanks so much. My other main investments are PAN and MML.