Member Info for Moneyman64

Soloto -have read the posts -Mike is predicting higher earnings which I concur with ( excluding the Karo fair value adjustment which was not taking into account the dividend calculation last June)..If this is correct the eps is greater than 15 cents per share it is unlikely the dividend will be cut.

With the exception of rhodium the metals produced by the company have increased recently so everything is not bad.

Very interesting -please explain why everyone here is expecting the dividend to halve when the eps (excluding the Karo adjustment which had no effect on the dividend payout last year as it is a non cash transaction) is likely to be higher due to the much higher chrome price (and perhaps lower shipment costs).Payout policy is at least 15% of ordinary operating profits before taking account of exceptional items such as the Karo value uplift.Mike is saying 19c eps for the halve compared to 16c eps last year (after stripping out the Karo uplift).Professional brokers are also saying the reduction on the Pgm profits will be countered by increased chrome profits -so if eps is up before exceptional items why would the dividend be cut as it is contrary to the company’s stated dividend policy of at least 15% payout ?.Also consider the net cash position of $106.8 million at 31/03/2023 -$9 million dividend (ie 3c per share) is not very material in relation to this-also how much has already been spent towards the cost of Karo.

Mike 1949-quick question -you have calculated the Net Profit after tax of $57 million which equates to an EPS of 19c for the 6 months ended 31/03/2023.-for the period ended 31/03/2022 excluding the Karo adjustment (which was not taken into account in calculating the dividend) was approx 16c.Dividend payout policy is at least 15% of NPAT which equates to approx 3 cents per share yet you are predicting the dividend could be halved.

Also what’s your view on the net cash position at 31/03/2023 which is four times that at 31/03/2022 ($106.8 million compared to $25.9 million)

Surely the BEE entitlement in the holding company would be less than 26% due to the upcoming projects outside South AFRICA which are not subject to “empowerment status “

Don’t see the TEO ever being made public -for the eyes of the bidder only-will highlight how cheaply the resource is being sold for

Hopeful Norlisk will step in -£150-£200 million is small change to them-though would not supposed if shareholders are palmed of with £80 million and then flipped on at £150 million with percentage of uplift going to Amur directors.

Twistedgenuis-many no longer trust a word the company utters

RY kept telling us the TEO was the way to open up the true value of the company and if true presumably should bring other bidders out in to the open.
This should be published before the shareholders have the opportunity to vote on any deal.
Based on the company’s past record I doubt if this document will ever see the light of day and the shareholders will benefit little from the sale of the subsidiary

TEO must be lost in the “pigeon” post-no doubt Dick Dastardly and the Vulture Squad are responsible

Hi -totally agree-RY has been leading the long term shareholders a “merry dance” for years.
We have obtained more important information about the from outside sources than from the company.From the granting of the licence to the takeover approach fo the subsidiary company.
For once it would be nice If RY could be upfront and honest about what is happening -as always the shareholders are the last to know.Thanks to the Times for letting the shareholders what is actually going on.
Hopefully due to the Times making the takeover approach public another rival bidderr (Norlisk or a Chinese concern) will be forthcoming .Let’s hope RY does not stitch up the shareholders again by retaining the proceeds to “invest” elsewhere.Held share here since 2010 so would like a decent exist.

WandGrabbit -the number of shares have more than trebled since alleged 40p offer hence lower offer per share -bearing this in mind and the money spent since the 40p high point perhaps an good offer would be in the region of 15p to 20p

No doubt lost in the post

Wondered as the price for the sale of the Amur is on the low side some sort of future royalty agreement might be included-could explain the sale of the subsidiary company and not the holding company

Sounds like another RY stitch up-no requirement for the board to pay out proceeds or liquidate holding company.
Fear RY wii retain the £100 million to “invest” in other projects ie his lifestyle - a token investment elsewhere and perhaps even more dilution

Ary 82-agree offer is very low but most shareholders will accept because
1-RY has drained most of the value out of long term shareholders via continued dilution and hence expectation of decent return
2-Money from sale can be invested elsewhere where outcome is more certain.Many shareholders will not want another 10 years uncertainty on whether or not a decent return will be forthcoming

Masteoats -100% agree -no doubt shares in company making offer or some juicy consultancy fee going forward

Sycho -RY has never had the courtesy to tell the shareholders anything unless forced to.
Remember when we got the licenses it was Frak who told us not RY.
The only item that RY has told us voluntarily is when are shareholding’s were being diluted at mates rates

A very low ball offer -let’s hope it brings others out of the woodwork .
What has the company achieved over the last 6 years except greatly diluting long term shareholders interests and paying RY and the team wages -no doubt they will get juicy consultancies with the bidder.
$100 million would have been a reasonable offer when their were 400 million shares but not 1400 million for long term shareholders.
Will we ever see the detailed Russian version of the PFS which has been in production for years -doubt it.
Once again RY letting long term shareholders down again-like to here the views of the long term shareholders who did not like negative RY comments being posted lately .

Hopefully we can move out of the trading range we seem to have been stuck in for what seems for ever!
Surely even Bushy can make a decent profit this year with increasing vanadium prices and production.

HUMs latest AISC for gold production $1520 per ounce according to their published information.
Must be one of the highest in the sector-when I held Highland Gold their AISC were just above a third of this -circa $600 per ounce Hum hum!-Rights issue incoming to keep HUM lights on no doubt judging by the falling share price-unlike JLP whose recent rights issue has been to significantly increase the size and profitability of the company’s operations .