Member Info for Monkshood

Tich, fair point but it is not fundable from free cash flow without increased generation (or asset sales) so ultimately it is at a cost to net debt.

From the conference call it was clear they looking to step up asset sales, the proceeds of which will be used to cover the share buybacks (which could be greater than £100m) and to reduce debt.

Rylidan, yes the div may be covered, but the share buybacks will have to be at least, in part, funded by debt unless generation improves.

If you look at last years results they were predicting 231m in divi's with a 2x cover, so they were expecting revenues of £462m. They were nearly 40% down on this which is a big shortfall.

With approx £250m divi's and £100m buybacks next year they will need to generate quite a bit more than the £280m they did this year for even a 1x divi cover, or am I missing something?

Tazer, as you say -up to -10%. They have already said in todays rns that the 500k options for employees will come from this and at their present rate they will barely satisfy that need. (they currently hold 128,650 ).

Then there are those needed for the board....

It is interesting that they teamed up with Streamlab, I was looking at ONDO the other day, which seems to operate in the same space, wondering if this would be a partner for them.

The buybacks just go into treasury and then are issued to the board and workers as share options (they still need 370k to meet the latest options), this way it saves issuing and diluting the existing shareholders (although it does take the money out of the profits).

If they used this money for divi's then you would have to accept share issuance with a resultant reduction in earning per share.

I could understand, that, if they had historically paid a divi and then removed it, why you may want it back, but they never have, so, I am with CEO on this, if you want divi's then there are plenty of other shares to invest in which offer them and I would rather watr reinvested the money to grow the business.

If the broker notes are to be believed, then revenue and profits step up this year. With revenue of £97m (ver £83.3e 2024) and PBT of £11.2m (up £2.1m from 2024) and an adjusted PE of 10.8, it may finally be set to rerate (aside from any possible US listing).

He did buy 400k shares the week before - perhaps he only get 20k pocket money a week....

I took Michael Spencer's toping up with another 450k shares, as a sign that all is well and the bottom may have been reached, so added a few more last week.

Looks like, the sp is heading back up now although I don't see it going up much in the short term without any significant news.

It is not clear that there will be a decline. One theory is warming of the poles will decrease wind speeds, an opposing one is that warming oceans will increase them!

The most recent review of UK wind speeds I could find is this. If anyone has others then I would interested to read them. I believe that the last ten years are down from the first decade of this century but that decade may have been above a longer term value.

Estimation of Weibull parameters for wind energy analysis across the UK

https://pubs.aip.org/aip/jrse/article/13/2/023303/926742

'..this study presents an updated overview of wind speed and wind energy characteristics across the UK based on the statistical analysis of long-term (1981–2018) surface wind observations at 38 stations, extending previous studies and bringing our understanding of trends up to date. This analysis has been conducted at both station and regional levels, based on the regions defined by the UK Meteorological Office. The important conclusions drawn from this work are as follows:

Statistically significant, long-term changes in annual mean wind speed are seen at 15 of the 38 stations. However, there is no region that shows a consistent increasing or decreasing trend across all its stations, with the exception of Northern Ireland, which includes a single station.

The lack of consistent trends over all stations in a region implies the importance of local topographical effects.

South–East England has a statistically significant increase in annual mean wind speed, but this amounts to less than 0.5ms over the entire period.

So it was a good choice UKW buying into the London array!

With BBGI I kept topping up slowly in the lows, I did question myself whether it was the thing to do and re-watched numerous company presentations to see whether there was something I was missing. Given the offer at nav - it looks like there was nothing to miss - just the current market sentiment.

I did the same here, re-watched the Capital Markets Day presentations, listened to these and other past Q&A's, and re-read various notes on the company. I am missing something, or is it again just market sentiment? Only time will tell, but rightly, or wrongly, I have gone for the top up option again...

It looks like bids near to $2b are involved for Ravenswood, this would clear the >2.5x investment to trigger payment to rsg.

Regis Resources Limited (ASX:RRL) has tapped investment bank Greenhill for its pursuit of the $2bn Ravenswood gold

mine that is up for sale through EMR Capital Pty. Ltd. and Golden Energy and Resources Pte. Ltd. First round bids for the Queensland asset are due later this month in a contest that will see Australian miners go up against foreign suitors for one of the country's most valuable assets producing the precious metal.

Other Australian miners taking a look are Evolution Mining Limited (ASX:EVN) and Gold Road Resources Limited (ASX:GOR). Sources believe overseas suitors will be most motivated to buy Ravenswood. While the US-based Greenhill has hitched its wagon to the Jim Beyer-led Regis, Deutsche Bank is also believed to be close to the action, searching for a bidder to help finance, but it is yet to commit to any one group.

Looks like Barrick have now reached an agreement with Mali.

Feb 19 (Reuters) - Canadian miner Barrick Gold has signed a new agreement with the Malian government to end an almost two-year-old dispute over its mining assets in the West African country, four people familiar with the developments told Reuters on Wednesday

Reasonable summary.

Only other point is electricity prices are almost double what they were this time last year.

RSG have continued to mine though. By now they should have cleared >$40m from the start of December at Syama.

I am not sure why the tax demand came as such a surprise, RSG had a $105m tax provision for Mali tax in the 2023 accounts.

I have more concerns about Senegal than Mali atm.

Has anyone got any idea what the upside sharing payment from Ravenswood is worth? I appreciate it depends on what it is sold for (>1b expected) , but to be triggered it is a multiple of what EMR invested ($800m?) over a threshold (2.5x). Does this take into account gold mined during their ownership? I know the payment is capped at A$150m but is this a value that is likely to be realised? They will clearly also get the A$64m promissory note paid off.

Yes, I had been topping up again on the latest dip.

As you say, where to move it to?

I see INPP and HICL have already moved up 4-5% today but I always preferred BGGI to these two.

Wasn't expecting this. Nice start to the day as it makes up over 10% of my income portfolio.

It was fairly clear that he was not coming back from the conference call.