Member Info for Notperfect

I've certainly never seen a senior role on a week's notice, lol.

I agree, goup, that if it had been a particularly acrimonious departure then Dan wouldn't have said or been allowed to make any comment, as his step down was immediate. I think the intention from all parties is to suggest that everything just keeps going as normal, regardless of the real reasons for Dan's departure.

On the other hand I also wouldn't read too much into the words used - you can't criticise everything the man has said and then when he finally goes you turn round and believe him. ;)

I'll be interested to see if any of these parties would make a precondition of the MCAP. I was expecting this group to be providing the debt finance so they would be more focused on the longer term average Ni price and the interest they could achieve and the repayment terms.

I've assumed a completely different group of investors who would be targeted for equity finance. The existing large investors might well make as a condition of further support that they aren't badly diluted and a higher MCAP could be part of that, although cheap warrants might play a role too. I suspect HZM might need another Orion deal, perhaps for Vermelho, to boost the SP or a decisive move up in the Ni price, or a new rabbit out of the hat!

Interesting times and a big prize potentially if they can get us through this financing stage without too much dilution.

I may be in a minority but I'd prefer ARS to keep an interest in KSK. I just don't see how they can get a full value offer for KSK at this stage. It also looks to me a little easier to progress than Beutong but, as Updo has said, does anyone really how much it could be worth.

Beutong is very attractive but I think it will need a strong local partner to be realised.

ivor
Here are the most pertinent regs I think. (There are a few around when disclosure can be withheld but I don't think they need to be invoked here.)
Wasa, the nonUK rules are here in 5.1 but refer to non UK companies not their investors.

https://www.handbook.fca.org.uk/handbook/DTR/5/1.html
https://www.handbook.fca.org.uk/handbook/DTR/5/8.html

The key point I believe is that you must report following the completion of a transaction (not an individual deal) - in this case that would be the instruction to dispose of all their shares. The transaction is only complete when all the shares are sold (and possible settled). You and I couldn't place that sort of instruction and have it accepted but JPM can.

If you or I managed to place an instruction to sell say a couple of percent of a company above reporting levels then we'd be in the same position. We'd probably not see a single deal for the whole lot and we'd only be told when it had been completed no matter how long it took. Then we'd report a single TR1 showing a drop of 2%.

Last point, the rules are there to identify significant shareholders, not to help investors make decisions. JPM accurately reported below 3%, instead of 2.99% or more likely 0%. If they wanted to help investors, the rules would ask for the actual %.

If it was initiated as a single sell but took time to be worked, then in JPM terms there was only one event to notify - the completion of their instruction and falling below notifiable levels.

They initiated a single transaction. It took a long time to execute. You don't have to report progress in that case. That is the point.

JPM probably initiated the sell as a single instruction some time ago. Then it would have been broken up into many smaller chunks and worked over a long period. When it completed we got the TR1. It didn't happen in a day.

It really isn't so uncommon.

Surely you can't have it both ways either, c ;)
While covid is still a factor and remembering that any negotiation is dependent on two parties not just NFX, if they stated timelines we'd criticise them for being overoptimistic again.

goup,
Re NXP0001
Not sure I'm getting your point. They are obviously not holding their breath waiting for yatai and they ARE looking to sell elsewhere. Is that not what you're asking for? The RNS said

"Nuformix is now open to discussions with other third parties regarding the licensing of global rights to NXP001 and is currently following up interest with one such party in particular. These negotiations were placed on hold as a result of the COVID-19 pandemic situation and will recommence once certain lockdown restrictions are lifted. Efforts have been on-going to explore additional applications for NXP001 and will be further discussed as part of future licensing negotiations."

Do you really mean Capital Gains Tax, ethioethio?
If you paid tax buying your holding I'd have thought it would be Stamp Duty?

dsrt2012
Where did you see Harry saying the construction had started? I can see regular references to the "construction programme" being started but I expect that to be planning, contracts and other preparations. I'm sure we'll get an RNS when the first spade goes into the ground.

Filter29
If 002 can treat lung damage from covid 19, and I have no view on that myself, then I think it's far more likely it would be via partnership with Kissei than NFX alone. It all depends on news, and the right news, but that would make a great RNS.

72 mill shares is £0.6 mill and just under 6% of the shares.
I'm impressed that 5 other people can't count either.

The two 400Ks look like a bed and isa pair

I wouldn't call Dan at the moment, Trader... I'm sure I read someone say he's in a meeting.

Must just be one of those unbelievable coincidences that a twitter user called Trader... posts about a Japan RNS and then you come along, amazingly also identically called Trader... , and post about a Japan meeting. What are the chances, eh?

An hour ago on twitter you'd heard the RNS was being typed up. Now you hear Dan's back in a meeting... presumably to check the spelling on everyone's name I imagine.

You must have been in this share a couple of days, a lth for you?

You have a track record of fake news posts that get removed. Can you back up these latest efforts?

Spare a thought for all those traders working so hard for the SP's benefit on twitter and coming down here to find civil unrest brewing...

so are you the seller gp?

Thanks for this, Mars.
I suspect it's a much better guide to the shape of NFX's negotiations than the Times leak.