Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
If the standard article is true it is fantastic news. A confiscation order just under £23 million and a fine between £44 and 97 million. Would happily settle for that. Hoping the judge errs on the low side. Explains the rise into close.
List available from 10:00 at https://www.thelawpages.com/court-hearings-lists/Southwark-Crown-Court.php
£20 a lot better than the recent £17-18.30 troughs. Hopefully the SP being allowed to rise to 2040-2050p ish before further sales are triggered are an indication that Adeem is almost done (been thinking this for best part of a month). Other good news is the final No Time to Die trailer is out. 5 million views of the US trailer on youtube in 3 days. Hopefully the premiere and general release at the end of the month will boost the SP.
https://m.youtube.com/watch?v=N_gD9-Oa0fg
Would say http://www.dwcorporate.com/our_team.php is the new company secretary.
I am with hl aandi so not always easy to buy eqtec and not at the published prices. Also:
1) add 1% stamp duty on top that so at best that is 3.5% above the primary bid price;
2) money taken from bank account by primary bid so not that much cash left and would be sods law that if bought at, say, 1.6p as one is never lucky enough to buy at the bottom and you have HL’s quite wise spread compared to nearly all of my other investments that I would have got 100% of what applied for via primarybid.
Point is going from 200 million shares to 66 million shares offered to PIs is not the company doing right by us PIs, as claimed by others, particularly in the context that we had under a 4 hour window in which to purchase. Cannot think the IIs had anything less than several days. I am philosophical. If sp does what dukeofyork and orphidoan suggest over next weeks and months then that will sooth some frustration by profit on my existing holding. GLA.
Thank you DerSack.
One important point to pick up and this is not meant to sound like sour grapes as I still have not heard from primary bid is that the PI offering was significantly scaled back.
The original rns of 07:00 on Friday referred to “an offer for subscription of up to 200,000,000 new Ordinary Shares by PrimaryBid ("PrimaryBid Shares") at the Issue Price to retail investors (the "PrimaryBid Offer")….with existing shareholders prioritised if the subscription through PrimaryBid is oversubscribed”.
The rns at 16:01 of 28 May 2022 referred to a “subscription for 66,666,666 PrimaryBid Shares” ie one third of the original amount referred to.
Appreciate the 07:01 rns was caveated with stuff like “The Company, in consultation with PrimaryBid, reserves the right to scale back any order at its discretion. The Company and PrimaryBid reserve the right to reject any application for subscription under the PrimaryBid Offer without giving any reason for such rejection”.
Have emailed primary bid and not received a response. Hoping not to have to go to IR.
Fingers crossed jjtrader. I have reservations as (1) Robglfc and Englangder have been permanently banned and (2) other useful contributors such as dimithegreek, synxs, nevas are no longer posting as they no longer hold AML shares. Be onteresting what the near term brings. Hopefully no more large sellers and will not have a false very short term rise like after the eoy results.
I am surprised it is so quiet on here given (1) the AGM and (2) a £19.90 closing price been our highest in a while. Hopefully the SP will break out of its current trading channel. Good luck to all holders.
Carpymick – re your posts of 23:08 and 23:28 yesterday, the relevant places are page numbers 168, 169 and 171 of the prospectus. The 1st part states "Prior to 1 November 2024, the Note Issuer [i.e. AML] may redeem, at its option, the New Senior Secured Notes [i.e. the $1,085,500,000 million notes at 10.5%] in whole or in part, by paying a “make-whole” premium. From 1 November 2024, the Note Issuer may redeem, at its option, the New Senior Secured Notes, in whole or in part, at 100.000% of the principal amount of New Senior Secured Notes redeemed, plus accrued and unpaid interest and additional amounts, if any". Make-whole premium is not defined and only used in 2 places in the prospectus. In my view that is all interest that would have been paid if the notes ran their term, lender's legal costs etc.
It then goes on to state "Prior to 1 November 2024, the Note Issuer may redeem, at its option, up to 40% of the New Senior Secured Notes at 110.500%, plus accrued and unpaid interest and additional amounts, if any with an amount equal to or less than the net cash proceeds from one or more Equity
Offerings (as defined in the New Senior Secured Indenture) to the extent such net cash proceeds are received by or contributed to Aston Martin Investment Limited; provided that in each case the redemption takes place not later than 180 days after the closing of the related Equity Offering and not less than 50% of the original aggregate principal amount of the New Senior Secured Notes originally issued on 16 November 2020 remain outstanding immediately after the occurrence of each such redemption." This is why I thought they could only redeem a fraction. I would add the prospectus makes clear this is governed by New York law so the provisions pasted here may have an entirely different meaning in a New York court to my English common sense approach.
You then have "the Second Lien Notes will accrue at the rate of 15.0 per cent. per annum, comprised of 8.89 per cent. cash interest per annum plus 6.11 per cent. interest paid in kind per annum". These have different early termination provisions – "Prior to 1 November 2023, the Note Issuer may redeem, at its option, the Second Lien Notes in whole or in part, by paying a “make-whole” premium. From 1 November 2023, the Note Issuer may redeem, at its option, the Second Lien Notes, in whole or in part, at 108% of the principal amount of Second Lien Notes redeemed, which redemption price reduces to 104% on 1 November 2024 and further reduces to 100% on 1 November 2025, in each case, plus accrued and unpaid interest and additional amounts, if any". Perhaps these notes may be redeemed in November 2023.
Key points from original post I made that I re-iterate are (i) the management were happy with these rates and (ii) I am expecting us to be lumbered with these rates for some time. Agree it is a drain and effects profitability. But it is a known issue and the business is being turned around by Stroll, Moers, Grego
Carpymick - response was “I’m afraid we can’t give the names of the institutions who subscribed for the notes, but they are a range of both domestic and international investing institutions.”
Chat - from recollection there is no option to redeem the whole two years before expiry. There was a 12 month before expiry option and an option to repay a fraction (less than half) with set consequences pre 2024. As I say, please read the prospectus (which I appreciate is a whopping document) as it was set out in there.
Carpymick and jack - the prospectus last autumn set out the rights, consequences and limitations on refinancing the debt. From recollection as it is circa 6 months since I looked at the prospectus, I think we are lumbered with most of debt at current rate until 2024. Two key things for me were: Gregor and rest of management team were comfortable with the rates and share price subsequently increased (showing market happy); and the name(s) of the lender was never released. In other shares I have invested in the lender has always been named. IR advised me it was a mainstream lender. Appreciate was discussed on here at the time but I Still have reservations if Stroll and mates are part of the lenders.