Good observation @EV! I missed that. So our BoD really do have no excuse to update us first thing Monday. Even if they feel the deal is so close to being announced, perhaps later that day, they really should update with this (IMHO) material change. I'd LoL if they don't update us and the market goes into a buying frenzy and they are then forced to RNS that there is no additional $10m and the court watching speculation is mistaken. LoL. Fingers crossed it is what it appears to be! ;-)
It occurred to me that this news might not be relayed to our BoD until Monday morning meaning an RNS might not be forthcoming until later in the day or Tuesday. It wouldn't be the first time we've learnt news from the courts before reading it in an RNS... or the second, or the third...
Anyone remain convinced this is the original $10m and not a new one? Or was it only me? LoL. I'm quite excited now as it feels likely as you hypothesised: the 4 named ships where booked for the new net $10m (possibly only 3 needed for DEV and 1 for Gerald), with the fallback that all 4 could be used for Gerald if the judge failed to agree this measure, or the deal hadn't completed in time. So that's hopefully another $10m realised within 2-3 weeks :-)))
If we are aligned and as close to completion as we are led to believe it will be quite telling if the banks decide to appeal this $10m. Though thinking about it, so long as the $9m doesn't actually go anywhere what have they to lose? In fact it's in their interests shipping continues either way whilst iron ore prices are high, and the funds aren't used for anything. Yes, additional authorisation to spend the money would likely be required IMHO.
@EV. I think I'm coming round to your point of view, the judge could have been clearer though! ;-) Is the $10m net? If so why mention staff costs and shipping expenses? It makes sense to me that $1m of the net would go to the banks, and $9m would be held by the courts. Happy days if so, the limbo period always worried me. :-))))
Perhaps you are right @EV. However, it seems a little terse on details to be a new $10m for me. What can the proceeds be used for? Anything? Seems unlikely. Regardless of whether it is or not, I don't think it changes the likelihood of when the deal will complete because the courts have multiple cases proceeding simultaneously, just in case delays in others. In particular we have yet to hear the conclusion of 1041359-79.2015, which may or may not be the big one. :-)))) Hopefully next week!
it now makes sense that DEV is shipping Gerald's ore, which makes me wonder if the ore is "fungible" in the sense that there is some ore stored in various places but you couldn't point to any particular stockpile and say that one belongs to X, that one belongs to Y, it's deemed a pool of ore. Up until now I had thought that wasn't the case, as the ore at the port is clearly more valuable than the ore at the mine, but now I'm not so sure!
Also, I'm not convinced this is a new $10m. It feels like a continued ratification that in the absence of agreement with the banks DEV can continue to ship up to $10m of "its" ore, whatever, wherever that is, but is able, perhaps now even duty bound to continue shipping "Gerald's ore" if they have requested so.
Do we know how much ore/value of ore, Gerald has claim over? @tomcat?
Nice spot @EV. Upper bound on if they loaded at that rate for a year (which is impossible due to ship movements and other shipment types) is 365 * 22.332kt = 8.1Mt/yr. Half that might be possible though :-)))
Indeed @EV, that's why I'm hopeful @bigdouble will clarify reporting around T+20 trades: both buys and sells (which are presumably classed as shorts in this context - colloquially, if not technically. But I don't know!)
@bigdouble do you happen to know/recall the reporting arrangements around these types of trade? If it's a T-20 buy (presumably it could be a sell?) and the buyer decides to settle at the end, keeping the shares, then presumably at some point we'll see (or have we already seen, but missed?) the trade reported as a single trade of 1,005,000 shares, or is this disguised as many smaller trades in practice?
RE: What to do when this share explodes21 Jul 2021 17:47
@EV. This wording is interesting "Após, tornem os autos conclusos. Intime-se."
Google translates this as: "After, make the case concluded and. Intimate yourself." DeepL as: "Afterwards, return the case file to its conclusion. Notice is hereby given."
Hopefully it means after 15 days without objection close the case, but does it?
Here is the text of the certificate:
https://esaj.tjsp.jus.br/cdje/consultaSimples.do?cdVolume=15&nuDiario=3313&cdCaderno=12&nuSeqpagina=777 ===[ Processo 1041359-79.2015.8.26.0100 - Execução de Título Extrajudicial - Mandato - Lima Gonçalves, Jambor, Rotenberg e Silveira Bueno Advogado - Zamin Amapá Mineração Ltda. - Kpmg Corporte Finance - Vistos. Fls. 256/258: Anote-se. Cadastro a nova administradora de Zamin Amapá Mineração Ltda para que tome conhecimento do presente feito, e receba as publicações. Digam as partes a respeito da aprovação do plano de recuperação da executada, comprovando-se, no prazo de 15 (quinze) dias. Após, tornem os autos conclusos. Intime-se. - ADV: EDGARD SILVEIRA BUENO FILHO (OAB 26548/SP), TIAGO RAVAZZI AMBRIZZI (OAB 236645/SP), OSANA MARIA DA ROCHA MENDONÇA (OAB 122930/SP) ]===
which DeepL translates as: ===[ Lawsuit 1041359-79.2015.8.26.0100 - Extrajudicial Title Execution - Mandate - Lima Gonçalves, Jambor, Rotenberg e Silveira Bueno Advogado - Zamin Amapá Mineração Ltda. - Kpmg Corporte Finance - Visas. Page 256/258: Note. Register the new administrator of Zamin Amapá Mineração Ltda to take cognizance of the present proceeding, and receive the publications. The parties shall inform about the approval of the plan for recovery of the defendant, proving within fifteen (15) days. days. Afterwards, the case record shall be concluded. Send the case record. - ADV: EDGARD SILVEIRA BUENO FILHO (OAB 26548/SP), TIAGO RAVAZZI AMBRIZZI (OAB 236645/SP), OSANA MARIA DA ROCHA MENDONÇA (OAB 122930/SP) ]===
===[ Process 1041359-79.2015.8.26.0100 - Execution of Extrajudicial Title - Mandate - Lima Gonçalves, Jambor, Rotenberg and Silveira Bueno Lawyer - Zamin Amapá Mineração Ltda. - Kpmg Corporte Finance - Visas. Page 256/258: Take note. Register to new administrator of Zamin Amapá Mineração Ltda so that she can take note of the present achievement and receive the publications. Tell the parties about the approval of the recovery plan of the executed, proving it, within 15 (fifteen) days. After, make the case concluded and. Intimate yourself. - ADV: EDGARD SILVEIRA BUENO FILHO (OAB 26548/SP), TIAGO RAVAZZI AMBRIZZI (OAB 236645/SP), OSANA MARIA DA ROCHA MENDONÇA (OAB 122930/SP) ]===