Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Paul has been involved in the development of Saltfleetby since 2019 and joined the Board of Angus in July 2022. Now that the Company has secured the Trafigura refinancing, Paul feels it is the right time to pursue other interests.
Paul Forrest's resignation from the board does mark the attainment of a milestone in Angus's development.
Under George Lucan, it looked as if Angus might be interested by Loxley: he described it as an "attractive asset".
Under Richard Herbert, that is no longer the case. RH has said Angus's growth strategy should play to its strengths, the management of mature fields.
I post again the video FollowTheVein posted on 24/04 at 16:31 on Azure Minerals and their Andover project's Lithium:
https://www.youtube.com/watch?v=hTWfuiZpEWg
From 13:00, Azure's MD provides a summary: he uses the word "exciting" a number of times within about 40 seconds.
Let's hope some of that excitement can become associated with Alba.
A favourable supreme court judgement; a farm-out of Loxley (still the website's home page photo after more than a year); the successful conclusion of discussions with one or more international investor(s) re their participation in Portland.
The list of potential positives remains the same while the share price succumbs to the lack of new updates.
The AIM rules require the annual report to be PUBLISHED by the end of 6 months, ie 31/03 for a 30/09 year end.
But notice has to be given of the AGM so, under AIM rules, it is not a requirement for the AGM to be held within 6 months.
The Act goes back to 2006. There may be a mountain of case law that has intervened since then.
A public company must CALL (my capitals) an AGM each year within the period of six months starting on the day after its accounting reference date. Detailed requirements as regards the convening and holding of an AGM are set out in the Companies Act 2006 (CA 2006). (LexisNexis).
"Call", not "hold". That would reconcile the AIM rules with the Companies Act.
Annual accounts
19. An AIM company must publish annual audited accounts which must be sent to its
shareholders without delay and in any event not later than six months after the end of the
financial year to which they relate.
Under AIM rules, the requirement is to release the annual report within 6 months of the end of the financial period.
Given that notice then has to be given of the AGM, it is not under AIM rules that the AGM is required to be held within 6 months of the end of the financial period.
‘Something has come loose in the UK market, like a hosepipe that was blocked up suddenly gushing forth: another deal announced today for Darktrace and another record high for the FTSE 100,’ said Neil Wilson, chief market analyst at Finalto.
‘[Fund manager] Nick Train suggested a transformative deal could unleash pent-up demand for UK stocks and close the valuation gap. Maybe BHP’s move on Anglo American is just such a deal.’ (from Citywire)
Is the UK equity market finally stirring from its protracted period of somnolence, the Rip Van Winkle of the principal equity markets?