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RNS - Everest have now sold up to below a notifiable threshold as Flangie33 predicted. Looks like transfer Everest > Panetta

Let's assume the 20.5m of new Panetta shares came from Everest (there's still 13m unaccounted for as yet) then ownership is now roughly (rounded for ease): Plinian Guernsey Limited (Mills/Mauve) 11% Rosy Mining Limited 10% Panetta Partners Limited 13% Stephen Dattels 7% Galloway Limited + Mellon 12% Generation Resources Limited (small channel islands co) 4% So that's about 57% of the shares in this group of Mellon/Dattels, management and the Panetta/Rosy group, possibly more once we track down the stray 13m.

From Feb (prior to the latest RNS) the > 3% shareholders were: Name Number of Shares Percentage of issued share capital Plinian Guernsey Limited1 42,496,856 11.28% Rosy Mining Limited 35,889,079 9.53% Everest Capital LLC 33,184,000 8.81% Panetta Partners Limited 29,686,142 7.88% Stephen Dattels2 27,172,906 7.21% Galloway Limited3 22,572,299 5.99% James Mellon3 23,255,970 6.17% Generation Resources Limited 14,360,340 3.81%

Great digging GheeBhee! Saul Sender is a corporate finance partner at a London solicitors (Mishcon de Reya): http://www.mishcon.com/people/saul_sender "Saul is a corporate finance partner handling complex cross-border transactions. His practice covers a broad spread of areas including equity capital markets, general corporate, public and private M&A and joint ventures. He has advised on a number of UK and cross-border transactions in a wide range of sectors including minerals and mining, clean-tech, advertising, software, life sciences and consumer products. Saul has particular experience advising international businesses raising money in the London and European markets and in a wide range of transactions in the metals and mining sector. These range from negotiating project development agreements in sub-Saharan Africa to leading multi-billion dollar M&A transactions with mining majors." That suggests some link between Panetta and the mysterious Rosy Mining. I see Rosy is indeed listed on HK, wonder if that's a vehicle to facilitate access of Chinese investors to WAFM?

20.5m exactly. Looks like they went out to buy a specific amount. Assuming they bought from Everest, shouldn't there be a matching RNS for the decrease in the Everest stake?

Last time they put money in it was at 55p a share. That was the £5m placing they participated in. Guess this isnt going to hell in a handcart then ...

Bullish talk but how does this match to where they said they'd be? Are they hitting their growth targets?

I wonder if POL have bought their share? That would bring two ex-Dattels companies closer. And POL are sitting on a lot of cash with a stated aim of going shopping.

Did anyone go?

£34,000 of buys at above the ask in three big chunks. There were also a lot of 50k (shares) buys in a row on the 13th. I wonder who's taking a position?

(The interview is under the WAFM Media icon above - the Feb 6th on titled West African Minerals - Update from Indaba)

The interview with Anton Mauve posted a few comments back says the plan is to have the first coal in a ship and on the way to China by end of 2015.

3p would be better still! I love january sales ;)

Very interesting indeed. One thing that was worrying me was the possibility of WAFM not being able to able to get funding for more exploration this year, and then having to bail out at firesale prices. The great thing here is that Brad Mills and Jm Mellon have control of capital investment vehicles that have just been used to throw money at WAFM in the placing - in essence, our own private stream of funding to carry us through the next couple of years while other companies will struggle and go to the wall.

Well would you want to own a junior miner in the current rout? At least they are keeping their head down, spending money, doing what they should. Hopefully the sector storm will pass and buy the time they come to sell-on it'll be a more normal market for them to do so. Actually, I'm quite glad they're not looking to sell-on in the immediate future, that'd be a tad of a firesale I fear...

Yes, placing - they've done what they said they'd do back in Sept 2013 (ie raise ~ $6m). Placing is ~ 15% of enlarged shareholding, so not a stupid dilution. Money however seems to be mainly raised from investment companies/trusts that the WAFM directors control - Plinian, Galloway, CE mining. Which is good in one respect - Brad Mills and Jim Mellon now have more skin in the game. That being said, several major shareholders (and who exactly ARE Rosy Mining, has anyone found out?) didn't participate. A bit of a mixed bag of messages there.

You're probably right, since the 10634 sell is a Buy (since it's mine).

Ooh, thanks, hadn't noticed that media button linked to that site! Just getting to grips with LSE so bear with me. Yes, it was worth a listen, especially if you think of their strategy of being a first mover in that coastal zone and the advantages/leverage that might bring. They do talk as if they actually want to bring this to production, as opposed to exploration then selling on, the logic being to start generating some cashflow so they can fund more exploration. That would be quite nice if they can pull it off, since it would allow organic growth as opposed to too much dilution, plus I don't imagine it's easy to fund raise as a junior in the current climate. We shall see if that pans out ..

Long day ahead, sigh. BRR media site!

OK that link was stripped, sorry. It's on the BRRmedia.co.uk page for presentations from WAFM.