Member Info for Oldnbald

I sat through a lot of the Webcast thingey on X yesterday. The section (below)of the article you posted yesterday pretty much sums up the 'impact' on PSH. Sorry for the long post but there's a lot to say.

In short - PSH's value of holding will remain the same - this is not PSH's cash, it's PS HoldCo's cash (i.e. he and his management teams cash). There will be dilution of PSH but at a premium to current price - so net net a gain for PSH shareholders.

Anything that can get the HHH dog to wag it's tail again would be welcome by me tbh - I am sick of the moribund corpse sitting on the PSH books delivering the square root of nowt. Clearly Bill has the same feelings.

It is all dependant on HHH board now - if they say 'yes' then it's game on - or they could say 'no' in which case i predict a hissy fit from PS HoldCo and maybe even an organised exit from the HHH position by PSH. Just a guess of course. But he's reachd the end of his leash with them - something will change. This was apparent from his language ane tone of furtsration on the calls yeterday. 'we tried X, we troed Y, we tried Z - nothing has changed.

He described the issue quite eloquently - The majority of HHH's Asset Value is based on it's extensive Land Bank. BUT... They cant sell $Billions of land in one go - there is no market and it would crash the price of the asset. So they are forced to sell of small pockets drip drip drip. this takes years.

Add in the lead time on the existing MPC model where they are building new 'Cities' (read village/small towns or developments in the UK) - they are cach generative but slowly, they do drive up the value of neighboring land but.... yup you guessed it - slowly.

All in all - I think Bill has learnt a lesson in HHH. He didn't understand teh nature of the Real Estate business when he went in. He does now!

So that drip drip of cash would be better spent over time as the feed cash for the new HHH conglomerate. Allow purchses of Mid Sixe companies that CAN deliver value growth and cash to increase HHH value in the market.

"Ackman’s better-known hedge fund, Pershing Square Capital Management LP, in which his team has a 28% interest by comparison, would not be involved beyond retaining its existing 18.9 million shares.

In fact, his investors—known in the business as limited partners or LPs—will even be diluted if the transaction proceeds, as their stake would shrink from nearly 38% to just 31% under the deal.

Yet the planned acquisition would represent an elegant solution to Ackman’s problems. He’s been trying to crystallize value from HHH for months now, only to see the share price fail to ignite. In total the stock has shed over a third of its value during the past 10 years."

Https://tenor.com/view/ouch-oops-sorry-awkward-nervous-gif-17849457

God alive - 'X' is a real Cesspit of hate and selfishness.

What vile people.

Take a glance at the Share Trades last 2 days. At the glance the sales outnumber the buys in value by a considerable amount.

Looking right now - the last 3 buys were £1. I mean - seriously!!

BUYS: In fact the TOTAL of the last 9 Buys is £27.17p

SELLS: TOTAL of last 9 Sales was £941.77

I have a feeling the market is being fluffed. Another placement perhaps?

I did look at the HSBC rating description and think 'Oh a Junior analyst, who's in love with their abacus, has been let off the leash' - to call out lease durations dropping below 10 years is a a bit noddy tbh - thats easy to fix. It's kinda based on teh assumption that 1. they wont renew and 2. That they must rebuild.

I think they will renew with a bit of a makover - hardly a massive impact on ROCE.

Woo-Hoo

or a good old fashioned **** up?

RNS re: Shares in circulation: 5,684,368,839

RNS 21 Jan:

Shares held: 7.476644% of issued equity = 425,000,000

Stated Voting rights after transaction: 425,000,000 (CORRECT)

RNS today (23 Jan):

Shares held: 6.491486% of issued equity = 369,000,000 shares

Stated Voting rights after transaction: 56,000,000 (OOOOOPS!)

Assuming that voting rights = shares held (it was on 21st)......Someone has made a small error and forgotten about 313,000,000 shares. Unless................................something else is afoot of course.

I'm not clever enough to knowledgeable enough to know how such rarified things work but could this be stock borrowed by a shorter maybe? Or something else?

Thanks :-)

"a working meeting of the parties next Wednesday, 22nd January 2025, at the Palais de la Nation, with the intention that the matter be concluded and payments arranged.

The Company will provide an update next week."

as it is not 'next week' ...... can i assume nobody knows if the meeting took place or what occurred??!??

What happened in the arbitration meeting?

I have tried looking back but there are so many nonsense posts and general drivel that I lost hope of finding anything useful.

anyway able to share the current state of play pls?

I have just seen the link below -https://x.com/i/broadcasts/1MYxNMqMAzpJw

Could someone pls share a link to the wonderful unmissable video?

Helpful - thx for data. Your numbers translate into approx 3.7 tOZ per 100 yards.

This looks good on the surface. They would be after the free gold though - at 2g per Ton, the Saprolite is gold rich but if the gold is contained in the matrix of the rock and clays it will need a crusher and leaching, cycnaide etc to extract. This is heavy kit (think cannon balls rolling in a trommel smashing rock up, or piston crushers or other mechanical mechanisms. Either way I am placing a bet that they don't have one. Then the joy of Leaching and Cyanide come into play. Filthy, toxic stuff. Not something you want to do anywhere without significant funding.

I do not know the relative costs of crushing and leaching. Don't have time to look up atm.

So looking at the 2g/t free Gold - this leaves us with a grade of about 1.6 tOZ per 100 yards. Which is ball park do-able for a wash plant. As i outlined.

Saprolite of clay rich and can cause big issues in wash plants etc. So million $$ question - what seperation mechanism are they using - wash plant, mechanical process + leaching?

BF or bust. Last roll of the dice for RRR - if (IF) they can produce something meaningful in BF on a small scale it will encourage a scale up. This is potentially cash generative, though too late atm for RRR to pay it's immediate debts.

Should small-scale gold production actually profit, then it will warrant higher investment, a larger plant, etc. This will require $$$, lots of $$$.

DRC money has been promised for so long now it cannot be assumed. Whilst I feel for those involved, it is clearly frustrating but it is what it is. RRR cannot afford another exploration goose chase, so cash is king.

Aus - small scale results - this is so small and so early that you've gotta wonder what the plan is here. Is it worth 'investing' in when there is no money?

So - BF or bust imho. It would need about 1toz per 150 Yards of dirt to be economic, so that means processing 450 Yards of dirt a day to hit Helpful's 3OZ a day target. Running 12 hours a day that's 37.5 Yards an hour. Add in shut downs, clean ups, equipment failures, inclement weather, illnesses etc etc - lets say 50 Yards an hour.

This could be achievable with a small (ish) plant though note we don't know the yardage of the equipment so it is a massive assumption that they have actually got kit that can handle that volume reliably. An example of what would be required is here: https://www.youtube.com/watch?v=FfIaCGYDKPQ

IF we knew the throughput yardage and the grades - I think these RNS's would be far more meaningful.

Far too slow

I agree - the 'When is ' before 18 November.

That'll leave about £500k of placing to happen if the share price holds up.

That simple really - Do the sums.

I honestly smell the end game - desperate times. If DRC cash does appear, if he wants it fast, it's gonna be on someone elses terms. IF.

Not enough cash to pay for Victoria by 18 Nov. Risk: Losing the best asset they have.

Not enough cash to do anything with Ivory Coast (why spend money here at all???)

Not enough cash or knowledge to get BF into anything approaching production - so what exactly is the deal here? Outsourced but on what terms? And even if/when it does get into production - what will it actually produce and what remittance will RRR get from this - I'm assuming (big assumption) that anything will be done via an offtake agreement so don't expect anything huge or fast.

Lots of assumptions but it's all we have. Lack of trust means you have to assume the worst.

THE FCA don't give two hoots about AIM - so don't even bother is my advice.

Does anyone know the actual results of the GM for issuing new shares?

My understanding is that this needs to be made public unless it was a 'show of hands' - which this was not.

I think we'd all be interested to see the numbers