Member Info for OldRascal

I haven’t yet decided what to do with the VALT shares. I’ll probably sell them to buy more AAL shares but this will mean two trading fees.

The shares are in my ISA so I assume there is no tax issue.

I guess it’s all for the greater good. AAL should be a more attractive company.

What I don’t quite understand is whether AAL will have received any money (on their balance sheet) from the demerger. Money that could be used to ramp up Woodsmith. I guess not.

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Received a few shares from the demerger. Are they worth keeping? I’ll probably see how they go for a week or two before deciding.

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It’s all new to me.

AIUI, we will receive 110 x shares in AAP for every 1075 x shares we hold in AAL and can start to trade them from Monday. I expect the AAL share price to fall by the value of the AAP shares.

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Just looked at my account and AAL shares show zero value (asterisks). I assume this is to do with with the demerger of platinum.

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So, not so much wishful thinking as a time travelling?

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I’m sure the rules would require an RNS.

Wishful thinking?

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Further to our communication of 16th April 2025, the ordinary resolution in connection with the proposed Demerger of Anglo American Platinum (AAP) and Consolidation of Anglo American Plc (AA) has been duly passed.The demerger is effective on 31st May 2025 and the consolidation is effective on 1st June 2025.

We would also request that you take particular notice of the potential tax implications of the Demerger.

Shareholders will receive AAP shares as a result of the Demerger which will be structured as a dividend in specie. In the UK dividends are treated as income for tax purposes, meaning that depending on your individual circumstances, income tax may be payable as a result of the Demerger.

We strongly recommend you read the Shareholder Circular available on the company website, in particular, Part X (Taxation). The circular can be found here https://www.angloamerican.com/investors/anglo-american-platinum-demerger/

As we're not tax advisors, we cannot offer any advice. If you need advice on how this event may affect you individually, please contact a professional advisor.

Https://www.angloamerican.com/~/media/Files/A/Anglo-American-Group-v9/PLC/investors/shareholder-information/agm/anglo-american-plc-gm-voting-announcement.pdf

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I’ve never believed that the MMs play games.

I think this rise is because the USA seems to be realising the damage that Trump’s actions were causing worldwide. We just need a couple of wars to end now.

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Nice rise this morning. I assume it’s because of USA/China tariffs easing?

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I’m happy to hold. I only have around 600 shares here so it’s not going to change my life.

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Mine will be. The cash ain’t worth having.

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13 million tonnes at $200 per tonne is $2.6 billion per year, every year, for decades. At 20m tonnes,

Must be worthwhile getting the mine operational. Government could help and insist that some of the product is reserved to ensure the U.K. farmers have access to it for future generations.

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Woodsmith update.

The TBM is progressing from Ladysmith to Woodsmith at 15 metres per week, considerable slower than its previous rate. 29.4 km have been drilled

The Service shaft is at 811 metres. Earlier issues cutting through the sandstone seem to be resolved with improved cutters, picks and hydraulics for the SBR. They have also successfully used two blasts to serve as an alternative to cutting should they encounter further issues with the SBR.

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The company are spending $400 million at Woodsmith this year but have only committed $100 million for next year.

In order to complete the project, they need to sell some non-core assets and/or find a partner to share the capital spend/risk.

The fire at the coal mine won’t be helping with the sale of the steelmaking coal assets with Peabody reviewing all options.

Likewise, I fear that any hopes of finding a partner for Woodsmith will have been dented by the current trade war situation.

For these reasons, I’m holding fire on a top up here but will look to invest elsewhere.

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The board of directors at SM clearly liked to shareholders. Seems that goes unpunished in our country.

AAL are forecasting first polyhalite in 2027. It forms a part of their core activities, for now at least.

It’s a massive project for the U.K. and one that the government should want to support. Seeing local MPs cosy up with ICL makes me think it’s not likely to happen.

AAL need to get the project over the line. The tunnel is not far from completion. The shafts are progressing, albeit slowly.

Delaying projects costs money.

Once this mine is operational, the rewards are high. I’m just not sure I’ll live to see it.

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Amen.

For those interested in Woodsmith, this is what is happening as of October last year…

The service shaft is still being sunk.

The production and MTS shafts are in care and maintenance.

They’re completing the construction of the Lady Cross cross-passage and the maintenance of the TBM.

The TBM will restart at a reduced rate.

https://uk.angloamerican.com/~/media/Files/A/Anglo-American-Group-v5/UK/liaison/24-october-2024-presentation.pdf

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I don’t care if BHP bid or not. I just want to live long enough to see Woodsmith’s success.

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Not looking good, is it?

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