Member Info for oldspursfan

I see LSE are up to their usual behaviour - happy to drop it, but a 1p rise = PMEs??

GLA - hope for positive news on all fronts

The downside of referencing/ linking into the H2 presentation from last December is that it opens up even more questions or points that have still not been clarified.

For example - it's unclear from this what EXACTLY the BoD have signed us up to do or provide as part of this JV. There's reference to further details including financials that may help but haven't yet been made available or summarised.

It's implied we will be the main producer of all PGMS required, from our license areas, but we only currently produce the square root of nowhere near enough from WK, have MT mothballed and at least 2 years away from meaningful production, and Rosgeo where we perform an explorer role. So what's the plan to go from now to where we need to be?

How dependent are these plans on the asset sale to provide cash injection? Is the credible party still around or have they walked/ focus switched to the other interested parties to whom reference was rather shoehorned into the October RNS?

Grand ideas and colourful presentations are all well and good, but there is so much detail we are still missing. This is what BoD are not very good at, and it appears haven't yet learned from others, or corrected to date.

There's always tomorrow though...

https://audioboom.com/posts/8045823-john-meyer-on-big-shot-s-big-short-on-nickel-plus-evraz-eurasia-orosur-atlantic-lithium-bush

From about 4:30, nothing specific or new about us, more confirming why we are different to Evraz.

Fr Jack
Agreed - I would also add to the continuation/ progression of asset sale, the words "with the credible party" as per previous RNS's. Confirmation that they are still around would help too.

Hi Les
I can only echo the sentiments and best wishes of the rest of the board to you at this time.

I do have some understanding as my mum died of a brain tumour a few years before my dad was due to retire. He was actually thinking of taking early retirement rather than move but unfortunately those plans were well and truly scuppered when the diagnosis landed. That feeling of hopes being shattered is one I recall all too well.

Thinking of you at this truly sad time. Take care.

Eua from 8 mins in
https://audioboom.com/posts/8041144-john-meyer-on-how-the-russian-invasion-impacts-commodities-co-s-covered-include-eurasia-amur-b

Recognises sentiment, asset and resource case "exactly what it seems" and more valuable. Possible Russian buyer with sales into Chinese Market.

GLA

I think the key thing to remember is why the share price is down.

It isn't because the BoD have pulled an "its all been a scam folks" out of the hat, despite the best efforts of the resident shorters, who are creaming themselves and cannot believe how lucky they have been that war has broken out.

We saw on Friday that any serious moves towards an end to hostilities sent us soaring back up. It's tough, but this recent drop is not of EUAs making. If you can switch off do so.

GLA

There's a reason I think it isn't a spoof, Calamari, and it's called the RNS tab, which states things are progressing, teams appointed, etc etc. That's why I don't think it's a spoof, and will continue to think so until advised otherwise.

You seem to forget that "spoof" implies deliberate misleading, and burden of proof rests with people calling it that, not with those who aren't.

Stork, so you made money on your short on the back of a war breaking out. Congratulations.

However, and unless I missed it in amongst all the PMEs, I havent seen anything confirming that this is a "spoof". So any talk of that is just fearmongering that it may be, or optimistic/ wishful thinking on your part. As has been mentioned many times, you have no proof it is a spoof, you just think it is.

NP Brisk, happy to help.

I think the BoD have been open enough about Rule 15 to suggest they aren't trying to circumvent a vote if it would normally apply.

Getting flashbacks to a certain former poster's lengthy convoluted schemes to bypass a vote (shudders).

GL

Oh yes, now you're talking Tigra!

TBF when the BoD first raised the prospect of Rule 15 back in, what, May time, given our balance sheet then, and expansion plans, it was only the Consideration Test that leapt out to me as being relevant. That was when we were trading at 27/28p and the BoD seemed confident then it would apply, irrespective of timeframe.

You can draw your own conclusions what that could mean...

Interesting thread and well worth a read, thanks!

Just to add that at the current MCAP if we sold ANY asset for £800m it would Rule 15 as it exceeds our market valuation. That's irrespective of how much of our portfolio it takes up.

The rules state any disposal where proceeds received are >75% MCAP is classed as substantially all, as per the Consideration Test. By definition, it assumes what is going is "substantially all"

Yes, yes I know it presupposes the MCAP at the time is fair value for the assets we have, but "substantially all" doesn't necessarily mean all our known licences.
GLA

Hi Seasick
Well I suppose we do also have strategies that pre-date the banks and FSP, such as activating Sinosteel and mining MT ourselves (2017)

Pretty sure they meant the asset sale strategy, but forgot they have others that are still open!

If you read the rns of 28th October it clearly refers to both the credible party completing due diligence, and also other parties now showing interest and being spoken to.

I think we will need to wait for what they actually say about this, as its safe to assume whilst there are two potential avenues to a sale, one of them is significantly less advanced than the other.

Not saying it will never happen, just that the BoD left several routes open that they could give an update on.
Wait for the update before deciding.

GLA hopefully we get a wiggle on today.

A leak? hope so - it does seem a little odd that we had a cluster of RNS's in December and early Jan, which were then backed up by a tweet saying more to come, followed by 3 weeks of nothing...?

There must be a lot of announcements due now on various fronts.

Hi Beresford. Thanks yes I think I follow your train of thought.

Taking your agrement in principle, the problem as I see it is that one of the conditions, were a sale to exceed 75% of current MCAP has to be subject to GM vote as them's the Rules.

If the BoD were to go down the route of breaking this up: selling a mine here, another mine there, and so on, each sale separate, keeping below 75% each time, and smaller divis paid out before the next sale, then I'm not sure if that allows them to bypass the Rule? Is there some kind of totting up within a set period? Don't recall seeing it...

Thing is the BoD have openly said Rule 15 territory so I don't believe they are looking to bypass anything; everything points to the sale, if and when it happens, being all they want rid of, and we'll have a vote on it.

Oh and just to add, the "Consideration Test" under Rule 15 means that, at the current MCAP, any sale that generates over c.£600m in sale proceeds, will trigger the Rule and require a GM. >75% MCAP is the threshold for that, and if any one of 6 tests are met, the Rule applies.

So the BoD cannot randomly announce a sale in the billions and here's your dividend, without asking for approval via a GM.

And when they first said it would "likely trigger" the Rule, that was back in May, and the share price was, coincidentally, 27-28p.

Afternoon all. One thing to remember is that the BoD have said this deal will likely trigger Rule 15 and demand a vote. That will be a vote to approve the sale (disposal of "substantially all" assets as defined by the Rules).

Now:
They cannot pay a dividend until they have the money in from the sale.
They cannot get the money until they sign the necessary documents.
They cannot sign the documents for a Rule 15 triggering sale without authority from shareholders.
They cannot get authority without calling a General Meeting.
They cannot have a GM without 2 weeks notice.

And they cannot set a ex div date in the past.

So hoops to jump through, but it starts with an RNS titled "Notice of General Meeting...." And THAT can come at any time.

From that point on it's more or less a formality, but it will take a few weeks from the first RNS, before we actually get the dividend cash in our pockets.

GLA, hoping this week gets the ball rolling.

Hi Mooching. No worries mate I just don't try to get too far ahead of myself, when outcomes remain uncertain.

Put it down to my taste in footy teams, but I'll only start house hunting when this conclusion is actually reached and I know how far my budget can stretch!

That line is intriguing, even if being on twitter lessens it's significance a bit in my eyes.

I'm probably in a minority but I was actually a touch annoyed when CS dropped the "Eurasia v2.0" reference.

That phrase was coined on these BBs to reflect EUA POST-SALE, so to me it was like "No CS you don't get to use that until you drop the sale on deck". Whilst we still have all we owned pre-FSP, we're still at EUA v1, just with bits bolted on.

But it sounds like we are finally nearing the conclusion we are after, at last!!

HAGW.