Member Info for oldspursfan

If you want a point of reference, the last time the BoD used the word "shortly" was for an update after the suspension rns of 11 Feb 2020. That first update came 9th April, about 8 weeks later.

By that reckoning, it's due. Lots of things can now be said to be falling due, and there's a big 4-pronged presentation at a national, macro economic conference on Monday. Coincidence?

Speaking of tributes anyone else just have a token LSE timewarp back to 23:28 last night?
Least LSE could do (sure JT would smile at that!)

GLA - been a pleasure reading today.

Thanks BSU - confirming what was feared but still terribly sad and sobering news. Thoughts are with his family and friends. 68 is no age.

In fairness Roger your question about the JORC is why people believe it will be coming this week. It makes sense, with a four-pronged presentation at a forum that covers the economic future, green/ battery metals, for the BoD to focus heavily on the strategic significance of Murmansk region.

In order to do this, one would have thought the latest audited, JORCed resource figures would be almost a necessity, to underpin that message.
GLA

WI - the key date to qualify for a divi is the "ex dividend" date, which the BoD will announce as and when they are ready to make a dividend payment. If you hold shares at close of business the day BEFORE that date, you qualify, as at 8am on the ex div date the dividend amount is deducted from the SP (share goes "ex div").

That line to me says - let's get something sold first before we talk dividends, yeah lads?

1 - not really, it suggests releasing JORC info is not fully under the BoD's control, hence the use of "shortly" (in mining language as Mac says!)
2 - I'm invested, says it all
3 - yes, if the BoD support it it goes a heck of a long way to the >50% approval required
4 - yes, as I think it kind of scuppers our plans/ Rosgeo obligations if we don't get a cash injection from a sale. For all WK may be doing we are still an explorer first and foremost and the lack of any sale at all would really put our 20-odd month window for the JV at risk of under-utilisation.

JP - in fairness to the BoD the shortly reference applied to the JORC and anything else WA have been doing. There is no time limit set on the receipt of a formal offer, only that we are now in the stage of proceedings where it is the next formal step (due diligence being complete).

I've mentioned the BoD have two visions going on at the moment, expand the company and sell it/ some of it. If you distinguish between them you'll see that the timeframe applies to the former, operational side of things, rather than the strategic, sale side.

Of course this new definition of "shortly" is not one any bloke would recognise, but it's only us BB people who are attempting to link operational updates to the sale (is this the final hurdle?? Has the buyer requested this be done??)
GLA

WG - proposal from a credible party

Before this descends into pointless bickering that clogs up the board, our BoD referred to it as a PROPOSAL

For it to go proposal - due diligence - formal offer, is fine and to be expected given the scale of what is potentially being acquired.

When mac says "final contract for sale" he means formal offer, and I think everyone invested realises that. Not sure what the bickering here is actually adding.
GLA

if Tilly had posted analogies that send up men and their foibles, would be saying "terrible misandric humour" and reporting?

If not why not?

Summit - "all that trouble"? That's the whole point of DD, to confirm if the price being asked or floated is justified. Just because someone is doing DD doesn't mean they are definitely going to buy, otherwise we could skip that step altogether.

We're only at 12 calendar days since the last RNS, so still very much in the bull's court IMV. Though the way the RNS was worded there is actually a small (note: SMALL) bear case with it. The reference to other interest can be viewed a number of ways: future potential sales for other licenses, direct competition for what the Buyer is aiming for/ bidding war, or plain old "jam tomorrow"

For example, as has been pointed out, were a formal offer to land, that is large enough to trigger Rule 15 (as BoD expected in earlier RNSs) then this has to be announced and a vote set up, there is no escaping it.

If, however, the Buyer has walked, do the BoD need to say? Not anymore. If pushed, they can wave a finger at the 28 October RNS and say things are "continuing" (without stating which bullet from that RNS they are referring to, the "Buyer" bit, or the "other interest" bit). It becomes more a "get out of issuing bad news free" card.

So now DD is done, it comes down to the end game for this Buyer. In the near term, and from our perspective, I reckon we have a binary outcome: a "here's the deal to vote on" RNS or complete radio silence from the BoD. Items such as JORC, license transfers etc. become more operational updates (should be good, but as opposed to linking in with anything else in the near future).

But, at only 12 calendar days since 28 October, it's far too soon to tell and I'm sticking with the bullish case.
GLA

Roger - "if there are several transactions being worked on then is it likely (or possible even) that anyone of those could be defined as the purchase of 'substantially all of the assets'? Sounds more to me as if EUA is being broken up into pieces and if that were the case there wouldn't be the need for an EGM or anything for us to vote on?"

Just like skinning cats, there's more than one way a potential disposal can trigger Rule 15 and require a vote - I believe it's less to do with which particular mines/ licenses go, and more likely that the catalyst for a Rule 15 vote/ General Meeting will be the offer price being more than 75% of our current MCap (so >£500m or thereabouts). That test pre-supposes the MCap at the time is fair and therefore an disposal offer for >75% of it must be "substantially all" the business.

If someone offered £1b just for Semonovsky, the BoD would need to call a vote. Not saying anyone will, but just because "several" potential transactions are being explored, that may well be dividing up our total suite of licenses and prospects, it it doesn't mean a GM becomes unnecessary.

I always had in mind it would be about 6 weeks between announcement that we have a formal offer triggering Rule 15, through to ex dividend date.

This allows 2 weeks for general meeting to vote on it, another week or so for documents to be signed and monies/ownership transferred, then a couple of weeks for the BoD to finalise future plans, how much to pay out as dividend and announce it.

2022 completion is getting plausible the further into Nov we go, but still hoping for pre-Xmas, there's still time!!

First step now that DD is complete can literally be anytime. I'm still of the opinion that if a formal Rule 15 triggering offer is slapped on the Bod's table, they HAVE to announce it and set up a GM for it.

Welcome back Skip, the rums haven't been the same!
GLA

MT Flanks license we already have. Current talk about licences concerns the Rosgeo JV areas.

Evening all. Nice rns with only a few words but giving a lot (870+ posts) to chew over!

Not gone through everything so apologies if already picked up by others, but that phrase "successfully completed" is key to me.

How many proposed deals have the seller announced "The buyer has successfully completed due diligence... and chosen to walk away"? Next announcement is key but if it were to be walk away I'm sure the BoD would have got the vibes and only said "completed" - it means the same as "successfully completed" but carries less of a positive spin. Nomad also approved the wording.

So, if this is still for "substantially all" our assets it stands to reason the MT Flanks JORC numbers have been seen, as that has to be part of our assets.

So next rns is either JORC or offer, in spite of the additional interest. I don't believe the Bod can hold off announcing a formal offer if received and if it does indeed trigger Rule 15.

Get it in, buyer, and get it in writing. Give the other parties a kick up the arris too.

Reckon we're approaching fun time everyone.
GLA

Hi KofC yes I saw your response after I pressed post so defo crossed. I agree hopefully soon, but understand exactly where you're coming from. I too am probably too cynical for my own good, but find devil's advocate a useful thing, at the very least to keep one aware that until the proverbial lady in the plus size dress actually sings, it ain't over.

Have a good weekend!

I don't know. You trust autocorrect will help you as you type with fat fingers, but apparently "Lilelihhods" is OK?

Likelihoods will vary, to clarify..!

KofC I think EUA have already proven during suspension that their "shortly" is not the same as WRN's, though understand the sentiment if you're still caught up there.

Now I also commented at the time on the use of "shortly" but a) we aren't suspended so any shareholder can trade if they want and b) "shortly" here only applies to operational and resource updates. No reason there to suspect anything underhand is going on strategically.

This proposed sale is only ever going to end in one of two ways: deal or no deal. Lilelihhods may vary, but ultimately everyone knows that, so how far away from Tim Lyle is far enough for you?

Seems most of his earlier tweets have been deleted? From reading what's left it appears the only person who's missing from this story is one David Lenigas. That's when we should get worried!!

Evening Les
If the JORC and license transfer arrive at the same time, and they are the last things our preferred credible party want in place before the offer becomes binding, then I see no reason for a joint "here's this, and that, and by the way GM in two weeks to vote on our preferred option, circular attached"

I still cannot see the finer details of the divi coming this side of the GM as that approval is still a blocker and needs to be surpassed, before dividends out of proceeds can be countenanced. But you're right we can certainly have a guess once we know the ball park.

You sound like you enjoyed your break! Safe trip back. Looks like we have first crack at the Saudi Toons, newbie billionaires tomorrow. Not jealous at all....