Member Info for oldspursfan

Nice rns. So if they hit plans:
128Koz at 75% Pd (so taking say $1500/oz) gives us approaching $200m per annum, less costs at c. $400/oz puts gross profit at about $140m pa.

From just 2 open pit mines, and excludes rosgeo and Mt flanks?

That'll do - question is are these "our plans"?
Gla hoping for a good response.

JMV but we've seen a couple of posters now deteriorate, and they seem to be ones that end up posting more and more frequently each day.
Having to post on pretty much every discussion thread. Usually to emphasise how unimportant they think the thread is (irony lost on them) and descending into arguments and slanging matches.

Perhaps anonymous bbs should come with a health warning!

Hope everyone's OK. Gearing up for a Monday rns...

On Vox watch, hopefully not a 6:15 Zak Mir bl**dy update like last night - almost gave me a coronary!

Most likely! There's also the NL Derby at the end of Sept which Arsenal ALWAYS turn up for.

TBH this rise today has surprised me. Expected more of a simmering of anticipation, coming to the boil on Friday when proper FOMO kicks in. Not honestly expecting news before Friday, and either out of hours then or first thing Monday. If this is the "simmering" stage I can't wait for Friday!!

It does look like it has new highs in its sights this week and none of the previous ranges seem to be stopping it. The small matter of the 7bn valuation with Rosgeo will undoubtedly help a tiny bit!

I guessed Monday for the next news and expected new highs by Friday. Both may well be sooner and I would be happy to relinquish time with SL to other deserving shipmates if that happens.

Dance, ahem.

Not one to gloat as spurs have been down that end of the table enough times and at worse points in the season! Though I did see one joke that amused me:

Man U defender Wan Bissaka was charged with driving without insurance. AFC have apparently been in touch to ask if they could have the three points...

Sorry Les!

The funny thing for me is the prices and ranges we were trading in for literally weeks earlier in the year and couldn't break, we just sailed through one session at time without even pausing for a nostalgic tea and slice of cake.

Ah the 27-30 days... S0d that on we go.

Amazing.

We're not listed on a US exchange so not affected. They can trade lse shares as long as lse is open.

Why people seem to think that professional US traders and trading desks only trade UK shares between the hours of 1430 and 1630 because they are too lazy to get up earlier, is beyond me!

Far too many "Yanks" posts today!

1815 vox markets alert went off. Think "Holy sheet is this it?*

Zak Mir again. Think ah booger off...

Morning all - nice start, could really get used to this!

I'm going for a week of simmering anticipation, ending with a proper FOMO Friday.

Ian please could I go for the next rns on next Monday 13th?

Cheers

Yes I’d expect all warrants to be cashed in before the dividend is paid out. Most calculations that have been done will be fully diluted at about 3.2b shares I think (someone will correct if wrong).

It may well be a pretty good indicator of an announcement if warrant holders suddenly decide they will exercise. One to look out for I reckon…

The key thing is the sale circular and GM notification. More likely that will be advised out of hours before 8 or after 430, so no need to suspend.

Afternoon Bob
It can't, but you are forgetting the important step of sale circular.

If the Bod announced tomorrow they have agreed, subject to a vote/gm in 2 weeks, to sell mt+flanks for 3b, the market has to reflect it and the SP will instantly rerate to the £1 mark give or take.

Then a divi of say 50p can be taken from it when it comes.

Think this has been posted before (Aim rules)

https://www.burges-salmon.com/-/media/files/publications/open-access/aim_companies_corporate_transactions_and_the_aim_rules_for_companies.pdf

Schedule 3 on page 19 outlines what the class tests are, and >75% is the threshold for any one of them for the rule to apply. Majority are accounting related such as % of gross assets, turnover, profits etc. But having just had a placing and not capitalised much, the bulk of our last balance sheet was cash in from the recent placing. Reserves don't apply IMO as they aren't reflected in a mining company's b/s (it's more supplementary and mainly used to work out potential cashflow).

That's why I and others think the class test that applies here is Consideration Test: sale proceeds exceed 75% of MCAP the business day before announcement. And when the Bod stated that Rule 15 would likely apply back in May (when SP was in the 27-30p range), they were dropping a hint that the sale proceeds would comfortably exceed this, even with some months of negotiating to go.

HTH and GLA, not long now surely...!

Sorry Caw, crossed!
I read that as being wait for the sale peeps, then we'll tell you, so not dissimilar to what has been said!!

What Ian was calling out, correctly, is that there will be a period of time between the SP re-rating when the sale price is announced (in the circular) through the GM to approve it and up to the ex div date. My guess is about 3 or 4 weeks between rerate and ex div date.

During this time anyone holding shares outside a tax wrapper can work out if it would be cheaper from a tax perspective to sell at the higher SP and incur cgt, or hold for the divi which is treated as a form of income.

Its highly individual but the difference can be significant, rule of thumb being the higher the divi the more likely cgt will be cheaper as its rate is lower (for now). But there have been several tax threads mentioning this so check back if interested.

Hi Caw/Ian
Qualification for any special dividend from a PI perspective is as simple as it is for routine divis. If you hold shares at the point the SP goes ex-dividend, you qualify.

From an admin perspective there's a day's grace whilst share registers are updated for trades on the last day before ex div (record date), but ultimately if you hold when ex div happens you get the divi.

When the Bod announce the details of the special divi, this will include the amount, ex div date and record date. The SP will go ex div (divi amount removed from the SP) before markets open so no chance of qualifying for divi and selling at the previous higher price, unfortunately, or we'd all do it!! HTH

Agreed. First thing we will see is the SP rerate to reflect the sale proceeds due (as spelled out in the circular), and especially if the Bod recommend or state they are in favour. This will reflect defined value and cash due into the bank, and is what we will be asked to vote on.

I don't expect any specifics on divi amount at that stage, but once approved, sale completes and money arrives, then the Bod will announce how much they will pay out as a special divi.

The divi amount I'm not expecting to vote on as it is a management decision, but I can easily see a divi being about 50-60% of the sale proceeds. Just so long as what they keep covers all costs in the short/medium term so they don't have to place.

Roll on step 1.

Onassis
Good find but please when copying and pasting include the link

https://www.google.com/amp/s/www.thisismoney.co.uk/money/article-9955029/amp/SMALL-CAP-MOVERS-Falcon-Oil-flying-high-test-results.html

Also your last sentence looks like it is, but does not actually form part of the article, so is your opinion. Hope you are correct, obviously, but please can you separate the two so it is clear (what is article/ what is opinion).
Cheers

Evening all
I believe it is just the AGM that requires 21 days notice, any (extraordinary) general meeting only needs 14 days.

If you have a look at watchstone group who did a Rule 15 disposal of assets back in October, you'll see the circular talks about the sale and sale proceeds only. There is mention of a dividend but the details are stated as to be confirmed.

I personally expect EUA when they do get around to it, to do the same. We'll get notice of what is going and for how much, and asked to vote to approve that at a GM two weeks later.

Dividend info won't come as part of this as it can't be paid out until proceeds actually arrive, but it won't be long after the GM is held and votes counted/approval got. Then we will get told how much divi the Bod have decided to pay out of proceeds, the ex div date, and record date (a day later).

GLA

I'm going to (try) and keep my feet on the ground and when the Circular/General Meeting RNS lands think to myself "Go on, more than 50p, more than 50p..." But it does wholly depend on what is going at this stage, if it isn't everything.

Plus point from not selling the whole company now, is it will turn EUA back into a "proper" explorer, i.e. get licenses, prove up, sell and move onto the next one. It will also underpin a kind of "going rate" per MOz of PGMs so the MMs/IIs of the world won't be able to push the SP right down as they have been of late as there is a direct comparison to other nearby licenses.

Of course if it all goes, it should be for multiples of the 50p I refer to above - maybe that should be the mantra when the RNS lands instead: "multiples of 50p, multiples of 50p" lol