Member Info for oldspursfan

It seems praying for Christian to pull through has taken on a shockingly unfortunate double meaning for us.

Remember Muamba all too clearly too.

Come on me old mucker...

Glorious afternoon all!
Just a thought - in the event of a special dividend we may end up being barred from reinvesting it, and having to take it as cash in the first instance.

Reason being is it's only the SP that changes - nobody loses any of their original shareholding so if everyone came into £1 per share windfall and all then wanted to reinvest and buy more shares at the ex div price, there wouldn't be anywhere near enough shares to buy...?

Now a rights issue, that would work because it will be new shares and can be limited by the company based on how much is actually needed and the subscription levels.

But everyone reinvesting at the point the divi falls due wouldnt work. It's also better for the company to keep the cash in the bank, the SP at a level that reflects cash in the bank, and the taxman can go whistle!

Sunny day and I'm thinking about this - what a life! GLA

Early contender just landed in my email:

Spam from: Share prophets
Tom Winnifrith: Just what have you missed this past week? Was it really worth saving £1.50?

Answers on a postcard...
GLA

No change of heart the Robert? Ok we wish you well on your future investments.

I would just point out though that there is nothing suggesting the BoD intend to issue 500m in one lump at the AGM. Dont know where you got that from. The resolution is for the authority to issue up to that many shares, if needed, in the next 12 months.

They may end up issuing some, all or none at all in that period, and current cash position suggests no immediate need to do place, so any placing would be months away at the earliest, imo.

GLA and hope there's a whopping present for you Skipper!

Tigra
Have to say I thought your theoretical rns was missing a statement from CS or JN saying "The Milky Bars are on me!" But "Dr Pepper, what's the worst that could happen?" more than makes up for it!

Thanks Adrian.
For me it's not an option to vote against unless I know for sure the BoD are not acting in my interests. Even then I would more likely consider selling any shareholding I had and moving on. So it's more a case of "Vote For" or "Abstain" - will see what happens between now and voting deadline!

I did also submit a second question to the Board to consider for the AGM Shareholder Q&A, in addition to the 500; just wondering if it is worth airing and what treatment it would get?!!

:-)

GLA

Hi Bob
Thanks and agreed - sorry if I misinterpreted your post but it sounded like you thought there were no deadlines for anything, when there is for AGM voting. That is what we are working to currently. I haven't suggested any timeframe for sale announcement!

I'll just reiterate what I said yesterday, which is that yes it's a standard resolution to refresh/renew the authority to place shares, as the EGM one just passed will expire at this upcoming AGM.

IMO, however, had they left the authority limit at what was in place previously (£250k par value/ 250m share limit), it would sail through and no-one would have batted an eyelid. It's the fact somebody in the Company saw fit to increase that limit for the next 12 months, despite having to really push for shareholders to pass the EGM 250 resolution (then under-utilising it); making reference in recent communications that a potential sale and (apparently "massive" though I just see that as as being a bit unprofessional of SPA) dividend is in the offing; plus additional funding sources via the EPCF route. Put all that together and it just looks odd they would look to increase it now.

Understanding more about the thought process that went into that decision would help people vote for it, and I'm a bit surprised they didn't pre-empt it and put something in originally. Anyhoo, let's see if they do issue something...

GLA

Morning
Couple of quick things:

Bobzrig - there is a set deadline. It's the last day you can submit your votes to have them included and count. The discussion is around the resolutions we're being asked to approve, and in particular the two where, in the absence of any direct reference to date, sends mixed messages about where we are and what we can look forward to near term.

Folio - "Probably get an update before AGM deadline anyway ...." - I hope so too mate!

GLA

Heath Robinson site

Adrian. You'll see my thoughts from the last couple of days in my posting history. I've asked the Board directly and will hold off voting for a bit to see if any further info is released.

Whether I vote for or abstain is the question for me. I won't vote against. It's 75% of votes cast that count.

Unfortunate typo!

*does

Evening
Roger65 dies have a good point and one I have shared earlier. I would say if you do have concerns then do as I did and put it as a question to the Board, email Info@eurasiamining.co.uk

Can I just ask as a point of clarification for everyone on the thread, it your concern to do with the resolutions generally, or the doubling of the authority limit?

Reason being the presence of those resolutions are standard across all company AGMs as it requires shareholder vote. The EGM authority expires on the 28th, and Boards generally seek for them to be approved again for the forthcoming year.

Had it remained a renewal of 250k/250m share limit as per last time, would you be as concerned?

Thanks and GLA

Pete
XO maybe??

Hi Mooching - I think it's reasonable to assume the AGM was set with this 21 clear days' notice, and not any longer than that, so working from there, one week sooner implies close of play Friday for anything extra that will coincide with the AGM.

They could of course issue it over the weekend, if anyone is likely to be logged on at LSE...!

Chrysalis if and when we get to dividend territory, it will be paid out as an amount per share in circulation as at the "record date" (that date will be announced when the dividend amount is).

Up to the record date if anyone holding options wishes to they can stump up the money to pay for them, and have new shares issued which are then added to the total shares in issue.

Hope that helps

Is that a trade for 8.52 shares?? WTF?

Think the 8th was worked out as being the last day when they could announce the AGM and still get it in the diary before the end of June. Obvs that's now superseded, but you're not going mad!

No worries CAW, and I think you may well be right. It certainly explains the lack of urgency in doing any actual mining activity at MT. Previous RNSs from before the FSP also stated interest stretching back years, so would appear to be a well-supported theory.

Don't forget we also had the WK Feasibility Study, which was apparently basedon plans that were approved, but weren't ours (whatever that means!). My point really was to ask if (HYPOTHETICALLY - Stork) WK were to be sold, in isolation (or as a first step), for say £750m, that figure is many multiples of its B/S carrying value, and above our current MCAP, so would it count as being "substantially all" our assets? If not, by what objective measure is it not?

Also, re AGM I did fire over two questions to the BoD: given current developments could they explain why they are now seeking twice the authority limit? And now FSP is over when do they intend informing the market of what the potential bidders were told they could buy (our "sales brochure"), and/or what they can tell us about the proposals they have received and rejected, in favour of their chosen preferred route?. Not expecting much back if I'm honest, but it cant hurt to ask, and as you state, it does feel like they need to explain more to get those specific resolutions over the line this time. If they had stuck with £250k par value, no-one would have batted an eyelid!!

GLA

Hi CAW. The issue as I see it is that given the accounts only record our licenses at cost incurred/ carrying value, if any of our assets were to be sold for around (or more than) our current MCAP it’s difficult to argue it doesn’t make up “substantially all” our assets, irrespective of what is left.

We only have about 5m non current assets on the balance sheet, our MCAP about 650m, so what is the 75% benchmark set against? Has that bit been answered?

Thought I felt my ears burning (or keys melting, or whatever the online version of that is!)

Yes so it is only the AGM that needs 21 days notice. All other general meetings require 14. So the BoD could announce a sale and vote anytime this week and have the time/ location coincide with the AGM. There is some question whether it would be an inclusion onto the AGM agenda, or a separate General Meeting running immediately afterwards - if it were to happen I suspect it would be separate but start once the AGM finishes. It will however definitely need a specific RNS and circular to be issued which details the sale offer that we would be asked to consider/ vote on.

The main point was that the usual suspects were laying into Mac on Friday night because the sale wasn't included as an AGM item. But this would require shorter notification timeframe, so it all could still happen by the end of the month. GLA