Member Info for oldspursfan

Whitto that’s an interesting case. I see they announced they had fully sold out of rms on 23 Nov last year. They would then let shareholders know what they would do with the proceeds in due course.

Special dividend details came 10 days later on 3rd Dec.

Sale first, proceeds clear, dividend announced. The normal flow of events for those thinking a dividend announcement will be next.

Mont that’s something I’m going to ask the Board to address as far as they can. May be nothing, but I won’t lie the optics do appear to run counter to all the previous messages including recent fundraising and references to other funding sources.

Stating the obvious CAW, but sold for what, marshmallows? It will be cash in the bank, so should be no need to raise money through placings within 12 months.

Yes feels a lot more measured today.

Helpful that TMS assertion that WK is a loss making venture, and tripling production would triple the loss was debunked as BS. Funny thing about that was he called out the reduction in carrying value, but used it as a separate negative, as if it was unconnected to the P&L position. In fact it drove the reported loss and if output was not restricted to 1.5k oz it wouldnt need to be much higher to become profitable. About 2.2 to 2.3k, when plans I believe are for up to 64k oz?? Basic error anyway.

I did notice that CS attributed the SP rise to 42.5p to literally everything except the FSP and prospect of a sale. Thought that was a bit odd. I'm also going to ask if they would explain why they are pushing for rights to issue 500m shares, as it's been 250m when the SP was a lot lower, so doubling it now, sounds a bit counter intuitive: it should be coming down?

I still would like to see the BoD explain more about what they told buyers they have, now we are out of the FSP. The sales brochure has never been something I felt could be covered by an NDA, and now there is no reason not to tell the market what buyers were invited to bid on.

GLA

Ibiza no it wont happen like that.

A sale rns will give us details of what is being sold and for how much. It may include a stated INTENTION to pay a dividend out of the proceeds but we would have to vote for it first (so allow a couple of weeks for that).

After approval it will be a few weeks to get the asset legally transferred to the new owner and cash received. Fees payable come out of it and the BoD can then decide/declare how much from what is left they will pay out as a dividend and how much to retain for future operations.

All shareholders holding shares at the date they announce as being the record date will be eligible for dividend. The record date will be future not back dated.

No worries mac, saw the usual suspects ganging up last night, but obviously without realising what timeframes are stipulated!

Calamari, yes, sorry it would be officially Meeting 2, resolution 1, rather than Resolution 10 of the AGM. Just taking advantage of everyone being together (I can't say "in the room" at the moment!)

Not saying I expect it to happen like this, just that it can. Let's see what happens over the next few days.

Micky we would have to sell it first. Dividend amount will be announced after sale has gone through, should we vote for it.

Market will react to the sale price as and when announced as effectively our bank balance will have that much cash coming in.

Everyone knocking the nautical theme cannot have worked for an organisation in the last 10+ years as everything is an effing "journey". Just so happens ours is on the high seas. Doesnt bother me in the slightest, but if you dont like it filter the main protagonists. That is what it is there for.

Sabu as I said last night, there's still time for a sale to be appended to the AGM list of resoltuions. It will need a separate rns and circular anyway, but only 14 days notice, not 21 that an AGM requires.

GLA

Insert.Coins you’re right we really needed Billions with all his experience in mega M&A deals leading this, not Dmitry.

Got to say your moniker is a bit obscure, as Insert Coins only appears as a message when you have either not put anything in, or lost all you had. Which is it?

Lot to digest, but couple of things stick out:
WK is profitable if they let the brakes off. There’s a 650k charge due to reduction of carrying value for the mining asset and which would have remained the case whatever production was. This has been put through as cost of sales, so every £1 of production cost 50p in other direct costs.

Secondly it’s only the AGM that needs 21 days notice. All else needs 14. So calling out Mac is a bit premature as technically there is still a week for any sale RNS to be added to the list of resolutions, and specific circular/RNS issued.
GLA

It's "lose" and "loose" that really gets my goat. Though, weirdly, "loser" and "looser" mixed up just makes me laugh...?

When is 21 days not 21 days, lol

Not sure if this helps us at all, but last year’s AGM, whilst delayed, was announced 27 Aug for a meeting on 18 Sept, 22 days later but including a bank holiday!!

Keith please can we save ourselves a weekend of potential breach talk and get results and AGM notice out tomorrow? Thanks in advance.

Companies Act 2006 says at least 21 days for an AGM of a public listed company. As these are usually held in the mornings, would imply Monday pre-opening is the latest. After hours Monday and you could argue it is less than 21 days until the morning of the 30th, ie. 20 days, 16 hours...

“(2)A general meeting of a public company (other than an adjourned meeting) must be called by notice of—
(a)in the case of an annual general meeting, at least 21 days, and
(b)in any other case, at least 14 days.”

Apt

Not sure what certain posters' problems are here - we have money in the bank to get at least some of the Rosgeo license areas moving.

Yes, we don't know who the private placement was with, but they are under the reporting threshold, so whilst they may appear on other lists of major shareholders they aren't obliged to issue a TR-1. What's confusing is why anyone expected some kind of Dragon's Den business plan from the II for us to somehow vote on or approve?! WTF is wrong with people?!! It's happened, what's important now isn't this "mysterious" investor's intentions but what the BoD go on to do with the money, and how this influences sale discussions.

Maybe whoever had cash to burn saw us as a good investment, and the BoD saw the opportunity to progress/ get to a better position prior to sale? Maybe it's nothing more sinister than a win/win opportunity, we will see.

Speaking of which, I'm looking forward to the Annual Report and updated balance sheet, so we can try to work out which of our assets (as at 31 Dec 2020) make up what proportion, and therefore where 75% would theoretically kick in. Certainly better than going with 2019 figures!

GLA

Anyway

Ah no worries Hawks!

I think the phrase would look good as an epitaph as well...

Hawks, not sure how that upset you?

I "won" the rns game per Ian_'s note, hence why I'm bringing SL into my posts tonight. That phrase was Sbrace's hence in quotes. Just found it amusing to link the two, that's all.

Wow think your thoughts need a bit more structure, perhaps a word cloud?

Reckon I can see "billion" a few times, is that what you're thinking, if so good man!!

All over the place. If allowed expect the nervous to sell and more confident to try and mop them up.

How many PME's???

Would have thought they would have waited at least until Monday for a decision to come in, not sure what they are doing, or how this is going to help...?

"You’re old so you know more"

Haha, watch out Septic...