Member Info for oldspursfan

Could this all be just a long winded way of getting that pesky 75% resolution voted through?

You know, the one about allowing the BoD to place new shares directly with whomsoever they choose, up to the authority limit.

That special resolution has been rejected at the last two AGMs, and previously if you remember the "strengthening negotiating position" extraordinary meeting from a couple of years back, which was spaffed on Rosgeo (since abandoned) and loans to subsidiaries with no obvious means of getting it back from them given the current sanctions environment.

With this an a dual listing being mooted, there is an argument that the BoD just want to place shares/ dilute using new investors who are more likely to believe that "shortly" actually means shortly and negotiating positions do indeed need strengthening.

Not us LSE crowd who have been there seen it got the T-shirt, and naff all else so far.

Back up and running, hallelujah

Ah missed that bit, thanks!

AIM need to support that with a 730 confirmation but no reason why they shouldn't.

Couple of things still need to happen Akhan.

There was no mention of Friday of the suspension being lifted. Everyone is presuming this clears the decks and we will see a restoration RNS from AIM at 0730 tomorrow (effective from 8am).

We still need to have the AGM called and see what the agenda is, again something to expect tomorrow, but which has not yet landed.

Good question. Could also ask why not call some of the subsidiary loan back to the parent company?

I think the answer to both is the same.

Selling the concentrate may not fall foul of sanctions, but attempts to recoup the money raised, out of the subsidiary/ local currency, may do.

Morning velcrofajita

I'm not 100% sure if it's a redomiciling (move of HQ) as the the update says this

"Eurasia continues to seek a complete exit from Russia"

If we succeed in exiting fully, all we will be is a cash shell so why the rush to list somewhere else? It was an idea floated (literally) a while back so I'm surprised it was mentioned again as it seems, if not at odds with disposal of all our existing license interests, certainly unnecessary at this time.

CS has been guilty of pipedreaming, or joining into the pipedream from people on here, an EUA v2 post sale. This is whilst at the same time failing to secure a sale. Ive always seen that as cart before horse: first things first, Christian, sale, exit, then EUA2 can be discussed.

So I see a few pieces of things which don't (to me at least) fit together naturally, when all I really want is a bloody sale to vote on.

That started off quite balanced, stretchy, then sadly resorted to type...

Would have been my first choice spikey. But that is apparently inconsistent with the Boards stated strategy of waiting (sponsored by Guinness).

Or CS has been so busy working his backside off (according to cat, and literally nobody else) he plain forgot it was there to be sold.

One for the AGM

Spikey whilst I am inherently nervous of any loan that can be converted this one doesn't seem the same as your YA Global type death spiral.

Conversion price looks fixed, no reference to running VWAP which is what causes the death spiral. Would be nice to get to a point where that price is a hefty discount!

It's *alright* so far it goes.

I agree with you there bfd

BfD I wonder if we should read between the lines on this. Sanderson is a shareholder and for all the beaming smiles on page 1, they may well have given CS an ultimatum to put his money where his mouth is before bailing the company out.

CS has shown little enthusiasm in recent years for foregoing salary, so his stumping up his shareholding as collateral and agreeing to no pay if the loan is activated, whilst nice, is a somewhat surprising character shift.

So agm announced on Monday and we should be able to resume trading.

Dual listing getting a hypothetical mention more than once within the terms of the TFL I see. Anyone know if that is a common consideration for this type of financing? Or something else afoot?

Not quite sure what happened to our Frankfurt listing though, that must be in the same old people's home that we dont mention as MT by the looks.

Still no reason why he won't publish the MT DFS, despite that being a 2023 "highlight", and a blink and you miss it MT update too. This was once our flagship asset.

It is a term of the TFL that the Company will not pay any compensation to any its directors, other than costs or expenses incurred on behalf of the Company, whilst any part of the trade finance facility is still outstanding.

Lol. Good on you Sanderson

In fairness jarv the wait was 4 weeks back then.

Had we known it would drag on and stay suspended until early/mid Sept (latest view) many would have sold.

There is that!

Nothing like spaffing more precious company cash on RNSs saying previous RNSs were wrong. Great value adding...

Can't even make 7am on the last day of the 4th attempt to set expectations (end of June, end of July, during August sometime, now this week).

Is he not ashamed? Does he even care?

BBaggins, that is not strictly correct. 19 Sep 23 we had the interims so the first 6 months of 2023 have been reported on, albeit not audited.

"Chairman's Statement

Dear Shareholder

The first six months of 2023 saw the Company focused principally on our plan to sell our Russian assets..."

...£7.3m loss reported.

I think the RNS this week was more addressing the outrage that they didnt give an updated expectation for the accounts, when "August" was missed.

Instead they chose to say nope not August, and also raise new doubts over the going concern status.

Putting out fires of their own making.

The only stated reason we are suspended is due to the missed deadline for AR and accounts. So publish that, and we should resume trading within an hour (if markets are open), or they can specify a restoration date.

So publish before half 7 tomorrow morning, we should be trading again at 8. Publish later on or after hours tomorrow we should resume by Monday latest.

If the BoD wish to remain suspended, they have to say why as there would be no reason left, from what they have said previously.

Let's see, but looks like the BoD are pushing their latest expectation to the wire. "By" the end of this week, looking increasingly like "At" the end of this week. As it ever was...