Member Info for oldspursfan

Mark
Yes, but it won’t be tomorrow! Be several weeks before that happens, if the BoD choose a rule15, vote route for us.

DJ that is the life cycle of an exploration company. Get license, drill, prove up, sell, move on. Glad we’re finally at the sell phase!

A sure fire way to get some recommends Tricky!

Duly ticked up, and thanks for the compliment!

John meyer from SP Angel interview

https://audioboom.com/posts/7864620-onthemarket-ceo-jason-tebb-on-their-partnership-with-sprift-technologies-and-john-meyer-on-3-reso

3 and a bit minutes from 20 mins in. No mention of dodgy MCAP twits...

I dont think "delighted to have received a proposal from a credible party...[that the Board have] decided to focus on." and "credible offer" are really that dissimilar.

Just shorthand. The first bit was painful to type. What do you see as the difference?

May as well quote "until it completes there's no guarantee it will complete" - still the small matter of approval and no counter offers until this is a done deal

Peter - yes it is strange I dont recall any other company effectively telling the market "we've had a credible offer for substantially all of our assets, it will likely trigger AIM Rue 15 and require a shareholder vote, but we're not telling you what the offer is yet."

Honestly thought they couldn't try to let the market find a level based on the above and would send notice of EGM and circular pre-open today. So we're left with progress, FSP over, but no numbers, and sailing against a strong current as all markets are down. So up 10% is not all that bad at the moment, but hopefully we will hear more soon.

Fair point! Actually from an accounting perspective all our licenses have been booked at cost hence why we only have about £8m total assets of which fixed assets account for about £5m (2019 numbers). So yes retaining just our 500k cost of buying into Rosgeo, and selling the rest would be within Rule 15. Okay thanks!!

Yes but first dibs at what? We're the only ones who can activate it, and assuming 104mOz is all that's there, our 75% is a damn sight more than 20 or 25% of the total company as it currently stands.

Like I say, as they reference substantially all assets, AFTER the bit about concluding Rosgeo JV, suggests to me it's being thrown in.

It doesnt exclude full sale, but does imply the company will still exist after the transaction, minus the licenses sold, but with a shed load of cash in the bank.

Hi Mooching
"Old assets sold, new assets kept" how does that sit with AIM Rule 15, and "substantially all" our assets being sold. That line is included after they mention signing the Rosgeo JV, as in we signed it, then bidders came in including one relevant to Rule 15. Suggests to me it's going?

Yes forgot about the share allotment right for a minute there!

I would have thought if they were doing that, it would have been included tonight. I cant see a recommended offer that equates to xxx per share being published, then they up the number of shares in issue. There are also only 3 other parties involved in WK and MT, so maybe it isnt needed.

Maybe UBS and DLA will accept shares in lieu of payment, and if the board recommended accepting the offer it's likely to pass anyway.

Must admit though the FSP and WK update do not read like they should be in the same rns. Sale of substantially all the company's assets followed by BoD restating their commitment to developing a major PGM player in the region sound like they should be separate. Anyone else think that?

I don't think there is that long to go Prismed. I think the way it is worded is saying the main next step is shareholder ratification via a GM. They have reached agreement in principle, and need a vote because it substantially changes the nature of the business.

That's what I expect to be announced tomorrow, date of GM, circular and details of the recommended offer. Because why end the FSP now if they aren't able to issue this information yet?

Is it 7am yet....??

RMR - "delighted to have received a proposal that could allow us to pay a significant dividend..."

What price "delighted"?

Expecting more pre market tomorrow: board recommended offer, egm and circular. Who needs sleep???

SHOW ME THE MONEY!!!

Seriously - where are the figures???

Lol - end in sight guys roll on the circular....

Mont I've also floated that opinion around the time of the EGM.

I've since done some digging and the ownership isn't as complicated and not as murky as first thought - think that is just "Who the *** are Queeld"?

MT - license is held with the Terskaya Mining Company. Ownership is split: 80% us (via subsidiary) 20% was awarded to Luncroft Holdings Ltd per 14/10/2014 RNS. They've been a long-standing shareholder sitting around the 0.5% ownership level for several years.

WK - license owned by Kosvinsky Kamen Mining Company, ownership split: 68% us via our Kosvinsky subsidiary; 7% bught by Alexei Churakov via Venus Garden Holdings (24/01/18 RNS), sold to Veles via direct sale Jan 21. Remaining 25% is stated as being owned by "Yuzhno-Zaozersky Priisk, a local mining company" per the RNS of 16/06/2010. I've found nothing since to suggest that has changed.

So equity for % stake only involves three other stakeholders, so if this is they way forward, it could be reasonably straightforward for EUA to do. Conversely, it isn't as complicated for the buyer to arrange a buyout direct with them (4 parties in total).

Hope this helps

If only the market valued every listed company as if it were in a FSP and about to be sold in the next few weeks eh? Then you'd have a better comparator

GFD haha! Looking forward to a great game actually, Leeds and Spurs should put on quite a show.

(Apologies in advance for the inevitable bore draw)

Dance I think with the derampers there is an element of pride in that it was only 18 or so months ago we were sub 1p, having been there for yonks. They firmly believe that the market cannot get it that wrong and that is therefore where the price should be. Evidence to the contrary doesnt matter, they cannot or will not change their view as to do means they got it hopelessly wrong.

Following their mentor in that regard who hurls mud in a scatter gun approach, once in a blue moon finds he's actually onto something, so uses that to justify what he does. When wrong he stays quiet. Sound familiar?

Another thread for the weekend

Everyone who is trying to denigrate the value EUA could achieve, all reference previous purchases when PGMs were not as desirable or as valuable.

I ask these naysayers: why can't EUA be the new benchmark for PGM miners to value their own resources in a supercycle? Let us be the yardstick and the market catch up.

God knows what these denigrators would have been like in the dotcom boom: it's all cables I'd value them at a fiver/ if cables were so valuable screwfix would be worth trillions....

And yes it may mean certain other PGM miners are undervalued. But it takes an EUA to make that known and yes maybe they are - what are you going to do about it?

Let's keep the positivity going over the weekend.
GLA

To stop the doom mongers suggesting there is either success or failure (50/50) there's a long list of potential FSP outcomes, only one of which is failure. For example:
> Success via sale of an asset (one or more)
> Success via sale of an EUA subsidiary e.g. TAO Terskaya
> Success via a full company sale (all existing share capital)
> Success via a JV or Farm In to one or more existing assets
> Success via an integral role in a multi-national consortium exploiting the whole Kola district, linking in for example Japan, which recent RNS's mention

And I'm sure many others including outcomes we haven't yet thought of (feel free to add).

And there, right at the very bottom, is total failure of FSP (no offers, no anything, as you were lads). One option out of many. It hasn't finished and nobody has walked, so still all to play for, but I fully believe balance of probability is very much in success of some kind.

And don't forget we have Sinosteel and a route to MT production if worst comes to worst, so failure is not a total wipeout.
One of two threads to keep going over the botfly weekend. GLA