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Del I think mac is suggesting the license applications have been processed and approved by the streamlined ERDC process, but the BoD have chosen to delay receiving them.
At least I think that his view on the next "it's obvious" reason why the BoD have kept schtum all year.
Del - I for one appreciate your list of updates we're still waiting on. For all the copy and paste/ read what the RNSs say comments there's usually one key thing missing - when was it said. It's the fact that so much time has passed which means all the optimism those statements initially created, has all but withered and died.
Don't forget the "more [news] to come" tweet in early Jan, since which time, 9 months have passed and the BoD have:
> approved a dividend policy
> created 2 subsidaires; and
> appointed a NED
So keep on putting up your list, and we can all share the irritation as they breach another 100 days. GLA
I invented a face cream that actually ages your skin, because it has highly ironic acid.
Much like most of this thread...
I think the key words from that post are "working towards" completing a sale this year. No guarantees or expectations it will happen this side of January, and much more like how the BoD normally communicate.
I think many may disagree with your opening response, especially given your posting history here and elsewhere.
But to answer your question:
Current sanctions - no impact on our ability to maintain a listing on LSE (the focus of your fears) - as per earlier RNSs
Future sanctions (whatever they may be) - nothing done to date suggests any government will specifically target EUA's listing on LSE, which means your shares can be traded if necessary for the foreseeable future.
Hope that helps
Freddie - if you as our resident de-ramper cannot think of sanctions that could result in our delisting, there's your answer.
Why are you asking the BB to come up with your next deramp line?
How's "Putin could seize our assets" going for you?
I think the more interesting question is why they didn't even want the ability to place up their sleeve this year?
As we know it's a standard AGM agenda item and "highly unusual" for it not to be requested, so I was surprised, even if they thought it would get shareholders backs up, they didn't put it on there. A specific shareplacing-based egm, like April 21, would be at greater risk of failing imo if they were worried about sentiment.
Wk may be producing more this year but as we have seen, sheet happens, so it's also a little risky for our BoD to presume year 1 of enhanced production will generate all the cash they need.
Maybe they genuinely believe they have all the cash they need for 12 months so threw us a bone by not even going there. But I admit it is very tempting to believe we are close to a sale, as that also makes sense...
GLA
CALLS - in which case they should abandon the sale, activate Sinosteel and get on with bringing MT into production, instead of constantly dangling a potential sale carrot that's forever an unspecified number of months away.
It's a shame that somebody forgot to bring the list of pre-submitted questions to the AGM but I had one on there which asked how crucial is the sale to funding the other strategies the Bod have started and announced to great fanfare whilst the sale has been ongoing. Rosgeo, Japan, EUA2 etc. Would a failure to secure a sale to the value the BoD hoped jeopardise these?
I wonder if the BoD have been guilty of putting cart before horse and committing the proceeds before the full amount of cash needed was actually secured. And as we've seen with the wider geopolitical environment: sht happens
If our BoD had received formal offers that they have rejected, would they not need to announce it?
There was reference at the AGM to CS using the phrase "no material offers" received, but I admit I don't get the concept of "materiality" when it comes to M&A - there's either a formal offer or there isnt, it's either recommended for approval or it isnt. Even if it's rejected out of hand would a cursory RNS stating this had happened not be expected, particularly when the main strategy is apparently to sell stuff?
AFAIK there is no recognised threshold below which a formal offer is "immaterial". A part of me thinks that phrase was just gloss, because "no formal offers made" sounds bad.
Morning all, was catching up with the AGM narrative as unable to attend due to work commitments. Thanks to everyone who did attend/ ask anything.
When I submitted my questions to Keith a couple of weeks back, he advised they would be added to the list. Can anyone confirm if the BoD did actually run through a list of pre-submitted questions, or were they relying on live questions from the floor or online?
Sounds like it went quick and not as rumbustious as expected, but nobody mentioned pre-submitted questions, were they ignored?
Thanks
Understood!
I'm still kind of holding out for a statement RNS in the morning as I can quite imagine the number of questions submitted, and range of topics, would have been substantial.
Just a follow up note to the Herbert's who have been asking about when the next placing will be.
The BoD have one more morning before last year's authority to place runs out.
They are not seeking renewal at the AGM.
Read into that what you will.
GLA
Officecat are you still intending to update here during the agm? Any chance you could share the question you've settled on (or at least the topic)?
Come on Wolfe, get it right:
He's THE officecat...
Board representative single handedly answering all questions so the BoD don't have to.
A couple of questions, probably already covered but in case not:
1. Since the banks rns in October 2019, there have (so far as shareholders outside the Board know), been no formal offers for our Russian Assets, despite references in RNS's to interest, informal offers and Rule 15 triggering proposals. What do the Board attribute this to?
2. In the responses to shareholder questions in advance of the 2021 AGM, the BoD stated it "would be highly unusual" not to request a renewal of authority to place shares for the forthcoming year. As no such resolution has been put to shareholders, what makes this AGM highly unusual?
As is say probably covered many times over, but just in case. Thanks and look forward to the commentary.
To quote Onassis, Les, keep watching...!
Don't forget the "I'm only trying to help, why the hostility?" line. That's a Kira-ism right there.
You're right TC in that the line could be linked to offers received, or linked to getting offers in or abandoning a sale, we don't know, it's just a statement open to interpretation at this stage.
Similarly, given their statement last year that it's highly unusual not to ask for a renewal of authority to place at an AGM, what makes the next 12 months highly unusual, as they havent asked for it? Could it be a sale is close so they know they won't need to place, or have they already agreed another large placing using this year's authority and we'll hear about it next week (they may suspect shareholder sentiment is against them right now, so don't want to stir any more than they have to)?
We'll find out, but yes it's (yet more) conjecture as it currently stands.
Its been hard to boil down my questions to just 2, but they have now gone in. GLA.
HI CTC
Yes we voted on it via an EGM in April last year, that only lasted until the AGM last June, where it was refreshed (limit increased, but still approved). It's that authority from last year's AGM that only has three weeks left.
If the BoD wanted authority to issue shares, they would need two bits approved: authority to place up to a defined limit (ordinary resolution, 50% to pass), and a special resoultion to bypass existing shareholder pre-emption rights, basically allowing the BoD to place directly with financiers rather than using a rights issue/ open offer. That second bit needs 75% to pass.
Bit surprised they arent in the AGM, espcially given they themselves stated they are routine items and "It would be quite unusual not to seek authority" last year. Quite what that means going forward I dont know. What it does mean is, unless advised otherwise, we only have three weeks of "there's a placing coming" drivel to put up with.
On the plus side LeCham, you've got less than three weeks to keep floating that possibility. Authority to place shares doesnt form part of the AGM agenda, so the BoD would need to call a specific resolution for a vote.
SteJ - I've never been convinced the BoD would tell us plainly the credible party have pulled out, that isn't their style.
If you just read the RNSs from when the FSP started you'd think nothing bad has ever happened. It's all positive. However judged against the fact there is no formal offer in 2 years (which would have to be announced) it's easy to draw a logical conclusion that the interest they annouced has waned and we havent been told.
Do a search for the word "credible" or "proposal" or "due diligence" in the Annual Report and you won't find any reference to the sale process (the first two words don't even appear).
Given this was a pretty major development and announcements happened in 2021 (the period the report covers) you would have thought if they were on the cusp of slapping a formal offer on deck the BoD would have mentioned they exist? But no, no reference at all. THAT tells me (for one) the BoD have effectively blown it, they've walked and the BoD have decided the best way to announce it is to say absolutely nothing, pretend they didn't exist, and just use phrases such as "interested parties (blah blah) continuing".
Tygra 10:23 - good analogy mate. I really didn't like the way the October RNS shoehorned in the "we're also pursuing other interested parties" reference - thought at the time looked unprofessional and borderline disrespectful, and wouldn't be surprised if it put the credible party's nose out of joint a bit.
I was hoping the BoD would issue a separate specific update on the sale, but appears what they have put in the AR is all we are going to get. There is obviously a huge sticking point, more likely than not it's money. Guess we're into another few months of limbo whilst the new appointees being thrown at this try and get it unstuck.
GLA