The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
"Production is ongoing and a sizeable stockpile has been built. The Company expects to announce first sales and receive first revenues this month from TransOre International FZE, as previously announced. "
Looks like first revenues are due to be received in the coffers this month, not just announced
Https://www.sundaymail.co.zw/busy-week-for-president-in-mat-north
the mine bisichi is using is coming towards the end of life - they have been looking for various ways to extend the life (this the most recent find extended the life to 8 years) whereas the lubu asset is a resource with +1 billion tonnes of life
bisichi in the past has had some debt but they have been clearing it down, the recent price rise of coal has made bisichi look a lot better in terms of metrics but it could be temporary - depends on the coal price
Update for anyone using II, i logged into my account couple of min ago and I'm seeing the Contango shares available in my trading account (along with the original delisted CGH shares); it appears as though I can now trade the Contango shares. I've just initiated a Bed & ISA, will see if it actually goes through and update the forum.
at least you guys at HL have the allocation against your account
at ii we're not seeing anything yet
FYI, just got a message from Interactive investors, i'm seeing this in the 'corporate actions' section of my account
"
Stock: CONSOLIDATED GWTH ORD NPV
Event Type: Demerger
Description: Distribution in Specie
Terms: 0.072 Contango Holdings plc shares for each Consolidated Growth Holdings Limited share held
Pay date: Upon receipt
Consolidated Growth Holdings Limited have announced a Distribution in Specie, whereby holders will be issued with 0.072 shares in Contango Holdings plc for each Consolidated Growth Holdings Limited share held.
The new shares will be issued to entitled shareholders upon receipt of the stock from the company."
it's looking positive all
CGO would be the new company but CGH could remain separate and privately owned and have the majority stake in the new company
Just saw the following in the prospectus; I think CGH may very well still end up being private but will have a public majority holding in Contango
"CGH’s current focus is the exploration and development of iron ore and coal properties in southern and central Africa. Following Completion, CGH is to treat its ownership of Ordinary Shares in the Company passively and as an investment opportunity, rather than an operationally active shareholding"
RE: 5p per existing Sable/CGH share - not happening; the transaction is valued at £6.8m; when Sable was suspended it was valued at roughly £2m, so the transaction could value sable at about 3 times the value when it was suspended
We still have to hear from Sable/CGH re: the transaction but if our existing shares are magically swapped with the newly issued Sable/CGH shares, we would be looking at 3X return, that's a big IF; if that had to happen though, I'm sure most shareholders would be pleased
New RNS out
- https://www.investegate.co.uk/contango-holdingsplc/cgo/final-results/201909201631071811N
" Contango will acquire the Lubu Coalfield from CGH for gross consideration of circa £6.45m through the issue of ordinary shares at a price of 5p, subject to certain conditions being met
· Re-listing of the ordinary shares anticipated October 2019"
There's still a legal cloud over the allegations around Mount Nimba; not expecting anything from that anytime soon.....
This is really great news for shareholders, the wait has been really long, but it looks like there is definitely light at the end of the tunnel! It would be excellent for shareholders to get back 200% after the long wait.
https://www.investegate.co.uk/contango-holdingsplc/rns/final-results/201809131600017374A/
and says "The nature of the transaction constituted a Reverse Takeover and our shares were subsequently suspended pending the publication of a new prospectus. The Company and its advisers are now progressing the transaction through the final due diligence and documentation phases and look forward to updating the shareholders in due course. "
May be light at the end of the tunnel!
"Shareholder dispute costs Liberation Mining"
https://businesstimes.co.zw/shareholder-dispute-costs-liberation-mining/
"According to the application filed under HC7042/18, IR Trading cited Liberation local directors Mutsinya, von Platen and Robinson, Liberation Mining Limited and Consolidated Growth Holdings as respondents."
"This comes as it has emerged that the local investors are pursuing negotiations with new foreign investors who are offering a higher price for the coal mining grant, which was given to the local consortium in 2006."
Looks like there is a lot going on behind the scenes. Mining has halted because it looks like the 'respondents' (including Consolidated Growth Holdings) are purusing negotiations with new foreign investors who are offering a higher price for the coal grant. The Russians expected that they would have 100% of the shareholding by now....
http://source.co.zw/2018/04/coal-miner-to-come-on-stream-with-34mln-investment-says-mines-secretary/
Liberation minning project in Zim can produce 1.5 millions tones of coal annually https://www.youtube.com/watch?v=CJU6ekjLQbA Liberation Mining on mining challenges in Zimbabwe https://www.youtube.com/watch?v=L_MmRdstT-c
Assuming CGH still owns a significant interest in Liberation Mining, this interview is a good read https://www.newsday.co.zw/2018/03/russian-linked-miner-bemoans-logistics-constraints/ "ND: When you finish setting up shop, what kind of tonnage will your mine be producing after you begin operations? VT: Believe me, we will be the biggest coal company in this country. Our base scenario, within five years, we will be producing 50 million tonnes per annum, but mostly for exports. "
Why would $5,148 in royalty payments be used as the run rate going forward? The company has given guidance on this: Annual report: "while the expected income stream from gold royalties from Colombia has been slow to develop to the expected levels due to delays in installation and commissioning of a ball mill and other factors. It should begin to contribute more significantly from the November 2017 quarterly payment on." Investor pack: https://www.rrrplc.com/wp-content/uploads/2017/12/22Dec17_RRR-PPT-AGM_FINAL.pdf pg 17 Forecasted Royalty Estimates to RRR 2017: $25,000 2018: $227,000 2019: $401,000 The forecast is increasing revenue every year; only time will tell if they do meet this forecast.
500m share authority - lot's of scaremongering going on here around this; would invite the scaremongers to visit the history of AGM notices at https://www.rrrplc.com/investors/shareholder-information/agms-general-meetings/ There have been resolutions granting the authority to issue shares from the very beginning; it doesn't mean that shares to that extent will be issued.
"At this stage we would estimate that newly enlarged entity will be admitted to trading on the standard list of the main market during Q2 2018." Q2 2018 instead of end of Q1, a bit more longer to wait