The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
I’d say it was remarkable that halfway through the 90-day period we still have no communication from the BoD about when they’ll pay the dividend, but it’s so completely in line with the despicable way they’ve communicated with shareholders over the years. Not even a record date announced. I sincerely hope we don’t discover one day they decided it would be better to spend it all on some new investment project.
I don’t know what’s so hard in announcing a payment date for the dividend. Have they even set a record date?
While I’m as relieved as anyone that this sorry story is nearing the end, as a vlth, I’m going to count it as a lesson learned about understanding the strength of a company’s board. Sviblov knows he’s got an absolute steal here and the next time I expect to hear Kun-Manie in the news is when he sells it to Norilsk Nickel for 100 times what he’s just paid for it - and probably in the not too distant future. And Norilsk will still make at least 10 times what it will pay for the mine.
That’s on RY and co. who just never had the marketing or negotiation skills to deliver the real value for shareholders - and they had years to get it right before the war ever started so please don’t plead “geopolitical” factors. They should have beefed up the BoD - at least have got a Russian in to influence negotiations. But instead it was always “right time, right place, right product”.
Well that’s $35m worth of tuition. Look forward to this story concluding shortly. Good luck to all holders.
This is a sale by one Cyprus entity to another Cyprus entity, what’s the problem with that And they really mean to say RY and the useless BOD didn’t think about payment mechanisms before now? Speechless at their stupidity.
Long-term holder here who like many others feels betrayed by RY and his mates. All the optimistic talk of £1 parties now feels laughably misplaced because it turned out the BoD were good at drilling and useless at executing a strategy to sell what they’d found.
To have a $35 billion asset of metals the world badly needs and can’t find enough of, and to sell it for $35 million is staggering incompetence. The war is irrelevant here - it’s just the opportunity for the mugging to take place. RY and co. had years before then to do a good deal and move on but they were incapable of negotiating with anyone - it was all just naive “right time, right place, right product” fluff.
AMC’s biggest weakness was never having a Russian on the board to navigate the environment. Well they’ve got one now.
Lesson bitterly learned. About all I have to thank RY for after 12 years of bs. Good luck to all holders who should have done much better from this share.
What I get is that Sviblov will sell this on to someone probably in quick order for many multiples of what he pays us. You want to watch as Norilsk takes it? I’d rather deal with the organ grinder than his envoy
This is worth much more than $35m and RY should sit out the war and wait if he’s unable to find alternative buyers now. Let Sviblov sweat on it, and if he wants it so bad then he can up the offer. I don’t understand the pressure to sell now other than the BoD’s apparent wish to throw in the towel.
Stay up but it’s interesting background on AMC’s suitor - this is a shakedown not a deal
https://www.ruscrime.com/politics/dealer-of-all-russia-what-is-happening-with-the-mining-assets-of-sviblov/amp/
It’s worth $100m now - this is another terrible attempt to bounce by RY and co. to bounce shareholders into accepting a bad deal. They have to defend our interests, not try to bail out because they’re tired. $100m upfront fir sale would get my vote. $35m for a $35 billion asset is a joke.
Well we now know that the offer even if paid in full upfront was at a 99.75 percent discount to the value of the asset…
My back-of-the-envelope calculations based on current prices of these metals makes KM worth about $42 billion….and the BoD (which knew the numbers) were ready to sell at $15 million up front. The cobalt alone repays the capital costs!
Nickel $33b
Copper $3.2b
Cobalt $1.9b
Platinum $850m
Palladium $1.6b
Gold $530m
Adding my thanks to all who attended the meeting today to voice the PIs’ displeasure and very pleased at the result. Now if this guy wants the asset, let him make a proper offer in full and let the BoD for once try to represent our interests and not simply their own. A good day!
Yes thanks to all attending in person and I hope RY gets to understand the strength of opposition and anger over this “deal.” And that “no” wins clearly. GLA!
Well since announcing this deal Ry and the board have successfully crushed AMC’s value even further. Hard to find a better example of company destruction relative to asset value. And they want us to go again with them??
They suspended for two days. Certainly didn’t need to in order to announce a new director.
Stanmix Holding Limited is a Cyprus incorporated company controlled by Vladislav Sviblov.
Irosta is Cyprus-registered too.
The deal may require Russian government approval for the disposal of assets but that’s NOT because it’s to restrict money flows out of the country. In this deal, money flows from one Cyprus company to a BVI -registered company for an asset registered in Cyprus. NO money goes through or out of Russia - just ownership changes hands in a grand theft.
earn a billion not warn!
And his explanation for the deal’s structure is laughable. It’s because of government concern about dollar flows out of the country?
Russia expects to warn about $1 billion per DAY from oil and gas sales this year, according to Bloomberg. And we’re expected to accept that $100m for KM has to be spread over 15 years? Please…
This deal stinks and I will vote NO unless the terms are revised to pay the full amount - just 6p per share - up front and to shareholders in full. RY has no credibility left to pursue other investments with our money.
If it was a deal RY and co were pleased with, we’d have heard from them today selling the virtues of the sale on the air and patting themselves on the back. Instead, ashamed silence.
I have written to the company demanding explanations via their website form and I suggest everyone here does the same. They need to know the strength of feeling from shareholders against this “deal”.