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i don't believe they can if i recall there was minority protection built into the articles of association following the open offer withdrawal by Solomon at 13.p, this was after the independent investors lodged an appeal with the takeover panel who agreed with the points and Solomon withdrew their offer leading to the placing for $55million at 7p.
I think the only way is for the Candy's to sell Solomon on lock stock, strange though you would assume that if they were looking to sell the company on sooner rather than later they would have taken the 65million shares blackrock dumped at 0.20
if someone bought at 0.4-0.5 then selling at 0.69 is between 38% - 72% profit, whose to say that by the time the refinance RNS comes out which i think will be within this month's quarterly update due around the end of the month the sp could be closer to 50.
The refinance should give the sp a boost provided the terms aren't overly bad, but you ain't gonna make tens of thousands in a couple of months, the next quarter's update will be due at the end of April that will be the crunch one, if they have managed to maintain stable nameplate production through Jan, Feb March then happy days as for buyout's any prospective party will want at the very least six months stable output to prove up the technology prior to even considering tabling an offer. IMHO DYOR
there's roughly around 3 million sold vs 220K bought hence the drop
No idea, someone dumped 5mill this morning in 2 x 2.5, 5mill on friday, we still haven't had a holding rns for the 65mill dumped by the ii, it's the increased liquidity that has allowed the sells not that they are desperate if it was blackrock they had/have 85million so around 20million left, if it was jarvis they had/have 65million, take your pick.
It was a sell, someone is supplying/dumping into each rise, same as the 5 million last week.
For those interested, and hopefully somewhat down the line the current site is 3km2, Metals ex have further exploration permits for two other sites 3.9 and 4.9km2
You can find details on the MGB tenement maps:
http://mgb.gov.ph/attachments/article/52/R2_Map_SEP_2018.pdf
No idea CV7, the FTAA gives mtl a tax holiday for up to 5 years following commencement of production until Metals Ex has recovered its pre-operating expenses and investment can't recall when mtl left the test and debugging stage and commenced full operations.
As for the licences and everything else based in the Philipines it is owned by FCF the phillipinne based operating company which in turn is owned 85% by Metals Ex.
"The FTAA is a legal contract between the Government of the Republic of the Philippines and FCF
Minerals Corporation (“FCF”) (the “Parties”) designed to establish a stable investment regime for the
development of the Runruno project. Metals Ex owns 85% of FCF and has rights to the remaining 15% in
perpetuity"
They don't need to pay 35 million on the 31st as long as the restructuring is completed as per prev RNS 5th November
"The waiver contains a commitment from the Company to complete the restructuring of the senior debt facility of US $63.8million by 31 January 2019 and work is currently underway to achieve this objective."
The quarter up to 31st December is due towards the end of this month we already know that it will be down due to the "computer error" accessing stage 2 and processing was run at 80% for October and November and "It is forecast that full processing operations will resume in December".
We have received no update on the processing operations since the shut down following the typhoon but going on past history and MTL's tendency towards reporting bad news and ignoring any good we have hopefully been running at capacity for the past month but who knows.
Any takeover bid has to be at the previous 12month high so around 4p, that's if they want to after the last disaster. I know someone who works for Nick in the property side and from what he's said they have split their businesses and are concentrating on different avenues and to be honest 30-50 million is nothing to these guys when your splashing 40million on a yacht.
Well it definitely wasn't Baker Steel as some mentioned MTL still accounts for 2.6% of their fund as of their NAV report this morning, maybe the decision to sell was known to the company hence the CEO being forced to take a step back either way an RNS confirming we are into Stage 2 of the mine and running 100% would do wonders after bloody typhoons, biox algae and lopez I can't take much more of this.
It’s the many setbacks they have had that’s got us here typhoons issues with biox circuit finally when it was looking like it had turned a corner they screwed up on the mining depths they have struggled with output only being at 50/60% but have been meeting capital interest repayment the capital sum repayments haven’t been met though maybe some new blood will finally kick some ass and get this going to capacity at 25,000oz per quarter Aisc was around 630 an ounce
yeah i bought some more last week at 1.49 should have waited, looks as though it's a pi dumping their holding, not seen any news, if anything they should be re-commencing full operations around this time,
hardly unsafe and unpredictable though is it rinse and repeat, fowler and his son have been milking this one for 28 years what is he on now around £200K p.a, the only manager under 60 is his son and he's on £130K a year, it's like a retirement old boys club and it's the private investors who are funding it.
Yep be racking up those business class air miles, almost 3 months since equity raise and with Christmas coming up it's going to be placing time soon.
"To enable the forthcoming,probable, anticipated, iranian opportunity to be progressed further to a satisfactory, expected level and to aid the support and development of my new Aston martin which is being delivered before Christmas we have decided to undertake a placing
I personally thank you our ever loyal private investors for the patience shown while my chums flip their stock and for allowing me the full grain leather upgrade option.
Kind regards
Sir Tony Baldrick
Anytime now, could be today could be early next week
Does it really matter as to the language this is the aim market it's fca who are next to useless, they may as well have told the truth for what difference it would make.
"there's not much left in the pot and Christmas is coming up, i've promised my wife a new diamond ring so let's get a placing done and a bit of ramptastic *******s to sucker the pi's in uplift the sp and make sure the placees get their 10% when they flip"
Couldn't agree more to be honest i thought the market had already priced it in since the last funding update and subsequent drop, going to let it settle for a couple of days and see what rns we have at the beginning of next month before i take some more at this level but i'm pretty sure that the waiver will be accepted by paribas/hsbc.
Previous quarter did 12,359 oz, 23rd July RNS 4 weeks in to the present quarter they were processing at 88% following the electrical outages at the beginning of the quarter, since they changed the biox parameters the ramp up rates have been greatly reduced compared to 16/17 just wishing the ******'s had thought of this earlier.
Agree with CV, the candy's et all have too much invested to allow this to fail and risk the bank's asset stripping also the operating/political issues within the Philippines are complex and fcf have gone to great lengths to maintain good relations with the local populace and government not to mention the profit sharing agreement in place.
Just ****es me off that it has come this close when only at the last agm, Holzberger was talking about additional mills and parties looking forward to increased production etc.
Supposed to be doing 25,000 per quarter with a mine life of 10 years, and further areas to explore. They need to prove they can hit the target, beset with problems previously, not expecting them to hit this quarter but they should be somewhere around 15-16Koz this quarter taking into account the electrical issues at the beginning, will start getting concerned if the ii's start dumping.
Doubtful when they are still making the interest payments.