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As I read the RNS Jeffries reduced their holding from 5.04% to end up with 4.77%.

Ah right, thanks for that.

Sorry for the daft post.

If the sale goes through in Q3 as suggested

will we receive dividends leading up to that date?

If so, the offer of 73p is worth 75p or 77p depending on timing.

Or have I missed something?

In short, the companyhave bought back one seventh of the shares in issue, at a price of 64.03p per share. We should receive those funds around 13th Feb. In the meantime, your account should now be showing six sevenths of your holding prior to 29th January. You should, if you held shares prior to the last ex-div date, have received the dividend on Friday/Monday (depending on where the shares are held).

If anyone (like me) was wondering what an A380 might sell for, Google tells me this:

New A380s

A new Airbus A380 can cost around $455 million.

Airbus ended production of the A380 in 2021.

Used A380s

The price of a used A380 can vary widely depending on its age and market demand.

For example, Emirates purchased a 14-year-old A380 for $30.5 million in 2023.

In 2024, Emirates purchased five A380s from Doric Nimrod Air Two for around $40 million each.

"...paying this level of dividends at this price level seems like a ridiculous waste of resources "

Don't forget that the high divi is only for those who buy shares now, the vast majority are not receiving 30%, indeed more like 12-15% if they were bought last year.

This may be a bit naive, but with 86% or so of the company owned by institutional investors (who are presumably happy to continue receiving a dividend) then the remaining 14% or so is worth, at the current SP around £67mn. That seems like a price that the company could deal with. However as the shares are bought back then the scarcity value causes price rise and as I understand it the company is seemingly not permitted to manipulate the sp in such a way. This makes me wonder if there is an institutional seller in the background providing a source shares for buyback already? At what point would they have to declare it if that were the case? - Only if they currently already breach the threshold?

While you personally might find it challenging to read, I would suggest be wary of labelling people in such a way. There is a significant list of successful entrepreneurs and even billionaires whose instincts for business are spot-on but who are dyslexic.

Have to issue an RNS with the revised Dividend Declaration. If there isn't one then it will appear to be 1/20th of what we are expecting?

Surely, if you have 1,000 shares today, it will become 50. ( ie. a factor of 20)?

Maybe so, but even those that bought in at 120 still get their divdend.

*seeming*

There has been a 10 to 1 consolidation, hence the seeing price leap.

Absolutely choked at this response. And WE have paid to get to this less than impressive position with our hard earned. .etc

Many Thanks Oiltap (and others) for the valuable inputs in this thread - I feel that the Data Room news is tangible evidence of the plan to sell. We will of course have to wait and see, but very encouraging news!!

Unless someone wanted to drive the sp even lower with an unexpected drill in an area that will be disappointing - leading the way for a cheap takeover.

I am also confused, but if it is being 'held back' by MMs then I am left guessing as to the reason (it might be any of several);
1. This is its true value (haha - i think not!)
2. The market want 'belt & braces evidence that it is worth something to a big buyer
3. The MMs have the ability to play it down to these low levels knowing that when it does move then there is more to be made in a big rise from a lower base level.

Who knows?

Many thanks Oiltap, much appreciated and great explanation.

I also have a question regarding the $100m plus NPV calculation. Can anyone enlighten me on whether this is the value of the extracted ore/metals including the costs involved in establishing a mining operation or is this an estimation of the value of the metals while still 'in the ground'? Thanks.

We will see some big orders at around 0.03 going through later today - explaining why the sp is being held down?