Member Info for Poppyseed

Must have read my last lol! Notably, DE remains but has resigned as a Director of PFP plc, so until we know different, it's still in the running to get a name change and become the pref SPV.

Guess you can't stop a man resigning. I'm sure he remains available for consultation if required by AAG and it wouldn't appear to change anything in terms of any future settlement - Acumen remain legally bound by the terms of the SPA if/when settlement is reached and monies due to Pref Shareholders will be required to be paid to the SPV company being set up for the purpose.

Speaking of which, it's interesting that neither DE nor PT have yet resigned from the currently dormant Pathfinder Battery Commodities company along with their other resignations. What's the chances of this undergoing a name change and becoming the SPV I wonder?

I can't see it having any great future purpose because I would see the looming RTO leading to a new ID for the listed PFP as part of a Re-admission to AIM under a new banner, along with new assets, management and funding, within the main re-admitted plc. The process is a bit like an IPO but parachuting into an already listed company instead.

So, as I see it, the SP, when it comes back as part of this process, will then be related only to the market's completely fresh appraisal of those assets, the new management, the cash, the number of shares then in issue (which may include a consolidation), the retained tax losses etc. etc. and will not be related to the prior SP of the PFP listed shell, as it will very shortly become.

I expect that once the RTO announcement comes, it'll be no longer possible to board PFP, the shell. I would expect a cease to market trading pending re-admission. I think this is the bit that may be going over a lot of heads in terms of what could be highly rewarding potential of the remaining shell, never mind the current cum-Pref situation, but is obviously also heavy with risk re the unknown future quality, value and attractiveness of the new offering.

Personally, I like the look of the past form of Paul Barrett, the newly installed executive director (Geologist - could it be relevant?). I'm happy to stick around for the chances of a win win, once via the Pref entitlement, and hopefully again when we learn more of who and what is in future store for the shell. DYOR.

..and more again today.

If I'm right in my understanding (below), there are perhaps just 2 working days left to be sure of being allocated the Preference Shares. Monday is a Bank Holiday and, on Tuesday, the shares may already trade Ex-Pref taking 2-day market settlement into account.

All depending on a 31 Aug Record Date, of course, which is an expected latest date, not an assured date. The way the intervening days are dwindling, it may already be too late to benefit on the day an announcement comes, especially if it is decided the Record Date will be earlier.

TPH...as already RHS'd:

"It is anticipated that the "Record Date" will be announced in due course by the Company. However, it is expected that the Record Date will be no later than 31 August 2023."

The remaining days to benefit from a share in any claim success are dwindling....I suspect the actual day to ensure entitlement will be a couple of working days beforehand because of 2-day market settlement i.e. the Settlement Date, rather than the Trade Date, will need to be on or before the Record Date. Just my opinion, based on xd dates for dividends, not stating this as an assured fact. DYOR

...that IMM sale is now all buttoned up. Last 3 entries refer:

https://find-and-update.company-information.service.gov.uk/company/05410573/filing-history

The Record Date and details of the Special Purpose Vehicle for the Preference Shares to follow within short order.

Https://www.lse.co.uk/rns/PFP/result-of-gm-completion-of-disposal-eels1tvu19emhhu.html

Further to the announcement on 28 July 2023 regarding the Company's revised sale and purchase agreement ("Revised SPA") with Acumen Advisory Group LLC ("AAG") in respect of the disposal of IM Minerals Limited ("IMM") (the "Disposal") and, with it, the rights to bring a claim against the Government of Mozambique for the expropriation of Mining Concession 4623C (the "Claim"), the Company confirms that the Disposal was approved by shareholders at the General Meeting held earlier today and that the Disposal has subsequently today been completed ("Completion"). In accordance with the Revised SPA, the £1 million initial consideration has been received by the Company.

The resolutions regarding the Directors' authority to allot shares and the disapplication of pre-emption rights were also approved by shareholders.

LFM, no, that's not right.

Shareholders on the Register at the Record Date will indeed end up with two sets of shares each of the same number. However the rights of entitlement to share in any settlement reached by AAG will be held within the new Special Purpose Vehicle Co via Preference Shares.

Whereas the Ordinary Shares currently held in the AIM-listed PFP will have no such entitlement after the Record Date and will become a totally clean Shell Company with £1m cash and £17-18m tax losses awaiting assets via a reverse takeover which will require a listing document and will probably include a raise and a new name relating to the assets to be acquired.

Looking at the new Exec appointment today, I would say what follows is probably already at some advanced stage so I don't expect to be waiting too long but this is just my fancy from reading the runes. Overall it looks to me like win win before the Record Date and I'd say a probable single win afterwards but, as always, DYOR.

Oldblue..."less costs? that why its upto 30 million now? someone has extra costs?"

It's now up to US$30 million (previously US$24 million) or 25% (previously 20%) of the aggregate amount payable on settlement or determination of the Claim because it's an upward trade-off in response to AAG now putting in $1m rather than the originally agreed $2m.

Also, I'd add, given the range of interests to date of the new Exec, I'm not minded to limit possible future prospects to only the battery metals space, though the possibility would certainly be on my list.

Don't think that's quite right FB. Under AIM Rule 15, it will become a Cash Shell immediately on IMM disposal. The 6 months thing relates to how long they can then remain traded on AIM as a Cash Shell:

"...On Completion, the Company will cease to own, control, or conduct all or substantially all of its existing trading business, activities or assets and will become an AIM Rule 15 cash shell..."

Moreover, a reverse is then inevitable:

"...As such, the Company will be required to make an acquisition or acquisitions which constitute a reverse takeover under AIM Rule 14..."

That said, I believe there are clear signs that something/someone is already waiting in the wings.

There's more:

https://twitter.com/KazeraGlobalInv/status/1691800762941100112?s=20

I’m convinced PFP is being shaped up for something very good beyond the “Record Date”. Notably, the new Chair remains to be appointed which should be very interesting in itself but already the new Exec Director, Paul Barrett, a geologist, looks to be an accomplished player, with strong hands-on connections to asset-backed companies, later either taken over or % farmed out to bigger entities:

https://www.linkedin.com/in/paul-barrett-16a81a13a/?originalSubdomain=uk

“Founder, major shareholder and CEO of European-focused oil and gas junior. Floated company on AIM, ran as CEO for 7 years. Brought oil and gasfields online in Ukraine, Romania and UK onshore. Resigned in 2011 to concentrate on higher impact South African, Canadian and more recently US resource project initiatives.”

https://newsnreleases.com/2022/03/09/first-uranium-resources-to-acquire-southwind-corporation/

“…Southwind Corporation is an Arkansas based phosphate and heavy rare earth development project operated by experienced geologists and resource entrepreneurs; Paul Barrett and Erika Syba…”

OK Energy:

https://businesstech.co.za/news/energy/320212/shell-to-sign-major-oil-deal-in-south-africa/

https://www.offshore-energy.biz/azinam-to-double-exploration-footprint-offshore-south-africa/

Erika Syba, Director of OK Energy, commented: “We are pleased to broaden our exposure to a number of exciting plays with near-term exploration activity in Namibia and South Africa. The region is attracting much-deserved attention with the discovery of Brulpadda and the near-term drilling of the Venus prospect, directly offsetting the enlarged group’s holdings in the Orange Basin.”

I see CEO has retired from the Board of his other two interests this week, Tectonic yesterday and PFP today, the latter, where he was Chairman, looking like big job done.

Further to their last pic yesterday, they certainly didn't let the grass grow getting it assembled.

https://twitter.com/KazeraGlobalInv/status/1691399410813489152?t=nCxcbnuDKK0y7ZO6PKV3fA&s=19

"Site operations continue at pace at the Walviskop Heavy Mineral Sands & Deep Blue Minerals diamond Project.

~Personnel X-ray room, refurbed, painted and awaiting installation of new x-ray scanner."

More late reported large trades.....

What would your priority be with the limited amount they've received so far?

Https://twitter.com/KazeraGlobalInv/status/1689230277116080128

Further, the Company is in the process of creating drying, bagging, and loading facilities within a secure area recently supplied to the Company by Alexkor RMC JV. Alexkor RMC JV recognises the value of the project in terms of opportunities for the local community and the Company's increasingly positive and collaborative relationship with Alexkor RMC JV has also resulted in it being provided administration buildings, entrance /exit facilities and a sheltered and secure workshop facility for the repair, maintenance and storage of the Company's plant and machinery.

The provision of these secure sites and facilities will benefit both the Company's HMS operation and diamond project and should result in significant cost savings going forward.

Chunky late reported trade, apparently from yesterday. What can be made of the price?