Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
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.
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.
The Tectonic view of Whale Head Minerals HMS from their broader update today:
"Rare earths in heavy mineral sands joint venture
Tectonic holds a 40% economic interest in Whale Head Pty Ltd, a heavy mineral sands mining (“HMS”) project being developed by joint venture partner, AIM quoted Kazera Global Plc (“Kazera”). In July, Kazera announced elevated radioactivity readings in ores beneficiated from alluvial mining of HMS in the Walviskop project in South Africa and as a result the need to engage South Africa’s National Nuclear Regulator. This is worth understanding in more technical detail as the source of the radiation is weakly radioactive thorium, a Rare Earth Element (REE) found in monazite.
The HMS ores at Walviskop include economic concentrations of rutile, zircon, and monazite. Rutile and zircon are widely used with a range of industrial applications. Monazites are less well known, but are rare earth minerals typically comprising thorium, lanthanum and cerium. Lanthanum and its neighbour on the periodic table, cerium, are used in high end lighting applications, think flat screen TVs and iPhones. Thorium is used in heat resistant ceramics and platinum catalytic converters in diesel engines on cars, trucks, ships and trains. The elevated radiation readings in the Kazera testing should be understood as evidence that the ores contain valuable monazites. With China’s recent restrictions on the export of certain REEs, this is a positive outcome for Tectonic.
Undoubted value there Agricore and all in the price for free and, based on the last update, looks like the concentrate is of an even higher percentage now that the pilot plant is up and running:
"...The Company continues to make good progress on the Heavy Mineral Sands("HMS") project at Walviskop. The pilot plant, which incorporates an HMS circuit and double decker Horizontal Vibrating Screen, was installed in May 2023 and testing has revealed very promising results which the Company has been continually including in process alternatives, whilst also allowing the Company to determine the exact make-up of its HMS and guide its initial thinking on processing plant design.
Samples and test results from the pilot plant have also formed the basis for informed strategic discussions with industry experts and off-take partners on the short and long term potential of the Company's HMS. From these discussions, initial findings suggest that the Company's HMS has a heavy mineral content of approximately 62%, with around 55% of the resources classified as "saleable heavy minerals". Indicative pricing for the basic (unseparated) product is $160 per ton, but by undertaking further separation the price is expected to be approximately double this whilst, importantly, transport costs would remain at the same..."
Re my last...seems like we're on then - that's quite a turnaround since they were reported to have said "...that their continuing policy in respect of all their investments, is to vote against any resolution to disapply pre-emption rights, irrespective of whether the proposed authority is general or limited..." just a few weeks ago.