Member Info for Professor1

Big RNS in the next minute?

GLA

I am sure we want to retain control. i.e. more than 50% as otherwise the other party can just sit on this land and do nothing.

MB is a Corporate Finance guy so he will be working hard to find a solution if they do want a 51% share

THE 51% COULD BE THE STICKING POINT IN MY VIEW WHICH IS WHAT THIS HOLD UP COULD BE

BELOW IS THE EXTRACT FROM THE JUDGEMENT ON 16 AUGUST 2012 WHICH CLEARLY INDICATES THAT THEY WANT AT LEAST 51% SHARE IN THE COMPANY

"The said order went on to state that, RSMML could, however, enter into a joint venture with a private investor, subject to RSMML having a minimum of 51% share in such a joint venture. A further condition was put that, at least 20% of the profits from the mining in the notified scheduled tribal areas would be spent for welfare of the local tribals, and that, the said amount would be in addition to dead rent and royalty. Conditions pertaining to engagement of persons from the area to the extent of 50%, was also inserted in the said order".

GOOD LUCK ALL

Hi Magoo79

I believe that the Rajasthan Govt have offered us something which MB does not WANT to entertain. I suspect that they want a 51% majority stake in the company - and this MB is trying to negotiate which I now firmly believe is the reason why WE ARE WANTING AN EXTENSION TO THE HEARING ESPECIALLY WHEN THE LCM FUNDING I STRONGLY BELIEVE HAS BEEN LOCKED-IN.

DO YOU THINK AN RNS OUR WAY SOON!!!!!!!!!

I KNEW IT - THINGS ARE PROGRESSING

Cannot open

Spot on ejt7777

Hi PK73

That's true, however I think that if they are talking and as a result the court hearing is postponed plus the lock-in of LCM - then that would warrant an RNS but I could be wrong. Everything crossed for them talking

I think they are talking and the court hearing will be postponed to another date next month - which means we will probably get another RNS to this effect and the confirmation of the LCM agreement locked-in.

To me , it's a win win situation for us. If you believe in Fascans based on what MB has put out on interviews, it's a win. The court adjournment requested by PAT clearly indicated that the most important priority was to lock in the Fascans Agreement. This forces the Rajasthan Govt towards an amicable resolution. And, if they come forward, the Fascans Agreement kind of falls away - but they get their fee based on revised doc.

I believe the funding has been locked-in but and I am hoping that there is some sort of discussion with the Rajasthan govt taken place prior to the court hearing. If so, then its game on and the hearing will be pushed back.

In the case of compensation, based on 7.5 million ounces in the ground from a very small area where the drilling was carried out and near surface gold, at £100/ounce in the ground value will get you a potential $750M compensation or near enough £5/share.

Mark mentioned in the video interview that we could add a couple of zeros to our market cap if we get the agreement we want.

Mark has also mentioned that in the event we go to international tribunal and are awarded compensation, in line with the Clause in the Bilateral Treaty between Australia and India, this will be the market value of asset.

The shares were sold some days ago, the threshold was crossed on 26th July as per the RNS

It's not a negative thing as the other co sold some shares since it did not want a dilution for its shareholders

They only sold 3% to use the funds to grow their company as opposed to doing a placing there I believe

Sorry, "came before arbitration"