Member Info for pulp

Rowka, I’m thinking they misunderstood the ‘cake’ and did not see future values in palladium driven by worldwide policy changes. Annual costs to maintain licences were both a cost and inconvenience no doubt, Hence let go ??. What’s your theory fella ??

A poster (I don’t recall who) mentioned something about James a week or so back. It looks like he is no longer the CEO at Lesego. Not sure what / if he is up to anything big next !!! Nothing in news. I imagine EUA will update his team bio At some point.

Mac, I agree with that but what where they thinking ? It’s tantamount to falling asleep at the wheel. NN would / should not want a competitor getting their hands on such an important asset in their back yard. They clearly understand the ground, have adjacent infrastructure, should be well acquainted with permitting laws, it seems like a major balls up to me. I’m sure NN must have been watching closely and probably been in discussions with EUA for some time. I can only think they have continued to low ball EUA from the start or been arrogant enough to think this won’t go elsewhere. I appreciate they are committed in other locations, but you surely would have thought they have sufficient clout to obtain what’s on the doorstep. The bods move with UBS has blown this apart for them. I’m thinking they would have been given an indicator of what would get this deal done before the arrival of UBS. Looking back to the dark days I’m sure they could have taken us out for 4 or 5x the price back then and he we are now with a floor at 22.5p, licences being re- procured left, right and centre and the price only going one way. The benefit for us continues and as I see it, interested parties will still have to fork out 4 / 5 x price to get this deal done. Just not sure it will be NN though. Possibly some sort of JV arrangement with China possibly.

Well spotted R1CHARDO - This Is available for viewing now :-

https://beta.companieshouse.gov.uk/company/03010091/filing-history

Hi Pompey, my understanding is the 28 days would have ended in July (had it been applicable) - 28 days following announcement on the 1st of July. I feel the discussions for some potential bidders were at a reasonably advanced stage already and the lifting of the deadline and involvement of UBS gives bidders time to ponder and hopefully Improve offer. It also gives opportunity and time for any latecomers to the party ! I’m working on the end of this month for a formal recommendation by the BOD.

Mac, I’m with you on this and also keeping my feet firmly on the ground with a valuation based upon and around those RNS quants. Let’s all not be naive enough to think though that any potential sale will be limited to this in an area with such potential. My expectation is that those who are seriously interested here will be looking also at the additional potential and value which is why I think our EUA team have and continue to work tirelessly upon enhancing our established assets.

It would be even more ironic (for the SXX contingent) if they came up with a winning big bid !

Mac, thanks, I also take some comfort from this having not done well in SXX !

Gmf78, my thinking is they are still pressing full on to prove up further resources and have sufficient mining underway to fund this at a pace they are comfortable with but sufficient to expose further potential that may exist here and adjacent current licence areas.

I’ve also been invested with CEY for over 8 years, until recently, who have spent an inordinate amount of money on drilling campaign, outside Egypt, without much in the way of progress, so mindful of huge cost involved and certainly don’t welcome any dilution here.

As you suggest, the time is probably right, most bang for your buck !

GLA

They have sufficient

I’m with you on the muted offer, possibly several, but we also had another quality director arrive, who I’m sure would have influenced way forward too.

I am ultra positive about this.

Don’t you think though they have played a blinder with holding back on the potential additional resources ?

Hi guys and girls, thought it about time I also share my thoughts on this great share !

Invested here following the ACF report and really pleased how this has played out to date.

What’s really got me excited here is the potential resource that could or is really available. A good number of you have really done some top work giving visibility of this. I must admit, I couldnt quite get in my mind why the BOD wouldnt want to firm all this up ahead of an ‘arms length’ sale, but having give it some further thought it makes perfect sense.

Show enough resource potential to get the big boys interested, but don’t show your full hand. Get them signed up to NDA’s so they can’t ambush and accumulate from the sidelines then follow up with the true potential (in the data room). So not only are they having to compete with others on the known quants and pay top dollar but also having to dig much deeper into reserves to make sure they land this and all that comes with it.

Smart move by BOD / UBS I say.

GLA