Member Info for raharh

It is rare that a placing makes me feel even better but the institutions who came in to the placing to ensure that funds were in place to see this through did not do it without doing far more DD than us PIs I would say. They have not done it for 10% or 20% gains.

I know everyone can get excited about the max award but the reality will be less but if we have a special divi of 30p then that is 5x from here and the second case will pave the way.

Like everything legal cases can turn the other way but at the moment momentum is with ZEN so hopefully not long before the next update with the 20th being passed.

I agree this is a start up and there will many views on Mr Lenigas as he has been around the market for some time but there is no debt and they have HODL which is different to SLNH which have debt to MCAP ratio of 1:1

I have looked at this for three days now and kept saying no ... might have to change my mind though and dip a little as raise has just happened so it will be about production of BTC and Lenigas does certainly do PR well (as some of us know!)

The maths are pretty straightforward at the moment. MCAP is a 75% discount on the NAV even with today’s rise.

So 0.17 would be fair value worth out fouke and the other prospects.

The presentation says it all, what a very quick turnaround so just a little patience needed now.

Arthur you are right. The RNS stated that they were looking to formalise the agreement within 3 months. This was done on the 19th November and so within 5 weeks. So that is what was promised and delivered early.

That’s why I posted last week. No more timeline expectations have been set now.

Stockcheque - could not agree more - paragraph 3 sums it up.

$640m = £525m (and getting better by the day)

Lets say they want to put £50m aside to build a business (I would ask why but lets just say that)

£475 / £22m mcap = 21.5x SP at the moment - so special divi of about £1.20 phased in total - SP will rise in expectation but they have £50m in assets so 14p SP would be okay just on that and no business plan. Even if the divi was 60p over the three claims then that is 10x

Why wouldnt the BoD do something along these lines - CGT low enough to take a handsome profit and I am sure the BoD would enjoy that.

The case for what after arbitrations is irrelevant - the case is do you believe they will be successful and do you believe the BoD will be good to their word on a dividend. My view is this is an investable thesis to stand behind and could be one of the easiest 10x returns this year now the first case is won.

BfdInvestor - I think that is an excellent summary and I mirror your thoughts.

My only assumption is that they wish to make an acquisition and cannot wait for the Semnet listing. I would hope therefore we get an RNS in the near future regarding an acquisition.

Last reported was 2.3m of assets and hardly any debt (70k) with GSExchange generating revenue and whilst CAKE was paid for by cash (we do not know how much) then I can only assume there is an imminent acquisition in the offing.

As you, I was slightly perplexed by the RNS but I am still invested on what I see as fundamentals and June update is now a key milestone for me.

I am not really interested in what comes after the cases at the moment. I do not think 200p is realistic either.

My maths are as follows:

Claim 1 $9.7m - secured and supports claim 2

Claim 2 $130m - conservatively $80m to settle?

So $90m is about £80m which is about 4x SP (rough maths)

Special dividend of 18p means cash reserves equal to current SP and then they will have £20m to decide how to progress the company.

Claim 3 - cannot even think about that settling, even at 50% of value would be $250m which is £210m which could be a 60p special dividend.

The BoD have a huge shareholding and this is cheap

Money against CGT. Everyone could do whatever they want after that.

That’s my rationale and if my maths are out please let me know. But all predicated on winning the litigation.

Good point - the award is gaining value daily at the moment!

Sorry *not* buying to make 7p .... buying to have retirement sorted.

One MM left on 6p now.

What a masterstroke by the BoD - if you ever want confidence in the claim this is it. Institutions and the BoD are now buying at 5p to make 7p .....

This has moved from mining company to a claims company with a potential huge payout. They can do what they want post arbitration.

The best part of the RNS was this for me :

We are delighted to have secured institutional investment in Zenith at a very significant juncture in our development as we work towards enforcing the ICC-1 arbitration award and preparing for the ICC-2 arbitration, with the final court hearing scheduled to take place next month.

For fun over the weekend I asked CoPilot about Zen and it is surprisingly good at scraping the internet around ICC1,2 and 3. Even had an opinion that ICC1 victory was a catalyst for a positive outcome in ICC2 and then ICC3 and this may bring Tunisia to the settlement table. It said that it expects a conclusion in Feb on ICC2 and announcement in the summer of the final result and that a combination of special dividend and investment would be how the proceeds look to be used.

Just felt like discussing Zen on here without all the YeeHa!

AI is getting a little scary if you ask me but at least CoPilot backs up the investment thesis as the moment!

An RNS to say production underway or a confirmed production date start would really change the game here I think so just a few weeks to sit on my hands.

Plenty of upside from here. We have had a stellar rise recently so if some shares change hands at this level it provides a firm foundation. Semnet and GS20 with CASKE are my two favourite pillars but there are others as we know so just a little patience.

So many small caps around at the moment with potential but GST has enormous potential this year for me.

There are all sorts of reasons to invest in a company. But to be in the case of ZEN when the first case was won my whole rationale is around the litigation and potential special divi that has been talked about by AC. The SP will raise in anticipation now I think as people catch on as case 2 is strong with case 1 result and that potential result eclipses current market cap.

Not getting involved. Still holding. Still happy with the direction of the company. The 3 month timescale was done in a month that’s positive. But facts are important, all of them.

Hi Lloyd

I was clarifying around Easysend and Semnet and he must have you on filter because I have a response :-)

On Easysend - anytime between now and 31st March 2025 for an update as it was Q1 2025.

On Semnet - Tim has pointed out that the announcement on 19 November was the deliverable within 3 months from the 15th October and so it was ahead of time and so I am not sure we should expect an imminent Semnet announcement - that may have possibly been a misinterpretation of people who certainly thought there would be one.

"On Semnet no guidance of timing has been given, other than in the announcement on 15 October that GST would look to finalise a formal agreement, which happened and was announced on 19 November. I know from 30 years experience of doing them that IPOs can take some time and an update on expected timing will be given in due course when the picture is clearer."

I have dropped him a note today for the first time. Will let you know if I get anything.

I get that - but I think some of it was getting beyond what we should want. Anyway, I survived the post so we can move on I hope!

I believe it is Tim Metcalfe at IFC Advisory Limited that is the investor relations contact - could someone confirm out of interest?

Shall we have a reset and an amnesty (not that it should be needed !) for everyone on the board. Now the high volume one liners seem to have calmed down we can discuss the share and the company.

Every other message is becoming a personal debate on behaviour - if we all agree to reset and take the conversation as it is written we could have less messages and more productive conversations.

I try not to get involved in this sort of stuff but there are a lot of people here who know a lot and also are invested, hopefully this isnt setting myself up but it would be good to get away from the to and fro and not worry about who has sold out / who hasnt / who gets it right and who gets it wrong.

I think we have a firm base at around 3p now so anyone in sub 2p almost has a degree of comfort that they are up and can do what they want but we are awaiting more news.

Ideally I would love an operational update in Jan covering NASDAQ, a trailer for H2 GS20 volumes v's H1, Easysend and the blockchain addresses. Just to bring us all up to date.

I am going to put my tin hat on now!

Nothing - just much lower volume before. Newsflow drives volume and there was a lot of news (all positive) later December. More news expected in January - this is by far the quietest trading day in the last four weeks with only 10m volume (over 60m yesterday).

SP has found a stable base between 2.8 and 3.1 now from 1p early Dec. so we are in a good place.