The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
I think the requirement for funds is lower than £50 million, and more like $50 million. I suspect you got your currencies mixed up. I'm sure we are up there now in the view of the institutions, and just need to find a way to attract them in. That would often be via a fund raise.
If I were you, I would subscribe to the Telegram channel, where's a whole load of research information pinned. Access it on (remove the spaces) https://t.m e/j o i n c h a t/I5hNdxg-LUTkNvtljGWq1A
It's quite obvious and is stated in the RNS, as follows:
"The Final Increased Offer will remain open for acceptances until further notice. KAZ Minerals Shareholders who have not yet accepted the Final Increased Offer are urged to do so as soon as possible and should follow the procedures for acceptance of the Final Increased Offer set out below and in the Final Offer Document."
Note that this afternoon almost all sales have been going through at close to 38p. Then notice that the spread is 8.6%. When, and it is only a matter of time, the spread narrows, the sp will be moving in one direction, and it's up!
Maybe you are confused 2Daman. KazMinerals operates today in the Republic of Kazakhstan, where its major shareholders also come from. This is an independent country, and has been so for 30 years. Russia is another country.
Getting Cannacord on board is fantastic. The link to Giles Hargreave, is through Hargreave Hale, which Cannacord bought some 2 years ago. I just love what he managed with Marlborough, although we are not sure yet he is on our team. Let's hope so though!
remove the spaces
https://www.v o x m a r k e t s.co.uk/rns/announcement/2f5a8ba9-4b91-409e-84f5-902a339bc714
hTTps://www.**********.co.uk/rns/announcement/2f5a8ba9-4b91-409e-84f5-902a339bc714
That's Giles Hargreave, from Marlborough, the so labelled top fund manager of the 21st Century. Look him up hTTps://www.canaccordgenuity.com/wealth-management-uk/about-us/our-people/london/giles-hargreave/
He built up Marlborough Special Situations fund to be the top performing fund in its class. "Data from FE Analytics shows the Marlborough Special Situations fund has returned 2,549 per cent over Mr Hargreave’s 22 years tenure as manager, compared with the sector’s 451 per cent average." https://www.ftadviser.com/investments/2020/05/14/giles-hargreave-to-step-down-from-fund-manager-role/
You have to see this share in the light of where the majority of assets are based (ie Kazakhstan), and where the 2 directors wanting to take it private are from (ie Kazakhstan). They have no intention of getting out under any circumstances, for they believe that it is us, the private investors, who are just here as spectators for a limited period, helping them with our capital, until they gain full control. That is a widely held opinion, I would say, from people who know that country.
Is everyone asleep? Have you noticed something this morning? We went to bed with 63 million shares and a market capital of £21 million, and have woken up with 116 million shares, and a market cap of £38 million, and the share price has not moved (downwards anyway). At a market cap of £38 million, and with £16 million in the bank, ready to finance our adventure, I think we've woken up to a very strong, even formidable, position.
I’ve just attended the general meeting. Here are my notes. The two resolutions were both passed overwhelmingly, each with more than 99% of the vote. The open offer was 15% oversubscribed, and so applications will be scaled back (with the comment, maybe those people would like to buy on the open market?).
I asked out of interest how much has opening up the offer to the smaller investors cost the company, and what do they feel have been the benefits. They responded that the cost was approximately £50-55,000, including all costs, but it raised an extra £1.9 million. The board felt it was right to extend this offer to smaller shareholders, particularly as they are intent this maybe being the last fund raise. They felt that with the uptake the open offer had been very successful, and a very worthwhile exercise, with broad uptake across the shareholder base.
The BoD were asked about the institutional investors, and we were told that any in excess of 3% will be divulged shortly. But the BoD are very pleased with the new institutions brought on board, and there will indeed be 1 or 2 who will have to divulge. There was also participation from USA.
Hi British Mike. I am sorry, for the issue is with me for the shareholders webinar. I agreed with the company to help set this up, and they then realised that they were moving into closed period, with the publication of their annual accounts, when they are not allowed to have meetings of this nature. I meant to publish this, but forgot. The shareholders webinar was therefore delayed by a couple of weeks, and should be in early April. My apologies again. I'll let you know when it will take place.
After my post this morning of the Trafigura information on future copper prices, I asked the company what the new copper prices would mean for the model. Here is what they responded:
“This is a good question, seeing as they sold over 10% of world copper consumption last year. Please note these are illustrative numbers rather than forecasts.
Trafigura aims for US$15,000/t copper: Head of copper trading at Trafigura is looking for copper to hit a US$15,000/t peak in the current cycle driven by the green energy transition. While Trafigura expects copper to surpass the US$10,000/t mark this year mainly driven by continued Covid logistical supply disruptions, it also expects copper to trade in the US$12,000-15,000/t range in the coming decade driven by increased demand. Already Trafigura has noted a Q1 2021 increase in European copper demand of 5%, even before Europe comes out of Covid lockdowns. Trafigura sold 4.4mt of copper in 2020.
Keying in these numbers to the PEA model gives the following post-tax NPV (7.5%) and IRR for the Empire open pit project:
At $10,000 a tonne/$4.53 a lb: $170m & 91%
At $12,000 a tonne/$5.44 a lb: $250m & 134%
At $15,000 a tonne/$6.80 a lb: $370m & 200%"
"Trafigura expects the metal to breach $10,000 a tonne this year, before entering a range of $12,000 to $15,000 a tonne over the coming decade. " See https://www.mining.com/web/trafigura-sees-green-copper-supercycle-driving-prices-to-15000/
I don't need to say more than that...
Remember that it is the market makers who set the price, not the company, or even the market. And my guess is that we are seeing the work of market makers here. Their money comes from trades, and they earn nothing on the open offer. Their only revenue comes from the trading of shares, and if everyone is buying through the open offer, then of course it is in their interest to see the price drop. But as a self fulfilling prophesy, if we were to buy through the market, the price should shoot up, for there would not be enough available shares.