Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Apologies, popped away or a bit and there have been a few replies / questions regarding my earlier message.
Panino.C - yes, when price decreases they get more, and vice versa, we have seen a reduction when the price rose in an 8.3 a while ago. Not been many to be fair but that is because the SP keeps dropping.....!
Neonin - exactly as you say.
Brisk - just to be clear, they are buying shares it is just that those buys are automatic to maintain a level % in the fund, it is not as though they have loads of very clever investment experts pouring over the financials and deciding each day that they should be increasing their holding as some people on here seem to believe, it is merely an automatic trade with likely no human interaction whatsoever.....!
I say none of this to be negative, anyone who has been here a while will know I am actually very positive on EUA, and have been for 18 months or so, only ever 'sold' to buy back in a more tax efficient place, just keep seeing people posting how BR are adding so this must be a great sign and want to be sure people realise that is not actually what is happening so they should not necessarily make decisions based on that view.
Surely can't be long now, nearly 6 weeks since we were informed that the non binding to binding stage had started, all the key players still at the table and still engaged in the process after nearly 8 months of FSP, seems wholly likely that an offer the BOD believe is fair has been made else how would we be at this point....all augers well IMO.
We just need to cut the BOD some slack, it must be a very challenging job in normal circumstances but this is being done through one of the most difficult times in living memory for people, and they have also recently, and very sadly, lost one of their friends and colleagues who was an instrumental player within the business.
I remain positive, next key date for me is this Friday, firstly because it is a Friday, secondly because it is the last trading day of the month, and finally because it will mark 6 weeks from the FSP update RNS - seems as likely a day as any other......!
Never had a guess in Ian's RNS competition, but if he is reading this then perhaps I should go for Friday Feb 26th!
In until the end.
Carlito22 - just for info, Blackrock are not really 'adding' as you suggest, they are tracking, so price drops they get more, price increases, they get less.........just want to make sure that everyone appreciates that, it seems that despite repeated messages on here people still seem to misunderstand what is happening here.
Ahjh111
So for clarity, you simply don’t believe DS’s own words, have you even listened to the interview in which he states the no retainer point.
I am going to leave it here now, absolutely impossible to have discussion and debate with someone who simply refuses to listen or accept when they are wrong.
Interesting to read in the M&A post this morning that it is actually quite common for no retainer to be paid and companies to work on just a success fee basis, unclear why so many on here seem to not believe it can be the case.
Anyway, let’s hope for a good day here.
Research&hold
Quite right, and let’s not forget that in an RNS following that we also had an update stating that the AISC had reduced even further due to the devaluation of the Rouble vs the Dollar.....!
It’s almost like everything happening throughout this process has played to our advantage.
See you all in the morning!
Ahjh111
So you are saying that DS lied to us in the interview when he clearly stated the no retainer point.
I shared the link to the clip, from memory it was at around 27 mins. You don’t accept what he says as honest, you believe he has lied, or perhaps he is mistaken and he didn’t mean to say it......?
Come on ahjh111, just accept that you may be wrong on this point.
Ahjh111
Nice that you are back, care to try and respond to the ‘no retainer’ point. I noticed you were particularly vociferous in a reply to my post about it.
Can you now at least accept that the banks are working on NO RETAINER basis as DS told us in his interview?
Silversun
1. The pirate theme is not juvenile, it is simply a bit of fun, people passing the time of day and having a bit of a laugh, perhaps something you should try now and again.
2. The camaraderie is not pretence, it is real for quite a few investors here.
3. Personally, I do care about other people, rather disappointing that you clearly do not.
Your post says far more about you as a person than it does others on here whom you don't know, the fact you don't like anyone on here is rather sad since you really don't know them, pretending that is 'honesty' is an excuse to yourself.
Slightly adapted / updated a post I wrote a short while ago regards Rhodium.........
"With regards Rhodium , we sadly have no real idea how much we have, what we do know from the RNS on the 30th Sept 2020 is that........."The Company is now producing 4 PGM* (with rhodium now a significant contributor to the Company's metal revenue)" - exactly how that equates to quantities is unclear.
It should also be remembered that this statement was made when Rhodium was at $11,000 per oz, it is now $21,500 per oz. nearly DOUBLED, so one would have to surmise that it is now an even more significant contributor today.......!
In until the end.
optimist59
I am a little unclear as to your point, they HAVE mentioned it, a couple of times and in the RNS.....it is also mentioned elsewhere including the ACF report from some time ago.
Those now close to and involved with the sale will be clear exactly what that means by now we need not worry about that.
In until the end.
Shezer
Totally agree. I think when you look back over what has actually happened in the last few months, much points to that, on Nov 11th last year I posted the following:
"If I am honest, I now rather believe that this may well be a part sale rather the whole lot, the MDA situation, Board changes, appointment of JN to his new role, the RNS when we were at 37-38p, the $10m II raise to support and ramp up production at WK, the time it has taken so far, maybe no one is prepared to pay all in one go what we are worth / seeking at this point but nonetheless want a piece of the action going forward.
To be clear, I actually see this as a positive, I would be very happy with a chunky dividend now and to retain my investment to share in the spoils in the years to come as metal prices continue to increase, more licences are applied for and issued and we prove up more and more assets perhaps as part of some JV agreement."
I am still in this place, nothing has happened for me to change that view, in fact quite the opposite, you can now add in the comments regarding "multiple offers, other transaction types (whatever that is), the complexities involved....." it all still points to some form of JV arrangement which I know will not satisfy everyone but personally I would be delighted, an opportunity for a dividend now, retain the shares and benefit from ongoing dividends as more is proved up as it will be, and as the metal increase which they will do.....I would love to retain some interest in all that.
Have a great weekend.
Montyboz - quite simply yes, and you know that which just goes to again demonstrate what an utter fool you are.
I shouldn't allow you to press my buttons, but the change in your posting, not just the sentiment, but the quality and style is almost as though someone else is doing it. Just weeks ago you would lambast someone for not providing detail and simply spouting inane thoughts......now you are the doing exactly that, you should be ashamed.
In the last couple of days you have made a number of very stupid remarks, we know they are stupid and you know they are stupid.
This is the last time I will directly comment on any of your posts. You are a proven liar and I have no time for such people.
Totally correct.
Come on ladies and gents, we had excellent news just 4 weeks ago, I really don't know what some people expect.
We are moving from non binding to binding and there is multiple interest, at least 3 offers we can surmise, possibly more, and we found that out just a month ago, a month.....!
This is potentially a huge multi billion pound deal, it ain't going to happen quickly and of course we have a world wide pandemic to throw into the equation, with lockdowns and travel bans all over the world, sadly we also have the catastrophic news that our longest serving Board member has died at a relatively early age, we don't know what happened and it is not for us to be told, but he could have been ill for some time, it may have been sudden, either way it will have had a very large impact on everyone at the company.
None of this will likely change anything of course in terms of the ultimate sale, but let's cut the BOD some slack for goodness sake. This sort of deal would take considerable time without those 2 significant and very sad events.
It's merely the fact that people spend each day on here waiting that makes the time move slowly, each minute is like an hour, each hour like a day........
Anyone of a similar age to myself will remember the words to the theme tune of that super TV programme.....WDY!
well explained Ethio, I liked how you put that, it appears to be exactly what is happening, as you say the drop is actually quite slow but it is protracted and consistent so it plays with the mind, any rise could wipe out 3 months worth of drop in seconds.
Montyboz
I really did not want to respond to any more of your witterings however that last one has annoyed me.
You spent so long on here pasting 'detailed' analysis, suggesting how you were the only person properly researching EUA and other people merely posted their 'thoughts' with little to back them up.....well that is exactly what you are now doing, posting negative comments with no factual basis and simply designed to inject some fear and doubt into people's minds. What makes you believe you have the right to do this apart from some ridiculous superiority complex?
You have turned into a rather sad embodiment of everything you purportedly held in such disregard just weeks ago! It is quite alarming.
You are bright enough to realise what you are doing I have no doubt, and to be honest, if you were not, you have been told enough times on here, I just can't fathom why you would stick around.
You have always been a bit of an enigma, perhaps rather a bit odd, but if I were you I would take some time away from here, go find something else to do, perhaps something that would be useful and fulfilling.
Have a great evening.
Hi JES1889
Thanks for that information, interesting to hear from someone who actually has some experience with such matters.
I was particularly pointing to the fact that DS in his interview expressly states no retainer and as such the banks assessing the probabilities of a deal going ahead, DS states this when questioned on the likelihood of a deal happening back in Oct 2019. That to me suggests there are no large monthly fees racking up and that the banks have weighed up the chances of a sale and decided they are good enough to opt for the success fee only. Ultimately I am sure that this will probably be more lucrative for them as the 1% you mention could equate obviously to circa £30m assuming a £3b deal. When you watch the video you can clearly see how carefully he is thinking about everything he says and on several occasions mentions things he can and cannot talk about, he is a smart cookie, bright, eloquent and focused, very happy to have him leading the M&A process (not forgetting that he has more shares in the company than all of us on here combined.....!)
Appreciate your thoughts, have a great afternoon.
I posted the following message yesterday evening, however quite rightly and understandably the message disappeared following the very sad news regarding Gary Fitzgerald, may he rest in peace. I did however want to re post it as I am keen for ahjh111 to come back on it following his/her rather dismissive post regarding the topic and the fact that nowhere has it ever been mentioned that the banks are working 'without a retainer'.
I hope ahjh111 sees this and would perhaps like to comment.
There has been a lot of discussion on this BB regarding the success fee arrangement and whether or not the banks are racking up huge fees as each day goes by.
I have shared the video and asked the question of ahjh111 twice now but not had a response, maybe he/she has not seen my replies in order that they could respond. I also apologise to those who feel I may be going over old ground but I think this is important.
I appreciate that it only mentions the success fee bit in the RNS but in the interview with Proactive, DS is quite clear:
"People need to assess on their own the probabilities, they can just see what is coming in the public domain from our side and from the size of the banks involved and the fact they are operating on a success fee basis, so definitely they are assessing the probabilities themselves when they are making a decision to work without a retainer on a success fee. They are the arguments which are suitable to mention without going into something I cannot say as a Director."
Now, it is abundantly clear that DS is acutely aware of what he can and cannot say, he is very bright and he is very eloquent in a language that is not his own, it is also evident he is being very careful throughout the interview, he knows his position and he knows the rules.
I believe it is also clear that DS will know better than anyone else what the arrangements with the banks are, he most likely determined those arrangements and signed off the agreement, so why would he say that if it were not true, he didn't need to say it, he didn't fall into saying it, he was making a deliberate and carefully thought out point. Listen for yourselves. (27mins 30 secs in).
https://www.proactiveinvestors.co.uk/companies/news/905934/eurasia-mining-s-dmitry-suschov-discusses--strategic-options--for-its-mining-assets-905934.html
So, success fee basis without a retainer it is, the only real question is what exactly does that mean, to me it means they earn a lot of money if the deal goes ahead, a % of the price agreed, they are taking a calculated risk, but it also means they get nothing if there is no deal, they are not getting paid just to be involved, ie no retainer.
Happy to be corrected if more knowledgeable investors have a better understanding, but I kind of hope this puts to bed the posters on here who consistently try and tell us that UBS and CITIC are 'here for the ride' and will be getting paid whatever happens, that is not what DS has said and he sho
Caw1 - agreed, and that is the point.
There has been a lot of discussion on this BB regarding the success fee arrangement and whether or not the banks are racking up huge fees as each day goes by.
I have shared the video and asked the question of ahjh111 on 2 separate occasions but thus far not had a response, maybe he/she has not seen my replies in order that they could respond. I also apologise to those who feel I may be going over old ground but I think this is important.
I appreciate that it only mentions the success fee bit in the RNS but in the interview with Proactive, DS is quite clear:
"People need to assess on their own the probabilities, they can just see what is coming in the public domain from our side and from the size of the banks involved and the fact they are operating on a success fee basis, so definitely they are assessing the probabilities themselves when they are making a decision to work without a retainer on a success fee. They are the arguments which are suitable to mention without going into something I cannot say as a Director."
Now, it is abundantly clear that DS is acutely aware of what he can and cannot say, he is very bright and he is very eloquent in a language that is not his own, it is also evident he is being very careful throughout the interview, he knows his position and he knows the rules.
I believe it is also clear that DS will know better than anyone else what the arrangements with the banks are, he most likely determined those arrangements and signed off the agreement, so why would he say that if it were not true, he didn't need to say it, he didn't fall into saying it, he was making a deliberate and carefully thought out point. Listen for yourselves. (27mins 30 secs in).
https://www.proactiveinvestors.co.uk/companies/news/905934/eurasia-mining-s-dmitry-suschov-discusses--strategic-options--for-its-mining-assets-905934.html
So, success fee basis without a retainer it is, the only real question is what exactly does that mean, to me it means they earn a lot of money if the deal goes ahead, a % of the price agreed, they are taking a calculated risk, but it also means they get nothing if there is no deal, they are not getting paid just to be involved, ie no retainer.
Happy to be corrected if more knowledgeable investors have a better understanding, but I kind of hope this puts to bed the posters on here who consistently try and tell us that UBS and CITIC are 'here for the ride' and will be getting paid whatever happens, that is not what DS has said.
Ahjh111
Hi, it was me who asked about the ‘success fee basis with NO RETAINER’ - the reason I asked today and a few days ago was because in the interview with DS on Proactive in October 2019 that is exactly what DS says, I posted the link on here in a post a couple of days ago so go watch, roughly about 27mins in I think but the details are in my previous post. Hard to re link it because I am on my phone at the moment.
He specifically mentions ‘no retainer’ and I guess he should know. So I asked the question, what is a success fee arrangement with no retainer?
Answers on a post card please!