Member Info for Rover62

I would certainly buy if I’m had funds.

This is definitely not for the short term now. I had expected some progress by now, however, I’m not worried by it as was always in for the long term. There is a chance that the mine will have been delayed until next year. I hope not. Still a lot of stages to go through before a spade hits the ground.

Mat,
You are correct that there are only two available options at the moment, to clarify my vote is no so we can get to option 3.

The share consolidation has already been discussed at length on this board.

There are differing opinions on this, but imo the consensus was mildly positive.
Some saying a move towards eventually listing on the main market.
Other had theories about making it easier to raise equity, however, those were dismissed as we don’t need any new monies until V has gone through FS and that’s at least a couple of years off.

Reading this board I believe that there are broadly three factions
1. No sale and wait until Putin’s war is over. These people believe that everything will go back to the way it was.
2. Sell now because it’s the only deal that’s available and you’re lucky to have that.
3. Sell but surely there must be a better deal to be had.
Option 1 comes with extreme risk. Only someone who is able and willing to loose the lot should consider this option.
Option 2 is probably the least risky as you know you’ll get something back. Depending on your average and exposure then this may be the most attractive option.
Option 3 is a medium risk option as the buyer may walk or may put in a bit of a better offer. How much better is the question and do you risk this slightly better offer against them walking?
I myself am going for option 3 as personal thought the asset would have been sold anyway but after TEO/BFS and the risk is acceptable to me. I just wish I’d sold when the initial offer was tabled, but we’d all be rich in hindsight.

*8.88 pence per share. Sorry just read that back what a total idiot I am.

The other line item of I note is total assets $413,252,770. (£338 million)
Or approx . 3.88p per share.
That’s without any value of what’s in the ground.
Go figure!

My first thought on the change was with a view of consolidation and possible move to the main market was that could it be a move to the Canadian or US markets.

Another conspiracy theory for you all to ponder on this wet day. Lol.
(I’m not being serious!)

What I do find had to believe is the current Share Price.
We have $252 million (£205 million) in cash and the MCAP is still only £262 million.
We are sitting on a multi billion asset.

I didn’t like the sound of the last statement that no need to vote for acceptance. That’s seems that the chair will use any un-cast vote to vote in favour of the sale.
Therefore those who wish the vote to be a rejection need to register their vote.

My reckoning from the RNS is that they have burned through a lot of the cash. The first instalment was $15 million, but RNS says

If the sale is approved by shareholders and completes in accordance with its terms (to occur within 60 days of signing of the SPA), the Company would become a cash shell in accordance with Rule 15 of the AIM Rules and retain cash balances of approximately US$20 million after paying certain expenses and any taxes relating to the Transaction.

So my calc is we’ve only got $5 million in cash left.

RY has had his fingers in the till again.

I’ve had confirmation that my ‘No’ vote has been registered by Barclays via secure message.

Seems a lot of the threads from yesterday have been deleted, especially those about RY and the BOD. Maybe RY is reading his and has had them removed. RY if it was you the best way to stop the chat is to do the right thing an get a fair deal for us with the money paid immediately.

Bj, that’s exactly why I want the money up front as I don’t trust anything to do with this company Anymore.

I don’t know who I’m more angry at, myself or RY.
I read the RNS on Monday as it was published and immediately thought it was a bad deal and I should sell out. I had a quote just after 8am for 2.9 but hesitated refreshed the quote to see what direction the price was going. It had dropped to 2.6. I didn’t believe it so refreshed again this time it had dropped agin to 2.4 and in my hesitation I thought I’d let it ride. This is the anger with myself because I didn’t believe my rational self. I’ve been invested here for years and couldn’t bring myself to sell.
I’m also angry with RY, not for the sale but the terms as previously posted.
I finally tried to watch the interview this morning, but only got in about a couple of minutes before I had to turn it off to protect myself from busting a blood vesse.

Not that interesting really.

A company controlled by Vladislav Sviblov acquires the Kun-Manye nickel-polymetallic deposit in the Amur Region from Amur Minerals. The total amount of the transaction is 105 million US dollars.
According to Amur Minerals, it, together with its subsidiary Irosta Trading Limited (“Irosta”), has entered into a share purchase agreement for the sale of 100% of its share in Irosta’s subsidiary, JSC Kun-Manie (“JSC KM” or "Kun-Manie"). For a total consideration of US$105 million, Stanmix Holding Limited will acquire AO KM and all amounts owed by AO KM to Amur under intercompany loans.
The market value of the Kuhn Manye copper-nickel sulphide project is estimated to be in the range of US$106-131 million. The Amur Minerals shareholders are expected to approve the transaction at the general meeting on May 25, in addition to the approval of the government commission on foreign investment.

The resources of the Kun-Manye deposit as of February 10, 2017 are estimated at 101.3 million tons of ore, 770 thousand tons of nickel, 207 thousand tons of copper, 15.2 thousand tons of cobalt, 16.7 tons of platinum and 18.1 tons of palladium according to the JORC classification 2012.. The new owner can both sell ore to third-party processors and build their own facilities. In the first case, capital expenditures are estimated at $570 million, in the second - $695 million. The planned annual production should be six million tons of ore.

At this rate if PIs keep selling another buyer could sneak in and get 30% by the end of next week and force a buyout. Maybe at a low low price of 2-3p.

https://www.eastrussia.ru/news/amur-minerals-prodaet-polimetallicheskiy-proekt-kun-mane-za-105-mln/
Last paragraph was interesting as not heard that before

I’m with Barclays and have had no notice.

AMC is a single asset company, the Kun-Marie project. I only invested here because of the asset and the potential returns from that. Yes, circumstances have changed and the company has decided that the sale of that asset needs to be done now. No argument with that. However, I do have a problem with the how this is being presented to us.
Firstly, the price it’s been sold at. What is the ‘fair value’ and what discount should be applied due to circumstances? Well I would have thought that the independent assessment has answered that and had already priced in the circumstances.
Secondly, the price paid for the asset should be cash up front. They should have to pay a premium if they want it on the tick.
Third, all proceed should be paid immediately to the shareholders as this is what we invested here for in the first place.
Fourth, if RY wants to go exploring again and find another asset, he’s welcome to but not using these proceeds. He needs to raise those funds separately and I’ll then decide whether to invest.

In concussion just give us all our money, RY it’s NOT yours.