Member Info for Rudedog

That presentation was really quite poor. Unfortunately I think the only option is to vote for the RTO as I think it is clear that there will be nothing left afterwards. Robin was desperately drumming on about how expensive RTOs are to explain the massive outflows of cash in recent months. I tried to ask why shareholders were not given the option to vote for an immediate winding up of the company and 2nd divi following the sale of Kun Manie, but of course he would never answer that...

Geng,

To your question about re-election of officers, I believe Tom Bowens is up for election. I think this happens every four years for Directors (RY was re-appointed in Dec 18 and Dec 22).

Big congratulations to everybody that has had the patience and courage to wait it out this long. I know that there are a lot of very disappointed shareholders out there, especially when the prospects for the company looked so bright all those years ago when we got the mining license. But it has to be recognised that there was a very real chance over the last year that we would’ve received nothing for this asset given the war and Putin’s irrational nature. Therefore, to get any kind of return is a positive.

I do think that RY has always had an issue with communication, and this has been one of his biggest weaknesses throughout his entire tenure at Amur. To the very end the company’s communications have been opaque, and more regular and detailed updates would have alleviated many shareholders fears. Even in the most recent RNS, it would’ve been nice just to understand a little bit more as to how the transfer of funds was completed given the amount of anxiety this caused shareholders.

Anyway, I am looking forward to the dividend and will keep my shares until I see what plans for a RTO are outlined to investors. You never know - they may come up with something quite interesting (presumably a name change for the company as well!) If not, I hope they conserve cash as much as possible and make plans to return the residual to investors at the earliest possible date.

I'm confident this will go through ultimately, but I must admit this does bring to mind the final scene of the Italian Job:
RY: "Hang on a minute lads, I've got a great idea"...

I agree that this will get sorted
As usual with RY the problem is one of communication (or lack thereof).
I am sure this banking issue is not something they have just woken up to but since we have passed the self-imposed deadline for the transfer from Sviblov to Amur, they needed to say something now as people will rightly begin to ask questions.
Why not say something earlier though? I'd assume this is because the situation is a bit more complex than we assume and perhaps they were in ongoing discussions with the current bank until recently to find a resolution. It would be nice to have more regular updates to progress however.

Does anyone know which bank Amur uses? It's not a surprise at all that banks will be reluctant if the Ultimate Beneficial Owner of the buying entity is Russian (even if it is domiciled in Cyprus).
It would be good if Robin gave a LITTLE more detail in the RNS like what alternative banking institutions they are going to utilise, and a rough timeline (days, weeks?)

An overwhelming support for the deal then, which I think is the right result.

Quite interesting that the total number of votes cast this time (317m) was very similar to the number cast for the rejected deal (311m). Incidentally they messed up the % of available rights calculation (should be 22.78%).

Still I would have thought this offer would have stimulated more shareholder participation…

Many thanks Maestro. I didn’t vote for the last deal as I was ambivalent about the outcome. The main difference for me this time around (and why it’s a materially better deal for shareholders) is that AMC have promised a dividend in the very near term that is comprised of substantially all of the sale proceeds. Had they declared that the special dividend would be less than the current sp I could see this being rejected again, but a payout that is higher that we are today, offering holders a chance to average down is an opportunity not to be missed. We won’t get a better deal.

Does anyone use Barclays Smart Investor and know how to register the vote through the platform please?
It’s a Yes from me by the way. Have been in the share since 2009 and like many have been through lots of highs and lows with AMC, but feel this is the last chance to extract some value.

So I just wanted to check others' understanding of this morning's placing. Do you think this is a separate arrangement to the loan instrument from the 12th March RNS which was (perhaps coincidentally) also broken down into 3 tranches of £0.5m?
At first I assumed today's announcement was in relation to the second advance, but this was meant to be available three months after the first, so I do not think enough time has elapsed for this to be the case.

If this is a different arrangement, are we to assume the loan agreement is still in place and approximately mid June there will be another advance of £0.5m?

I know it's well documented how opaque the communication is here with PI's... just wish they would level with us about how much money is actually needed (and what it's being spent on!)

From the 12th March RNS:

"At each advance, warrants for a number of new ordinary shares with a value equal to £750,000 will be issued with a price per Ordinary Share equal to the mid-market price at the close of business on business day immediately preceding the date of issue. The Warrants will be exercisable for a period of three years.

In the event the Investor exercises the Warrants, the funds from the exercise will first be set off against any Loan amounts outstanding. Should there be no Loan amounts outstanding, the Company will receive the funds directly from the warrant exercise as per usual."

So this is Plena Global Opportunities LLC (the "Investor") reacting to the rising share price and deciding to exercise their warrants from the first £500k at a lower price rather than wait for the three month anniversary date when the 3 day VWAP could be much higher.

You cannot trust what LSE records as a buy/sell on here unfortunately. That 922,850 'sell' was actually my buy through my Fidelity SIPP.