Member Info for rustybucket

I am pretty sure we got an RNS and in that is asaid that the uncooperative employee issue was resolved

There is no cash flow if they are suspended from mining, as for cash flow, cash flow is NOTHING, until it turns into profit. No use having lots of cashflow but going bankrupt. Thomas Cook had great cash flow, where are they now ??

SELL
0.235 BUY -0.075pts (-24.19%) Down someway from the heady heights recently of nearly 0.50, I would imagine a bit of that is the Price to be paid if purchase goes ahead, whilst some will be because of the latest announcement.

Reading the fun transcript on the IRC website, it doesn't look major, in fact a bit premature, given they ha been given an extension till December 2021.

Low: 0.22

Hi Lawrence13, I have been in office, so hard to post. Personally I dont think IRC, needs to make the transaction, more palatable, Personally, I think we have seen this type of thing with IRC in the past. If it was to be proved that this was correct, then IRC would not be able to produce, and we would be better being rid of this, but personally, I think this is just an attempt to either get more money or something similar. This is just an opinion though and I have no idea until we see more whether that is the case. Over to IRC website, to see if any further info,

I dont think Gazprombank would object to the sale, if they are getting a guarantee from Stockien, which I would assume they are.

I hope it puts Stockien off.

Looking at the announcment below, its "binding" once Gazprombank" agreed to release the guaantee. So there is only them showing the money, or the bondholders that can stop this happening. IRC shares have resumed trading and down 11% today.

Reference is made to the announcement made by the Company on 19 March 2020 (the
“Announcement”). As disclosed in the Announcement, the board of directors of IRC (the
“Board”) was informed by Petropavlovsk PLC (“Petropavlovsk”), a substantial shareholder
(as defined in the Listing Rules) of the Company, that on 18 March 2020, it had entered into
an agreement (the “Agreement”) with Stocken Board AG (“Stocken”), a Liechtensteinincorporated investment company. The Agreement sets out the terms on which Petropavlovsk
would sell and Stocken would purchase 2,120,922,527 ordinary shares of the Company (“Sale
Shares”) (representing approximately 29.90% of the total issued share capital of the Company
as at the date of this announcement) for a consideration of US$10 million (“Consideration”),
payable up to 31 December 2021 (the “Proposed Transaction”).
The Board notes that the Agreement was described as a preliminary agreement with nonbinding terms in Petropavlovsk’s announcement dated 18 March 2020 and accordingly, this
wording was followed in the Announcement. However, on 25 May 2021, the Board was
informed by Petropavlovsk that Petropavlovsk had received notification from Gazprombank
(“GPB”) that GPB had consented to the Proposed Transaction and that the Agreement had
become binding upon Petropavlovsk. Accordingly, the Board understands that the Agreement
constitutes a conditional sale and purchase agreement for the Sale Shares.
– 2 –
As set out in the Announcement, completion of the Agreement will be conditional upon
certain conditions precedent, including the termination and irrevocable release of the
Petropavlovsk Group from the guarantees (“Guarantees”) entered into by Petropavlovsk in
favour of Gazprombank (the “Release”) and the receipt of any consents that may be required
under Petropavlovsk’s US$500 million 8.125% notes maturing November 2022 (“Notes”) or
confirmation by the Petropavlovsk board of directors that no consents are required.
The Agreement will terminate if it has not completed by the longstop date. The longstop
date is 180 days from the receipt of any consents that may be required under the Notes or
confirmation by the Petropavlovsk board of directors that none is required.
Whilst the Agreement has become binding, there can be no certainty that the conditions
precedent will be satisfied and, as such, that the Proposed Transaction will proceed to
completion.
A refinancing of the Group’s GPB project finance facilities may be required in connection
with the Proposed Transaction and the Release. Any such refinancing may include a new
senior facility and a convertible bond issue by the Company, and, if such a refinancing is
required, it would be subject to, among other things, approval by the Board of the Company.
Stocken has informed the Company that it is a third party independent of and not connected
with the Company and its connected persons.
As at the date of this announcement, Petropavlovsk holds 2,

Lawrence13, very simple. Gazprombank. You dont just buy the shares you have to have the resources to take on the guarantee.

Lawrence13, I will address that in 1 sentence.

To all intents and purposes, Strukhov hasnt got the money to buy POG. !!!!!

Lawrence13, You have a very robust defence of Pavel, the very man who has arranged a sale for IRC FOR " Peanuts " And it is not just that sale they are investigation, they are also investigating other " third Party " deals. Strukhov doesnt propose the resolutions at the AGM, the board does.

If Pavel is eventually found innocent, I would be the first one on the board to say it was a disgrace he was locked up for so long, BUT, what if he is found guilty ??? The market on third party concentrate depends on wha\t price you buy it in for and then what price you sell it for after processing. It has been widely publicised that we make a lot more profit on our own ore, hopefully no we are up and running with the second processing plant we can processing more , utilise the pox hub better and make more profit.

The mere fact we are not processing loads of third party concentrate shows that strukhov isnt controlling the bod.It is totally contradictory to what you post. As he has lots of the stuff that needs processing I am sure he would like it processed.

Pog are right NOT to pander to his desires

Cofe sova last week was not above 5% I think that was an educated guess if they had been accumulating, which they have.

The reality is Sova caital have increase quite a bit. Where are they getting these shares ??? Is one of the larger shareholders reducing ? It is quite clear the price is being kept low to try and help them increase their holding. The positive thing is they are a buyer, which should hopefully give us more confidence moving forward.

Humpty dumpty sat on a wall, humpty dumpty had a great fall, all the kings horses ad all the kings men couldn't put Humpty, together again.

If stit was on the same wall, I would push him off, hopefully from a great height.

Lawrence13 if you go back to my posts when this was announced, you will see I was against this from the start, and I have NEVER, wavered in my view. I thought it was a very poor decision at the time, it is callamatous now. AIMHO.

Lawrence13 you say you talk to Peter Hambro, have you contacted him for his opinion. Where do you get Strukhov has 29% of IRC, as Strukhov engineered the deposing of Pavel, I cant imagine him doing him any favours.

Agreed. WOULD BE VERY DIFFICULT TO BUILD UP LARGE POSITION WITHOUT A LARGE WILLING SELLER.

Coathanger, I wouldnt worry about dilution because if Tremor are serious, which is totally presumptive, that might be the reason for raising extra cash in America. I also feel that if it was a share deal, then the respective earnings and profits would both go up as their must be some synergies including the fact their respective bases are not too far apart.

Winstanley, Personally, I think there is a chance of a merger or purchase, possibly with Perion, otherwise I can not see the reason for having an issue on the Nasdaq and raising extra money. Perion are semingly very very close to Treemor, and I am sure there will have been dicussions. I might be a million miles away from the truth because its purely speculation.

Lawrence13, I NEVER said Pavel, gets a bung, I said he "might" I base that on the fact they are already investigating third party deals. Also the last time he was ousted, the newbies, insinuated that he had tried to get a bond issue through on poorer commercial terms as he was going to get paid for arranging the issue. Now, that is all heresay, and he have a situation that should be innocent till proven guilty, but for anyone to blame the new board for something which is out of their control is in my opinion ridiculous as they did not arrange it, and if it is binding there is not a lot they can do. But, if you go back over my posts to the time it was announced, I have made it clear from the start and have not wavered, on the fact I was and still against this transaction.

Updownflat, this was done on Pavels watch, this has nothing to do with new management if there is no breakout clause. Maybe, ( but it is a BIG maybe ) its one of those things where an asset is sold cheaply to a third party and Pavel gets a bung. I repeat MAYBE, I dont know, but, I smell a rat. !!!!!!!