Member Info for rustybucket

Dark knight 2020 personally, I think we have increased a bit too much today, not because of anything thats happening with the company performance wise, I have long alluded to the fact that was getting better, BUT, every body seems to have forgotten whats happening with the board rom shenanigans. This has always been a long termer for me. I would like some information on the "supposed conversion of UGCS bonds.

I dont speculate over large ups and downs i one day, because in the good old days, it was prevalent. Good update though,

Gold prepays Pokrovskiy Pressure Oxidation (POX) Hub § All four autoclaves are now operating at their design parameters and the POX Hub has demonstrated its unique flexibility in being able to treat multiple concentrates of different quality and composition § Until further expansion of the Company’s flotation capacity has been completed, the utilisation of the POX Hub will be defined by the availability of third-party concentrates § The POX Hub is currently ready to treat the Company’s own concentrate from the Pioneer flotation plant which is expected to be commissioned in Q4 2020 Net debt § Net debt (unaudited) reduced to c.US$538.0m (31 December 2019: US$561.3m) principally driven by an increase in cash.

The Company continues to prioritise settlement of the interest bearing gold prepays which stood at c.US$121.0m as at 30 June 2020 (US$187.4m as at 31 December 2019), a net decrease of US$66.4m. Any one understand these, are these the arrangements with Gazprombank ??

Kenjs calculations If POG elects to pay cash instead of issuing shares, they must pay the current share price.
210,370,302 shares at 31p = £65,214,793

There is no way that POG have that sort of available cash, so will have no option but to issue shares, as UGC well know.

aimtitan, so you make your post without posting the conditions. (as defined in the Conditions) I am pretty sure the conditions don't allow for just there money back, why oh why would they then give up 8.25% per year and a conversion option. Wouldn't happen, AIMHO.

redrobb, the RNS relating to today was nothing to do with UGC, Kenj s calculations in my opinion are correct and that will make a difference. There is well in Kenj excess of 3 billion shares already so the extra is not going to take them anywhee near the required level without support.

I can imagine Pavel knocking on a few doors now and calling in some favours like he has done in the past. And lets be honest, there are a lot of additional convertable bondholders out there , I believe others will be weighing up there options.

But, again, UGC are doing this to increase there shareholding position. I wonder what te market will make of this tomorrow.

Thanks for that , Best outcome, in my opinion, they convert shares, reduce debt, then lose the vote. Will have another look at this, I don't think they have nearly enough shares to make a difference, as even if all converted isn't a massive percentage. Very interesting. Than k you. No doubt another RNS tomorrow.

Where have you got this information from MikeSE1 ??

Exactly Lawrence13, but, its a little less interest to pay. What we don't know, is whether thats all their holding or a small part of it. There could be a number of reasons why someone would convert, including if they had liquidity problems. But not a bad thing. Saves us trying to negotiate a deal.

Malbright06, No I believe that is there are very few trades been done, only 10 trades so far. Yesterday ay the company were only able to buy about 16000 so looks like there is not a lot of free stock about at moment hence the larger spread as larger risk than a company that has heavy trade. ALL I.M.H.O.

Dark_Knight2020, the reason for the lack of movement in share price, is the uncertainty caused by UGC and Everest. Until this is cleared up. One way or the other, there will be a cloud hanging. Once this has ben removed, we should see a change.

The share price has had a very good run, I believe, finding a solution to the boardroom shenanigans, and publishing of latest results should help enormously.

Simple response is yes, because they have not been cancelled so would need to be ought by anyone wanting to buy. They could also be used in part payment for a future purchase, or cancelled, which means less shares in existence. Lots of uses. Remember we also have Tosca with a lot of shares. Unless they have some sort of agenda which I don't understand, I am sure they would want full value.

Looks like I got that mixed up in the gobbledegook of the reports,
The US$11.2 million difference between cash paid to purchase the Existing Bonds and the carrying value of respective debt was recognised as loss on re-purchase of the Existing Bonds.

But they have lots of stuff where they have written it off as a loss only to report later as a profit. If they hadn't written it off, it could never have been recorded as a profit.

Lets hope more clarity going forward. Didn't have time to go through full report for more examples.

Lawrence13 any re-axamining of the books and deals would not be a short term thing, it would take a long time, IMO, I can not see this being even started before an EGM, never mind completed.

If anyone has looked very closely at both IRC AND log, there have been a number of times when "creative accounting" has been used to create either, a profit, or, on some occasions a loss. Probably, nothing illegal about what they did, but, it did make the figures, at the time, look either, better, or worse, at the time.

They stated in the latest accounts, I believe, a profit, on the convertible bonds, How does that work ??

Updownflat, I don't think hey are dragging there feet, and it is an EGM, not AGM.. There will have to be a lot of paperwork sorted, and we are in unprecedented times. They will have to do things totally different that in the past. They will not want to get it wrong and risk major problems.

RedRobb it is not uncommon, I will give you a ftse 100 company straight away. Frasers, Sports Direct. If we are doomed. Simple sell up now. Stop scaremongering without the facts. It would be a problem, if we didn't get an auditor. We did.

sorry, Thanks, not " thats " bloody auto correct !!!!

Dark knight 2020 thats for the postings.

I must agree with this part though because I have been asking for clarity for this for over 6 months.

Mr Lioustiger, who has taken legal action to stop the appointment of four interim directors, said that while Deloitte’s decision was itself worrying, he was also puzzled by the company’s continued refusal to explain the details of the Temi transaction.

“If the transaction goes ahead, the company will pay tens of millions more to an UNKNOWN COUTERPARTY for an asset which does not appear to be worth anything like the amount being paid for it,” said Mr Lioustiger.

Now I am not for one minute suggesting its worth less than what we are supposed to be paying. Simple answer to that one is "I have not got a clue " But why is it such a secret who owns the other 25% ?????

At the meeting I don't now why anyone didn't ask the question. ?

Rather than talking about concert parties, and giving false information that could cause panic so some posters. Read below.

Further to an announcement made by Petropavlovsk on 30 June 2020 concerning the results of proxy voting on board appointments at the Annual General Meeting and appointment of new directors, the Company wishes to inform its shareholders that, yesterday, it received notice from Prosperity Capital Management Limited ("Propserity Capital Management") that it has given instruction to its custodians to file a requisition calling for a General Meeting ("GM") to enable shareholders to vote on the appointment of new directors. The proposed new directors whose appointment is to be considered at the GM comprise five of the former directors of the Company who were not re-elected at the AGM, being Fiona Paulus, Pavel Maslovskiy, Harry Kenyon-Slaney, Timothy McCutcheon and Damien Hackett, together with two proposed new Independent Non-Executive Directors, Michael Kavanagh and Vitaly Zarkhin. The Company has been advised that it should receive the requisition within the next 48 hours. The Company understands from Prosperity Capital Management that it manages in excess of 20% of the Company's issued share capital, although the requisition is being proposed by three Prosperity funds which control 11.4% of the Company's voting rights. The GM will enable the shareholders of the Company to vote on the future directors of Petropavlovsk in full knowledge of the relevant information.

So prosperity voting for Pavel and co, AGAINST UGC and Everest.

RedRobb, I believe prosperity have well in excess of the percent you quoted. But, they are FOR, the board, not against.

redrobb, a number on here have asked for more transparency, and they have a number of "at arms length" transactions including TEMI, which was voted down. I have asked for clarity on a number of occasions, Now I am not suggesting they are doing wrong, I would just like more information. A number have said the convertibles bonds, were better value, to the purchasers this time, I have already said, I disagreed, as the coupon price had increased markedly. All IMHO.