Member Info for rustybucket

It depends on who wins. If there is an outright winner, the loser should pay the costs. If there is no judgement, the people are responsible for their own costs.

ge0rge123 all shareholders should get the chance to vote at the AGM, AND the EGM.

Hi Dark-Knight2020, I believe an EGM, Must be held with 30 days, in normal circumstances. Might be a bit of Leeway in the prevailing conditions. But this time starts, after it is requisitioned.

I would imagine we will all get contact from our brokers, or POG, May even go down the paper route.

All I would say is make your vote count everybody.

Ever hopeful, I don't think it relates to the shares they hold. In order to call a General Meeting you need to hold shares of at least 5%, So I think this is just saying they hold more than 5% of shares of company, so can cal a meeting.

Nothing to do with Prosperity yesterday Dark knight 2020 yesterday was about Everest.

DarkKnight 20/20 Nobody won, nobody lost. its a stalemate at moment. Another meeting to be arranged. So in the meantime the new board are allowed to stay in. For Now.

Dark knight, it won't be an AGM. It will be an EGM, An extraordinary General Meeting, date hasn't been announced yet, As proposal from prosperity only just in. Normally within 1 month. I would suggest the old bod will be doing a lot of canvassing along with investor relations.

Hi Lawrence13 UGC didn't propose a motion they just voted against the bod at the AGM. Old board then elected new board, as an interim measure. Everest who also voted against the board, then went to court to get new board ousted.

Prosperity a Russian shareholder then called EGM to try and reinstate old board. Hope that helps.

The petition by Everest was about the new bod. I don't think anything else will be discussed as its not relevant to the petition. That will be discussed at the EGM.

As per the voting at the AGM, it certainly was not illegal, it showed UGC taking advantage of inertia, and low voting to get a majority decision.

I believe the board and investor relations, have already contacted some of the institutional investors who didn't vote to make sure they vote at the EGM. Although I don't agree with everything the BOD, and Pavel, does, I still think these are the people to take us forward.

Lawrence13 this hearing has nothing to do with the old bod. It is related to your dad and the rest that have been temporarily put in charge, Whatever happens hear should not affect EGM.

Lets be honest, this is relating to an interim board, the man action comes with the EGM, whether or not the old board get back in. The lot that are in are like caretakers or administrators, they are not long term.

On a footnote, I would rather they stayed n place to the EGM.

PVX233, If they had sold, they would have done well, as could buy back in cheaper now. Nothing to do with gold price though.

Max19, yes you are correct, they wouldn't spend if they didn't have the money. We are all aware of the impact of covid19, but hopefully, long term with whats in place prospect of very good growth prospects at this price.

Certain others wouldn't agree, especially those with an agenda. Personally I would take the S away, and put an I between the two ts.

probably, because of the uncertainty, reality is, we have no news of any outcome from the court case, and although an EGM, is supposedly imminent it is not official as they have received the requisite documentation yet.

The interest payments are not relevant, in my opinion, because they were not going to do it for nothing and the term was extended to a time when POG, will ( or should have adequate resources ) I don't know how the $12m inflow supposedly works, and can't remember the exact details. My point is. I don't think this is a worse deal than the original convertibles. I am not forever saying that the first convertible bond offering was a good deal for anyone but the bondholders, the reality is, we needed the money, and the company was not on a great financial footing.

Now if that was happening now, I would shout out loud, because, in my opinion, we are ( except for the now normal and usual with POG Shenanigans ) in a much better financial footing. And all things being equal we should be very profitable and cash generative.

The convertibles are not due till 2024, so its the other bonds in 2022 that we need to focus on. All my opinion.

Updownflat, it was increased to $125m because they needed the extra cash, They were not awash with cash and had to borrow extra for Gazprombank to lend to IRC, What do you mean about, no incremental cash flow. I haven't done the maths, but I would suggest that there are less shares to be issued, on the new terms than would have been issued on the original amount.

Bear in mind, the bondholders are the very people who forced the hand during the rights issue. Personally, I don't know why the board buckled to their demands, because if the company had went bankrupt or into administration, I don't believe the bondholders were in that much better a position than shareholders, unless of course if some of the bondholders were connected to someone like UGC who wanted to get there hands on the asset for next to nothing.

Now, without the full facts, it is hard to make a comparison, but all I would say, is Peter and Pavel, fought to keep control of the company, by "supposedly" underwriting the rights issue, but, I have never seen ANY, evidence it was there money, I just remember reading about the put and call options, and I remember recently Pavel buying more shares at about 13p.

So in a nutshell, I don't think everything Pavel did, was against shareholders, although I do not have all the facts.

Would be interested to see yours and other interpretations of what actually happened.

Updownflat, if they converted last year they would have converted at about 8.5, the new conversion price is about 13, so please explain how pis have been shafted. ? Pox probably wouldn't be in the position they are now, without the bond money.

Max19 its just that in an e mail a couple of weeks ago, they did say they were going to accelerate the buy back. Looks as if they are able to pick up a lot more shares at a higher price than when we had the drop. I just hope that in the long term price moves up and it is proved to be a very shrewd move.

Kenj, I appreciate what you are saying, I will add something else to the mix, as I don't know the answer. What if the company decides to pay dividends. My understanding is that convertibles would not be entitled to the dividends as they are not shares.

So could a possible incentive for them to convert, be to pay some of the interest upfront, then pay a dividend. Now I know thats not like interest, but it has tax advantages, AND, they would be converting at a low rate ( i,e 13p or so ) the dividend yield for them would be higher. Just a thought, Especially as it has been mooted that they are considering a dividend and the company, should, be in a much healthier position soon.

Workingstiff, As long as you believe them. The way they have gone around things does not promote trust. That is essential for a good working relationship.