Member Info for SAGACITYRULES

Onward - The reference to the adverse weather and sea conditions is a reason for variations when comparing one period to another. It is not an excuse. Even when making a comparison one year to another, if the weather conditions in the base period vary from the period under review, this may constitute a reason for fluctuation giving rise to a variance. The Board are not empowered when reporting to shareholders to ignore a material reason for the fluctuation, as anybody who has ever had to make prepare or present such reports will know.

Your view on share pricing in the event of a takeover is also ill-informed. You have seemingly ignored a valuation on the basis of"return on capital" which will be a prime factor to any prospective purchaser. There will be other significant bases to be considered when proposing a takeover value, but they are for another day.

Onward - I think your comment concerning weather is ill-informed. The "rains" as they are referred to are tropical storms which go on for days and occur over a three month period. Nairobi, slightly north I know, suffered extreme floods as did Tanzania and elsewhere on the east coastal strip of Africa. This was an exceptional weather year and the sea conditions were atrocious for several months. I accept your other comments and look forward to the appointment of Mikey's successor.

Rax - Where did you read that we are up for sale in 2025?

Sorry, hit the wrong button!

Why is it that individuals who have no knowledge of the circumstances think they are in a position to comment? To suggest that Kenmare is some colonial oppressor is absurd. To wish that some powerful authority should take the company to the cleaners, is equally absurd. Before you issue such ill-considered comment, avail yourself of the details.

High Flyer, I hope you have looked at your conscience and reached the appropriate decision. Unfortunate as this accident is, accidents happen, it is the nature of mining. However, there are far more early deaths in Moz arising from living standards than arise through industrial accidents. I feel sure that Kenmare took on board past experiences.

Rich22 - Quite, I stand corrected. But do you have a comment?

Do I recall the appointment of a director specifically to engineer the restoration of the sp to a level reflective of the company's net worth? If I am correct, how do you think he is doing currently?

Rax - Your reviews have given both the glass half full and half empty. Nothing wrong with that, you have simply reiterated the comments of KMR management. We have to hope that after MC the emphasis will change. Reports could be written in terms of look at us, we achieved this and that even though it was the rainy season, as it is every year, and lightning does strike twice. But through it all, the company performed well in spite of incompetent management and remains on track to meet 2024/25 guidance. - Just an observation/suggestion! They are so negative. If they have negotiated the most difficult quarter of the year and come through, then blow the trumpet!

I have been holding back from comment in the hope that someone else might . The "key" factor in any takeover is return on capital. The value of the underlying assets whether actual or replacement is secondary. The attitude is always "I invest, but how quickly do I get my money back?" A workable Exit strategy is of the additional importance. Little point in investing unless you are able to cash in your chips at some future stage. MC had little or no incentive to think of either of these factors. Hopefully his successor will be appointed solely with these strategies in mind and we will see the quoted price returning to somewhere near its true value.

Sadly, the BOD is only interested in taking their fees and bonuses. Vote against their remuneration at the AGM. That will wake them up!!

Am I correct that the IWT is 25% and that within the terms of the Double Taxation Agreement, it should only be 15% for a UK resident? Therefore the tax which has been overpaid is the difference, 10%, or am I misleading myself?

Onwards - Many thanks. I was hoping for a new route other than having to set up an EI tax reference. Save it for a rainy day!!

Con - Which website?

GeneK - Your "research" is 8 years out of date and wholly irrelevant in my opinion. Good luck with your investment.

Genek - To quote an interview with MC from 8 years ago is equally irrelevant to today's situation. At the same time, the interview demonstrates that the BoD managed the situation with which presented itself and have established and maintained excellent relationships with their bankers. As Contango enquires, where is the poor track record and chequered history with their lenders? I notice you have but a few posts and therefore will be gentle with you. Please ensure that your comments are relevant and based upon the latest data or you are going to be heavily criticised.

JWB - I do not see any numbers in response to Contango's post. I assume that you do not have any to support your statement. I might be able to help. Profit after tax for H1 was $67.8M , an increase of 8% over 2022. I have not seen a Profits Warning issued since so it may be safe to assume that profit levels will be maintained if not increased. Capex for 2023 to 2025 on WCP A move to Nataka is estimated at $247M, including a $37M contingency. At 30.06.2023 net cash stood at $42.3M. So where are the figures to which you allude? At a P/E of 1.75 currently, does the sp looks expensive? What level of sp and P/E would be cheap?

Damofari - what are you talking about? "Excellent post" indeed! GeneK needs to support his statement that "KMR has a poor track record on major capex projects and a chequered(sic) history with lenders." Further details are required. I have only been a shareholder for approximately 8 years. I remember the refinancing and capital restructuring. Nothing to do with capex or failures to observe covenants with lenders which were not approved. So what is GeneK talking about, please?

CeeD - I like your reasoning. Is there a timetable?

Con, I was indeed around during the Iluka Offer. I certainly held shares back in 2015, if not earlier. Ithink the company is a "Sitting Duck" for an approach and this time I shall sell. The Board are too interested in playing "Miners", or should that be "Minors", than they are at building the company for the benefit of the shareholders. Some of the BoD should take their overstuffed pensions and go now, I am sorry to say.

I am surprised that only the market is factoring in the Red Sea debacle.