Member Info for SB_1964

I remain mystified as to why this will remain in credit for a few weeks… if the submission is complete and has been circulated to individual committee members, then a credit call will be arranged and it will get approved, or not..

This is less than a week imho

All of that said - it does look pretty encouraging in all respects

Essentially “M&A advisory” is either buy-side or sell-side, depending on whether you are acquiring or disposing…:

That’s a good RNS .. it’s all about further de-risking TKGM .. and that’s a major coup

I have the same money invested, albeit less shares because I encountered HAA sooner…..

Q4-22 apologies

It was my question eshaitan.. and a very legitimate one at that, to which he gave a condescending, wooly & dismissive reply.. in a pompous way..

I simply asked the obvious question (to a man who openly commented that the finance was nearly over the line at the end of Q4-23) and also complimented him on (another) great presentation.. I was trying to be kind..

“You’re very close to this Harry, what’s your gut feel for timing re financial close?”

Jeez.. he’s given enough “gut feels” over the years which have been utter baloney.. I was hoping for a better one, given the “imminence” he kept referring to.. just got Exec guff..

I like this investment, always have - but, 7 years in, Im starting to see a Chairman I don’t think is that flash when it comes to delivering fact with brevity and dealing well with the difficult questions..

Yet not prepared to give any detail…. Still far too condescending and slippery for my liking - my average is similar and I hope you’re right .. but we are still none the wiser really

… and Q3 ends in 3 weeks

Cheap shot Forrest..

I think to be fair Harry is composed and delivering well..

i gave haa the benefit of the doubt for 6 years -

i watched the interviews on various channels and cringed - he’s in the hotel room and clearly a bit depressed, hungover or whatever..

he’s not a marketeer, he’s a miner i told myself.. cut him some slack

i’m onto year 7, i’m 75% down ( he’s issuing himself massive shares in lieu of a salary he simply could not justify in the real world) and still peddling utter verbal diarrhoea

the assets are good, hopefully that might see us clear here - but harry just keeps on over-promising and delivering nothing - day after week, after month, after decade

a spade is a spade and a ****e “executive chair prat” is exactly that

Thanks Rob

Saudi & Ethiopia joining BRICS at the same time won’t hurt our cause one bit…

ARTAR will be cognisant of where Kefi’s other foot is planted, and I maintain that there could well be some synergy to be had there going fwd

We were here months ago.. it’s called Conditions Precedent

As previously mentioned.. the bank won’t sign this off via credit if the equity position remains unclear.. would you put your money into a new venture where the full monies required were not in place Simms?

This is probably the cause of the ongoing delay.. that last bit..

This hasn’t been managed well, and the hot air over-promising ba11ox (frankly) coming from the Chairman means Jack - Walter Mitty guff

Simms

The credit isn't that big, and it’s taken way too long..

My own thoughts are that the last piece of the jigsaw (US$20MM of equity) is taking a while to nail down, as the banks will not put US300MM into an incomplete deal..

It’s flies as a whole, or it doesn’t fly

Let’s see what happens next week… this is a deal that has been pregnant for far too long

By saying that this deal was nearly over the line calendar y/e ‘22 Harry has clearly told me that he is an amateur in these matters

Let’s hope there is someone in the mix with gravitas and realistic deal making qualities

Judging by the amount of green I’m seeing.. the Con Doorman must be in full bo110x drivel mode

The only area where I might accede, is in expectation management and the general ability to deliver anything labelled as “imminent” in under a year

That aside, we’re on!!! - just no idea when frankly..

New senior team at some point is badly needed

Fully agree Simms45 ..

As a further thought, the final documentation (as per my earlier note) will likely be a ‘master’ agreement, and as such will need to show ALL of the required funds in place from the full consortium

Put simply, the bank/s won’t sign off on this with $20m of equity yet to be tied down!

This final piece of the jigsaw probably explains a wait for final credit approval

IMHO

Hi Cateham 7

My experience is confined to US, European & Australasian markets, so it might flow slightly differently in an African country… however..

Typically, there is a Master Finance Agreement (MFA) type document which is produced by the lawyers for the bank/s - this is distributed to lawyers for all consortium parties (equity & debt) who in turn mark up anything they are not happy with/want removing, or re-wording etc

Ultimately the banks control this process, and will accede to minor requests, but won’t agree to fundamental changes here - after all, they are putting in most of the money, and don’t typically enjoy an equity stake…. however everything is already agreed in principle at the get go, so this isn’t normally deal breaker territory whatsoever

Once there is a final, agreed document in place, there is normally a completion meeting (quite often over the phone if involving geographically separated parties) whereby the lawyers agree to settle and all documents in circulation are duly signed and returned (fax/email etc)

That triggers funding, albeit in this case the primary funding isn’t the debt.. it’s equity going in first

This position might vary slightly, but I suspect the basics are pretty similar

Timing wise, again not known re Africa, this circulation and arriving at something to sign off is a week to ten days..

All of that said, we are right now still awaiting final credit committee approval, which will be the catalyst for this at the front end - that’s what we need next

I’m just quite pleased that the main funding docs are already in Draft format, as this gives some solidity to what it likely to transpire…

Again, caveat is I haven’t worked in Africa, so can’t be certain

GLA

The standout bit for me is;

“already drafted proposed final funding package documentation”

Typically this is a piece of work undertaken by a panel law firm of/for the leading senior lender (bank syndicate)

It would be highly unusual for this work to have been done, if the funding was in any doubt. It’s detailed & expensive work..

All IMHO

Ditto… Con Doorman filtered (my first ever).. complete tool - lots of green boxes, worth it

More importantly, I have to agree with ajs - last RNS was excellent and the companies handling of the current situation is first class

It’s fair to say that security concerns will always be a constant in Ethiopia (for the foreseeable future) so this should not be seen as a massive surprise in that context..

Risk is always there - in all things, and to try and eliminate it is futile - you NEVER will

Risk needs to be understood and then MITIGATED that is how grown ups deal with Risk…

Let’s hope that the ‘consortium’ recognise this and act accordingly - otherwise nothing will EVER get done