Member Info for SB_1964

Forrest

We covered this off last week for you.

Time to go shrimp fishing with Bubba again, or go for that 5,000 mile jog.

Getting tedious

Stakeholders need a more forensic (less loose) breakdown of where we are right now with the TKGM funding, the specific steps required to effect financial close and an accurate handle of associated timing.

Appreciating there are sensitivities in play, not for public consumption, there is room for a better and more detailed handling /overview of this…

If it’s another month then “set the scene” and the market will accept that.

The constant over promising and woolly narrative is unhelpful

Thanks Frankseluc..

I have submitted a question to Kefi re clarification of what the senior lenders have actually physically provided

There is a big difference between an Indication of Terms / IOT (board ratified or otherwise) and a Formal Offer…

From where I sit, it’s a month to full financial close (give or take) from receipt of a Formal Offer.

This feels like a subject to document (pre credit approved/backed formal offer) with draft conditions precedent thrown in to get the consortium thinking the right way early….

That being the case, indicating a December ‘22 close out was irresponsible and/or very naive

… and I’m a big fan of Kefi & HAA saying this….

Smelly

Typically these deals see advisors remunerated via, and upon success.. it’s hard wired into the deal, not an ongoing gravy train journey… I’m very ok with this…

Great post Mafs.. and that is absolutely the plan

Good luck to you

Dawn raid - it will be waaaaaaaay more than that - just do the maths

Fantasy - on that we are 100% in agreement.. a massive game changer - ASX replacing AIM would also be a great move too…. One step at a time as the man says

GLA

No Fantasy - you have been casting doubt on the whole deal and generally been an inaccurate pain in the backside and a fool.

I have simply said that expectations could have been managed better - big difference and no parity

Thank you Forrest

I hope you get your shares back at an attractive price and then watch them go nuts.

All the best to you also.

Forrest

I’m invested, and I’m a realist with some deep experience of these types of deals.

Doesn’t mean I’m selling. It means I get the likely timeframe - that’s it.

I have a lot of respect for Harry.. met him a few times here in AUSTRALIA. He’s very good at what he does.

Could investor expectations have been managed slightly better… probably yes.

That’s it

Bear

As a former financier, the only thing here that doesn’t make sense to me is “in principle” agreement from the senior lenders at this juncture.

I’m slightly confused, because the company/HAA has/have previously indicated that they are working through Conditions Precedent (CP’s)

CP’s form part of a Formal Offer of facilities, which is substantially more advanced than an “in principle”

So - yes, we know this is happening - but (as I’ve said before) I do think that HAA has potentially over promised on timing here (his one failing in my book)

Expectations need to be managed realistically in/around deals.

As a banker, used to providing funds for these deals, my feeling is this remains pre final credit committee approval, and that means we might have another month until the fat lady sings her fat **** off…

I’ve waited 7 years so far… another 4 weeks or so is easy….

Just wished the expectations were managed more realistically and accurately .. it feels amateurish if I’m honest..

Thank you for the heads up Rob.. good news, and every opportunity to start his tenure off with a thundering, monumental, country making DEAL…

Manu - as relevant and enjoyable as diarrhoea in a spacesuit

I remember Forrest …. HAA ‘touched his nose 3 times’ and that was your sell sign.

If you buy your shares back cheaper good luck.. most here will be ambivalent - good luck either way.

We have been repeatedly told that there will be no placing prior to the project close of TK.

Further, Kefi had access to short term borrowing should the need to bridge a delay arise…

As you say, we will find out soon enough - however, nobody has more personal skin in the game here as a stakeholder than HAA, and therefore nobody will be financially hurt more by dilution.

From that I hope we stick to the narrative, but if there is a placing then it will have been orchestrated by the person it negatively affects the most… from which you can deduce that it is a commercial necessity.

You’ll get the grammar fluctuations

Mike

The world is full of bedroom 2 specialists, happy to scalp a little bit here and there (fixated on the screen for hours on end) intent on paying for that illusive week in Benidorm, plus drinks..

That is the difference between .9 and .8
It’s cheap, short term , dog shot tokens

Better to gold lots and do zilch

Manu is the guy who brings cheap Tesco lager to your bbq, drinks your chilled Stella Artois all day, whilst spreading his/her negative detritus around the place.. then departs

Yes Rob.. 80%
Do it once, do it right

My career was buy side M&A…

When HAA said a y/e 22 deal close here I thought it was massively ambitious, it has proved to be so.

In some respects, a he is a little naive in terms of an appreciation for the deal dynamics, and (with a government involved) just how many moving parts need to be brought to a standstill and nailed to the floor.

All of that said, I do not chastise HAA one bit for his dogged determination and tenacity.

I think this is a Valentine’s Day deal (or thereabouts) personally..

Importantly, everyone is standing on and this gets done..

So.. unless you are on a burning platform and have to jump, just do the time and reap the rewards

Yes DH.. I mentioned during the week a scenario where Artar might form part of the PE in TKGM - reversing an abundance of capital into a mine deal via the commonality of Kefi as JV.

The Sovereign Wealth Funds are born for stuff like this… I’d missed that

It will be fascinating (when we get the Sources & Uses breakdown) to see if there are indeed any KSA monies in play here. I wouldn’t be surprised.

All being predicated on TK getting underway, and we do need something here to galvanise investors