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Moneyman, the answer is quite simple:
Glencore are now just a shareholder, so they get no say in how zioc finance themselves. They do have board members of course. They would have been fully aware of how zioc would finance themselves.
Glencore had overall say on everything through Jumelles, so would have given the OK to become just a shareholder in the project and zioc take 100% control or the company.
As explained in the RNS the move was made to make it easier to bring in finance
Why is no one shouting from the rooftops? Because deals are probably done in principle so there is no need to shout about it..
All these deals and talks.. no agreed supply of iron ore, there are very few places anyone can get high quality ore from. Everything indicates a want to ‘invest’ in projects, not just sit on the sidelines. AT and the RNSs at times have stated multiple entities and approaches. I honestly think we’re in the FEED stage as it’s one thing to have the Stage 1 and 2 plan on paper, but this will be a dummies guide with the addition of the companies that will build everything.. we are ripe for a sale/finance once this is completed.
The interims will be interesting at the end of September as we can see how far we’ve come in 3 months. After that, news could drop out anywhere in Q4..
4kandles, have you called AT with your concerns? Or if you’re that concerned why don’t you sell up and move on?
The drop was inevitable due to the company saying no news until Q4. Lots of traders would have sold on that news. I’m not bothered because I’m here for the big pay day at the end of the road.
Interims at the end of September. And would anyone dare be out during Q4 knowing news could drop.. that’s up to individuals.
Either way, give AT a call rather than whining like a b***h
If you’re that bothered about the finance arrangement, give AT a call. Or just sell and move on. Just stop whining so much, it’s pathetic. We’re all here because we know a big pay day is coming!
It’s certainly odd that another bombardier owned by another Brazilian company is flying in and out of Brazzaville, and seemingly landing somewhere else in RoC where we can’t track it. Assuming it’s feasible that Vale has Execs around the world and there are times where other planes are needed other than their own Bombardier..
Either way we’ve seen Vale agree to the 3 green steel mega hubs in ME, PIF buying into Vale’s metal business.. but what high grade ore are they using to supply those hubs..
Great research MM. Interim results will be due end of Q3, Chinese EPC results expected Q4. I think we could be looking at astronomical numbers if just the Chinese are involved, let alone throwing SA into the mix!
So you would have preferred them to do a raise at the top like all the other s**t AIM shares, 36m shares at 18p, raising 6.48m.. to you that would be looking after shareholders? The finance is literally there to meet the going concern and is the least dilutive option. I fully expect us to not need it in 3/6/12 months..
There are also options open in the previous RNSs about Glencore loan being repaid potentially by other means, i.e. shares. We would then use Shard for our own expenses. Any concerned with 6% dilution should just buy a further 6% of your current holding
Driving, it obviously meets the going concern because it did last time. If they did a raise at 10p (as an example) for 36 million shares, they would get £3.6m. We don’t NEED £3.6m. This way the company can raise the exact amount they want without diluting anymore than what is needed. This is probably the most sensible way to raise money on AIM.
100% driving, it will get the companies/firms in place who will build the infrastructure. Any investment afterwards the work can start immediately. Whoever invests, China/SA/Vale.. they will want a blueprint as to who will build the infrastructure and that’s what ZIOC are getting now. We know China/SA are investing and wanting to work together on projects. Best case scenario is we get a bidding war who wants the iron ore most!
Vet, they have to pay the loan back to Glencore in December this year, so they not only need to fund the paying of the loan, they also need to show they have working capital to meet the 'going concern'. The company could have been a lot more upbeat in the RNS about the current market for iron ore and the push for high grade/green steal etc. I do wonder if they have been purposely boring as not to be seen 'ramping' the share price for Shard to sell into.. Similar circumstance last time Shard were involved where it made it very difficult for the company to be anything but boring in an RNS.
If we are part way through the FEED stage, then the 12 month clock has started ticking..