Member Info for SickOfTheRatRace

Oh my. If there is a lesson to learn it is that Fortune couldn't discuss this with II's prior to telling us otherwise he would be opening himself up to another fine!

The current false drop can be eradicated by the release of positive dividend news.

I don't know why BMN always want to leave announcements to the last possible minute...

Happy 50th Alfa and hope you have a good night out. Thanks for all your efforts.

bassguy - personally I think one of the strengths of this board over the years has been the lack of conflict. In general everyone gets on and respect each others opinions and the board has some incredible contributors of value. Unfortunately the situation with SP Angel has been an abnormality of the status quo in that regard and has simmered on for some months. Both sides make some valid points in my opinion and having debate is natural and healthy until such time as the tone descends to personal attack.

This remains the best discussion board on LSE and I hope it remains as such. I wish some virtual hands could be shaken.

The two month shutdown of the Limpopo office of the Department of Mineral Resources would not have helped with Mokopane progression. http://m.miningweekly.com/article/dmr-limpopo-office-reopened-following-two-month-closure-2018-09-06/rep_id:3861

Someone commenting on the article says "Interesting but in contraction to what I read presented in Parliament by the Minister on the 22 August namely: "The sixth area that needed urgent attention was the huge licencing backlog. Since the confirmation of a permanent DDG for that branch, things had improved. There are no backlogs in five regional offices. Limpopo and Mpumalanga have serious backlogs and there are some in North West and Northern Cape. There were serious allegations of corruption in the Witbank office and a few others. The internal audit team was sent out to conduct audits in all offices. The Witbank office was very problematic. The audit discovered DMR was paying rent on a non-existent building. The address provided for the inspection was a mortuary. Criminal charges have been instituted against certain officials. The Limpopo office had been reopened after the arrest of five people, three from DMR, for the death of the regional manager. As part of addressing the challenge, DMR took top management on an ethical leadership course. DMR had also embarked on a process to develop the integrated ICT system where an application lodged at regional offices will reflect at national office. Once the system is developed it will eliminate licencing backlogs and accelerate the licensing process.""

Reading things like "The Limpopo office had been reopened after the arrest of five people, three from DMR, for the death of the regional manager." doesn't give much confidence.

Ophidian this is exactly the point here. The company did not comply with necessary regulation, has been found guilty of doing so and no amount of comment about how irrelevant it is in December 2018 will change that fact. It is now a blot on the company record and the company must ensure everything possible is done to maintain investor confidence. It is situations like these that feed the vitriol of certain websites and are never welcome.

Anyway perhaps we can all draw a line under this now, the situation is what it is and we can only hope that the company will do better in future.

The RNS doesn't change the fundamentals of the company which remain hugely undervalued in today's share price.

Daisan I agree with what you have said today.

Personally I am somewhat surprised at how many posters today appear to have dismissed non-compliance with regulation as largely an irrelevance. The facts in the matter are that the company has been investigated and found to be in breach of regulation and have been fined as a result. Regardless of the reasons behind it they have been judged guilty as charged.

Unfortunately this doesn't appear to be the only instance when price sensitive news has not been communicated to the market in a timely fashion. The delay in reporting the initial strike action the key example in 2018. Of course I can only comment on things like that as an outsider to the company, perhaps they did indeed consult the Nomad and the Nomad agreed that immediate disclosure of strike action on their sole income generating asset was not price sensitive. How I have absolutely no idea.

I trust that the company learnt a valuable lesson with this fine and I am sure will ensure "whiter than white" compliance in future to safeguard the ongoing confidence of investors.

Yes pretty good on the old WPM!

It is exactly the point though. The effect of industrial action is magnified the higher the production is at a single location.

I am sure industrial relations are now much better than they were but it's still eggs in one basket.

If we have the money to do both then great - but downtiming Vametco for this should be after brownfield, if brownfield timescales are reasonable. Personally I think that 10,000 via brownfield (as in adding another 5,000 to the expected Vametco 5,000) should be the priority - if there is one lesson to learn from the Vametco strike it should be the need to avoid having production all in one place.

Any thoughts on implementation of the 10,000mtv kiln? If they are still engaged in the 5,000mtv upgrade until some point most likely H2 next year does this need to complete first before the 10,000mtv kiln? If it does then it would seem there is time to get brownfield moving - something long signposted but no indication of progression.

Nick - definitely dreamland in terms of V pricing. However that long list of expected news just grows longer - granted the Mokopane licence is out of their control. There are a number of items that have been talked about for a while in interviews including dividends, JSE listing and brownfield opportunities.

The company now needs to RNS something of substance as the last significant developmental news (imho) was Sojitz three months ago.

I would really like to see that dividend policy announcement this side of Christmas but have lost all interest in Mokopane at this time due to ongoing disappointment. I also don't understand why winning the award last week wasn't RNS'd immediately. That's the kind of achievement the vast majority of AIM juniors will never see and should be shouted from the rooftops.

RichKen actually the cost of $100m for 10,000mtv was mentioned before in industry coverage with Fortune quoted as saying it was a decision the board had yet to make.

The main question for me is if we have $100m to spend is that better spent on a kiln in one location on our single producing asset or spent on geographically diversifying our production to ensure we keep producing if one plant has an issue. I believe the latter if suitable brownfield is available. Then when brownfield is exhausted and you are faced with spending $300m+ on a new plant then you spend $100m on a new kiln for one site instead.

I disagree, ATM appears it wasn't strong enough to survive on it's own. When a company is listed it is supposed to be fully funded for the first year. Yet during this first year we had a placing that included a raise for working capital. If you need working capital then you are not fully funded.

Here is the full document for future reference, I will stop posting about it now!

https://www.ftse.com/products/downloads/FTSE_AIM_Index_Series_Rules.pdf?32

Found the inclusion rules. Need to make position 40.

Rules for Insertion and Deletion
–
FTSE AIM 100 Index and FTSE AIM UK 50 Ind
ex
Constituents
6.2.1
The rules for inserting and deleting securities at the quarterly review are designed to provide stability in the selection of constituents of the FTSE AIM Index Series while ensuring that the Indexes continue to be representative of the market by including or excluding those securities which have risen or fallen significantly.

6.2.2
A security isinserted in the FTSE AIM 100 Index at the quarterly review if it rises to 80th position or
above, by full market capitalisation.
6.2.3
A security isdeleted at the quarterly review of the FTSE AIM 100 Index if it falls to 121st position or below by full market capitalisation.
6.2.4
A security is inserted in the FTSE AIM UK 50 Index at the quarterly review if it rises to 40th position or above by full market capitalisation.
6.2.5
A security isdeleted at the quarterly review of the FTSE AIM UK 50 Index if it falls to 61st position or below by full market capitalisation

According to the aim stats sheet for November:

BQSBH50 Mortgage Advice Bureau - 271.37m
BK8FL36 Horizon Discovery Group - 263.83m
0490526 Impax Asset Management Group - 264.74m
B067N83 Brooks Macdonald Group - 233.61m
B8HHWX6 Eland Oil & Gas - 238.37m

Bushveld - 447.62m

So how did we not even make the reserve list?

Based on the In and reserve list:
B0CY5V5 Serica Energy

reserve:
BQSBH50 Mortgage Advice Bureau
BK8FL36 Horizon Discovery Group
0490526 Impax Asset Management Group
B067N83 Brooks Macdonald Group
B8HHWX6 Eland Oil & Gas

It looks like the annual review is based on different criteria?

We made the AIM 100, not the 50 :-(

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/other/13893180.html

FTSE review just released, AIM soon hopefully!

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/other/13893160.html

Actually crunching the numbers on yesterdays close price of 42 means we should have an mcap of 471.66m approx at the end of yesterday, which would have made us 46th on that list.

Confirmation soon enough!

Appears so, cheers shorters, we are screwed over once again.