Member Info for siunyil

My guess is that this deal is really about making a bit of money should Rapid succeed in listing in London. Nothing wrong with that as it should help pay the bills. But the 25p Whetstone share price is quite insane. Good luck.

It is a well-known expression that you cannot polish a turd. But it is easy to wrap up a turd in the gold foil of a London main market listed company. TW is a fan-boi of this company. You have been warned.

"The contract award calls for Dynamic Intertrade to supply up to 300 tonnes of specialty spices throughout the year. This order is subject to supply chain volumes from the purchaser." So what this means is there is no obligation on the purchaser to buy anything.

Funny to see Winnifrith promoting a Lenigas venture but who knows it might get into profit. The actual issued share capital is 181m shares so the market value is a testing £2.4m.

The accounts puzzle me in that although a gain on bargain purchase has been credited there is no mention that if the London property had to be sold there would either be a substantial CGT liability or a chunky discount on the sale price of the property SPV.

Just curious as to whether anybody else finds SpikeyJ's messages difficult to read because of the haphazard punctation (or lack). No offence intended.

"And the only argument anyone seems to be able to offer is that 'Chinese companies are dodgy' That is certainly true but even if they are not dodgy I wonder to what extent if any the PRC companies are able to pay dividends in cash to offshore companies. If that's so they can only be of value to other Chinese companies and individuals. IMO.

The company looks to have around £2.5m in cash on the balance sheet but a market vaue of £4.7m. How can that be justified?

Page 140 of the listing document refers to a Put Option which was given to the original Placees. If that is what you are referring to then ordinary PI's will not benefit.

"You need to hold 70% in order to delist without putting it to a shareholder vote. " Is this correct? I thought if the NOMAD resigns (perhaps because of non-payment of fees) trading in the shares is suspended and if a new NOMAD is not appointed within 28/30 days the company is delisted.

I'd like to invest in this Indonesian business but the negative cash flow in Berau is just too bad. IMHO.

Hi You would probably need to know the terms in the Contract of Work for any certainty but I would guess that it doesn't matter who owns the shares in the Vallar company which is the immediate parent company of Berau. But there is probably little chance of getting approval to buy out the 15% of Berau traded on the Jakarta stock exchange. An Indonesian partner may be helpful (or a hindrance) in this never-say-never land. The Churchill experience shows the importance of bringing along a camera crew to any signing ceremony!

Ouch! I live in Indonesia!

It would be cheaper for Roeslani to buy ARMS at the current SP and arrange for that agreement to be cancelled.

Hi. The money was taken from Berau Coal. The accounts of that company state: Pursuant to a settlement agreement among Asia Resource Minerals plc (formerly Bumi plc), the Company [Berau] and Rosan Roeslani ("RR"), RR agreed to transfer, or procure the transfer of, assets and cash to the value of US$173,000 [x 1,000] to the Company [Berau] prior to 26 December 2013. Under the terms of the Settlement Agreement, the Company and Asia Resource Minerals plc, have agreed to release RR from any and all present or future claims in respect of transactions identified in the consolidated interim financial statements of the Company as having no clear business purpose. I have inserted [...]s to make it clearer.

Garyn. Berau is not 100% owned by ARMS. I think it is around 85% with the rest of the shares quoted on the Jakarta stock exchange. (The latest SP there values the whole of Berau at around twice the market cap of ARMS but that is a bit misleading of course.) I wrote about covering losses to mean making it easier to do the refinancing.

I've read some of the company details and the discussion here and it does make an interesting story. I am not invested here (but did previously make a smallish loss on Bumi). The question I have is: if I buy some shares how am I going to get a return on the money (apart from pass-the-parcel daytrading)? The Indo subsidiary PT Berau Coal is loss-making. The $173m sttlement money is owed to PT Berau Coal not ARMS and will get swallowed up, if it is ever received, in income tax charges and to cover trading losses. All IMHO.

I don't know. Perhaps the listing document mentions this but I doubt it.

It is 9 December and I think some of the initial Chinese investors are now allowed to sell their shares.

I was thinking of the Chinese holders at admission but I have contacted one of the joint brokers who has confirmed that as far as the company is aware none of the initial Chinese investors have sold except for one which was expected to and probably did earlier in the year. So, perhaps just down to a lack of buying interest with a suspicion that there are sellers who would sell into a rally.