Member Info for Smellyben

Positive you have posting the same stuff for over a year - cutting and pasting the RNSs as if the promises they make are ever fulfilled - predicting multibags when the only facts are that this funding has been going on for over 2 years and Harry is no closer to actually getting cash - they have been using the £3m they raised back in late October and spending £1m a month even with managing creditors they will be running on empty - expect a dilutive fundraise RNS within days with the usual main finance "just around the corner" RNS from Harry - sad thing is this time a delay just doesn't mean much less of an upside as before because if EG follow through on their promise to take back the licence the whole house of cards collapses to zero and HArry walks away with his millions

Yeah but if he has another delay and a fundraise the opposite is true and people will get squashed trying to get out (which are both more likely by the day ) - where is the steady stream on May announcements he promised

Any thoughts on the timing of the finalisation of deal. the credible party has already made a proposal which must be broadly acceptable to the board, AFTER they had access to the data room so they also must be broadly satisfied with the due diligence. Would suggest to me that we could be be in binding offer stage within a couple of weeks in time for the AGM or is that too optimistic?

Kefi have applied for many mining licenses both in Ethiopia and Saudi - a couple have been granted ( great) but many at early stages, some approaching decisions one way or another and some like these they are just at the very beginning of what could be a long process with no guarantee of success - don’t understand why some people think applying for a license is somehow indicative of a whether it will be granted or b whether that specific area will have economic gold and copper deposits In any case it’s like someone applying for planning permission on an extension while the bank could be about to repossess !!! maybe not but getting the TK money closed is the only thing that will move this and I suspect (though could be wrong) that this will be delayed yet again with dilution but more importantly potentially losing the one licence they actually DO have. The

I can see the applications were yesterday for these ones - but thats all they are applications - nothing agreed or granted the ones under review from yesterday are separate, have different reference numbers and are still under review from what i can see ?

I can’t see any new licenses agreed and granted - just some more applications from Kefi for which they haven’t yet paid the application fee ?

Positive what you just stated is positively and factually incorrect - point me to the announcement of "140m signed and confirmed" - also didnt you say something similar on Sept last year, then December, then March etc.......fund raise before 7 june

I’m a newbie here but as in all things with opinions it is important to for other newbies and potential investors to be be able to differentiate between good and bad advice ( can be pro or con) but the track record of the people giving commentary is of utmost importance - I think the posts earlier showing TMS is frankly incompetent have just destroyed his credibility and I’ll stick with the millionaire early investors thank you very much.

Well I find it outrageous, quite possibly illegal and certainly very very questionable that TW, a private investor, is having cosy chats about our company with our Chairman while us stupid little people who have funded Harry for the last number of years (4 in my case) are left in the dark. At the very most TW should have just said he was holding and not selling but to encourage others to buy when there is now a real danger they could lose everything if financing is delayed again and the licence revoked. reminds me of Goldman Sachs and the others just before the financial crisis - assuring everyone it’s all ok while quietly getting out themselves - I have no proof of course but to think that is not a real risk is to be willfully naive.

Just saw the update this morning- unless there is an RNS tomorrow at 7am I’ll be selling the rest of my share for whatever I can get for them but unless they do something to reassure the market there will be carnage. I’d believe the EG ahead of our dear Leader any day of the week but this time it’s not just a delay and dilution as before but an existential event. TW no doubt will be doing the same while asking others to top up

what happens is both parties agree a price for whatever assets are for sale - say for sake of argument £2 billion for WK based on NPV etc - they also agree a net asset/working capital target that they expect to have at time of deal based on projections every business has - say £50m. There will also be a transitional arrangement for say 6 months where Eurasia continue day to day operations on behalf of the purchaser as they get their own people and arrangements in place (for which there is a substantial fee mark up :)!!) . At date of transaction if net assets/WC is say £80m Eurasia gets £2b plus £30m - if net assets is £20m they get £2b less £30m

There are real differences ie advanatges and disadvantages between asset sales and share sales from both the buyers and the sellers point of view - everything from tax treatment of the transaction - utilisation of past losses to offset future profits, unknown liabilities of the selling company eg if for example EUA had been using human slaves or something (not suggesting for a second they have ust an example for illustration!) the company would be liable for millions in fines which a buyer would be liable for if it was a share sale but not if it was an asset sale. Certain personal data cant be transferred on an asset sale but could on a share sale etc etc - really depends on what works for both - generally asset sales get more for the seller company because they are less complex, have lower risks, are easier for the purchaser (they dont have to do al the loads of admin required re regulatory authourities, AIM etc - hence perhaps that is why they have gone down that route. In any case if this goes through - and it seems to me to be pretty nailed on as they had multiple bids and they chose the best - I cant believe Dmitry would take anything less than £1.50+ - given the size of comparable deals as benchmarks 5 or 6 billion would be very reasonable - maybe more. Unfortunately the Board are unlikely to be able to buy more because of stock market rules........................but I can !!!!!!

Just wow - sold lots of Kefi two days ago and bought more in here - could be greatest decision ever !!

PS - I'll not post again until we get an RNS either way - that way I wont be accused of being a deramper !

Good luck all

For me I dont think I could forgive myself if Harry does another delay (no doubt dressed up as "final preparations/final paperwork or whatever" and does another fundraise diluting us further - not as I see that it is inevitable we need cash urgently. I was in when there were about 400million shares, now there are nearly 2.2 billion and another delay and fundraise will see us at close to 3b illion because of his and the FD's incompetence. I could be wrong and the finance drops the various stages and finlise in May and June but I guess thats the risk and I'm not prepared to take it anymore as I KNOW a fundraise is days or a few weeks away at most while finance closure is a maybe

Buy-Sell - exactly on finance nothing is ever certain with our Chairman ! - I took the opportunity to reduce my risk today and locked in some profits and will do so again tomorrow - we literally cant afford another another delay and I'm worried about our cash levels with the current spend rate - will still retain a chunk or 2 or 3 million just in case finance comes through but wanna derisk in case we have yet another delay. "No one ever went broke taking a profit!" as Joe Kennedy (I think) said

Staying hopeful but if he does another fundraise before we have "cash in the bank" I'm not gonna be responsible for my actions :)!!!!!!!!!!

Simply the fact that Harry has missed the last 10 deadlines so the market simply doesnt believe him and to be honest I'm not sure he will deliver actual funding as opposed to future promises as before and without a stupid dilution at 1.5p or something - unfortunately I'm pretty much stuck as the spread is so big and any volume sells brings down the Bid price so hopefully hopefully hopefully I'm wrong

Yes they will wait until June I'm sure - my point is if Harry misses again there will be a challenge - it may not work but hopefully if necessary it will be embarrassing enough for him to step aside.

Anyway lets hope not but on Hawiah as a minority player we have to do what the majority investor wants or dilute our investment further as was done around a year ago so it is irrelevant in my mind as to confidence on TK funding or not. If the news starts coming through in MAy on unconditional funding from the banks etc I'm sure we will see the SP rise but I for one will be looking at how nailed on it is i.e whether it is conditional on x or y as we have had that many times before and we are still in the same position!

I certainly hope not - appreciate it can be complex but we have had the guts of this deal apparently agreed nearly a year ago and yet we get delay after delay - another one and Kefi will surely have to fundraise - they are spending a million a month FFS and only raised £3 m 6 or 7 months ago - Harry needs to go - there are people on the other board well prepared to call an EGM to try to oust him if he misses June and I am with them