Member Info for Smellyben

Cheers Rob, very helpful - I think the key thing is with spending a million pounds (I think not dollars but someone please correct) a month if it is delayed again we will definitely have to do a fund raise - we only raised £3m back in Oct/Nov time - was a bit shocked by that number TBH and cant understand why it is so high compared to previous spend - anyone any ideas - I wish he would have went into more detail eg is that refundable once the other finance comes on board

I didn't know much about eurasia until recently (and still know about 1% of you guys so not gonna give any "advice"!) but to me the numbers look very good so invested on Friday and will do more tomorrow and tuesday - cant see any long term downside but a very significant upside (although some of the numbers here are a bit mental I can easily see over £1. BTW love the banter on this board good luck to you all.

Agree - funding is key - if secured we'll see a BIG rerate but I think this is our last chance for a while - if its not over the line next month I can see the elections causing delays and potential unrest and delays = dilution for us

Indeed but Harry’s constant missed promises and deadlines simply undermine the share price - if he said we’d have the money in days (AS HE BEFORE!!!) with ANS funding I cannot now believe him. The latest news on the so called Super League shows that ordinary bods like us can have an effect - I will send in my questions as before (which never get selected) but principal among them will be will he resign if funding not achieved by end of June !!!!

Can’t see that Harry can say anything that would be believed by the market in the webinar after the statements from the last one proved what can I say politely - erroneous!!!! Maybe if he named the FTSE partner (which he said he had permission to do ) that would add some value.

As always what matters is the binding agreements with credible names partners and /or money in the bank not more Harry moveable deadlines !!

That’s all true guys but it’s US Kefi shareholders being screwed by these delays - remember everyone else is either investing in TK (and so they don’t care about delays or dilution to the parent company or are directors getting their tens of thousands a month while the delays go on. Personally I’d favour a move to oust the current Chairman as I believe he has cost shareholders dear ( while feathering his own nest). I’m absolutely livid he promised point blank about the take it or leave it offer to local investors and now we need to wait until May when they might if we are very nice to them indicate a potential willingness to maybe invest - Harry should resign and the share price will rise as the market has lost faith - TK the mine WILL happen - whether we as Kefi shareholders will make any money is another question. That said the share price has held up relatively well apart from today when there was a general market decline.

Well I first called for it a 18 months ago because of missed financing deadlines ?!!!- I dont wanna be here in another 18 months - the problem is Harry keeps getting paid his money - he is actually incentivised to drag this out !! UNLESS there is some pressure from shareholders of which we have none other than moaning on message boards !

Obviously disappointed today and my disdain for Harry (and Leach who is after all in charge of finance) grows but I think the share price reaction is proportionate.

My take is that there is pressure on Kefi to include the local investors in the equity piece - despite the supposed "take it or leave it" offer which clearly was pushed back on which is probably holding things up . All the other parties appear ready to move forward and I think it was useful to set out the likely chain of events so although the new deadline is around 8 weeks away IF it is being kept to we should see various dominoes falling well before that which I think will lead to increased confidence as each one happens (assuming they do of course!) .

In one sense if the above is true it could be seen as validation of most of our opinions ie there is lots of gold and value there and local investors want a piece - unfortunately for Kefi shareholders it knocks confidence and introduces doubt.

What I HATE about Harry is that he never seems to be straight with us - we are all big boys and girls and can understand it is important in any country, let alone a developing African one, that to make things run smoothly you need local skin in the game and the right wheels greased (look at David CAmeron FFS) and we could accept many different ways of doing things to ensure that happened - but what we cants accept is smoke and mirrors, continually breaking deadlines and opaque statements that amount to nothing.

There is some discussion on the other board to set up a shareholder group to call an EGM and vote to depose Harry (and Leach in my opinion) - not now perhaps to to hold his feet to the fire if the new June deadline is missed.

I believe Kefi has assets and team that, with luck and investment, could make KEfi a billion pound company in a few years if they are able to develop Ethiopia and SA but doubt we can get there with Mr Adams in charge

Sure If we were to get id of Harry there would potentially be a knock on the share price but frankly he has no credibility anymore so it might actually help!

The reason I do not like Harry ! Disappointing

Fair point - would say that according to latest annual accounts cash on ongoing costs on admin , staff etc are circa 1.7m per year (so 140k per month) plus 2.7m for the TK exploration and dev in 2019. My point is that TK dev costs will be much much lower as it was mostly done by 2019 - we are just waiting on funding - so it is about 140k per month for admin plus whatever they have spent also a lot of the fundraise costs were in warrants so not cash. All said and done there is no immediate or imminent cash requirement but of course that will change by autumn if TK funding is not achieved

totally agree with your sentiment re facts ! - can you supply the source of your numbers - I'll provide mine tomorrow - about to watch the Bayern game where I'm hoping both financially and emotionally for a goalfest!!

BTW even if it is £400k per month and they raised over £3.5m in about 4 months ago so there are still many months until a placing is required !! In addition Kefi is due a refund when and if TK gets funding closed so could be up to a year before cash is needed all being well

Older - good and valid point - I have NEVER had any doubts about the assets that Kefi owns or the superb development team who excel even this morning ! - these are the reasons I invested in the first place as you know. I have for the last 18 months or so expressed my complete dissatisfaction with Harry / Leach and their inability to get the funding job done and their dilutions at terrible prices which have cost long term holders very dear. I got out for a time as I saw a fundraise coming (and posted to that effect at the time) and at the last placing I got in again (not as one of the chosen few at 0.65punfortunately) - just when the share price fell the risk reward mechanics changed. I still dont like Harry or Leach and believe its in the interest of the company if they stepped down but it does appear with the various staff hirings, share options , no delay RNS (which have always accompanied a delay) etc that it is happening so the price is about to rocket - I dont pretend HArry is my favourite person and believe I could have had shares worth millions had he completed the deal with ANS, I'll still be OK with hundreds of thousands LOL

Thanks CVM for your insight - I can see you have been invested here and commenting for many many years -oh sorry just checked - just 3 weeks ago and the only share you have commented on is Kefi !

There is no need for a placing yet as £3.5m was raised in November - so even at a cash spend of £250k per month - well about the historical cash burn - there is month for another 6 months.

Also as a point of info - The last placing also happened when the share price was around 0.8p (and with the 15% discount it went to RAB at 0.65p). That was dilutive - but now the share price is 3 times higher so EVEN IF a placing was required it would be far less dilutive than before.

Exactly Mitch - there is no doubt had a company with more trusted management , who had a track record of delivery, the share price would already be far higher than it currently is, even without funding. The market simply does not trust Harry et al.

The good news for shareholders is that IF he actually delivers this time and the runes appear to suggest he will (share options, lack of delay RNS etc) - then the share price will benefit not just from the value fundamentals which are large but from the increased credibility that will engender. I'm expecting short term increases (IF HE DELIVERS) to be two to three times the current price with longer term increases as more deadlines hit

JJ - on your two points

1. Yes Kefi will continue to need to raise cash until the TK begins actually selling Gold in around 2 years BUT a. Kefi is owed a couple of million from the TK project which it has been funding solely for a number of years so is due a refund once TK funding happens and b. any fund raise will be much less dilutive as it will be for less money than before and at a much higher price

2. The election itself is a bit of an unknown - Abiy's party is well ahead and expected to win but we dont know if there will be any civil trouble that these things can stir up and we've seen issues already in the last 6 months so ideally funding will be sorted THIS month which it really should be given it was supposed to be last month - course the fate of a Kefi shareholder it to wait and see if HArry can deliver on hos promises (for once!)

The exercise of the warrants has nothing to do with funding close (or not!!)

Good post Robin - your numbers are more accurate than mine - had forgotten about October exercise

Yes TinTin that is correct- there were 28 or 29m warrants issued a year ago - so this 15 means there are 13 or 14 m still outstanding to be exercised. Small beer in this context and issues a year ago so if people didn’t know then they didn’t do their research. It indicates only that Brandon Hill chose this week to get their shares. There are many reasons that could be - some positive some negative- but ultimately it is nothing to do with the company and has zero practical impact. This type of delay in news though has people jumpy so please write to Kefi and demand an update on financing !!!

As someone mentioned this is old news in that this dilution was done and agreed long ago (agree it was outrageous and I complained loudly at the time about the skills of our Dear Leader and his finance chief). Having seen the title I was about to smash something but it is immaterial really Have you all written to the company demanding an update ?

A buy or sell of 0.5% of a company's shares doesnt mean anything apart from the person who did it will be very happy or very sad next week !!!