Member Info for Smellyben

Stebo - just to reiterate the window for local investment ended long ago. Their involvement (or not) naturally impacted all the other parties shares. Therefore there could not have been sign off from the other stakeholders in March had that not been settled at least by early MArch but more likely in FEb.

In terms of no RNS being expected - that is just wrong HAA has stated in the last 2 RNS regarding this that sometime in MArch closing WOULD be achieved. Admittedly today is still March and so an announcement could come tomorrow but anything later than that is another missed deadline. I urge everyone to email Kefi and request an update tomorrow so we understand the current status - it could be OK or it could be disaster but I fo rone would like to know - you cant set a deadline and let it pass without comment (and to be fair to them even when they missed deadlines in the past they did update us)

Hopefully !

Anyone who is interested should email the company demanding an update on funding news by tomorrow - I have done and havent received a reply (not expecting one ) but they can easily ignore one or two emails - if they get 30 or 50 it might light a fire under their respective bums

Steve - perhaps English isn’t your first language but phrases you mantion like “ the members of the consortium and the KEFI board jointly decided that the target date for finance closure was March”

And “ e stated in the Q&A that he was 100% certain the deal would happen and he was confident it would happen in March”
Support exactly what I am saying- to turn around and say “ och sure March never heard of it wasn’t me guv” is ridiculous.

I realise it is a large deal but remember we were meant to close in October with this version of the consortium but that never happened and they have been working on this for over 6months.

While it is impossible for any human being to absolutely control what another may do - it is incumbent on the CEO (who apparently had numerous options) to put in some firm deadlines for events as a condition of partipation - shareholders have been burned before with ANS for Exactly the same issues and so it is vital for a CEO to ensure that doesn’t happen again -if he has let this happen again he MUST go but who know might get some news in an hour.

Well you are obviously splitting hairs in some lame attempt to justify your remarks but in any case the RNSs are the official words of the company, reviewed by lawyers and the NOMAD not some off the cuff remarks in a webinar where he is not allowed to divulge anything that materially diverges from the RNSs but anyway let’s move on

not sure he had that many !

So hold on - you get your facts wrong, I correct you, and I’m panicking?? I have listened to the webinar , several times in fact and he clearly says that the funding will happen in March but he couldn’t “guarantee it “ because there could be a black swan event - like a war, a chance of government or whatever. Well that’s is understandable but since no such event has happened he needs to update us - that’s all I’m saying - he put the deadline in not me - if he’s missed it again he needs to explain to his shareholders and update eg he could say we are waiting on X or Y but in the meantime name the parties involved or what % Kefi plc will own or something eg he says he has permission to name the other investors but for some reason doesn’t want to - if we knew the name of them it would add credibility to his statements so why not -

Not Harrys deadline ????

From RNS 25 January
"In Ethiopia, the Tulu Kapi Gold Project (the "Project" or "Tulu Kapi") financing remains on track with the project finance consortium for financial closing in March 2021"

From RNS 11 December
"We are on track for the principal outstanding Ethiopian Project financing-related matters to be completed in the coming weeks, with financial closing and the start of development planned for Q1 2021"

Well as I say IF closing happens today or tomorrow as per the stated timetables the company must LEGALLY report it to us (obviously opportunities for insider trading for people in the know in all the companies involved increases exponentially the longer the announcement is delayed hence the reason for the law). If it doesnt close they should tell us why - they usually do do this (many of us have experience of missed deadlines in the past where they have updated us either a short time before the deadline eg Oct 20 or a day after the missed deadline eg Jan 20

Either way I dont think it will last til after EAster but we'll see - back to the day job for me - see you all tomorrow at 7am :)

No as explained the local investors were given final terms week beginning Feb 8th - not sure how long they were given to consider a couple of weeks probably but they MUST have give final answers BEFORE the other parties agreed and ratified their share of the project in March - as the local investors share was the only bit that was not finalised at the start of Feb and so their take up (or not) impacted the others shares of the project including Kefi plc.

Now there could be a hold up of course with the banks wanting to review that they are happy etc but it wont be the local investors holding it up this time. On timings of the RNS the Board have no interest in managing short term share price movements or releasing info based on how some investors might react to that news - simply faff and not relevant in any way - like saying they might wait until my birthday to give me a nice present. They have a LEGAL responsibility to release news of closing at the earliest time once they know and they have a moral obligation to shareholders to update us on the status given they set end of Q1 and 31 MArch on several of their RNSs, webinars etc

Yes I dont disagree Steve - in fact in the last RNS they stated that any delay to the schedule WOULD in fact be communicated by RNS which as you say has not come - that is why one way or another an RNS should come tomorrow (or April Fools day but as I mentioned that would surely be too sensitive or whatever the correct word is!!)

The Board MUST release such market sensitive info to the market once they have it - its part of the stock market rules - there is no provision for when it might suit individual shareholders or what date certain holidays fall

No I'm afraid you completely misunderstand what closing is. Various board level approvals are required including from "billion pound FTSE companies" and banks for the financing package to close in March - that has been stated anyway by Harry. For that to happen the various last minute tweaks to the percentages for each party for which at the start of Feb there was some room for maneuver including whether the local investors came on board and at what level would have had to been agreed ahead of time (so the Boards could ratify).

While I agree an RNS could potentially come out on 1 April and still fulfill the previous RNS's I suspect that date is too laced with humour and misdirection even Harry would try to avoid - hence my tomorrow estimate. The UK ISA allowance dates will have no bearing I'm sure and nor should it.

31st March was the deadline for CLOSING the financing which means legally binding documents signed by all parties - off take providers, equity investors, debt providers That was the deadline given by Harry multiple times and he stated in RNSs that any delay to that would be communicated in an RNS - as we haven’t had said RNS I expect we will be told about funding tomorrow one way or another.

He does like his drama doesn’t he !

He must update us tomorrow one way or the other surely?

Thanks CVM - course you said you’d sell your shares last week so why didn’t you ?

No one knows I agree but the reason the price is still so low is because the market doesn’t trust Harry - obviously if they did it would be a heck of a lot higher.

Let’s hope he achieves the close tomorrow or weds and ideally (at least for me) retires from CEO role.

Very interesting thanks

Shouldn’t take him so long He only needs to dust off the last 6 delaying RNSs .......LOL

I get my annual bonus tomorrow - gonna put som eof it here hoping for the good news

It was back in the day when ANS were supposedly just about to finance the project two years ago so yes I was perfectly pleasant - can’t say I would be if I met him again LOL !!