Member Info for Smellyben

You may be right, I hope you’re wrong !!

There will be NO LOW PRICE PLACING if TK financing arrives. Yes of course at some point over the next few months Kefi needs to do a placing because it has no cash coming in and only costs - that is the nature of an explorer/developer - there is no problem with that if the placing is done north of 5p.

The fear is if TK financing is delayed (again, even if only a couple of months a the placing will take place at 1.5 or something and thats when we get diluted again

exactly added more today and will do tomorrow once I sell some Lloyds - as you say maybe not exciting but at these levels a safe as houses 10-20% at some point over the next few months - in a dream scenario Warren would come back but that could happen next week or never !

Sterling strength surely has a lot to do with the drop - nearly 1.41 - as most of the earnings are international

I think its an overreaction and i've added another 8K - will add more if it continues to fall - the balance sheet is transformed and that ustifies a rerate to well over £1 in my opinion - we'll see at next results and guidance I guess

I think you have a very passive attitude though - I (and you) own the company with or without Harry - if we can get rid of him with someone who can actually deliver then the shares will realise the value - you seem to think that Harry is immovable- eg I have been invested in PFD for about 5 years - for 4 of those years we had a dead end CEO who promised much and never delivered- a new CEO comes in and actually does stuff - reorganisation, selling assets, fixing financing etc and now the shares are triple what they were - you can believe in a company s assets but think the CEO is the brake in the price !

Thing is Steve, I own part of the company and have done on and off for about 4 years (at its peak I owned about 2%.) I think it is not right that the board and insiders continually give themselves and their cronies shares at sweetheart deals to which we are always excluded. Sure I realise that shareholder groups are tough to organise and exercise influence and if everyone takes your view then it is impossible. I guess if Harry does in 4 weeks say words to the effect "we just need to wait a few week til x or y happens " you'll be OK with that, then its elections in Ethiopia, then maybe fundraise at cheap levels for these guys etc etc all the while its PIs paying the cost as they "steal" more of our company

Sorry to be clear I am not suggesting we try and oust Harry et al right now - I am merely suggesting that it might be in our best interests to organise now so that IF (and only if) the deadline gets extended AGAIN we are ready to act. Otherwise we are just sheep being led to the possible slaughter - I mean if funding is delayed again it is quite possible another funding round is required with yet more dilution etc but we are powerless while the Board an dbig players control around 20% of the share cap they can pretty much do what they want and pick up more cheap shares like RAB for 0.65p in a deal we were excluded from. If we all added together had a similar holding then we at least could get some proper consideration that we may not ust go along with whatever they say

I'm sure we have all made delays with external parties but from what you say there is no problem if nothing ever gets done because the third parties can string us along as infinitum. In the deals I have done there have been strict deadline, consequences if missed, I'd have alternatives set up as a plan B and C etc .

Some of what you say would be reasonable IF this was the first time we attended this particular party but its not - every time there seems to be a reason after Harry gives "certain" deadlines and each time there is just one more step - I think HAA announced the final funding package had been agreed in October 2018, target completion Q1 2019 - and then it was Q2, Q3, year end, Jan 20, Feb 14, then announced it had fallen through, and then the cycle began again - (all the time him picking up his checks with apparently no detrimental effect on him while shareholders are diluted again and again. My point is can we not even try to set up a group that might have some influence and concentrate his mind that if he misses this time then there are consequences

Well HArry said in the webinar they had agreed a target date at end of March with al th eparties after giving the local investors an opportunity to com eon board which is fine but then he said he couldnt guarantee every piece of paper will be signed by the end of March - thats what I'm concerned about - seems like another primer for a potential kick the can down the road as he has done about half a dozen times in the last couple of years when we all thought funding was imminent and I want to be able to put a bit of pressure on him - BTW I have been a long time Harry (and Leach) critic as everyone here knows and we LTHs have been treated with contempt by them for many years

IS there a way to set up a shareholder group to oust Harry if he misses the latest deadline again - seems the only consequence for him each time he misses is several more months of £30K a month until the next missed deadline

Goldboy - you dont pay your debts - you are a complete fraud

All this talk of some kind of dark manipulators of the share price is just pure bull.

The reason the share price is falling is sterling is up, gold price is down, btcoin has emerged as a serious alternative to gold and NO ONE has faith that HAA will deliver as his warm words have failed time and time again.

It is very much a binary choice - if he does pull off the deal with real money or at least legal committments then happy days we have an immediate 50-150% rise , if not, for whatever reason or excuse he uses I fear there could be a severe reckoning - as we get closer to end March we will see some people who dont have the stomach for the risk and others add as a gamble (I'm in th e latter group but I do understand its a significant risk)

26th March - bonus day for me ! Good timing :)

Problem is we have heard this time after time after time and nothing happens - it doesnt matter what Harry "wants" - all it takes is for one of the proposed partners to get cold feet for whatever reason - issues with the DD, arguments over price, cashflow issues/management changes, Some trouble to pop up in Ethiopia etc etc - it aint done until there is a legally binding committment with serious players (ie NOT ANS)- until that is sorted (HAA says by end of MArch but we have missed more deadlines than I care to remember) we arent going anywhere

Depends what you mean by huge - a few million shares out of nearly 2 billion is a fraction of 1%.

I think the Bitcoin craze has taken the bulk of the benefit of devaluing of the dollar where in the past Gold would be benefiting. Also slightly worrying that sterling keeps increasing - now at 1.40ish rather than ow 1.20s a couple of months ago so the actual value of gold for us UK based investors has fallen 10-15% hence the share price in the doldrums.

Totally agree - they are also going to refinance the bulk of outstanding debt - currently paying 6.5% coupon - to something more sensible given the massively changed Balance Sheet and P&L so maybe 2.5% ??? Further reducing interest costs by many millions- all good virtuous circle

the Capital reduction now means the Company CAN pay dividends from the +£1 billion in reserves and the £150m annual profits. Post Covid sales in UK will drop somewhat but the do seem to trying to continue the successful international expansion. However most shareholders would probably prefer the Board to continue paying down and refinancing their debts to add many many millions to the bottom line for the medium term as that would see a rerate before dividends get paid out - I would anyway

Very good Investor - long time no speak - still waiting for Harry to make us millionaires - hopefully by end of March

Pedro - the valuation is higher than its been for many years - so why did you sell previously when it was less if you think the valuation is currently farcical ?