Member Info for Smellyben

That is a tremendous piece of work Andii

Where is q - well firstly I think this is only a small part of his empire - I wouldn't expect him to be over logistical details surely.

Secondly south africa has become a bit of a basket case over the last decade with rolling power cuts etc but with the recent election things should become more positive over the next 5 years which is my horizon ahead of hopefully a peaceful and prosperous retirement !!

No Rob - again you are wrong - it was only when Kefis share dropped below 25% that the legal right came into existence - that is why it was so stupid to drop below that level - just because they haven't pulled the trigger yet doesn't mean they cant AT ANY TIME when the timing suits them best when they have rung whatever juice they can from Kefi.

And Bear - so I point out your mistake deliberate or otherwise about what you posted - point you to the factual info you cant dispute and just abuse people - charming

Discussion boards are for sharing info and opinions - are we just allowed to listen to unending ramping from you lot while ignoring FACTUAL information.

But on another point. At end of Dec 23 the account show net liabilities (after offsetting current assets) of £8.6m. They lose £8m a year so by mid June that would have been around £12.6m. They did raise 5.5m back in March so their current debt must be circa £7m. Undisputable figures - I can smell another fundraise before the end of summer

Well you sort of are expecting miracles. What you can lies most here would call estimates that may have been overly ambitious as circumstances and other opportunities arose. I like a CEO who is dynamic and can change priorities for quick money. For example - we know Spud price has been decimated in the last year so he reduced priority on Blesy and switched focus to an area where prices are surging and we are currently producing and selling

I think you are expecting way too much on a single individual we are paying £70k a year - (especially in the last week or two after surgery for gawds sake - major or minor it involved morphine so it would be major in my book).

I'm happy to wait on the price of spud to improve before we sell though others may not be so long as we can keep drilling and producing it - it wont run away !

Multiple attacks at once !

1. Bear - I may be misunderstanding but I cant see a page 90 in the results I just see a 51 page report so not sure what you are referencing.

I am referencing from PAge 9 on the report from the Finance Director

"KEFI’s interest in the joint venture

has reduced from its original 40% interest to 24.75%. While ARTAR has the right to buy-out KEFI at

fair market value as things stand,"

which is pretty definitive.

2. Re valuation - while HA may well have assured TW of his estimate of $65m - when has HArry ever been proved right on timing sor valuations ! - he has lied on multiple occassions as we all know - sign off on TK always a magical 3 months away.

Instead there are 2 sources of arms length transactions that I can see

a. the market cap of Kefi right now. Artar can argue along the lines of - Kefis market cap is circa £35m - say 50% of that is due to Saudi and 50% due to Ethiopia (you can argue with the split and adjust ) - then Saudi is valued at £17.5m - again Kefi would still owe Artar the £5m so Kefi gets £12.5m in that scenario

b. Artar recently bought 2% of the JV for circa £400k - that would value the rest of Kefis share 25% at around £4m-£5m - again owing £5m - so zero to Kefi.

both of these are market based and any independent valuer would use them as a benchmark.

HAA can spout any numbers he likes but it is out of his hands - why in gods name would he allow them to drop below 25% - total incompetence and so yes a fundraise would have been preferable to this.

Rob asks why Artar would split up with Kefi - well that is a completely naive question - if you could get an asset on the cheap why wouldnt you - billionaire Saudis arent prone to gifting millions of pounds to London PIs if they dont have to - they are in their country and they will all the contacts at banks and in government - Kefi is a minnow with zero influence. I'm sure they are happy for Kefi employees to continue working through problems/issues while Kefi are paying them and then Artar will swoop in and grab the lot

As to my motivation - well yes I have been abused by HA over the years and managed to get out on one of the pump and dumps with a small profit but had been sitting on a big loss - and I am trying to warn potential shareholders of his history - several rampers here should be ashamed - spouting potential 10 baggers etc - without any caveats and poopooed me when I said they had the legal right to but Saudi some months ago - now it is in an RNS you can no longer deny.

Rob - Artar HAVE been taking over kefi for a year or more - kefis share used to be 40 but the below 25 per cent is significant because it bestows the right to buy out kefi - no ifs no buts.

As to the amount / fair value - 3 months or so ago artar bought their latest 2% slice for a couple of hundred grand - that would value the remaining somewhere in the 8 to 12m pound range BUT separately kefi owe Artar around 5m so net to kefi would be 3 to 7 million - I call that nominal

I think many people here are very naive investors if they are expecting instant results and no hiccups along the way. You are invested in africa for God's sake - for me the videos of actual mining taking place as opposed to future plans for most junior miners is brilliant- cashflow is happening NOW -at thankfully high prices- a few weeks /months delay in ones part of the business is nothing if others are continuing apace - this will significantly rerate in my opinion - wish I had more to put in at these levels !!

As I have said for months ( often ridiculed) Artar have the right to buy ALL kefis share in saudi Arabia for a nominal sum - It's right there in the annual report. That means for kefi shareholders Saudi Arabia assets are materially worthless so all talk of dual listing's or anything else is just irrelevant though costly to kefi no doubt - Artar have the legal right to acquire it for peanuts - you all may not want to admit it but I'm putting the actual facts out there again for any newbies.

Next Ethiopia - harry has decided again to award himself and the Board over 1m quid on a bank agreement - never mind the economics of it, never mind the decade delay and the decimation of shareholder value even if that money is never paid over - after his board have paid him 3m - 5m over the last decade for failing to do his job ? In what world is reducing shareholders value by over 99% worthy of a bonus? I feel sorry for current holders but you have only yourself to blame - anyone new avoid like the plague for your own financial health

What you all seem to be missing is that the Saudi assets are worthless to Kefi.

Artar bought 2% of the JV for a few hundred grand a couple of months ago - Kefi only have 25% now which is worth circa £10m - and they owe £5m of that to Artar !

I'm sure it is possible BUT that is not what the RNS says - it says it will be over the limit for the entirety of the Egyptian assets so both WG and SD - so not knowing who you are ned an investor needs to take the info the company makes publicly available rather than reports of individual emails to individual investors on BBs. Perhaps if you are in contact you could ask them to clarify to the market at large as it would have a material impact on the SP

Hi ned - to be clear has that been anounced lately i thought it was the conbined WG and SD was 75% of market cap and obviously WG has been done already

That's the reason I sold out - no communication, failed transactions- been waiting on Egypt sale for a year and still don't have a clue why the hold up or the value - after they said they would commit to better comms. When the results are out we can reassess how much cash etc but this management seem very amateurish

I'm brand new here a few weeks but the pace of action to me seems extraordinary- obviously don't know the history but there seems to be news and updates on progress every other day across the portfolio - even if there is a delay of a few days or weeks in one part what's the big deal these things happen ?

As long as he's moving forward at pace fully funded and not diluting that's fine by me but am interested in hearing more counter arguments before I invest anymore - seems an awful lot of upside - but I've been sold a pup before in kefi and copl

Sheik - what makes you say that ?

Better than this certain slow death and brutal bit of surgery a Roachetamy might give the patient a bit of a chance for survival but

OK Alan- what value do you ascribe to kefis share of the Saudi assets ?

What a run - long may it continue

About time !!

Yeah he's obviously trying to boost the SP after his latest dilution. He's been saying the same for a decade and nothing has ever transpired though he has managed to pay himself £3m and Leech about £1.25m. All the while selling nearly half the Saudi assets for pennies and diluting shareholders by 99% - his comment that he is always right just the timing is wrong is offensive frankly after he has announced imminent funding since 2019

Well I only came across Marula recently by chance so I think its just far too small to be on anyone's radar so a mid day RNS wont blow the bloody doors off but for me I see an excellent opportunity before the masses arrive - waiting on some numbers before I stick more in but all looks good so far