Member Info for snooz

I stand corrected on the amount that will need refinancing... but "should be able to refinance ... at around 10%".

The existing bond is: 3 month EURIBOR + 9.5%. No way anyone's going to finance this at 10%.

It cost 5MM to delay a coupon payment of under 4MM by just three months. Work out what the effective annualised interest rate of that is (in the order of 500%), and that ought to a very clear message that debtors will want more then a 10% yield.

>EBITDAX last year was £63million - about £25m net profit (excluding impairment costs) so plenty to play for

£25MM is just enough to service a 12 year debt of £105MM at 20% interest. (I've pulled the 20% out of the air & this assumes paying down both capital and interest with the £25MM)

A higher coupon/interest means more years (non-linearly). This four year bond is going to turn into a weight around them for a decade at best.

The current wells that produce this net profit - how long can they run for at the current flow rates?

>Exciting here innit?

Even it continues to go horribly... there's still at least another year of hope!

I'll send him my opinion once I get time to put it together coherently. For now my train-of-thought is: I want to 'bet' on the Uranium price. I want YCA share price to track as much as possible with the U3O8 price. I want the company incentive plan to be based on them keeping the share price performing in line with U3O8, not be based on a positive change in U3O8. An extra incentive plan "bonus" can be based on outperforming, but the outperforming needs to be based on raising capital and buying U3O8 when less than the implied value (and doing share buybacks when at a discount), rather than just turning the current discount into a premium, i.e. currently one $ on the U3O8 price is worth ~8.1p on the share price, I'd like their bonus to be based on getting that "8.1" ratio up.

>Smellyben

All those factors plus they are sum of the rate of gas from all drills is far less than was expected.

If the bonds were extended on the same terms by 4 years - it would still be a very a tight budget to pay them off in that timeframe. Surely harsher terms (higher coupon, or a big bump in the effective notional, like the 5mmEUR that was added) would be required though.

I do have a invite to the analyst one, would you check if the below works. I think these steps should generate a fresh link just for you, (they aren't the exact steps I took, but in the absence of setting up a fresh account and retrying I think they are the steps that triggered it).

- Log in to the www.investormeetscompany.com website.

- Then visit https://www.investormeetcompany.com/investor/meeting/interim-results-216 .

- View your emails - just visiting that page will have triggered an email with a link for the analyst call.

At least try to add some value to the thread.

If you aren't interested in an RNS from the company which is the literal topic of this chat, then how about:

>This is great buying opportunity.

So, what levels have/are you buying at?

Now I've re-read it properly - I see this was obviously a longer term concern by a large group. And it's not a change going forward, it was already in place.

The AGM report today has a paragraph about the strike of the grants going forward being based on the higher of NAV and market price. I wonder if the remuneration consultants read this thread.

My cynicism regarding unfair markets, particularly that the playing field is not level when some have access to more information than others - e.g. delayed prices to non-subscribers and better/faster news feeds, have served me very well to date.

I strongly believe that people with less information are at a disadvantage to those with more, and if these calls release market-sensitive information to different people at different times, then it is not a fair market.

Gotta say: As an owner of this company (shareholder = owner) I am extremely unimpressed that information dissemination is prioritised to analysts rather than the literal owners of the company.

To remedy this,

1) Satisfy yourself that at least once in your life you have analysed something and are therefore an analyst and are thus eligible to join the analyst call.

2) Log in to the www.investormeetscompany.com website.

3) Then visit https://www.investormeetcompany.com/investor/meeting/interim-results-216 .

4) View your emails - just visiting that page will have triggered an email with a link for the analyst call.

That makes the NAV over 500p per share.

Around the time the daily high today was touched, I saw a lot of shares offered (over 40k shares) at 490p. Quite a resistance level, but now the U3O8 spot has moved up, maybe the asking price of the people who were placing orders at 490p will too.

Done. And I'll share a link to the analyst call if I can get one.

I'm considering submitting a question: "what did you tell analysts in the 2pm call that you aren't telling investors in the 3pm call?"

>I think they are going to play the debt for equity card and then the company start a fresh debt free.

I'll give you that's a possibility... but I reckon a small one.

Issuing equity to raise some 10x the current market cap would not be easy. Where would you price that given IOG's current state? Something like 0.2p per share?

>It was a waiver on last months payment that was due on the bond.

The coupons are quarterly. The last was was originally due June 20th, they got one waiver to pay it July 31st. They failed to meet that date and got another waiver to pay it September 29th.

>There was no provision in the bonds terms for an extra €5m in the event of a bond waiver.

This is why the terms had to be renegotiated. In return for being made to wait three extra months for their coupon, the bondholders negotiated an extra $5million be added to the notional.

Anyways, early repayment terms are in the prospectus, page 16: https://www.iog.co.uk/media/1241/iog-bond-prospectus-6-december-2019-with-appendix.pdf

The recent negotiation means added 5% e.g. an early redemption today would have cost 102.85% before the waiver negotiation now would be 5% more notional, so $107.85 per $100 nominal.

>Therefore, I'm concluding the bonds will be repaid early.

I don't see how that's a conclusion. And, by the end of the month or soon after, I don't see any way that's a possibility either.

The last coupon was deferred from June to the 31st July and then to the 29th Sept, along with the Sept coupon.

See (a) and (b) on page 3 of: https://www.rns-pdf.londonstockexchange.com/rns/1055I_1-2023-8-2.pdf

No reason it would be paid early, and if it's late. ... that's obviously negative for the SP.

> where the bond is trading

There's no sign that any of the bonds have changed hands for a very long while; nothing reported from the exchange where it's suspended, no Mifid trade reports), no TRACE. Who knows what they would trade at.

(Pls do take this as an invite to show me a current price/recent trade)

There is still quite a large amount offered at mid (182.5p) now. Max size offered to an individual request is 5k though rather than the 10k I saw previously.