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Yes re Jefferies. A former colleague (who’s still working) called them for me. The long post below is a fair representation of what he reports. J may well have a house view on the rates curve that they are required to use for discount rates btw….
I added 30k to my holding. Thank you Jefferies.
-6%. No obvious external reason. Perhaps a sale trade being worked through?
Serious question:
Has this RNS told us anything that we didn't already know? Given that "It works" has been an article of faith here for many months.
Will anything in the RNS constitute "new news" as far as the professional investor audience is concerned?
Will anything in the RNS constitute "new news" as far as the BP audience is concerned?
Or is it in reality merely a confirmation of information that should be considered to have been priced-in for some time?
This is good news for the UK component of GSF's revenue.
https://modoenergy.com/research/gb-benchmark-index-battery-energy-storage-march-2024-revenue
@alibaba42 - I agree with your explanation of how revenue rates are calculated. GSF (and the other BESS funds) could do much more to help investors understand their impenetrable jargon IMHO.
Thanks for sharing that.
I’ve been adding here since early Feb. Commodities complex looks primed for a breakout move over the next few years.
@Rock8 - it’s just not that simple.
If you’re going to post on topics where you have neither knowledge or experience (as is clearly the case where the TC is concerned), perhaps you should at least post in the form of questions. This rather than unequivocally asserting your misunderstandings. For example “Won’t he have to buy the whole company at 79p if he crosses the 30% threshold?”
Just a thought.
Sorry - hit “Post” too soon.
Good Friday and Easter Monday are “Holiday” days, so no trading at all. The “irregular” days (each with half-day trading) are Christmas Eve and New Years Eve.
I hope this clears that up!
@Driving - market is closed all day tomorrow.
https://www.londonstockexchange.com/equities-trading/business-days
Not sure I’d conclude much from the lack of trades! Volume here has been SO thin for years, bar the odd exceptional day. I suspect most holders have bottom-drawered / forgotten about their ZIOC shares…
This will only change with REAL news - which could arrive at any moment. Having said that my money is on further delay and obfuscation. I will be delighted to be proved wrong!
So OMI will pay $15m + 1% NSR for 51% they already own…
I hope OMI aren’t paying for the “ ...detailed legal analysis and recommendations..” that you provided to them. If you were a retained lawyer advising on this, your professional embarrassment would be acute.
@breaktwister…
On January 23rd you said: “ MMA are trying to get OMI to "buy out their 51%", which would be the dumbest thing ever given OMI ALREADY HAVE 100% ownership.”
Yesterday, OMI said: “ The Company is pleased to announce that on March 22, 2023 it entered into a non-binding letter of intent with MMA, that provides for a transaction pursuant to which Orosur would repurchase, directly or indirectly, MMA's interest in the Project, resulting in Orosur having a 100% ownership of the Project ("Transaction").”
So you were 100% wrong. MMA HAD indeed earned a 51% interest in the project, and OMI is going to have to pay to get it back - as I said.
No need for you to grovel, but I’ll accept your apology.
Nah - LSE’s motley crew of ambulance-chasing pumpers haven’t shown up here yet, but that could be about to change. The appearance of the Earl (or Ria or Degsy) usually confirms the observation… ;>
Looking more closely at the RNS, it says:
“The total consideration for these transactions was settled via the issuance of 9,700,000 new Ordinary Shares in the capital of the Company (the "Ordinary Shares") issued at 111.0 pence per Ordinary Share[1], PLUS CASH consideration.”
How much cash? Why hasn’t the actual purchase price been disclosed? I will ask IR…
@DrRemington, @PortfolioPower
Nothing more to pay for the 51% is NOT the same as no requirement to pay anything until production. Who is going to pay for all of the further exploration and development costs. The $2m OMI has will be earmarked for L&B as you well know.
There are massive cash costs to fund ahead of any production, as you well know… To suggest otherwise, “No requirement to pay anything until into production” is just cynical ramping, as you well know…
When will the minute-by-minute updates on Rob1967 and Bhargav’s “top-ups” recommence?
@Garydav2 - how do you know that the board aren’t considering a bid (even multiple bids!) right now?
TC Rule 3.1 says that “…the board of the offeree company must obtain competent independent advice as to whether the financial terms of any offer (including any alternative offer) are fair and reasonable and the substance of such advice must be made known to its shareholders.”
Perhaps that advice process is underway right now?
Tick tock, as you might say…
“No requirement to pay anything until into production.”
That is a shamefully baseless misrepresentation @PortfolioPower…
RNS today confirms that @breaktwister was 100% wrong (back in January) about Newmont/MMA not owning 51%. Evidently OMI had relinquished the 51%. And has had to agree to pay $15m + 1.5% NSR to get it back.
From my post from Jan 23rd:
“OMI are going to have to ask for their ball back. There is a negotiation as to the price for this.
Your assertion that MMA have only an option over the 51% contingent upon them spending an additional USD22m is unevidenced, and materially different to what shareholders have been told in multiple RNS and annual report(s).
If you have a copy of an actual contract that substantiates your assertion then please post a link or the relevant excerpt(s) here so those interested can read it for themselves. In the absence of this your assertion should be disregarded, and readers should operate on the basis that OMI has relinquished the 51%.”
Zero cost?
RNS says $15m + 1.5% NSR
10m new shares, so just 2% added which means this is essentially immaterial to holders in terms of raw dilution. 3 step lock-in means they won’t all come to market at once which is also good.
That they’ve been issued at such a premium makes me feel slightly uneasy though. I wonder what the market clearing price would have been for cash? Presumably £6.5m (based on 10m @65p) rather than the £11.1m paid? Or is that too cynical an interpretation..?