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Hi FreeBuffett- LIT were caught up in the ruling turmoil too yesterday and they have issued an RNS that shows their understanding of the ruling. They state- The decision has the potential to impact litigation funding arrangements entered into within the United Kingdom only to the extent that the funders interest or return is solely calculated as a percentage of the Courts award in favour of the funded party.
Given that our litigation wont be within the UK courts, I hope PFP can soon clarify that AAG are still onboard with us. Fingers crossed.
Hi all- you need to have a look at this--
https://www.lawgazette.co.uk/law/shockwaves-as-supreme-court-rules-litigation-funding-deals-unenforceable/5116775.article
Its almost certainly why the share price has fallen today. Im sure PFPs funders, AAG will be considering if they can restructure the agreement with PFP so it can proceed and we will get an RNS in due course. Im long so Im hoping the comments at the end of the article (its a bump in the road ) will be the case for PFP and AAG here
AST bid for AMC- well its possible but it looks v speculative as they want AMC board approval and they havent even had a written response to their 11/22 so its looks hostile and yet they need AMC support. Im guessing its a No but lets see-https://www.londonstockexchange.com/news-article/AST/intention-to-bid-for-amur-minerals-corporation/15981715
This is probably the problem--
https://www.londonstockexchange.com/news-article/BEY/lease-undertaking-application-decision/15965354
Directors Buying- As we probably all feared, Fletcher added 19.5m shares in the turmoil caused by the board yesterday and they have opened it up so they can hold up to 30% each so this will steadily transfer the co over to them at this basement price. I did get a reply re my alternative trading venue and it was No so that makes sense given the move to slash the share price and now the hoovering up taking place.https://www.londonstockexchange.com/news-article/SGN/director-pdmr-shareholding/15942737
Hi guys- the latest presentation shows Scott Fletcher 22%, African Fin Corp 10%, 9% Hannos company, 4% Michael Haworth (NED), 3% Mr & Mrs Weatherhead and 52% in public hands. Todays turnover in shares is 75m as above and v high re the 567m total shares in issue so its possible these numbers above have changed substantially in some cases today after this bombshell of a betrayal by the board. Ive emailed them and asked them to consider Asset Match or JP Jenkins trading for the shares if they have any regard for their shareholders. I will let you all know if they reply. Im not holding my breath but the feeling of responsibility may bring out some humanity in them. Thats if they are human....
Hi guys- the consolidation is in two stages- first a 13 for 1 share increase then a 1 for 659 decrease, hence the overall effect is that our current holdings are divided by 659/13, or 50.7. So 500k share now would turn into approx 9862 new shares.
If the share price stays here (up 46%) RUR should be made to issue an RNS which will either be no news/no changes or an update of what they are doing and how things are going.
Thanks for the msg ReeTech- Thats going to be market sensitive news so I wont get that from them. George has promised an RNS when the leaching results come out and he sounds v upbeat so Im happy to wait for that. If you watch the 1 min segment of the IMC presentation you will get their take on the Morocco data so far.
Did you watch today IMC presentation ReeTech? I guess not. George covers the current state of testing in Morocco and he says the numbers are v similar to Phalaborwa so Im happy to stick with his view that Morocco is looking good at this early stage--
https://www.investormeetcompany.com/investor/meeting/interim-results-151
Have a look from 33mins onwards- just a minute or so to listen in
Its at the test work stage (as the recent results RNS) ReeTech--
During H1 2023, a Master Agreement was signed with OCP, the Moroccan world leading producer of phosphate products, and UM6P, a Moroccan university with a strong focus on science, technology and innovation, as well as a Memorandum of Understanding prior to this with a diversified chemicals group based in South Africa. Test work has commenced for both these opportunities. We continue to investigate further potential to extract rare earths from phosphogypsum on a global scale.
So watch this space.
The announcement is here--
https://miif.gov.gh/miif-plans-initial-investment-of-up-to-thirty-million-dollars-in-newly-found-lithium-deposits-as-it-begins-negotiations-with-atlantic-lithium/
I take it that they will make a single investment when the Ghana listing is implemented but thats just how I read it.
Hi all- Keir Starmer spoke at Davos yesterday. He has ruled out Labour authorising any new N Sea gas or oil fields-
https://www.thenationalnews.com/world/uk-news/2023/01/19/keir-starmer-tells-davos-uk-will-lead-global-clean-power-alliance-if-he-becomes-pm/
So its worth a read given the current polls.
Sorry- Hi Brightonscot
Hi dflynch- is that the private f/bk group with 465 members? It doesnt have LSE in the title but its the only one I can find.
Crystal Amber withdraws requisition for general meeting of Hurricane Energy plc ("Hurricane")
On 23 December 2022, Crystal Amber Fund, the activist investment fund, announced that it had sent to the board of Hurricane a requisition notice requiring Hurricane to convene a general meeting at which resolutions would be proposed to remove executives Antony Maris and Richard Chaffe, Non-Executive Chairman, Philip Wolfe and, conditional on the appointment of Tony Buckingham and Franco Caselli, Crystal Amber nominees, David Craik, John Wright and Juan Morera, in order for Hurricane to maintain its independence ("the Requisition Notice").
Crystal Amber notes the Hurricane announcement of 11 January 2023 which provided a trading, operational, financial and formal sale process update. As a result, Crystal Amber believes that it should pause the requisition for the general meeting and has written to Hurricane withdrawing the Requisition Notice and undertaking not to resubmit a further requisition notice before 6 February 2023.
Hi Albie- Have a read of the 30/9/22 RNS as it covers the full position re the regulators and the need to dispose of the gas (flaring or venting) when HUR has planning for P8. The summary is here but read the full text-
Looking to Lancaster's future, we have expended considerable effort and some funds into maintaining the ability to deliver a new well in the Lancaster Field, termed P8, in order to meet our "maximum economic recovery" obligations to the UK Government. Given our emissions challenges, we have worked closely with the UK's offshore regulator, the North Sea Transition Authority ("NSTA"), to plot a way forward for Lancaster. It is disappointing that despite the enormous efforts of our team, and extensive interactions over many months, the NSTA is unable to provide comfort to the Company with regard to the likelihood of it being granted the necessary consents related to flaring for Hurricane to make further commitments to investment in Lancaster.
Hi senseman/gazelleman- I was one happy to hold ALM into delisting. They were early stage (PE) type investors so it was a mixed bag but they have a couple of decent holdings left (Bridge Comm and Fed Wireless) which should hopefully bring in circa 25p per share net when it all gets wound down in 18/24 months. So going private was prob the best move for ALM and also for its shareholders.