Member Info for steward1

You're reading this all wrong, raaydaar. Canmax would not have given the support that Prem has had for the last 2 years and, especially, the last few months if they had planned to take it on the cheap. Pei is an honourable guy - they do exist in business, you know. Not everybody is out to do the dirty on everyone else... I'll repeat again... it is everyone's interest that Prem succeeds except for shorters and vultures... Pei and Canmax are not vultures.

Jaglith - you know that Canmax facilitated the LOI with Glencore, don't you!

Raydaar - Canmax have had plenty of opportunity to take Zulu/Prem on the cheap BUT they haven't. Not only that, they've facilitated a LOI from Glencore. Canmax are clearly not the kind of outfit that you think they are.

Claiming to have a friend now, Jaglith???

Since Tuesday morning, Jaglith.

Careful with that short, next news drop will be a good one!

My guess is that there have been some trading bots running since Tuesday... general upward trend.

Jaglith being a bit naughty again. To begin with debt is in $'s and market cap is in £'s. The big chunk of the debt that he is including will be taken care of from the offtake agreement. What you need to do is simply take the value of the company as you see it and divide by the number of shares in issue. After the AGM and pre-consolidation, the shares in issue will be around 88b... take Jaglith's £100m and you get to an SP more than 4 times higher than today's SP.

By the end of August, with sc6 being produced, what value then - £200m, £300m or more?

Don't think that is going to happen anytime soon and Canmax will most likely want their money back before GR gets his... either the sp multiplies because sc6 is being produced and the repayment to GR is not an issue or no sc6 is produced and GR doesn't get repaid.

Iky786 - it's long overdue!

The LOI from Glencore is more than buying their product - they're also taking responsibility for ensuring that Canmax are repaid. They're not going to do this without being involved in Prem/Zulu. I don't see this happening without them taking a stake in Prem or becoming a JV partner at Zulu. GR's approach has always been that he, personally, retains control... that all changes after yesterday's announcement and the way is clear for a change in ownership structure.

Raaydaar - there's a route through to success here with one of the biggest miners in the world standing by to invest. GR's departure signals a different future. Clearly, along with the likes of Jaglith and Martinigirl, you're struggling to see the positives here. It's in everybody's interest for Prem to succeed except for shorters and vultures.

Only you, Jaglith, can take a negative from Glencore issuing a LOI to Prem!

Raaydaar - you meet such pleasant people on here!

The point remains - Canmax could increase their % holding of Prem well above the 13%+ level. Glencore... let's see how this plays out.

Hasiba - I hope GR ends up walking away with Zulu producing sc6. I don't wish him any ill will and I hope that he can 'end well'.

But you're right, he has been the obstacle over the years. Putting the plant to one side, Zulu is still one of the best lithium prospects in the world. I can give him some credit for securing it for Prem, for attracting a serious offtaker and for getting that Glencore LOI BUT it's been a very painful road. He could've accepted offers where Prem became the junior partner with more experienced miners and he could've spent money raised for a DFS on a DFS instead of spending it on Circum and he could've done all the fundraising in a different way and he could've built the RHA mine in the right place but he has insisted on retaining control. As some have said, he will absolutely not want to walk away a poor man so I am expecting to see delivery here and for the sp to rebound on what might be the all time low.

Jaglith - I accept that you continue to struggle to see anything positive in Prem. There's never been a LOI in place before. Glencore, as I understand, don't issue LOI's unless they do their due diligence and I believe have always followed through. The shape of Prem's ownership will change significantly before 31/8... there is good financial sense for Glencore to take part with this fundraise rather than wait until after 31/8 when they will likely need to pay a multiple.

Again, it is in everybody's interest for Prem to succeed... except for shorters and vultures! Shorters, again, will be taking the greater risk given all the moving parts here!

The majority of the 27b new shares could go direct to Glencore... now that would be interesting!

Yesterday's announcement certainly seems to have irked the shorters, doomsters and vultures. I'd be very, very surprised if the AGM didn't pass the fundraise and the consolidation. Canmax's support may well have been dependent on GR finally setting a date for his departure. GR did demonstrate some confidence that the plant fixes will work.

One point of clarification is why does the RNS allow for 10b new shares for Canmax... they don't need anywhere near that amount to maintain their 13%+ holding - are they going to take a bigger stake... now that would be interesting!

Martinigirl - you've been saying that Prem is done for for quite some time and yet it still seems to be alive and kicking. The AGM will approve the fundraise, etc and the plant fixes will be implemented. There is a route to success here especially with GR stepping down.

Martinigirl - I'd agree with the general sentiment that it has taken too long to get to this point... but it's not too late. I've been watching GR for more years than I care to remember too and, whilst there might be some inconsistencies in the figures, I reckon that he's being genuine about the prospects for getting the plant operational in the timescale mentioned and producing sc6.

I find it very interesting that they already have some names to replace him - that means that the search started several days, if not weeks ago. I don't have any inside knowledge on this but it feels like GR has been encouraged to go and that opens up possibilities. The way is now clear for a JV with Glencore. Canmax may well have said that they'll only support the fundraise and consolidation if GR steps back.

I wouldn't be surprised if it's a Glencore appointment for CEO!

AlertRNS - yes, I think more than that though... I don't think that he would step down unless he had confidence that the fixes were going to be successful. I also don't think that he would step down unless they could recruit someone else, i.e. unless there was a viable business to run that could pay a decent salary. Either, there is confidence in this or he expects Glencore to step in.

Plus, in all my years here, GR has made the wrong call after wrong call after wrong call. He's been the one that has mis-spent millions, blocked joint ventures and takeovers. His departure now opens the door to those opportunities.

I've got another angle on all this which I'll share later.