Member Info for steward1

Wile, looks like they are progressing it - "Premier and KME have agreed to proceed to a formal framework agreement irrespective of the outcome of ongoing discussions that are expected to resolve the equity status at RHA Tungsten Pvt Ltd."
All they need to do is to agree to deal with the RHA ownership once the Zim gov't approve it whenever that is. Simply set up the NewCo with the current ownership structure of RHA. It's not rocket science!

I agree, Wile, that extra funding will be needed. I don't think that anyone would argue with that. With the NewCo deal so close, I'd leave the fund-raising until then.

He does Doire but I think it's already a different ball game with NewCo coming along. It's NewCo that will need the funding, not PREM.

Despite all our protestations and lack of confidence in GR, KME are clearly showing confidence and moving forward with GR. This has usually been where GR has fallen down before.

These guys have been/are on the ground at RHA and will have seen what is available to mine. No doubt they will also have been across to Zulu to see what that holds.

I'd be very happy if these guys can work out a way to get RHA and Zulu moving without being held back by the RHA ownership issue or the lack of funding... some IOU's from GR might make the difference!

Finally some pragmatism from GR which we hope will get some actual progress!

Wile - a fair summary of the current predicament and potential outcomes!

The fact that GR is not in control of the situation is pretty dismal - he is solely responsible for putting PREM in this situation. My major concern is, in the absence of the RHA sign-off, that GR decides to do something not currently on the table and he gets PREM tied up in further knots.

I can't see the Circum event actually happening for several months and I don't see the RHA ownership being resolved quickly now, despite GR's protests.

And I have zero confidence that GR making the right calls for the benefit of shareholders.

I reckon that he's still sitting in the queue outside the VP's office waiting his turn!

Will, I agree that it's a good deal for KME perhaps too good for shareholders to approve. However, I suspect that GR might need to adjust it if the ownership isn't resolved.

And we've not heard anything yet about where GR is going to get the cash for NewCo!

You couldn't make this up, could you - it continually goes from bad to worse for PREM and for shareholders. Simple steps turn in to huge dramas!

George is always careful with his wording or is he - an appointment with the "Presidency" rather than the "President" himself. So the appointment is with the office of the President plus he only expects a meeting with the VP today??? Does that mean that he's going to sit in a queue outside the VP's office hoping to be seen?

I think that we all understand that it is the President who needs to intervene and not the VP - sounds to me as if he's going to get the runaround!

DD is due to finish in a few days - it's difficult to see what GR can say and I reckon that KME will be watching on, somewhat aghast at the current predicament. He's found himself in a seriously weak position again and the danger is that KME looks for more or walks away.

GR needs the agreement signed within days or he needs a plan B that both KME and shareholders will support. Stress levels at Prem HQ must be very high at the moment!

Apologies, chippy - a bit frazzled today!

I think it needs clarification fatsuperman. If Prem isn't on the list, I don't see any incentive for the cabinet to give it's attention to Prem if this list is going to give them hard cash.

Come on, George, where is the detail?

I wonder if he knew that there was a long list!

I also read a report that the gov't were expecting to get $350 million from this exercise! Given that we're not handing any cash over to them, I'm very concerned that we're not going to be on the list at all or very near the bottom if we are on it at all!

Just seen the Zim cabinet minutes! Look at this feed on Twitter - @InfoMinZW. They're going to take 2 companies per week to agree to restructuring their ownership and there are 43 companies on the list. Add in Christmas/New Year and we could be talking 6 months plus before it is completed. The first two companies on the list are much bigger fry than Prem and I suspect that, if we're on the list, we could be pretty low down. If we are not on the list then I can't see any reason why we would jump ahead of this list. I can't see any reason either why the President would give GR priority either.

Personally, I don't see GR as the kind of guy to head to the courts so, if RHA ownership really is key to making progress, we are stumped... for several months at least, I would suggest!

GR needs to think again! Really can't see GR getting us out of this fix!

Whatever GR has been told by whoever, I doubt very much if the sign-off is "imminent"

If GR has any wits about him, he should simply restructure the restructuring deal!

My understanding is that RHA needs to be isolated within the deal in any event to allow for the gov't to have their 10% ownership of RHA only and not anything else. The restructuring could move forward, with the co-operation of KME, and the ownership of RHA could be resolved at a later date.

It has been clear since GR announced the restructuring that additional finance is needed - whilst some folks here might choke at the idea, I think a fund-raising is acceptable in the circumstances. Progress needs to be made to start getting the stuff out of the ground and for Zulu assets realised. Sitting doing nothing is the last thing that we should be doing.

Progressing the restructuring also takes us a step closer to GR being sidelined.

… it takes to get approval, the closer we are to the Circum event and the possibility that we can fund it all ourselves!

Nevertheless, I'd prefer if GR kept to his word now!

again!

Could be some news about to break? Whilst we're all waiting for RHA news, I'd be keener to hear about Circum right now. Circum potentially gives us the means to fund NewCo or to, at least, lessen the need for external funding.

A wee spike!

… see some progress? Really hoping that the Zim cabinet gets this business done today and then it's back in our hands to get the restructuring done.

Happy to add my holding to the list - 3,719,642