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A second director has been appointed to the holding company. There was only ever one director previously which reflects poor governance standards. The new secretary seems to be doing a good job so far.
The new secretary filed the outstanding plc document at companies house on Friday. Very good work.
Just the accounts for the holding co needed now (and that probably is not a secretarial issue).
They seem a smiley bunch as well.
https://mfl.bs/about/
An interesting development for sure.
Obviously good news that they have money in, and a fair chunk this time as well, but it does feel a little bit like credit card spending on rent when we all want them to be buying with a long term mortgage.
They have filed a confirmation statement in respect of Caracal Holdings and the compulsory strike off action is now ceased.
I have no idea how they let it get to a strike off notice but they certainly are not keen to file the accounts for this entity.
I believe the shares are still pledged to our German investors and that might be a factor.
I don’t think we have the details to know why the costs have come down but it is certainly interesting. The interview suggested they could well come down further as well. A few possible factors:-
1. Underground shut, open pit work is cheaper
2. They have already carried out some works as they have gone along.
3. Increased use of heap leach
4. Original plan included wider exploration but the new plan is focused on the spend absolutely essential to a profitable shorter term production project (so the funders can get their cash back)
Itsyou - the ‘free cash’ figure given in the Rns seems to be just the gold price less the aisc, I just followed that. I’ve not sought to add any further interpretation and, as you say, there are many many additional factors to consider.
The recently released 3 year mine plan used a gold price of $1,700/oz and that gave ‘free cash’ of $31.7 million. At $2,000 I think this figure increases to $46.5 million.
So that’s gold up around 17% and the corresponding ‘free cash’ figure up 47%.
It appears that the recent egm resolutions have finally been filed today, co-incidentally at the same time as the suspension RNS issued.
Almost as if it was paperwork day in the Caracal office, surely it can’t be that simple though?
No Twitter or other updates for a while now, I suppose there are any number of possible reasons they could be keeping quiet including :-
1- deal so close they don’t want to jeopardise the final stages
2- deal falling/fallen apart, as per January, and they are scrabbling for something else
3- just too busy with operations
The market seems to be moderately on the negative side.