Member Info for Suggins

I agree that the second CLN could lead to a fair few new shares being issued but in my mind that does not all equal dilution as some value is obtained:-

- 266m warrants at 0.85p. Hard to calculate the ‘dilution’ this will have until the exercise date is known and then the conversion price can be compared to both the share price at the time and also an assessment of intrinsic value of the business at that time to asses dilutive effect. But these are not being given away.

- Possible conversion of the principal. £2 million, at 8% over two years is around £2.33 million I think. Converted at 0.6p is another 389 million shares. We will have received £2 million for these shares so, as above, ‘dilution’ assessments need to consider the company value/share price as at the conversion date. I’d hope that in 2 years we’d have enough cash to avoid this conversion.

Was one cln used to repay the other ?

This will take some reading.

What jumps out straight away to me is the convertible loan note apparently taken in June 2022.

Convertible loans
On 21 June 2022, the Company entered into a Loan Note Instrument with Mill End Capital Limited (the "Noteholder") for a total of £1.25m ($1.5m). This was draw down in its entirety on 27 June 2022. The total creditor recorded in the accounts is £1.7m which is made up of £1.25m principal and £407,000 accrued interest.

The terms of repayment vary on the time of such repayment as set out below:

Within 90 days - 120% of the principal to be repaid
Between 90-120 days - 126.667% of the principal to be repaid
Between 121-150 days - 133.333% of the principal to be repaid

If the amount is not paid within this time frame, then the Noteholder may notify the Company to convert the loan into shares which will be valued at 80% of the closing VWAP price of an ordinary share on the business day prior to that on which the Noteholder makes its request.

Export decline is very disappointing ; you’d think cheap generics would do well in a cost of living squeeze. Must be more there to explain the situation.

I think if you use such old information you will really struggle to properly asses the opportunity here.

That’s old news to everyone - it was 15 years ago !

I think these are the relevant rules:-

https://www.handbook.fca.org.uk/handbook/LR/5.pdf

My interpretation would be that not only is there no restriction on releasing news during a suspension, a company is required to do so as usual:-

5.1.1 (2) An issuer that has the listing of any of its securities suspended must continue to comply with all listing rules applicable to it.

There's a quality cut off for posts now RPdard ?!

I've not watched the interview again but I have been thinking a lot about the t-****s; I do hope they appreciate the colder British weather and go for a heavier weight cotton than their Kenyan versions. Also, I think if I am honest I would prefer a more discrete side logo than a full chest one.

I’m going 9/10; lack of clarity over the availability of Caracal t-shirts was poor.

I’m not sure I fully agree with that Bebeto; 2koz per month is output based on processing capacity at average grade and anticipated recovery rate.

If grade or recovery increased then output could be higher with same capacity?

I’ve been drawing comfort from this cheery line in the accounts released at the end of April:-

‘a material uncertainty exists that may cast significant doubt over the Group's ability to continue as a going concern’

We need a South African Obama or Churchill to turn up tonight; no pressure.

Just noticed the 3.5 takka dividend declaration. I think that about 4.3% at the current ask price.

Just seen a Stockbox tweet on this.

Caracal on first at 7:00 till 7:15 and then ‘interactive questions’. Also, Marula Mining are off the bill with Panther Metals coming in.

Must be fairly unusual to pitch to potential shareholders and then have to advise them that they can’t actually buy shares at the moment.

No idea and fortunately we can’t do anything about it.

London Stock Exchange produce a list of the naughty boys and girls:-

https://docs.londonstockexchange.com/sites/default/files/documents/london-stock-exchange-suspensions-restorations_298.xlsx

Whilst the reason for some companies being suspended is ‘at the request of the company’, we are down as ‘in relation to a listing decision’.

‘this is not a good look’ - I’d put this well beyond double denim, we are deep into socks with sandals territory

Do please report back if you get any response.

We all hope this is a very well run business, it appears to be. But I don’t think anyone can now argue against it being a very poorly run company.

‘ The audit is in the final stages and Caracal does not expect this suspension to last very long. ’

Suitably vague.

Perhaps I was right to be troubled.