Adam Davidson, CEO of Trident Royalties, discusses offtake milestones and catalysts to boost FY24. Watch the video here.
I guess we'll hear from the company 1st couple of weeks in December re Power China's MOU.... Also be due Final results later in December. I'm sure it will be the same old noise and no real update.
The Company advises that, further to its announcements of 23 November 2021, and 2 June 2021, Power Construction Corporation of China, Ltd. ("PowerChina") has agreed to an extension for a period of a further 12 months from 6 December 2022 to 6 December 2023 on the same terms as the previous memorandum of understanding ("MoU") which is primarily focused on the Phulbari coal mine development. This will allow PowerChina and GCM to determine the modality for PowerChina to become a Mine Development Partner, subject to the approval of PowerChina internal compliance and all other relevant regulatory agencies.
Under the MoU, PowerChina and GCM will discuss and negotiate a mutually agreed business relationship to partner each other in developing the proposed coal mine based on the world-class high quality coal resource of 572 million tonnes (JORC 2004 compliant) at the Phulbari Coal and Power Project in North-West Bangladesh (the "Project"). These discussions will cover key areas of finance, project development and mining operations.
Michael Tang, Executive Chairman of GCM, commented: "GCM continues to enhance our relationship and work closely with PowerChina on the Phulbari Coal and Power Project. PowerChina brings an incredible amount experience and credibility to the Project. We are very pleased to report the extension of the MOU with PowerChina and continuing the ongoing discussions leading up to a partnership in developing the proposed coal mine, which is the pivotal aspect of the Project.
I hate this company and the brokers.
Questionable morals again from Hassana.
Bring on the elections to stoke up some GCM news so we can all get shot of this piece of sh ite from the bottom drawer
Nothing…..again
New broker maybe needed....
WH Ireland has launched an emergency £5m placing to help keep the business afloat after holding talks with the FCA over a potential wind down.
In a trading update issued this morning, the financial services firm said it made a pretax loss of £1.1m in the second quarter on revenues of £5.6m. It attributed the loss to the multi-year low level of transactional activity in capital markets, which has impacted the performance of the firm’s division focusing on this area.
At the same time, WH Ireland’s wealth business has been hit by a fall in assets under management as weaker conditions hit client portfolio size.
The group does not expect conditions to improve in the near term and has warned it is likely to remain loss-making until at least November 2023.
As of 30 June 2023, the company had cash of £3.7m, with wealth assets standing at £1.34bn and group assets £1.95bn.
Shares crashed by around 60% to 8.9p following the update.
‘The directors consider that, in light of the financial position... and given the challenging current market conditions (as well as the macro-economic pressures which continue to impact investment activity both in the UK and globally, across all sectors in which the group operates), it is necessary urgently to boost the company’s capital position through the placing,’ WH Ireland said in a market statement.
The firm’s largest shareholder, TFG Asset Management UK, has indicated that it will contribute at least £2m to the fundraise through its Polygon Funds arm, capping its maximum involvement at £2.5m.
FCA wind-down talks
WH Ireland, led by CEO Phillip Wale, has seen its regulatory capital position sink, as of 30 June, to £1.9m below the FCA’s current regulatory capital requirement.
The firm has been in talks with the FCA about its future to determine whether the company would be able to deliver a solvent wind-down plan (SWDP) in the absence of an emergency cash injection from investors.
A SWDP has been drawn up in order to facilitate an orderly wind-down should WH Ireland fail to raise the capital from investors.
‘On the basis of the adverse current and forecast trading and resultant losses, without further funding pursuant to the placing, the SWDP would be required to be implemented on 31 July 2023,’ WH Ireland said.
The company is also in discussions with the FCA to agree certain voluntary restrictions, such as not paying dividends, for a period of time.
The firm is also looking to reduce headcount to cut costs and has started a consultation process with staff.
Additionally, certain senior management team members have agreed to sacrifice a proportion of their salary in consideration of being awarded with options to subscribe, at nil cost. This programme is expected to reduce annual costs by £3.75m to £4m.
‘The directors believe that the combination of the placing and the cost reduction exercise gives the grou
Thanks Gooner, not immediately helpful but glad we both don't know the answer! We've been here a very long time but volume like this normally shift it northwards.
For the huge volume today the current rise of 13% is weak. Why?
Many jobs and livelihoods at stake
All very good articles and we know what should happen. However and sad to say this kind of feels like how tang took polo. Polo Share price collapsed under 2p and took it private when major shareholders kicked off. I wonder what he promised the £500k investor(s)? Please can you pay my mortgage and school fees for the next 6 month? I’ll see what I can do re the proposal but no promises
Did you have a word with Keith? I hope you asked him what’s the crack and when are we getting on with it?
Sounds like GCM
:(
Frustrating over reaction on the SP but they must have had a hard time flogging half a mil. I've bought £2k more but the saying goes 'don't throw good money after bad'. Glutton for punishment :(
What a guy
I said last time we had that ride up that January it was for their benefit. WH Ireland taking the price up ready for a placing. Co(ks
There is still polo loan facility of £350k left. Without any news then surely you’d think they’ll use this first
The more I read, the more bullish I feel about now being our time. However, current market at 4-5p doesn’t agree. Will we get news soon? Certainly need an update on cash so maybe we’ll get a sniff then?
PS people selling out for a couple of hundred quid gains from this week need to get a grip and realise the potential here.
They've not done it in the recent past that is for sure. Who remembers the trip up to the 60-70s in the blink of any eye in Jan / Feb 2019 - not a sausage from them then. Why RNS this for a poxy 2-3p rise?
Bo!!ox keith - you know GCM has been sticking their oar in. you just can't say it on an RNS
They had more $$$ then
Also been here too long and so many false dawns so I'm just hoping it is different (same as ever time this happens). No point saying how much as there are several potential outcomes. I like the rise this week but I'm still way down like most of us. We need the next RNS. Unfortunately GCM have a habit of seeing a rise and funny enough it only seems to benefit them for a raise