Member Info for troutisout

Well apart from the fact that is for new projects, it is the opposite side of the continent to the Hunter Valley.

Quite pathetic......

Cracking video and some reassurance for those about Cobre and that JP sees no reason why it won't be bringing in the same revenues this year....

stockdale,
I am not worried about cashflow in this period, because by the end of the year cashflow will take a step change upwards, however we have to remember that Cobre revenues include the main customers payments and that they end this month and we haven't heard what is happening yet.
I personally am not worried and believe at best we get a recommencement of deliveries and worst another payment period extending on from the last deal.
We do have to look at the third option and that is the main client does neither, that would mean they have paid us for 9 months of deliveries they will never take and that magnetite can then be sold again, but it may have short term cashflow effects.
Those are the 3 options all have a varying degree of positives and negatives, but overall each delivers a positive outcome for SML.

Cash burn is affected by several things but they have been maintaining drilling programmes on several of their projects over the past 9 months and if they are not drilling as much, then those resources can be put to getting MoL producing for the next 4 months.

When a Company in their Interims mentions Q3, that is their third quarter trading, if they were referring to the calendar quarter they would confirm that by saying "Q3 2019".
They did not mean the calendar quarter and this was made plain by the other statement in the Interims suggesting the restructure news would be due before the end of March, followed by an investors presentation.

Also the debt figure you are using is not like for like because they have bought the shed and started construction works on this to extend and improve it for their works. That has meant $4.45m has been drawn down in loans for this, but this is a very important and valuable asset. Most people use a mortgage when buying a large property asset and don't seem to have a problem with that.

Debt has been reduced since the June FY figures.

Make sure you clean the muck off the bottom as well, when you shine my shoes ;o)

stockdale,
They say it can do 280 miles on one charge, I bet other hyper cars don't do much more than that without needing filling up with fuel.
Don't think it will do 280 miles if you accelerate as the figures say or go around at top speed though.

Whiterhino,

You seem to have missed that a lot of the sells and the ?'s were actually buys as well.

The sell hasn't appeared yet and due to it's size may not arrive as a delayed print until next week....

Blacksheep,
We are down because they haven't yet filled the sell order they are working, the MM working the order will lower the ask to try and attract buyers, the ask will drop on more buying even thought the quoted as remains.
It looks like the buys going through as sells has caused some sellers to offload, they probably have seen the drop and all the trades in the sell column and had a knee jerk.
The reason they will take lots of shares off you, is because while one MM has a sell order the others may want more stock and be bidding, afterall the price has dropped and if they can get some people to sell to them down here, when the overhang is gone the price moves up and they can sell them back at a higher price.
With the amount of shares gone through, I do hope it is Reliant selling.....

blacksheep,

I would believe that if the corresponding buys were similar amounts, but they have had millions more buys so they wouldn't have to wait to fill them,the 2m trade there is 2m in 300k and 500k lots just before. I bought the 575k just before and could have bought lots more at 1.65p, so I am pretty sure that 2m was a buy. The price then dropped further still suggesting they needed even more buys to fill the worked order.
It is obviously a large order and I believe some of the trades recently down as sell or ? column could also be buys.

None of us can say for sure what is a buy or a sell, but with the amount traded, I would say the 4m could have been a buy also, as a large overhang is being filled.

I'd say there is more to come, the 4m and 2m were traded at the full offer price so no telling that they weren't both buys.

Certainly a major shift happening, I still see it as Reliant, but judging by the volume the sell is large.

win4call,
His holding is 6,569,080, He holds 4m in Alegana Enterprises, holds 219,080 in his own name and the difference is 2,350,000 which is the holding size of Eaton Equities (I assume another of his companies). I did ask questions about the last shareholder list and looked into those holdings.

No one has mentioned that the same shareholder list shows Leon Hogan as holding 20,574,467 which is over 10% and would require an RNS if true.

The share register on ADVFN just shows the shareholdings in that person's name, Zorbas holds some shares in his Companies, Alegana Enterprises holds 4m which he got in the placing.
That list should not supercede the Companies official list which shows all the shares held by persons whether in their name or they are beneficiaries of...

I also believe that Reliant have been selling into the market at points throughout the year so don't expect there to be much more than one of their three tranches involved now.

Looking back at the purchase of Leigh Creek from reliant, we are due to make an extra share payment to them for 2.8m shares on Tuesday (1st anniversary of the deal).

Now looking at the RNS the amount of shares given to Reliant for Leigh Creek was 38,700,900 and the last was 2,866,730 (this was subject to no warranty claim being made in the year).

The total if paid together would have been 41,567,630 shares which would have been just over 3% if all issued together. Being over 3% would have meant Reliant would have been notifiable. That would not have suited them if they wanted to offload some into the market.

The upcoming anniversary of the deal makes me think this is a large sell from Reliant clearing their books before the year is up and with just the 2.8m shares to come next week.

Now those are my thoughts and could be construed as a conspiracy theory, but there is a little reasoning behind it....

Whiterhino,

Why would there be a large buyer accumulating if there are far more buyers than sellers. That the SP has dropped in the face of all this buying suggests there is a large seller, that the MMs are keen to get filled.

Market mechanics.....

Not sure I agree with the conspiracy theories, it seems there is a large line of stock being worked as a sell, the price dropping in the face of large buying.
It brings a good opportunity to those that want to add, although don't be disappointed if you buy at one level and it goes cheaper as we can't all grab the bottom and once the trade has been filled then the price will rebound quickly.

petwilkinson,
The debt comparisons from a year ago, they have indeed purchased more equipment, they have also added $1m to the debtor facility and most importantly bought the shed and started construction works to enlarge it. The shed accounts for $4.45m of new debt last year, but for a very good reason.

Glandore, they bought it for less as they were the sitting tenant and the owners were in administration. They got a good deal.

"The Facility was previously rented by MRS Services Group from the Administrators of TMD Investments Pty Ltd"

The placing was in that half year as it was done in July, after year end 2018.

However the cash situation is just that fluid, it was very low at the finals and higher now, PB did explain that is the nature of the beast here, the cash levels fluctuate weekly, they are kept under review. That is the nature of the business, they have a debtor facility in place to cover this and we are due to hear about a restructure on this next month.
I would rather they invest in PPE and Capex while they have the money to do so, firstly to make sure our PPE is serviced and ready to work and earn revenues and also for growth in the Company's business. Let's remember that $4.45m of that figure is for the shed and construction works to the shed, they won't need to do that again, but plant and equipment need servicing, repair and renewing, we would find it difficult to earn the same income from just labourers with hand tools.....

Lockedin,
these were the Interims, Q1 and Q2, Q3 ends in March 2019 and Q4 June 2019, are you looking at the calender quarters rather than MRS's financial year?