Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
An excellent endeavour POG_share - quick question though who is behind this - I am slightly concerned about disclosing details before knowing who / what / where this info will be shared too ??
1mm MOEX shares traded already this morning ?!?!?
Up another 8% to 351 now
Something is happening...
yes MOEX at 315 is equiv to 425p... but obv hugely diff buy/sell dynamics - and some of us unfortunately watched the POG debacle and price discrep - but quite obviously this is £1bn and poles apart... BUT 18% up on over 4mm shares (equiv £18mm stock) means SOMETHING big...
now Im looking at the right thing !! today 4mm traded Moex... 255k LSE... .... .....
SORRY !! i thought you meant the actual MOEX index, not POLY ON the MOEX - apols Pips
oooooooh NOW POLY is up !! just traded 226.4
lovely
MOEX is NOT 16% up !! check out investing dot com - IMOEX its up 9pts, +0.41%
POLY IS UP 4% though so I'll take that !!
although EVERYTHING is up a bit post softer CPI .. even THG which says something...
err its up 11pts +0.54% ??
Thats what I am thinking Jack, it mentions POG had $25mm of cash, but not one mention of how much gold stock there is which must be massive given production all year and if no / limited sales ???
having said that MM desperate for stock - just put in a chunky test sale of the lot and they were happy to pay 94.5 for the lot (in a 91/95 market context) without blinking... if CLIM are done for now should get back to mid 100s I reckon fairly swiftly...
CLIM yes will be an issue as they have their must sell hat on and they still somehow own ~12.5% which is astounding as they have been continually selling it seems from 140 down - decent 25k buy clip through at 95 there
As per the half year results the insti investor base has already gone down from 70% to 36% by end April, so sure much much lower than that now...
dont have bloomberg to hand but am sure that the 22 notes would have been trading at 20c area tops...
The Sale Consideration
The total consideration payable by UMMC is $619m, broken down as follows:
• the Administration Fund of $20m
• the Administration Top Up Fund of $10m
• the Contingency Fund of $6m
• the Adjusted Cash Consideration being the surplus amount of $380.5m less the value of any
2022 Bond Notes that are already held by the Purchaser that has been agreed by the seller
as clean.
• the 2022 Note Consideration Amount; and the face value of the Buyer 2022 Notes. The
Notes held by the Purchaser by completion date that the seller agreed are clean.
• the Term Loan Consideration – an amount equal to any and all outstanding amounts payable
in respect of the Term Loan ($202.5m) from time to time (save for any statutory interest
payable in respect of the Term Loan).
wow CWWX - a lot of info there - still dumbstruck as to how poorly lots of it seems to have been managed over the last 5 months or so, and how the offers and interest from May (and in fact UCG's) have just been not given a chance or gone back to whereas UMMCs "UMMC’s initial non-binding offer did not provide a monetary figure but expressed their desire to ensure that creditors are paid in full" so a defunct company is paying out 100% on distressed bonds (I trade fixed income and never seen this given its effectively defaulted and UMMC surely owns a load of the debt)..
Bidder 1. Bidder 1 made an indicative proposal to purchase all outstanding capital stock and other equity interests in the Company in the amount of US$488m. Bidder 2. Bidder 2 offered between US$700-730m for all gold mining assets and other subsidiaries of the Company, which was based on net debt of the Company of US$500m and other various provisions of US$50m and the equity value of US$150-US$180m.
Bidder 2 indicated that they felt that this represented up to 72% premium to the current (at the time) market capitalization of the Company on the London Stock Exchange. However, on the binding offer submission deadline date, Bidder 2 advised that they were not able to secure financing for the transaction and withdrew from the process.
UMMC. UMMC’s initial non-binding offer did not provide a monetary figure but expressed their desire to ensure that creditors are paid in full. In expressing this, UMMC noted that they believed that the underlying assets of the Company do not exceed the total debt of Companies within the Group in the amount of approximately US$628m.
Bidder 4. Bidder 4 expressed an interest in acquiring the assets of the Company but did not provide a monetary value to the expression of interest. It should also be noted that Bidder 4 provided its indicative offer on 16 May 2022, being the date for final binding offers. As a result of this, Bidder 4 confirmed that they would not be in a position to carry out due diligence in the timeframe permitted.
On 7 July 2022, UGC, the Company’s largest shareholder, made a preliminary non-binding offer to purchase the Company’s shares, procure repayment of the Term Loan and Facilities, and restructure the Group’s other debt. The Company and the Administrators invited UGC to discuss this offer but UGC did not pursue it. Under UGC’s preliminary non-binding offer: • UGC would procure full immediate repayment of outstanding sums due under the Term Loan (to UMMC) and the Facilities (to Nordic). • UGC would buy out the remaining minority shareholders at “a current (preceding to announcement of this proposal) trading price of the Shares”. • The 2022 Notes and the Convertible Bonds should be transferred to a UGC subsidiary “incorporated in [a] jurisdiction outside of UK, EU, US and Russia”, with the Company’s guarantee terminated. Subsequent to this transfer, this debt would be “restructured and repaid”. • UGC would repay other outsta
decent volume and price action today - virtually all trades today seem to be buys and some nice 10-30k tickets ...
My calcs have £3.67 not excluding any ADRs / GDRS right now, back over £1 to start I'd hope...
Their communication is shocking - couple of weeks ago it had it all as say eg 14mm "Gazprom" then the update of holdings at the end of May 22 for example had
8,860,909 GAZPROM PJSC COMMON STOCK RUB
5,365,084 GAZPROM PJSC ADR
etc etc
IN fact here it is
https://am.jpmorgan.com/gb/en/asset-management/per/products/jpmorgan-russian-securities-plc-ordinary-shares-gb0032164732#/portfolio
Did sums just the other day, ignored ALL GDR/ADR, added on the 14.591mm cash, got current MOEX prices and exch rate and think it was £3.55 per share if could sell on the MOEX, nothing else needed. Think I then added all GDR/ADR equivs (at current MOEX prices) and was 5.50 odd.... tick tock tick tock
because there was a leak in that internet article that someone found and then there was a material share move, so had to
and then btw will have all the index trackers piling into it too for the ETFs... wooooooooooooooooosh
inst investors all had to sell all in feb/mar so all will be ploughing back in once its "cleaned up" and presume ftse 250 ??
auction up at 245... gulp