Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Sir Pedant of Pedantry here - been bugging me all morning and especially annoying given everything else... 220p/290p b/o... does that make it 70/220 31.8% or 70/290 24% of the spread ? Either way its disgraceful 70 on a mid 200 share... scandalous
Fully agree Ramp, just clearing up that its nowhere near a full carpet lift on GPB restrictions... personally think close today just over 3p, gets mulled over weekend and goes on and up from there. Heres hoping....
Ramp - Im surprised we're not much higher given the positive (and lack of -ve from the RNS), but lets just clear up on GPB its "British authorities are allowing payments to a Russian financial institution to safeguard the European Union’s gas supply" to preserve flow of gas no way similar to allowing gold sales etc for now
Abramovich-Backed Steelmaker Evraz Pays Bondholders on Time
London-based Evraz had $18.4 million of interest due on Monday
In March, a coupon payment from Evraz was temporarily blockedBy Bloomberg News
(Bloomberg) -- Steelmaker Evraz Plc, partially owned by sanctioned Russian billionaire Roman Abramovich, paid interest to bondholders on time, according to people familiar with the matter.
Evraz was due to wire a $18.4 million coupon to the holders of its dollar-denominated bond maturing in 2024 on Monday. The funds reached the paying agent BNY Mellon, which processed them, said the people, who asked not to be named because they aren’t authorized to speak publicly. At least one bondholder confirmed they received the payment.
Most Russian companies have met their debt obligations since the beginning of the war in Ukraine and the tightening of economic measures against the country, although some borrowers have struggled to get payments through to investors because of their connections to sanctioned entities and individuals.
A separate coupon payment due last month by Evraz was temporarily frozen by correspondent bank Societe Generale New York because Abramovich, subject to restrictions in the European Union and the U.K., is the largest shareholder in the firm with a 28.6% stake.
Citi’s Caution Threatens to Send More Russian Debt Into Default
Spokespeople at Evraz and BNY Mellon didn’t immediately reply to a request for comment.
Western measures against Abramovich left his assets frozen and the future of his football club Chelsea FC uncertain. Evraz, a firm based in London with assets in Russia, North America, Czech Republic and Kazakhstan, isn’t directly affected by sanctions as Abramovich doesn’t have effective control over it, the company said last month.
Yet, the restrictions on the Russian economy forced it to cancel plans for a demerger of its coal assets, as they made its implementation “technically impossible,” the company said in a statement on Friday.
TBF its not JPM conservatism as far as I know, its just the ridiculous closing value of the ADRs so the "official" mark just before they got suspended - but yes ONCE they reopen and remark to respective levels will be a big move just to get to FV and would imagine people finally notice this.... fingers crossed...
So i've been pouring over this for days, thinking surely must have missed something - completely agree with FV of 450 purely on where the actual underlying equities are on MOEX right now (ie not ADRs etc). Even if you look at the holdings (on bloomberg) it has the largest holding of 15.21% in Gazprom ADR but then it reports the Current Market Value of this at 5.01mm versus Reported Value of 47.79mm which reflects the fact that the OGZD LI was suspended at 0.58 from 8 so down 92% but then actual Gazprom is currently down ~25% from "pre" ... Once the ADRs get remarked this will revalue at >400 without anything else on truce / political scenario ??