Member Info for Twohits

First tranche of funding gone, next tranche less dilutive...

The loan note has been outstanding since the summer. If it is a surprise to anyone that tranches get converted when in the money, at the explicitly and prior stated conversion rate, may i suggest that those people might be better off playing fruit machines than trying to trade/invest...

ARahim You are talking absolute blithering nonsense...

How clueless are you? That is the fixed conversion price agreed in the docs.

“ Convertibility



Each Advance and/or any interest due can be converted by the Investors into new ordinary shares of 0.03125p each in the Company ('Ordinary Shares') at any time at a price per Ordinary Share of the lower of:

i) a 30 per cent. premium to the 'Reference Price', being the five-day VWAP immediately prior to the drawdown of each Advance (the 'Fixed Conversion Price'), or 0.0634 pence for the First Advance; and

ii) 93 per cent. of the average of the three VWAPs (as chosen by the Investors) of Ordinary Shares during the 10 trading days immediately preceding the date of any conversion notice (the 'Variable Conversion Price').”

Is this just off the back of vanadium moving up ?

Nice - proper widths...

*you’re

Anyway, i enjoy champagne as much as the next man, just don’t say your serving it today and replace it with beer. There are many other parties i’m invited to and could choose to go to...

I do love how growth investors love to quote warren buffet the value investor.

So why did they dangle the divi carrot 2 years ago? I’m all for reinvesting cash if the projects are there, but this should be throwing off way more than enough cash for a divi. It should be looking at some sort of debt financing too; get that WACC optimised...
Also what happened to the joburg placing? I bought back small here after the vanchem completion, have about 150k, a lot less than i used to. Had around 1m that i sold ~45p last year. Still like the company, just unimpressed with the px action over last 12 months or so. Would’ve thought vanchem would have had more of a positive effect.

At the end of a rainbow next to a leprechaun?

Cheers pdub, had a look.

“ The dividend policy reflects Bushveld Minerals' commitment to return cash to shareholders while prioritising its stated growth strategy. The dividend policy is based on a free cash-flow pay-out ratio.”

So I guess there is insufficient cash being generated. That’s not what was intimated a couple of years ago. I own these again btw, was just wondering the latest.

Christ you are so touchy. It’s end 2019, where’s the divi? Simple question.

What’s going on with the dividend situation here?

Yup saw that too Fulmar, not belting grades on the sulphides, but sulphides nonetheless ! Great grades and thickness in the oxides.

christ, another one for the filter bin...

yeah all those numbers are just guess work...

FFS.

and yes there are restrictions

"The Drilling Shares and Settlement Shares are subject to certain trading restrictions to the volume that can be traded, which Arc will continue to monitor."

No specifics on what those restrictions are though...

whatever, the overhang should be gone by now

It's unlikely to be the driller selling. More likely the 4mm warrants issued end October and the 8m shares issued at the beginning of November to an historic creditor.

The drill for equity programme has issued the following since it started in july

3.85m @ 4.8p
1.6m @ 4.5p
6.5m at 3p
2.8m at 3.1p

I doubt whether much of this has been sold.

Other equity issuance since July as follows

Warrants
4m @ 2p (29/10)
1.7m @ 2.8p (18/07)

Payment to historical creditor
~7.9m at 3.1p

roughly similar total amount for drilling vs other two.

The 12m issued for warrants and the the historical creditor are likely to be the overhang. That said, the problem here is the volume, that amount of shares shouldn't be a huge overhang . Since the issuance on 29/10 about 44m shares have traded.

Cash isn't really a problem. We don't have massive cash costs and have a cash producing asset and 2 very supportive sponsors that don't gouge our eyes out when we go chugging the tin. $5-$10m is relative peanuts.