PYX Resources: Achieving volume and diversification milestones. Watch the video here.
Is this everyone's understanding? Courtesy xow98 on ADVFN:
The 7.48m is purely the reserves that would be available for distribution after the capital re-organisation, but before the Ozaltin transaction. It is what they could distribute pre Ozaltin, not what they are going to distribute.
The transaction will give them further profits and distributable reserves, meaning they can pay out more than the 7.48m.
https://audioboom.com/posts/7792583-podcast-no-95-charlie-the-geologist-on-panther-metal-resources
Turkey's sovereign wealth fund plans is to invest $15 billion in industries including energy, petrochemicals and gold mining as part of a program designed to reduce the economy's vulnerabilities.
The investor is focusing on those areas where Turkey constantly runs a deficit in foreign trade, according to Chief Executive Officer Zafer Sonmez. The Fund, known as TWF, is now beginning with the projects that will span over the next five years, he said.
Well we have two ready and suitable candidates - Tavsan and Salinbas. Hopefully Ozaltin involvement will mean we are top of the pile. Turkey has no history or interest in doing these projects themselves. They will want the experts with track record to carry them through. With the expectation of higher gold & silver prices over this period and our proven standing within Turkey, I surmise that this could be very beneficial for the new Joint Venture.
Well I'm pleased this week is behind us. I'm really disappointed with the way matters have been handled and the unfortunate inference being portrayed to many that they don't care about loyal shareholders. Knowing the Board individuals, I find that very hard to believe and hard to fathom. If shareholders have written to Y.J. and not even had the decency of an acknowledgement, I hope the directors will be made aware of this serious failing in both politeness and professionalism. They say when the S.P. turns positive all sins are forgotten, but I'm afraid I don't think the Co. and especially Y.J. have done themselves any favours recently. Please up your game. The fact is, Investors have plenty of other places to park their hard earned cash and as a result of this pathetic lack of communication, many have done just that.
So moving on to a new week, I'm going to try and put all that behind me and focus on expected news and a resultant sharp recovery in the share price.Good luck everyone.
John: Taxes & fees I'm sure has been covered, perhaps by our resident expert ASH but I think also by Biggles on ADVFN. Biggles is still of the view that the Special Dividend will be circa 1p per share, but even 0.75p would be a considerable pay out, especially given the yield percentage on the current share price. When you compare the cash we are going to receive versus the current Market Cap and then work out very simply the value placed on all our other assets, it does make one smile.
But I have been suggesting on ADVFN that we need to appoint a new director. I think having just two Executive directors is too few and raises all sorts of potential issues:
1. Perhaps one of the reasons current communication is so poor.
2. No consideration given to Succession planning.
3. Logistic problems if one is ill or incapacitated in someway.
4. A red flag perhaps for Institutional & some retail Investors. Perhaps one of the reasons Panmure Gordon have failed to attract Institutional Investors.
5. Control too tightly focused.
6. Finance Director a part time Non Executive Director with other director responsibilities.
7. Chairman having to carry out wider duties including Company Secretary.
8. No separate Internal Audit committee.
This is what it said in the 2018 and 2019 Annual Report and Accounts under the Corporate Governance section.
"It is recognised that an additional independent non-executive director will benefit the Company and it will appoint such an independent director at the appropriate time so as to comply with the Code". But no action has been followed through.
I would prefer the appointment to be a fully fledged experienced Corporate Director, not a Non Executive , and the role to have specific responsibilities. Perhaps a Business Development director with responsibilities for communication.Although I was originally an advocate of them appointing a P.R. Co. like Yellow Jersey, I haven't seen any tangible benefits and would prefer these funds were spent on a suitable new director post, if we can't justify the cost of both.
As we increase in size with our Market Cap. heading towards £100m I can't believe it remains appropriate to have just two Executive directors.
Just my views. I would welcome the thoughts of others.
From SP Angel today:
Turkey – Sovereign wealth fund shifts focus to energy, petrochemicals and gold mining
The CEO of Turkey’s sovereign wealth fund (TWF), Zafer Sonmez, has announced that the fund will begin to focus on areas where Turkey constantly runs a deficit in foreign trade- beginning with projects that will cost $15bn over the next five years.
Since Erdogan rose to power nearly 20 years ago, consecutive governments have sold more state assets than at any time since modern turkey was established. Sonmez will report directly to Erdogan, pushing a new agenda of an “entrepreneurial state”.
The TWF will ramp up exploration for gold in 20 license areas awarded by the government, with a long term target of increasing gold production to as much as 150tpa from 42tpa currently.
The fund will announce construction tenders for a coal-fired power station in south-eastern Turkey, with seven Chinese companies reported as currently studying the project, with the bid-winner financing capital spending. The fund will also choose a “strategic foreign partner” for its petrochemicals project in Iskenderun.
I just wish I could hear ever word. Not that easy, or is it just me?
But yes sounds bullish.
Actually the Turkish Government has been very generous. If you look up the details of the Special Investment Status they have been granted on Kiziltepe, you will see the details. Or ASH, who is knowledgeable on these matters, might comment further.