Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
3 May 2024
Tirupati Graphite plc
('Tirupati', the 'Group' or the 'Company')
Update on Requisition Letter
Following the announcement dated 26 April 2024, the Company provides an update on the letter received from Walpole St. Andrews Nominees Ltd on behalf of a group of underlying shareholders holding, in aggregate, 6,847,813 ordinary shares representing c. 5.8% of the issued ordinary share capital of the Company (the 'Requisitioners') requesting the Company to convene a general meeting of the Company's shareholders pursuant to section 303 of the Companies Act 2006 (the 'Act').
Following legal advice, the Company acknowledges the validity of the requisition letter. The board intends to comply with its obligations in accordance with section 304 of the Act which requires it to call a general meeting within 21 days of receipt of a valid requisition and to hold such general meeting on a date not more than 28 days after the date of the notice convening such general meeting has been issued.
The Company is reviewing the letter in detail and intends to provide a full response to the letter as soon as possible. In the interim, the Directors have offered a meeting with the Requisitioners to understand their concerns in more detail and will update shareholders on the outcomes of the meeting afterwards as appropriate.
The Company remains committed to engaging with all shareholders, and will continue to do so throughout the coming weeks. Management will be available for and offer meetings with other shareholders, including through in-person meetings in London dates of which shall be confirmed shortly. Shareholders who would like to meet with management during that time are advised to contact the Company directly on email for bookings.
ENDS
Thanks to Malcy's Blog:
Borders & Southern
I wrote briefly about Borders & Southern recently, on 1st March Harry Baker took over as CEO and he kindly invited me in to meet the team and look at the maps and squiggly lines that I hadn’t seen for many years. I met with him, Finance Director Peter Fleming and Business Development Manager, Bruce Farrer.
There is clearly an enthusiasm at the company that I for one hadn’t detected before, the company has three production licences in the Southern Falklands Basin, 100% owned and the operator. Readers will know that fiscal terms locally are favourable with a 9% Royalty and CT of 26%.
There have been both 2D and 3D seismic operations completed and a drilling campaign which discovered the Darwin field with its first well. Darwin is a 3.2 tcf wet gas discovery with, two adjacent tilted fault blocks, Darwin East and Darwin West which have an un-risked best estimate of wet gas initially in-place for the combined area of 3.2 TCF and for gross Contingent and Prospective Resource of 462 million barrels of liquids (condensate & LPGs).
Most importantly, the significant amount of liquids makes the discovery economic at current economics in its own right and with near field prospectivity there is very decent upside. I get the impression that the primary move for Harry Baker as incoming CEO is to monetise this discovery and with a data room open that option is route one.
But as he said to me in our meeting ‘funding is the key to unlocking this asset and there are very few projects around the world with its risk profile’. Indeed we both feel that with a great deal of under investment of late, partly created by ESG and a misread of fossil fuel demand, companies are competing for more, not less substantial opportunities worldwide to fill their hoppers.
This makes a number of things that might happen quite important to B&S, firstly there is the small matter of the Sea Lion project still underway in the nearby North Falkland Basin which is expected to get FID later this year, should that happen it would surely give the SFB a significant boost. Another positive is that there are plenty of rigs in the Namibia area for obvious reasons and that mobilisation from there is a simpler task than most.
Accordingly I feel that this is a brilliant opportunity for Baker to use his industry knowledge and perhaps more importantly his financial heavy lifting skills to develop this asset which is one of very few worldwide projects with the opportunity to make a difference.
No surprise eh?
The only surprise is that the Poddars did not walk the sp down to 5p before they and their pals bought the newly issued shares.
The company may be ok operationally, but Poddar and co. should be ashamed of their conduct. Some action by the LSE ought to follow.
In my opinion, definitely not. We have given away too much already. Give time for the present deal to produce the desired results.
I would rather wait another 4 years for 100% to revert to RKH than see any more giveaway that "might" expedite development.
Hi Bear and Diccus. I'm with Barclays and just been in contact re warrant exercise.
In short, corporate actions team seem to know little about it and seem to think that it is up to RKH to say when exercise is allowed - which is nonsense.
I hope Barclays soon get their act together.
Thanks Headder for going to trouble of doing translation. . And to Mogger for finding the report.
Since Navitas has a base in Houston and possibly some USA investors I'm surprised that they do not produce an English version..
Paul, I agree that RKH are likely to sell the award at some point.
Providing Navitas make the progress expected, we should get FID next year. If we do get a bit "short" (of cash) before then I would expect the 8% loan (or a new bank loan) to cover this fairly small sum. I cannot see the need for another equity raise unless there's a protracted delay.
By the way, although Sam is much vilified by some, he seems to me to be doing a sterling job all things considered.
Paul, Thanks for that.
I can understand Sam being vague on (3), but I am surprised that there might be any need to raise further funds (especially equity) when there is the option of selling the potential award. In any case I had supposed that the 8% loan rendered further fundraising unnecessary and it was there for that very reason.
Arg should have done a deal with RKH.
Now 4 months since RNS announcing sale of FI interest. Why no update?