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SB - question for you - how do you define "nominal sum"? Obviously that is quite a loaded term and is clearly not the wording used in the RNS which is instead "fair value". Are you extrapolating based on previous dilution by Artar in return for work performed on site?
To out things into perspective, here's the full extract
"KEFI’s GMCO joint venture partner, ARTAR, is currently funding the ongoing programme to ensure that
swift progress is maintained while we jointly optimise our collective plans for GMCO and KEFI triggers
project launch in Ethiopia at the high-grade Tulu Kapi Gold Project. KEFI’s interest in the joint venture
has reduced from its original 40% interest to 24.75%. While ARTAR has the right to buy-out KEFI at
fair market value as things stand, and while KEFI has the right to seek acquirers of its GMCO
shareholding, we are examining a number of scenarios to optimise the future GMCO ownership
structure for mutual benefit and to reciprocate to ARTAR its support of the joint venture relationship.
This much-appreciated support from ARTAR reflects the strong partnership relationship and the
combined priority given to production start-up in both countries"
There is clearly a great relationship between Kefi & Artar as they are funding the JV whilst TK financing is finalised. People who have worked in Saudi understand the importance of handshakes there. Dual listings are very pertinent as could be a great way to cover our share of the exploration cost
Sigh. How tedious you've become SB. You were wrong when you bought in too early - it happens, nothing to be ashamed of, but there's no need to act like a jilted bride for the rest of your life either. The actual fact is Artar have not ripped Kefi off yet, nor is there any actual sign of them doing so. Here's another actual fact - good investers don't hang around like a bad smell on a share they no longer have any interest in. They move on.
As I have said for months ( often ridiculed) Artar have the right to buy ALL kefis share in saudi Arabia for a nominal sum - It's right there in the annual report. That means for kefi shareholders Saudi Arabia assets are materially worthless so all talk of dual listing's or anything else is just irrelevant though costly to kefi no doubt - Artar have the legal right to acquire it for peanuts - you all may not want to admit it but I'm putting the actual facts out there again for any newbies.
Next Ethiopia - harry has decided again to award himself and the Board over 1m quid on a bank agreement - never mind the economics of it, never mind the decade delay and the decimation of shareholder value even if that money is never paid over - after his board have paid him 3m - 5m over the last decade for failing to do his job ? In what world is reducing shareholders value by over 99% worthy of a bonus? I feel sorry for current holders but you have only yourself to blame - anyone new avoid like the plague for your own financial health
Bit of background
https://www.metmuseum.org/toah/hd/cyco/hd_cyco.htm
https://cyprus-mail.com/2023/04/04/cyprus-can-benefit-from-soaring-copper-prices/
https://www.venusminerals.co/about/directors
https://arianaresources.com/projects/major-investments
https://www.proactiveinvestors.co.uk/companies/news/1008211/ariana-increases-stake-in-venus-minerals-ahead-of-planned-ipo-1008211.html
Wow, a key endorsement from the Ethiopian government . No way this would happen if the project is not going to happen .
Well done Harry .
Milestones of “credit approval achieved”, “disbursement approval”, and “production commencing”
Paid in shares or cash…
Another heads up from Harry !
Interesting choice of words.... "moved to Ethiopia to mark the importance of the occasion"
Https://www.kefi-goldandcopper.com/files/announcements/kefi-circular-notice-of-agm-andproxy-19june24.pdf
The AGM will be held at 11:00 a.m. (EAT) (9:00 a.m. (BST)) on 22 July 2024 Menelik II Ave, Addis Ababa 1164, Ethiopia. A Webinar will be conducted for KEFI shareholders immediately following the AGM. This approach follows the Company’s recent poll of shareholders participating in the quarterly webinar, 75% of whom preferred not to physically attend the AGM and to have an on-line presentation. On the other hand, we have many planned shareholders and financiers of Ethiopian subsidiaries who plan to attend formal meetings in Ethiopia as part of launch preparations for the Tulu Kapi Gold Project. Therefore on this occasion, we have moved the AGM to Ethiopia to mark the importance of occasion.
It’s clear to me that the Ethipia government are pushing hard for the TK mine and also development of local capital market so will be supporting Kefi as much as possible in their endeavours. We have already seen evidence of that in how financing structure rules were changed benefitting Kefi.
In Saudi M S wants to diversify away from oil and mining will therefore be supported.
So I continue to hold a modest stake.
CrazyTowner,i am much in agreement with your sentiments,however we should also expect some very positive newsflow coming from Hawiah very soon which will prove up the modelling.And you never know harry could be landing some deals involving a JV partner.Allied Gold are actively seeking projects in this region for example and could well be prepared to pay a tidy sum to come aboard.
Crazytowner,i think those advisor shares you refer too are near to being clear now,one or two decent days volume should shift it,and once gone we could move quite nicely maybe even on the saudi drill update which is now due.
You are right, money could be made in other investments before production, or lost, or break even.
But at production ..... Kefis market cap won't be languishing around £40m and is more likely to be around the £300m (Possibly significantly higher).
Personally, I am happy holding as TK is brought into production, Harry brings in business value adding items (Dual Listing, Farm in etc.), Saudi is proved up and additional areas explored.
We would likely be North of 1p if wasnt for that dreadfully timed shares for fees RNS. But, it does give a taste of what could happen in the next 4 weeks and at full financial sign off
Simms45,i was actually thinking the same about Ethiopian investors,it is clear from what he said that work has already been done on this ,and he is hinting he has lots of investors waiting in the wings.We also need to give thought to what Allied Gold decide to do,i think they are eyeing us up for some sort of deal.
Harry not content with being the first cab off the rank in mining wants to also be a first mover in the Ethiopian stock exchange. If we can secure the finance by October and Kefi is riding above £100m market cap then Harry would be well positioned to do a placing in Ethiopia as part of the ESX launch in November. Given the clamour of local people to be part of this i suspect this would lead to a very healthy premium for Kerfi going into 2025. I suspect if Kefi confirms this then a lot of Ethiopian buyers will get in early in London so would make sense to green light this on or before we close the finance. Starting to look very promising but its not done until we get the cash in the bank.
OK, tell us what you bought and how much and we will see how that works out for you!!!
MRPlumper
RE: Kefi!Today 12:52
If you are a savvy investor you could make a lot of money in other investments before production
If you are a savvy investor you could make a lot of money in other investments before production
Crazytowner,the market generally is quiet at the moment,however these are the times when savvy investors are generally buying .When you consider how close this is to that £100m net cash flow per annum on just one of our projects it is somewhat of an opportunity.This is actually the only smallcap i have ever put in a SIPP ( which speaks volumes ).
Very happy to buy at these levels.
Project launched, progressing through early works, massive finance package agreed, dual listings in hot investment markets, farm in's etc likely in the near term.
At some point our share price will be more reflective of the value here
Ejt7777,yes i noticed that,all the syndicate members will assemble in addis,so there is obviously something planned in terms of meetings that involve the government minister,otherwise it would just be a normal agm in cyprus. IMVHO if they do list in both countries the IPO will likely be 3 to 4 times higher than our Aim valuation,that means our aim shares will suddenly be in great demand if it possible to buy at 1/4 of real value.
Things will be getting rather interesting here before long.
Nice :-) i think our chairman has just given the biggest clue yet that TK is all systems go,i said a while ago that the "second bank" is not pausing for specific concearns about the project and that it was more that the banking systems was being put in place for the first time to allow direct foreign investment including "offshore investing" and being set at accepted international standards.Most of that work seems to have been done now,this is not just for our benefit but to actually kickstart the mining sector in the country.Kefi is fast becoming a candidate for a certain portfolio maker,as opposed to a speculative punt .Saudi drill update also now due shortly.
Agree , Harry is giving the market a heads up on the huge opportunity that will come to fruition. Savvy people will take note and buy in.
The wets out there will fret over a non existent placing and miss out again.
You also don't announce your AGM (largely procedural, dull and a tick-box exercise) in Ethiopia for no reason, especially if your HQ is in Cyprus and you held your last AGM in Cyprus.