Member Info for GeneGenie

I would appreciate clarification on what the company deems its 'assets'. The Flanks (in particular NKT), MT, the RosGeo sites etc. are all licenses or candidate license regions. The proposed sale must include some but not all of those, else how could it be seen as "substantially all" of the held assets?

I also doubt that "substantially all" excludes WK which is the only producing site, so impossible to know with current information if the BOD intend to only keep a producing mine and exchange the rest for a dividend, or sell the producing site in which case the fee will largely go towards future growth and building the future of EUA as a big player. Typically mining sales value only proven assets, so that would suggest the only good value will come from WK and MT (if they're close to a DFS on the resources)

This is what bothers me. I was very happy with the tone of the RNS, but the content was... questionable. The company just spent months in a FSP for the sole purpose of extracting an offer for the company. The FSP has now ended and still no hard offer. I've heard some excuses thrown around on here and on Telegram, like the disposal rule can't be actioned in an FSP situation... but surely that all comes after the receipt of a credible offer, not just upon the possibility of one

I think £1.50 and shares in the buyer would be a magnificent deal. The potential is limitless but the investment in time and money to get to production and actually make good on it is the issue. If EUA don't find a buyer they'll have to dilute hugely to make good on their assets, just look at the 20-year share history to show the impact that can have on the value to PIs

Honestly I suspect if this was brought up by a penny the volume would rocket... MMs trying to bore people into selling?

Careful there Mont, you're sounding like Hoochy!

I'm personally finding it hard to balance my utter boredom with this stagnant FSP, and the likelihood that what is being worked on in the background is absolutely incredible. Pieces like this definitely help to round up all the highlights as a reminder of the potential here

Had a little re-read of the ACF report, I'm sure I'm not alone in that being the spark for my investment here. I can't find a single thing on it that hasn't changed in EUA's favour:
- South African competition closed due to COVID
- NN competition flooded
- WK DFS found an extra 43% in the ground
- Metal prices spiralling upwards whilst maintaining production deficit
- 12 months on the FSP is at least continuing, so there must be something of reasonable value on the table
- Additional licenses similar to MT in scale added to the portfolio

I appreciate that I've been negative lately, but despite the falling price the facts remain positive. If EUA were going to mine this themselves they've wasted a year by not triggering the Sino deal. We're just going to have to wait and see if that's the best decision they've made, or if it's just set the company 12 months back.

I am heavily invested here, as I have previously stated. And as I have previously stated I can see as well as anyone that the assets owned by EUA are phenomenal. I believe that the SP yesterday was cheap, but if you bought yesterday the price is down 6%, which suggests that the market has no confidence in the outcome that you are convinced of.

Do you materially disagree with what I've posted or are you just writing this off as a "de-remp". I win if the price goes up, but I am capable of seeing more than one facet of this process. I'm concerned that others can't, and this is just becoming more of an echo chamber where the BOD are on a pedestal and questions are increasingly written off as manufactured FUD

"The board is being restructured in such a way that indicates the takeover is imminent"

This exact same thinking was posted when DS left the board, and that was 7 months ago. I'm not saying you're wrong, I'm saying that there are "very intelligent knowledgeable private investors" who haven't got a clue what's going on.

Thanks Sharpeye, I've sent that now and will see if they respond

Does anyone know for sure whether there is an assumed/default position on votes with brokerages? I.e. if I don't specifically request a vote for or against, are my shares uncounted, or would the broker presumptively support the motion?

My assumption is no vote unless you request a vote, hence the admin fee

I floated this theme yesterday and was belittled for it. I hope you're looking forward to some condescending replies

I believe that Fridays announcement will cause the SP to drop, if it moves at all. That is based on my experience of AIM in general, and this FSP specifically.

Let me guess, I'm one of TW's goons, or I'm secretly short and I think comments here actually have the power to move the price? Pathetic.

That's twice you've brought it up, why would having valid concerns mean I have to sell everything... I've already derisked such that I'm comfortable with a negative outcome here, and the rest of my holding is in til the end. I believe this company has unbelievable potential value, I just don't know what they're doing to realise it any more.

By the way, AREALDARTAGNAN, humble-bragging that you have 400000 shares is not impressing anyone. I have 500k and I have doubts about the company, being invested doesn't mean that I can't have open questions about the peculiar was EUA seem to be going about this sale/no sale/partial sale.

Mac, I appreciate your posts. But my sentiment on this company is indeed "swinging positive to negative". Suspension initially was based on an interested approach, so behind the scenes we're what... 14 months into this process? No tabled bids, no named interested parties, and the board are announcing that they are cracking on with expansive joint ventures with RosGeo, and establishing a customer/co-investor base in Japan.

I personally can't imagine negotiating a full or partial sale with multiple parties while taking such specific strides in terms of the company's long term future. If purchased, a buyer can't turn around a renegotiate terms, they're locked in. So either there's one buyer and purchase is contingent on these things happening, or EUA is going to sell WK, maybe MT, and go on as a JV company. If that happens, a few million quid won't buy a mine and that's all EUA have in the bank. It could cost hundreds of millions for the new 5 core sites to be brought up and running, as well as the local infrastructure to support the scale up. This board seems to think that that money will pave the way for a beautiful future and an infinitely recurring annual dividend, as well as a fat special dividend upon sale...

I have doubts, and I have both long and short term memory. This thread was about the SP predictions Monday, and last week there was also a massive Friday RNS followed by a drop in SP (yes, it spiked up, and from that spike it was down 8.6% by close Friday). If the SP goes up, it will be a massive deviation from what has become the norm, and frankly I think anyone who doesn't see it coming is selectively blind.

I expect it to open down, and probably stay down. I'm admittedly pessimistic, but increasingly the only RNS of value is a full sale announcement. It seems like no matter how strong other announcements are, the trading goes red.

This announcement in particular smacks of desperation. Needing to say in the RNS that ability to allocate securities will "help your negotiating position" suggests that you're struggling in negotiations. These talks having gone on for a year now and EUA still shoring up their value behind the scenes suggest that the bidders aren't coming up with the valuations shareholders would want. Bringing in new customers (surely the Japanese are customers instead of bidding parties, else the announcement would have been limited to just the new Board position, the rest being covered by FSP-related NDA) is good business, but I don't think NN or AA need to be introduced to interested customers - they are already global players.

Honestly on balance I don't think this was a good pair of RNSs, but I'm happy to be proven wrong.

If there were no bids, the process would be closed by now. If there was only one, EUA wouldn't have the leverage to spend 8+ weeks negotiating, so the process would be closed by now. The NOMAD, UBS, CITIC, AIM... There are a lot of reputations on the line and 2 things are true:

1) The RNSs containing wording to the effect that the process is live and ongoing have been reviewed for legal factuality, and either the NOMAD are going to ruin their name and reputation, or it's true that the FSP is ongoing

2) PI's don't have the full story. Last Friday's RNS was regarding a potentially astronomical development in terms of the long term value of the company and nobody here saw it coming. Before that the WK update came back saying that the site had been underestimated by 43%, who saw that coming? Nobody here has been inside the data room or at the negotiating table, so we can only speculate based on year old data and satellite photos.

This week the BOD and prospective buyers will have seen the share price spike and go back to being completely flat... Maybe they were surprised it didn't sink like a stone, maybe they were surprised it didn't triple, we don't have the information nor the expertise. All we know for sure is that this ruddy share will be kept at 30p +/-2p until the FSP decisively ends.

I agree, and that's the crux of the issue - a quick full sale of the company (best short term financial interests of shareholders) requires taking a whole board of mining experts and persuading them to abandon their stake in the most exciting prospect left on the planet.

I never said it was in the bin, on the contrary, I think it's live and well and Assets will be sold. Likely sold to fund development, instead of sold to fund shareholder's Porsche collection. In the worst possible outcomes there would still be a special dividend, otherwise the whole thing would be veto'd

All my 2 cents, and not advisory

Rubbish day, where the only smart choice was to sell on open. I don't care if you're long or short, anyone who has been here more than a week could have predicted that. AIM is like one of those fun fair shooting galleries, where the prizes are all on show but no amount of frustration will make the guns shoot straight. I don't believe in the "MM manipulation" conspiracies, I just think that 99% of AIM traders are just traders, and the "long term holders" are usually the vocal minority who end up being victims, so the posted narratives don't always speak to the market narrative.

The news that came out was incredible for the long term health of the company, but not incredible for the short term FSP. IMO it looks increasingly likely that there will be some form of JV, as some BIG money will still be needed to make anything of the new sites, and with the potential on show it would be odd for the BOD not to want a slice of the action. That probably means the FSP resulting in the sale of some assets, likely MT and possibly WK, with most of the resulting cash flow funding the development of new sites rather than coming to shareholders. It bursts the bubble a bit, to be honest.

Of course they could pull something out of the bag... after all, they've had over 12 months of negotiations going on in the background. No doubt the most likely buyer is NN, and it goes without saying that a collaboration between NN and RosGeo would be hand in glove. I do suspect that a lot of holders who've said that they would hold come what may to get that sweet regular dividend may be challenged to do just that, and everyone else who is here for the excitement around the sale will dump and run.

As ever, these are just my thoughts on a wet flop of a day, and do not represent magical foresight or investment advice. I am still long on this share; the idea that the current Mcap represents fair value was silly last monday, and a straight-up lie at 5pm on Friday. That 8-week conclusion of the FSP looks to be shredded now, and I daresay the golden RNS won't be a one-liner.

What a nonsense post. "I sold out, and despite the earth shatteringly good news I'll get back in once the share price halves". I can never get into the same headspace as the religious, but if there was a God and he/she favoured you, they'd have advised you not to sell.