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ATYM Atalaya Mining Plc

388.00
9.00 (2.37%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Atalaya Mining Plc LSE:ATYM London Ordinary Share CY0106002112 ORD 7.5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  9.00 2.37% 388.00 383.00 388.00 388.00 378.00 384.00 340,596 16:29:58
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Metal Mining Services 362.13M 33.16M - N/A 0
Atalaya Mining Plc is listed in the Metal Mining Services sector of the London Stock Exchange with ticker ATYM. The last closing price for Atalaya Mining was 379p. Over the last year, Atalaya Mining shares have traded in a share price range of 281.00p to 395.00p.

Atalaya Mining currently has 139,880,000 shares in issue.

Atalaya Mining Share Discussion Threads

Showing 9276 to 9299 of 20975 messages
Chat Pages: Latest  383  382  381  380  379  378  377  376  375  374  373  372  Older
DateSubjectAuthorDiscuss
06/3/2017
13:57
So what...wait till the Q4 and Annual Results for the next big spike....

You can see people are fearful of missing out based on today's price action...

rougepierre
06/3/2017
13:53
I sold most of my holding some years ago at 5p. Even the ruling hasn't taken them any higher
estienne
06/3/2017
13:01
Sense of humour these mms. They have indeed tightened the spread......downwards... and have come off the 150 bid....down to 148.

If we end up back where we started, which is not beyond the realms of possibility with this share, I will be topping up.

husbod
06/3/2017
12:40
Can someone shift that pesky mm on the 150 bid.

A nice tight spread (upwards) would be nice.

husbod
06/3/2017
12:39
Meanwhile...LME copper stocks lowest for 9 months at 196,000 tonnes...COMEX stocks topped out at 126,730....looks like the strike and Freeport restrictions are really beginning to bite...shortfall up to November last year also...
rougepierre
06/3/2017
12:34
The judgement is as expected. We remain in control of when we pay the debt however the restriction from the master agreement still stands that unless Astor agree any free cash over 10m (excluding whatever is spent on PRT) will have to be paid to clear the debt.

Time for some negotiations with Astor as to changing some of the agreement in return for a payment schedule?

Nothing on costs, but as the Astor claim has failed, I'd expect them to have to cover.

Key question for me is expansion outside of PRT. Can they raise the 200m needed to fund it before the full deferred consideration is payed? Again, one for the negotiating table.

Happy with the win and nothing not as expected.

waterloo01
06/3/2017
12:30
Sounds fair to me also.
spcecks
06/3/2017
12:24
Sounds fair to me, the debt is owed, we get to pay it as/when we can out of profits, no fixed repayments, no end date and after all costs/expenses, and we have $10M a year to use to build/fund other projects as we like.., PRT now fully de risked, a sensible and fair ruling..

We should be able to wipe out the €53M in 1-2 years waterloo01, it will take that long to get Touro permitted.., perfect timing I would say..!

laurence llewelyn binliner
06/3/2017
12:23
A measured response as usual charlieeee. Are you tempted to board the train now?
husbod
06/3/2017
12:16
This makes Touro look like a VERY good deal now....
rougepierre
06/3/2017
12:14
The key paragraph reads, "...up to UD$10m a year for EMED Group expenses NOT (my emphasis) related to the project, EMED cannot make any distribution....". This does not restrict project finance.
sirmoori
06/3/2017
12:12
Husbod

It looks very much as if AL was a "credible witness".

His assertions re the senior debt have been accepted. He also hase always said that the debt would be paid.

The resolution follows that thinking, which is not the "shark" approach.

The debt is not being allowed to bankrupt the company, but equally it is to be paid as soon as possible in full.

It does look on the face of it to be a somewhat unusual judgement, but then there will be a lot of detail in the agreement to which we were not privy, which may have pointed in this direction.

charlieeee
06/3/2017
12:10
Who or what decides what falls into the category of "excess cash". What if one grows organically and reinvested cash back into the business and declares say £17 as excess cash for payment to Astor in that year and £20 in the following year and so forth. Just what are the limits to which this ruling can be stretched over the life of PRT. Get some other mines working and pay us divis out of the cash these mines generate
acamas
06/3/2017
12:08
Not a good result???

Basically a nice interest free loan from Astor payable only after we have spent $10m a year on new projects and done any upgrades to PRT that we now "need" to make.

No chance of dilution and IF the Cu price were to fall no need to pay them anything.

SBT

superbobtaylor
06/3/2017
12:03
Haven't looked at the Agreement in any detail but has the judge overstepped the mark/been hunting around for a way of softening the blow for Astor by stating that we should use any excess cash to pay Astor. This seems to be a completely new concept to me in keeping maybe with the judge's reputation for looking at innovative new ways to introduce equity ie "fairness" into the equation.

No wonder the Company lawyers are considering appealing this point as I see no reason why our freedom to use our "excess" cash should be fettered in this way.

Maybe this potential appeal could come into the equation if we are minded to approach Astor to review the whole of the arrangements between us.

Now all we need is for the cretins in the market to realise that an annual growth rate of 6.5% in the existing Chinese economy is probably equal to, in real terms, or greater than 10%/15% in a much smaller economy.

husbod
06/3/2017
12:02
Although the market seems to like it so wtfdik
jwafc
06/3/2017
12:01
I can sell THIRTY FIVE THOUSAND at 150p...Offer 158.5...

Correct dealing spread online in 2500 (NMS) is 152.3/158.88...

rougepierre
06/3/2017
12:00
Doesn't read that great to me. Seems like we have to start paying now - so long as we're cash generative.
jwafc
06/3/2017
11:58
150/159 on TDDI up 14p.....
rougepierre
06/3/2017
11:55
Yup. That's it. So the questions for the board are:a. How best to take advantage of the negotiating position with Astor that now presents itself;b. And how to address the related issue of funding Touro.Good to have the clarity and as Waterloo noted when reading the judgement, any repayment plan is now purely in the hands of our board.
sirmoori
06/3/2017
11:55
1) The risk of having to issue shares is removed. Only payable from positive cashflow.
2) At current copper price and project op ex, its just over a year of positive cashflow to clear. (Have I got that right?)
3) The uncertainty is removed. The market hates uncertainty.

Significant ruling, and a significant upward re-rating expected.

sithuk
06/3/2017
11:51
That seems to knock dividends on the head for the foreseeable future...
rougepierre
06/3/2017
11:48
RNS!

Atalaya Mining PLC

06 March 2017

Atalaya Mining plc ("Atalaya" or the "Company")

Astor Management AG ("Astor") case ("Astor Case") update

Further to the announcement of the Company on 3 February 2017, the Company announces that judgment was handed down in the Astor Case in the High Court of Justice earlier on today.

In summary, the High Court found that:

-- The deferred consideration ("Deferred Consideration"), payable to Astor under the master agreement entered into in 2008 between inter alia the Company and Astor ("Master Agreement"), did not start to become payable when permit approval was granted for the Rio Tinto Copper Project ("Proyecto Riotinto"). In addition, the intra-group loans by which funding for the restart of mining operations was made available to the Company's subsidiary, Atalaya Riotinto Minera S.L. did not constitute a "Senior Debt Facility" so as to trigger payment of the Deferred Consideration. Accordingly, the first instalment of the Deferred Consideration has not fallen due.

-- Astor failed to show that there had been a breach of the all reasonable endeavours obligation contained in the Master Agreement to obtain a senior debt facility or that the Company had acted in bad faith in not obtaining a senior debt facility.

-- While the Company is not in breach of any of its obligations, the Master Agreement and its provisions remain in place. Accordingly, other than up to US$10 million a year which may be required for non-Proyecto Riotinto related expenses, Atalaya Riotinto Minera S.L. cannot make any distribution or any repayment of the money lent to it by its holding company and must apply any excess cash to pay the Deferred Consideration, until this has been paid in full.

As a consequence, the judgment requires that in accordance with the Master Agreement any excess cash (after payment of operating expenses, sustaining capital expenditure, any senior debt service requirements and up to US$10 million (for non-Proyecto Riotinto related expenses)) should be used to pay the Deferred Consideration. The amounts comprising the Deferred Consideration are as fully set out in the Company's announcement of 2 November 2015 when it was first notified of the claim.

Alberto Lavandeira, CEO, commented:

"The Company welcomes the High Court's decision that it has acted in accordance with the Master Agreement and that it is not in breach of its obligations as no instalments of the Deferred Consideration have yet fallen due. The High Court's decision also sets out that in the absence of a Senior Debt Facility, the Deferred Consideration is only payable out of excess cash generated by Proyecto Riotinto. The Board believes this has removed a significant uncertainty as it removed the threat of having to pay the Deferred Consideration as a lump sum or according to a fixed schedule, regardless of the cash generation of Proyecto Riotinto. The Company will however consider whether it is appropriate to appeal the Court's decision that excess cash should be used in this way and will update the market accordingly."

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

Contacts:

rougepierre
06/3/2017
11:42
From Onions on LSE

"
- Looks like a favourable decision on trigger article ie we don't need to pay now
- however debt still exists (as expected IMO) and some constraints of excess cash until this debt paid.

So my conclusion from brief chat : Astor lost.
"

superbobtaylor
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