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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Investika Di | IVK | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 123.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 123.00 |
| Top Posts |
|---|
Posted at 23/5/2008 08:26 by stemis The market capitalisation of IVK is £21.3m. As usual the Advfn data above is wrong.The deal raises £19.0m for IVK. It also has the cash from the placing and convertible (however you value the later). Little if anything in the IVK price at the moment for Puquois. Looks like the have the cash to take the project forward and clearly IVK see more value in it than BNC. Kyriakou has also sold his shares in TMC so he's clearly now focussed here. I don't know why the market has failed to react to this deal (TMC price is shooting up as we speak). The deal was worth at least an extra 10-15% just from the increased price received for their shares in TMC, so we should be 120-125p. I couldn't get much stock but I've taken what I can. Looks like a no brainer from here!! |
Posted at 16/3/2008 21:11 by nghomi strow, I forgot to mention about the potential fund raising for TQN. By the end of July, TQN will have to pay back £3m to IVK. I would not get surprised if TQN raised more than £10m by the end of July. Whether TQN would pay back IVK £3m or IVK gets further shares in TNQ at 25p would remain to be a mistry at the moment. |
Posted at 08/3/2008 09:39 by nghomi As I mentioned, we paid IVK shares at $4.40 for every TQN shares. So after IVK shares break 200p, then we would probably see TQN moves north too if the current rise is purely because of the copper project. But again, the share price might be going up because of the news of BNZ sale. Which of course it is not a sensitive news for either TQN or TMC. Hence, we have seen IVK rising 40% over a week. Perhaps the current rise is because of the combination of both BNZ and all-time high price for copper. |
Posted at 05/3/2008 20:07 by nghomi Back to TNQ, I think they owe IVK £2.8m which should be paid back (+interest) to IVK by June 2008. £1.3m are excerciable at 25p and the remaining £1.5m is excercisable at 50p. At 50p per share, its market cap would be approximately £11.5. So TNQ raises some £10m at 50p we could have a market cap of £21.5m which we would still have another 50% upside. At copper prices of $4/lb, I would not rule out the possibility of 75p per share in two years time. But I agree with SteMiS that it is highly depending on what IVK want it to be worth! |
Posted at 16/2/2008 19:32 by nghomi strow, I do not know the financial muscles of CK but I would be surprised that he can afford buying IVK and also afford providing IVK's future funding requirements. Buying out IVK at a discount would only mean screwing the existing shareholders in my mind. By doing so, he has no other alternative but financing the LP after BFS and also Berong for VA and also zinc project etc. by his own money. NOBODY will offer him any sort of funding at any point in future if he screws them up by buying IVK at these prices. So I agree with david that CK's confidence in IVK can only be a good thing, imo.One more point is that what would be CK's percentage of IVK in 10 years time? We would require a number of fund raising from now to then. I could see IVK's market cap of >£1B in 10 years time if all of these projects are successful. The chances are that even CK's holding would be diluted to less than 5% by then. |
Posted at 05/1/2008 14:46 by nghomi As strow says the notice of general meeting was dated 6/12/07. So I think it is a matter of formality and the placing has already happened at $4.30 on 18/12/07. Note that TNQ recieved a loan of £1.3m on 19/12/07 from IVK. Where else IVK could potentialy provide this loan to TNQ?Also, note that even the shares issued for TNQ and BNZ needs to be ratified by the shareholders too. My best guess is that some of the shareholders who have sold BNZ and TQN to IVK have taken additional stake in IVK at $4.30. Note that TNQ and BNZ were taken over at $4.40 per share and TNQ share price has not moved since then while IVK's share have gone down by some 20%. I have already talked to James Joyce of WH Ireland and he has confirmed that the agreement is signed and provided the shareholders do not disagree, it is a done deal. |
Posted at 02/1/2008 22:01 by nghomi strow,As Kimboy2 suggests selling TMC or IVK shares are both be translated to dilution of IVK assets per share. I am not suggesting that IVK sells entire TMC holdings by any means but I can see what you are saying. You are saying that it is better to have TMC shares than cash. Imagine the following scenarios: 1) IVK sells ~400k TMC shares to raise approximately £1.0m before 10th of Jan. Then I could easily beleive that the recent placing would go through (i.e. 3m shares at 191p as the current exchange rate is £1= AUS$2.25). IVK would have 0.145 TMC share for every IVK share IVK would have 35p cash per share 2) IVK fails to complete the recent placing. So it would be forced to issue 5m shares to raise the same amount of money at 135p per share. IVK would have 0.152 TMC shares for every IVK share IVK would have 31p cash per share. ==================== You could see that in the above simple example while IVK has more cash per share in the first case scenario, TMC asset is slightly less than that in the second case scenario. So what you are saying is that 0.007 shares of TMC is a lot more valueable than 4p cash per share in the long run. So you are assuming that TMC share price will be £10, so 0.007 of TMC share will be 7p which is better than 4p. |
Posted at 23/10/2007 17:24 by nghomi peroman and SteMiS,IVK valuation is very complex to say the least imo. Also the investment companies are always traded at a discount to their assets. We have this converable bonds in sight as well which could dilute ~10% of the company. But I summerise my thinking in deriving the current values of various IVK's assets: 2) BNC = ~£22m. IVK owns 18% of BNC. I have "guessed" the value of BNC based on TMC market cap of £75m. I have put BNC part of TMC at £66m and TMC has 54% of BNC, then we get £22m for IVK's share. 3) Las Pascualas: I have used TNQ market cap to guess Las Pascualas value. TNQ owns 51% of Las Pascualas and market cap is £4.0m. So 70% of Las Pascualas cannot be less than £5.5m 4) imo UEP is a write off at the moment (based on what is announced by UEP) last Friday. It is unknown how much UEP needs to re-do phase I of feasibility study. BNZ is a fully funded company with several million pounds funding. So 40% of it is probably at least £1.5m. I have tried to be conservative in my valuations but I have to say that the credit crunch could potentially dilute IVK's assets imo. Perhaps this is one of the reasons for 30% discount on the share price. One more thing to be cautious about is the BNC project. I am concerned about the 140k tone of ore awaiting to be shipped. I am inclined to think that BNC is struggling to find buyers at a good price. Perhaps this is another reason to discount IVK's share price on ( TMC + BNC). Overal, imo IVK's share price is not expensive at these levels provided we do not see a slowdown in Chinese economy in coming years. |
Posted at 04/8/2007 17:46 by nghomi The question is that what is the best method to raise funding for Las Pascualas. We know that we require £35m capex to develop this project. 1) Would you dilute IVK shares? Unless I am missing something, I personaly believe this is not the right way forward. By diluting IVK shares, IVK' managment would not only dilute the value of Las Pascuala but also they would dilute the ownership of TMC, Berong, etc to the current shareholders. Unless they have a compeling argument that Las Pascualas project is actually superior projects to Berong and TMC ownership, I would not think that diluting IVK shares for LP is good option for the current shareholders. Of course it would be good for people who partake in the new placing! 2) Would you sell assets in Berong or TMC? I now agree with your posts. Unless LP is a better project than Berong project, it would be stupid to put good money after not so much good money. As most people consenses is that Berong and TMC have got a better prospect than Belitung Zinc project, one would think selling TMC or Berong is not an option. Of course, if they choose to reduce holding in TMC or Berong to fund LP, imo this is a signal to the investors that in the opinion of IVK's management LP is a better project than TMC and Berong. I am not a miner and am not certainly qualified to make the right judgement on this issue. But I trust the management on this matter. After all, CK owns 32% of IVK and I am sure he would do the best for the interest of the shareholders. 3) Would you dilute LP interest? I would put my money on this option. This is very similar to what IVK has done to Belitung Zinc project. I believe IVK used to own 100% interest in Belitung Zinc. IVK invited a few UK investors for £3m investment for 58% ownership of Belitung Zinc project. There is a new holding company called Belitung Zinc Coporation (or BNC) which will be floated on AIM at some point in future. In the case of LP, we already have TQN, so we would probably have a third partner invited for the develpment of LP imo. We own 62% of LP, perhaps by the time we have spent £35m, our interst could be diluted to less than 30%. I would welcome to read any other opinions on this topic. |
Posted at 20/7/2007 21:08 by nghomi "IVK selling its holding of TMC can't happen really as they only took on the investment 2 years ago and its now starting to make money, worth hanging on to if possible."The way I see is that IVK has the following options to proceed with Las Pascaulas project: 1) Issue up to 6 million shares say at 200p to 250p per share and raise £12m to £15m: Of course IVK has the autorisation to place up to 6 million shares until mid August. However, the way the share price is heading, this option seems to me is becoming less likely. But I could be wrong. 2) Sell some of the assets e.g. TMC Interesting enough 11% of TMC is almost the same as 6 million IVK shares. IVK invested in TMC 14 months ago and they paid only 108p per share for 11% of the company. One more note that IVK does not require any serious money for Las Pascaulas until the middle of next year. So IVK could realised £10m to £20m (assuming TMC share price would be between 350p to 700p) until June 08. Incidently, somebody is dumping blocks of 25000 TMC shares to the market in the last four weeks, could it be IVK? 3) Of course IVK could sell part (or all) of her shares in Las Pascaulas to a third party so that the cost of this development could be shared. Say the total value of LAs Pascaulas is £15m, so the third party would also contribute £15m so that IVK's interest would be halved. 4) Berong revenue: Personally I do not beleive that Berong could generate enough cash (say £15m) until the middle of next year. But I could be wrong. 5) A bit of all of the above options! While I believe that the placing is not the only option for IVK, I also believe that CK would choose the best option for the benefit of its shareholders. If CK chooses the placing, this means he has identified the placing as the best option. |
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