Natasa Min Share Discussion Threads

[ducatiman] 15/9/2011 08:36

just where are they going to find 3.3m shares to buyback? hmmm. Only 150 pieces offered currently. Hope this isn`t to let someone out! If they are going to buy on the open market it will get interesting. Think I will ask the question before voting.

[hugepants] 14/9/2011 22:39

Papua New Guinea Oil licenses now via UEP.

[b2l] 08/9/2011 11:26

seems as if Alter NRG needed the NSN money urgently
the sale of this big resource can´t be explained in any other way
interesting article fom April 2011


ALTER NRG CORP. ANNOUNCES FOX CREEK COAL IS ONE OF THE LARGEST EXPORTABLE THERMAL COAL RESOURCES IN THE DEVELOPED WORLD


CALGARY, April 25 /CNW/ - (TSX: NRG) (OTCQX: ANRGF) Alter NRG Corp. ("Alter NRG" or the "Company") announces that is has completed an independent analysis of the Fox Creek coal quality after ash removal, done by Norwest Engineering ("Norwest"). The analysis indicates a coal quality of 4,820 kcal/kg (8,700 Btu/lb), which is similar quality to the North American Powder River Basin coal, and an overall yield of 57%. The Fox Creek coal asset is owned 100% by Alter NRG through Alberta crown coal leases and is one of the five largest reserves of coal in the developed world (defined as first world countries).

Previously, management performed its technical work based on a mine-mouth gasification facility which did not remove the ash, a required step for an exportable thermal grade coal. Norwest engineering updated its technical work to determine the quality and cost for a "washed coal" that removes ash from the coal and increases its export value to get to the expected coal quality of 4,820 kcal/kg (8,700 Btu/lb).

The Fox Creek coal asset is 847 million tonnes of measured and indicated coal resource located near Fox Creek, Alberta (the "Fox Creek Property"). The coal leases are well delineated with over 442 bore holes that contribute to the definition of the resource. The coal quality analysis is based on detailed studies performed previously by large oil companies on the Fox Creek asset and updated by Norwest Engineering. More information on the measured and indicated coal resource can be found in the technical report filed on December 17, 2007, prepared in accordance with the requirement of National Instrument 43-101- Standards of Disclosure for Mineral Projects, as well as the current analysis dated April 21, 2011 which will be filed at www.sedar.com.

Recently, thermal coal demand internationally, particularly in Asia, has increased, which has resulted in higher thermal coal prices. The Fox Creek Property is in proximity to rail lines and a port that are expected to have capacity to take the coal to export markets. The Fox Creek Property also has existing infrastructure in the area to support mine development including roads, power, and natural gas. The Norwest analysis indicates that the mining, operating and transportation costs, including port charges, would be less than $60 per tonne.

The Fox Creek Coal asset has a current net book value on the Alter NRG balance sheet of approximately $0.004 per tonne of resource, less than 1 cent per tonne. Based on a recent analyst report published by Fraser Mackenzie, direct comparables in the market have valuations of $0.20 to $0.90 per tonne of resource. As well, similar quality coal leases over 100 million tons in the United States acquired in the last decade have ranged from $0.18 to $0.97, with an average price of $0.75 per ton. Management is advancing technical work and business development efforts on the Fox Creek Coal asset as an exportable thermal coal, including marketing this asset through the strategic process previously announced.

[tigluck] 07/9/2011 13:36

Well done, Adam.

[ducatiman] 07/9/2011 09:52

I would imagine the loan was a part of the coal acquisition, call it a finders fee.

[adam] 07/9/2011 09:45

From: Angela Peace [mailto:[e-mail]]
Sent: 25 August 2011 15:16
To: [e-mail]
Subject: RE: Natasa Mining

Dear Mr XXXXX

Thank you for your email which has been forwarded to me.

Further to your queries I would respond as follows:

You stated that there is "clearly no commercial benefit to the Company for making the loan", which I assume is due to it being non-interest bearing. However, I would note, as clearly set out in the announcement, that the loan did attract a $15,000 drawdown fee. The period for which the loan will be outstanding is a maximum of 2 months, with it due to be repaid no later than 27 August 2011, and as such, this return to the Company was considered reasonable in the context of the return generated by Company's cash deposits at the bank. As such, I think that the statement that there is no commercial benefit to the Company is inaccurate.

Furthermore, the loan was secured against MMIL's entire shareholding in the Company, again stated in the announcement, and due to the security arrangements that were put in place we do not consider that shareholders were unduly exposed to default. The precise arrangements made between the Company and the relevant shareholder are a matter for them and did not require disclosure beyond what was made in the announcement. However I can assure you that Strand, together with the Independent Directors, gave lengthy consideration to the detailed terms of the loan, including the security obtained by the Company, and were comfortable that the terms of the loan were fair and reasonable insofar as all shareholders are concerned. Beyond that, I'm afraid, I am unable to discuss the specific arrangements with you in any further detail.

I trust that this satisfies your enquiry.

Kind regards

Angela Peace
Strand Hanson Limited
Tel: [phone]
Mob: [phone]



------


Dear Angela,

Thank you for your response. I would like to draw your attention to the following passage in Tolley's "Rights and Duties of Directors" 4th Edition ISBN 0406940290

However, in Knight v Frost [1999] 1 BCLC 364 where a company lent money without the directors checking that a commercial rate of interest was charged, it was held that action could be brought against the directors for failing to act bona fide in the interests of the company

Where a director has acted honestly but not in the best interests of the company, he is breach of duty.

In light of this, it seems to me then the question should be if the rate of interest charged was commercial or not?

The rate of interest charged was zero which is clearly not commercial, but you imply this was mitigated as there was a drawdown fee paid of $15,000 on the $6.8m borrowed.

Even if there were no cost involved in making this loan the equivalent annualised rate of interest is 1.3% gross.

There presumably must have been costs involved in drawing up the loan document , obtaining legal advice and making the necessary investigations into the likelihood of repayment and the collateral offered.

Clearly the loan was not made at a commercial rate.

I would be grateful if you could address the questions you did not answer in my original email as to what checks Strand Hanson made to ensure that shareholders were not exposed to undue risk?

I also drew your attention to the fact that the collateral offered was from MMIL a non UK domiciled company. I have been unable to establish the domicile of MMIL. I would be grateful if you could let me know what it is. Did Strand Hanson consider this increased the potential risks to which shareholders would be exposed in making the loan?

Notwithstanding this, the rate of interest charged was zero. How does this fact reconcile with the legal duties of directors to act bona fide in the interests of the company?

Yours sincerely

[lr2] 01/9/2011 11:56

So it has. Thanks for the heads up, Tig.

[tigluck] 01/9/2011 11:51

Return of Capital received.

[hugepants] 31/8/2011 08:06

Paid $5M for coal leases in Canada.

[ducatiman] 31/8/2011 07:41

An acquisition! Wonder if they intend to go mining or just sell on after some development? Cash should be in today.

[shareladder] 30/8/2011 17:44

Tomorrow it is then LR2

[lr2] 30/8/2011 13:44

The money should arrive in plenty of time.

"It is expected that the payment to shareholders will be completed prior to the end of August 2011".

From the 16th August news release.

[lr2] 30/8/2011 13:38

I'm not a big gambler but I expect some of it will be left on the roulette tables.

[ducatiman] 30/8/2011 13:31

Hope it arrives in time LR2. Gambling funds? Same as me I suppose, though I like the odds at sar.

[lr2] 30/8/2011 13:27

I'm off to Vegas soon. It's my spending money.

[ducatiman] 30/8/2011 13:24

loan repaid, still can`t grasp the purpose of that but maybe they will release the divi now. What are the rest of you going to do with the cash? Was thinking of reinvesting here but thought share price would be lower so going to grab a few more sar instead.

[lr2] 30/8/2011 08:30

Nothing so far.

[ducatiman] 30/8/2011 07:31

Anyone received their cash yet?

[lr2] 17/8/2011 11:31

I suppose I should have reduced the market value of UNV & UEP by 10% as CK seems to apply that rule to NSN's large illiquid holdings.

(£24.25 + £2.92 + £8.26 + £0.75) = £36.18 million.

£36.18 / 29.24 = £1.24.

(Remaining cash alone appears to be worth 83p a share).

[b2l] 17/8/2011 11:21

LR2
seems as if ..........

[lr2] 17/8/2011 10:09

Can someone confirm or otherwise debunk the following figures please?
I am trying to get a feel for the asset value of NSN following the capital repayment.

Cash - US$50+ million as per 21/04 Quarterly Activities note - less capital repayment today of $10.24 million - $39.76+ million or approx £24.25 million.

UNV - 17,538,462 shares in Universal Coal (UNV) - 8.89% of company. Quoted in Australia at 29c currently. Total value = AU$5.08 million or £3.25 million equivalent.

UEP - UMC Energy (UEP) - 83.5% of company - 244,444,763 shares in total so 204,111,307 shares approx to NSN - at current 4.5p - approx £9.18 million.

Puquios Copper exploration assets - value unknown.

Kryso warrants - 5 million at 15p - £0.75 million.

Total value (£24.25 + £3.25 + £9.18 + £0.75) = £37.43 million.

NSN - share total 29,241,951.

Approx. asset value per share - £37.43 / 29.24 = £1.28.

[hugepants] 17/8/2011 09:46

agree its pretty clear its ex-repayment today