Afnat Resources Share Discussion Threads

[marben100] 21/1/2010 01:09

Dammit Fordy, you're keeping me up late again. :0)

Some good finds there and here are a couple for you relating to CRC (which may or may not be relevant):

"JOHANNESBURG (Business Day) -- Central African Mining & Exploration Company (Camec) [LSE:CFM], a copper miner in the Democratic Republic of Congo, has taken a substantial shareholding in Metorex's [JSE:MEMTX] listed Congo subsidiary, Copper Resources Corporation (CRC) [LSE:CRC].

The deal might bring Metorex head to head with the controversial U.K.-listed mining company over management of CRC. In the past two years, Camec has frequently been in the news. Last year, Congo's government said it would revoke the company's copper and cobalt licences in Katanga province because they had been fraudulently obtained..."

and

"JOHANNESBURG (miningweekly.com) - Criminal charges have been laid against JSE-listed diversified mining company Metorex and Metorex CEO Charles Needham, but the company dismisses the claims being made against it as "wild, vexatious, false and defamatory".

Captain Jan Claassens of the Commercial Crime Unit of the South African Police Service (SAPS) in Johannesburg, who confirms that charges of perjury and obstructing the course of justice have been brought, says that investigations into the charges will commence next week..."

Cheers,

Mark

[robson1974] 19/1/2010 15:48

Marenica due news by end of month according to last release. Should be quite big as it is a Resource upgrade/update. I am thinking of buying some MEY

[giantpeach2] 19/1/2010 15:39

is that 350k a buy at 2p!!!!!!!

[l2e] 18/1/2010 19:52

anyone here still?
had these since summer 09...not been a great ride has it.
Can anyone see any upside or maybe heaven forbid, some buyers this side of summer?
what about a broker upgrade...lol
I am well under water here and it looks like a bottom draw position for me, which is a shame after all the excitement last year I was looking for 5 pence and here we are at 2!
Good luck all

[gowboy] 18/1/2010 12:46

I think the only thing to do with with this is lock it away and come back in 12 months time.......by then hopefully the whole KAH/EXT saga will be resolved to some extent and we could realise the value in the investments - then its time to spend the cash wisely........still think even then its going to be a while before anyone else sees this as a buying opportunity.......although saying that the directors arent thicko's, so it maybe a case that its just sit and wait......and then sit and wait some more.........;-)

[imperial3] 18/1/2010 09:27

I agree with rpm. I see this as a diversion,from their business model.

[themoneymonster2] 18/1/2010 08:45

Great news, not!

See the market is really excited about it to.

[humbugg] 18/1/2010 07:54

pigs in the trough. still looking for the exit.

[lord santafe] 18/1/2010 07:39

Typing error at the end, there is no such thing in english as very positive.

[rastapastamasta] 18/1/2010 07:12

Well the sale of bannerman is no surpise.
But not sure how Copper mining in the Phillipines fits with the business model of Uranium mining in Africa.....
rpm

[martinfrench] 16/1/2010 11:09

unless the other assets come off, the only way i can get back to even on this will be when the URU/extract situation finally closes out and URU are nearer 50p.

there are too many of these small miners with an expensive board and are just a holding company of other holding companies...

[krakow] 15/1/2010 18:24

zzzzzzzzzzzzzzzzzzzzzzzzzz...

[zangdook] 15/1/2010 05:43

you had me looking up WELL then :-)

[martinfrench] 14/1/2010 22:00

zangdook,

same here but well, gcm and bao make up the difference. this will be a sleeper for a while.

[marben100] 14/1/2010 14:05

One other thought concerning the MEY/BKY swap: BKY's recently appointed CEO is kinda familiar to Polo's management. :0)

[zangdook] 14/1/2010 05:50

compared to those I fear AFNR is over-valued. I feel a bit stupid here, because I bought in to LMY hoping something interesting would happen and now I'm down nearly 50% - rather naive to assume it would be both interesting and good for the small PI. I ought to have spent my money on some more URU or EML instead. However, as Marben suggests, AFNR is getting close to an interesting share price

[themoneymonster2] 13/1/2010 20:34

Basically the market is only valuing the cash and investments but isn't it normal looking at URU, KAH, PRL, EML?

[marben100] 13/1/2010 17:05

One thing is highly likely... the MEY shares are more valuable to Areva than to Polo. :0)

[fordtin] 13/1/2010 16:50

Thanks Mark,

that's pretty much what I thought it was saying, but I couldn't get my head around whether it actually affected the perceived price paid for the WME shares.
I guess swapping shares in one under valued company for shares in another under valued company comes down to how useful the deal is to the participants, whether one party is swapping a relatively illiquid stock for something more easily exchanged for cash, or it's a case of one party scratching the other party's back in the hope of banking some good will for the future.

[marben100] 13/1/2010 16:17

Hi fordtin,

My interpretation of the clause is that it's a profit-sharing arrangement, relating to any notional or actual gains that Polo makes, resulting from an increase in the BKY share price within 60 days of the completion date. It contains a mechanism for working out such gains/profit share, which are referenced to a "Base Price". According to my calculations, the Base Price is equivalent to A$0.979 per BKY share.

HTH,

Mark

[fordtin] 13/1/2010 14:10

Robson,

I'm not sure if that's true. Have you read the conditions of sale?

I still haven't figured out what clause 6.5 is all about, any thoughts?





Mark - if you're still around, what's your interpretation of 6.5 (pdf page 28)?

[fordtin] 13/1/2010 13:30

oops!! expensive typo, thanks tmm2

[themoneymonster2] 13/1/2010 13:25

uru share price is 35p not 24.5p?