Anglo Asian Mining Share Discussion Threads

[mattjos] 30/6/2022 16:04

I would need to go back in my research and notes but, I am reasonably sure that they company has loaned / guaranteed a loan to Farhang Hedjazi in the past.

Whilst the requirement for said funds was neither previously disclosed or has been disclosed on this occasion, I believe the funds were used by a company that Farhang Hedjazi exercised at least partial control over, for the purposes of acquiring/manufacturing/installing plant & equipment that was actually required/ordered by AAZ .. .some sort of linkage with Turkey.

I cannot recall the absolute facts as previously disclosed but, they were in the FY Accounts supporting notes, for the years in question.

[mattjos] 30/6/2022 15:57

AA have leant him money before … go back and read Accts from circa 2010/11

[wanobi] 30/6/2022 15:49

Out and about today, so using phone to check in... must say I don't like the RNS news,, as I feel II's would frown up such a loan,,, but, happy to be told otherwise if people have seen this sort of thing before etc etc,,,, hmmmm, oh what a game!!! Grr!!! Cheers Wan :-)

[jeanesy] 30/6/2022 15:44

That is a bizarre RNS from AAZ I have never heard of a company lending money to someone before ?!

[riggerbeautz] 30/6/2022 15:32

Bumpa there are some cracking short charts out there and I can’t see what’s going to change a few sectors short term

[mattjos] 30/6/2022 15:30

Farhang Hedjazi is a key employee of the Group.

Correct me if I am wrong but, does he not also have a company that has previously done work / supplied goods to the company?

[jeanesy] 30/6/2022 15:10

Me and my big mouth ... sorry !

[katsy] 30/6/2022 15:09

I think we'll need news to break that downtrend. This is a brutal market at the moment.

[user2007] 30/6/2022 14:54

I take it as a gesture of good will from the company to a valuable employee.I don't think he will be buying shares though.The only scenario when it might not go down well is if the co used up all the cash available and then borrowing money for higher than 4pc.

[klosters65] 30/6/2022 14:50

I wish someone would lend me money at 4% to buy AAZ shares.

[klosters65] 30/6/2022 14:45

He has pledged his shares.So he cannot double down.But can he double up ? With the company buying back shares. It all feels very strange and deserving a full explanation.

[mr fed up] 30/6/2022 14:44

Katsy i would rather have the news we are all waiting for .not prop a share holder up

[katsy] 30/6/2022 14:43

Anyway assuming he doesn't want the cash for buying more shares, then he's willing to pay 4% for the cash, then sell his shares. So he obviously thinks there's more value in keeping the shares against paying 4% interest.

[katsy] 30/6/2022 14:41

mr fed up. Now that would be an interesting proposition. Do you want 3.5c per share or a jaffa cake per share. I could be tempted for the latter

[xow98] 30/6/2022 14:41

He isn't a director, he is a "person discharging managerial responsibility".

Not sure it is legal (falls under Financial assistance) for a company to lend money to somebody to acquire its own shares. Some private companies can do it, but not sure on listed companies.

[laurence llewelyn binliner] 30/6/2022 14:37

A few of us on the same page I see.. :o), directors cannot buy in a closed period either side of news, but I do not know what, if anything stops non directors buying...?

[pogue] 30/6/2022 14:36

KS
before a large project is really started a FEED is done, ie a front end design where a very idea of the final design is done so an accurate cost for the project can be done and bids can be done to win the work. Contractors are very busy doing those for Middle Eastern clients just now, I looked at one for Saudi that was for a year+, then bids will be tendered and evaluated so long time before detailed design. There are a few like that especially at Wood Group. Other work going on is for smaller projects to upgrade or renew existing plant mostly in Norway from what I hear. There is a bit of a shortage of engineers though at the moment as many engineers retired during covid or moved out of O&G due to IR35 rules.
So lots of work out there for large contractors but not as much in detailed design where the big bucks are committed to the project. Having said that contractor companies should be feeling the rise in income due to the FEEDs and smaller projects as they make their money on manhours so am very surprised at them still going down. Perhaps its all part of the sell before the recession and dont look at the fundamentals attitude at the moment.

[mr fed up] 30/6/2022 14:35

News at last .we are giving money away now .whats next free jaffa cakes for the office staff

[odsjp] 30/6/2022 14:33

You all beat me as well...

[odsjp] 30/6/2022 14:32

dp - Is the above a bit unusual, in terms of a company giving a director a loan?

So it seems that Mr Hedjazi needs $500,000 (for something) which he doesn't currently have in cash so the company will loan it to him at an interest rate of 4% (commercial rate) with security being the 772,000 shares that he currently owns.

So he obviously doesn't want to sell the shares (as presumably like us, things they are undervalued). AAZ make $20,000 in interest and have a happy employee.

Could be buy AAZ shares with the loan? Risky but would it be allowed assuming no insider info?

Wonder if they will do shareholder loans?

[user2007] 30/6/2022 14:30

You managed to beat me :)

[laurence llewelyn binliner] 30/6/2022 14:29

What chance he wants to double down on his AAZ share holding...? :o)

[user2007] 30/6/2022 14:29

Is he going to buy more AAZ shares :) ?That would be an interesting competition with the buyback program ... :)

[katsy] 30/6/2022 14:28

I wonder if he'll use that loan to buy more shares in AAZ.