Atalaya Mining Share Discussion Threads

[waterloo01] 04/12/2017 15:05

Note from the presentation thy are half expecting Astor to try and stop the raise.

Current position
 On 25 April 2017, Atalaya and Astor applied for permission to appeal to the Court of Appeal. Astor was granted
permission to appeal in relation to whether the Deferred Consideration has been triggered. Atalaya was granted
permission to appeal on whether the Deferred Consideration is payable at all and whether it is restricted from
making payments in the interim. The Appeal will take place in May 2018.
 There is a risk that Astor will apply to the court claiming that Atalaya is not entitled to raise funds until the Deferred
Consideration has been paid, and seek an injunction and/or damages. The Company has been advised that such an
application would be unlikely to be successful, and would therefore vigorously defend its position, but there can be
no guarantee of any particular outcome.
 There is a risk that the raising of funds through an equity issue could adversely affect the Appeal to be heard in May
2018. The Company has received legal advice, which supports the Company's view that the risk of any such adverse
effect is small.

[laurence llewelyn binliner] 04/12/2017 14:48

The share price will hit the placing price, and probably today, I'm waiting for it to do so and we PI's can buy on the open market.. the II's will mop up the rest I'm sure with 72% pre-subscribed to, with our Cornerstone investors all holding their % pro-rata positions..

Plenty of upside in scaling up the project capacity, and earning potential .. :o)

[husbod] 04/12/2017 14:45

Don't know about being an Institution V11 but certainly should be in one! Thanks for correcting my misunderstanding - I sped read the RNS on the train this morning and didn't link the existing shareholders to the Institutional bit.Oh well we've all been complaining about the lack of institutional investors so now we have some more ...... hopefully.I'll have to use those funds elsewhere although it might be worth buying us on the pen market if the share price subsides further - should be a bounce if the placing is fully taken up.

[v11slr] 04/12/2017 14:21

How are you partaking Husbod? Are you an institution? This placing isn't open to members of the public.

[husbod] 04/12/2017 14:03

I would have thought that the fact that the big shareholders are prepared to put their hands in their pockets at £1.67p is quite a good sign.I know some of them are getting other benefits but these companies are not renown for pouring money down the drain so far as I am aware.I don't think it's unreasonable to assume that they see upside at that price which, at the end of the day is not much of a discount to the share price.I'm partaking just to round up my holding and am interested to see if I get my full amount.

[mronions] 04/12/2017 13:37

just think management not actin in our best interests

- we should have cleared astor
- raise debt finance

- we could have 50% gearing easy

not raising capital at 5.57p old money

this al works if copper stays high

we get ruined (we shareholders) if copper drops and incremental spend on expansion

IMHO we are now going to get slaughtered in courts, ASTOR has won , we need to find the money
- another £40m share sale ?

[shortarm] 04/12/2017 13:25

Oh, and they've taken legal advice re Astor and it is in the presentation - very professional.I'm presuming the advice wasn't from Mr Onions :-D

[shortarm] 04/12/2017 13:24

Mr O,They've been extracting copper there for thousands of years, do you really think it's going to run out in 10 more?Maybe you should read the new presentation.... 'District exploration - Filon Sur, then San Dioniso and Alfredo'

[mronions] 04/12/2017 13:21

170 bid gone . no surprise .

bad news with Astor coming for sure.

Management keeping back info on resources to fill pockets of core shareholders.

[mronions] 04/12/2017 13:20

Why raise founds here at 5.5p ... if such discoveries are to be made why not wait to tell the market. At current stock levels they should be raising debt finance (and paying ASTOR).

"#Onions, this is a plant upgrade 40-55 MTPA to increase Copper output by 37.5%, same in sales, same in EBITDA and increase in profits which will pay for itself 3.5 times over, and we will have the plant for free, in place, and rolling, there are 5/6 deposits at PRT, and more waiting to be discovered, the 10 year LOM is just for the current known resources, getting ahead is the way to go and not miss the next decades Copper consumption boom.."

[laurence llewelyn binliner] 04/12/2017 12:48

#Onions, this is a plant upgrade 40-55 MTPA to increase Copper output by 37.5%, same in sales, same in EBITDA and increase in profits which will pay for itself 3.5 times over, and we will have the plant for free, in place, and rolling, there are 5/6 deposits at PRT, and more waiting to be discovered, the 10 year LOM is just for the current known resources, getting ahead is the way to go and not miss the next decades Copper consumption boom..

[mronions] 04/12/2017 12:36

from MRDC on LSE

Our Npv should increase by the price of the rights issue. Just not the share price. Still as long as the big boys are happy!!!!! Thought the board had a legal obligation to act in the best interests of all shareholders? Obviously not in this case. They have clouded the issue with the percentage increases. But omitted it on 9.5mt verses 15mt. Their % return on copper from 45000 tonnes to say 50000 tonnes is abysmal at best. And no upgrade at the same time reducing lom to 10 years. They must have these figures by now. But decide to keep to themselves.

[husbod] 04/12/2017 12:29

Good job you're not a judge mr onions. I hope we haven't yet got to the point where we have snowflake judges who say " oooh you naughty company not helping out your potential creditor. I'm totally and completely horrified by this behaviour and am going to ignore the legal document drawn up and agreed between the parties with the assistance of experienced and very well paid lawyers with expensive negligence policies, and find for poor old Astor".Could happen but I doubt it.If we have to raise money then this or a rights issue (which would be more expensive and prolonged) is the way to do it imo.

[mronions] 04/12/2017 12:13

Well if copper has volatility it is possible to see 120 again
- its funny how quickly market switches from bullish bearish

I'm just saying , I don't like what I see right now
- so would not buy at 155p (if slips there post capital raising and losing ASTOR case which is a given)

There is NO WAY the ASTOR debt is going to be cancelled

IF anything, ATY

We have shown our ability to raise the funds
We have shown our accounting creativity to keep profits sub 10m

Judge not going to take these antics

We have lost ASTOR case

[waterloo01] 04/12/2017 12:08

Astor debt is already on the books. If they win, it gets written off, if we lose, we pay them out of profits over a period.

So you are predicting an share price crash to £1.20. No wonder you lost money on EMED.

[mronions] 04/12/2017 12:05

yep stock likely to drop to 160p-140p and we maybe touch 120p post capital raising

when we lose to ASTOR market will not like it

only high copper price can take the sting out

have not sold ... core 100 000 shares holding

would buy more 120p now (was a previous buyer at 155p)

[mronions] 04/12/2017 12:02

as you say Waterloo "string along Astor for 53m Euro "

that is how a judge will see it
- previous arguments used were that we had no choice but to take equity in order to survive
- we are now deliberately avoiding paying Astor

so IMHO, we will lose ASTOR case on appeal

[waterloo01] 04/12/2017 11:49

I'm glad your not the company accountant. Why would you take on interest bearing debt when you can string along Astor for 53m Euro (not £) as long as possible.

[shortarm] 04/12/2017 11:47

Wow, Mr O has properly lost the plot!Or... he sold hoping it would tank and instead maybe they will now take the brakes off........

[mronions] 04/12/2017 11:47

Wondering , am a bit angry with ATYM

I don't see how we are gaining here
- everything is done for off take holders

Our current situation is profits > £10 must be paid to Astor
- we have used accounting to avoid this

You say losing next ASTOR case irrelevant
- well we still need to raise the £60 to pay
- will that be additional equity ? or finally senior debt
- IMO a judge this time will says ATYM is taking the p155 (in legal terms) to not pay Astor.
- so ATYM raising money ahead of sensitive news which will raise additional money raising.

We should have raised senior debt finance, payed ASTOR and used for expansion
- instead we just get diluted

Why are we expanding RIO so much, we know more or lead what copper is there and how much.

Turro , will also require funding

[laurence llewelyn binliner] 04/12/2017 11:45

I can see the II placing being fully subscribed, and the EUR80M cost which will cover itself 3.5 times over in EBITDA cash generating work over 10+ year LOM.., and we've still got the plant for nothing as an asset to do what we like with.., there is still much to be discovered at RPT, so it will be busy for a while after the Atalaya pit is done..

The company has no bank debts at 8/10% interest #Onions, so why on earth would they take on any ..? just to trigger the Astor payments..? where is your logic..?

[waterloo01] 04/12/2017 11:45

Well we've seen major capital increases and anyone who followed Alberto and bought at £1.23 will be doing rather nicely.

[wanderer1210_0] 04/12/2017 11:39

Astor case is irrelevant, there is no win or lose, the debt will be payed, it's just a matter of when and not if. The share price will fall to placing price, 99/100 it always does. No need for panic MrO or spread fear