So the BOD and management retained will get their 6% of the award, Burford get their slice (tbc) and the company will retain the balance to distribute back to shareholders..Now we will see how long phase 2 of the litigation after tranche 1 drawdown to get the Moroccan Gov to the table.. |
In this case i.know multiple funders were interested. That may down the cost a little but the rule of thumb is that the Dundee gets their costs back plus 25-30% of the rest. But it is all negotiable. |
02.01.2025 - in the case of a successful settlement or award, the return to the Funding Party shall be based upon the greater of a multiple of the final drawn‐down amount or a percentage of the final award..
No further details given (yet).. |
No they won't get half.It would be 2 parts. Firstly a flat agreed fee (to safeguard their exposure), so from any award they would take X million before the company get anything. Secondly it will be an additional percentage of the final award (and could even be a sliding scale). |
I should think the legal firm will get half but 30p would still be a good outcome |
$ to GBP that was. The pound sign is not recognised here. |
More like 44p after all deductions and $£ IF it was as high as 1Bn |
So a claim here of 1bn, could be circa 70p after deductions etc. OMG.If and when this hits headlines fir arbitration it's going to be massive. Would not rule out a bid here also, nice way for the Moroccons to get out of embarrassing situation. |
Suspect a lot of the recent buys have been from the extended families of Moroccans in the know. |
Drawdown on the litigation fund confirmed. EML, is now in litigation Government of Morocco. We should note that the government didn't block the project that came from the regional government. |
Two pence met, all good going in the right direction. |
About a quarter penny. |
Move up to two pence on-route. Not too shabby a rise from less than a penny. |
 O/T: FYI, latest status on GreenX vs Poland Arbitration Award: o During the period, GreenX was awarded up to £252 million (A$510 million /PLN 1.3 billion) in compensation (Award) from the successful outcome of the international arbitration claims against the Republic of Poland (Poland) under both the Australia-Poland Bilateral Investment Treaty (BIT) and the Energy Charter Treaty (ECT).o Interest income of ~£14 million (A$28 million / PLN 70 million) per annum is currently accruing to GreenX. Against this, interest expense of ~£2.7 million (A$5.5 million / PLN 13.5 million) per annum is accruing on the US$11.3 million of litigation funding utilised.o Upon satisfaction of the Award, it is GreenX's intention to return the majority of the available cash to shareholders.o Since the Award was made, Poland has lodged a request to set-aside the award with the courts of England and Wales in relation to the BIT award and the courts of Singapore in relation to the ECT award. Poland is challenging jurisdictional aspects of both awards and alleging procedural unfairness, including in the Tribunal's decision on damages.o The Company is strongly defending the set-aside motions |
I think you need to reread and edit that comment :-) |
Morocco is a country dominated by a monarchy. There was a time when only the monarch ruled and some say today the gov, and the vote be mere window dressing? If you want to influence people on the world stage some small minded people these in keeping any monarchy's thoughts? I doubt that. Fact we to our knowledge aren't official at arbitration only lead to us at diplomacy, and to be there something must be positively moving forward in EML's favour? Time will tell. |
If we take the regional gov on its word they have stated they don't have the legislation to review the reviewed decision from central gov of Morocco? Optimum way forward is that EML, gain the permit. |
Most companies/countries would know by now that Morocco is a basket case - they now have a reputation to build
Talk about a shot in the foot
Only one way to rescue this - and short changing won't cut it |
Surely the Moroccan Gov cannot afford to not pay up, IF they do not, the message it sends to anyone thinking about investing there would be disastrous for any inward investment in their country..?
Unlikely we will get compensation near the project NAV, but we will be due some of it, and ALL the historic costs plus 5 years wasted time on Khemisset, we should also be compensated for the lost profits from doing something else useful with the time and money too..? |
The fact that they haven't submitted the quantum might indicate that they are talking to Morocco about a settlement. Only the lawyers profit is it goes all the way to arbitration |
Completely ridiculous to be talking numbers when the company have not yet submitted the quantum of their claim.cyberdud . A gameplayer. |
PS a settlement of 12p would surely have minimal tax to pay after all the tax losses over the years. Tax-free could even be a condition for EML to walk away. |
I've said my own view is that a settlement of 20p max per share might be realistically achievable after 2 or 3 years of litigation, perhaps a bit more if we're lucky. Given the reputational risks and the opportunity cost for OCP, but also the risk for EML as nothing is guaranteed and the lawyers bills will start racking up, if the Moroccan govt made an out-of-court settlement today of 12p and Burford's and legal fees ended up quite modest, so EML got 11p net, I think they'd be foolish not to take it and walk away.For that price the new KMP patents should *not* be included - they have significant long term value.Return 8-9p to shareholders and keep the rest to invest in new projects. They could even licence the patents globally and make a very decent income stream.Just my view. |
Bang on Ham74. The number can't be a coincidence surely.Do we know if this obscure Libyan outfit even have some dispute ongoing?? |
EML RNS January 2nd mentioned USD 11 million. So did Burford disclosure. What are the chances of another dispute in Africa involving exactly USD 11 million litigation funding?
(I posted this earlier today including a paste of the RNS but it did not appear. |
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