Galahad Gold Share Discussion Threads

[nod] 22/6/2007 11:57

The Slaters still own 16% - Jim 10% and Mark 6%

But Ian Watson owns 39% which is a serious investment.

I guess GLA want to finalise the dividend payout :) before releasing results. Given the very recent sales any payout and further investmets will take time to assess. But there is a statutory limit of ??? for results - is it 6 months?

[utwiq] 22/6/2007 11:02

perhaps results will be released after the close like last time (if I recall correctly)

[tiltonboy] 22/6/2007 10:40

Pomp,

I think you will find the results were delayed because of the corporate action in UMN, and the advice taken on the most tax efficient way of returning cash to shareholders.

As for being the personal trading account for the Slaters... well, on the basis of their investments this past year or so, I'm happy to continue backing them. That's not to say i wouldn't mind seeing 18p tomorrow.

Perhaps we could get the Slaters to have a look at CRA!!!

tiltonboy

[lowersharpnose] 22/6/2007 10:20

fuiseog,

Thanks for that.

She replies, "almost definitely, you know, its been hectic."

That sounds sweet. Also, gives the impression of an office with low overheads.

rgds
lowerSharpnose

[fuiseog] 22/6/2007 09:58

Hello,
Bit of a lurker / newbie here, anxiously awaiting the annual report. This morning they say sorry for the delay, went to the printers yesterday, it will be out Monday. So I say, "we can look forward to an RNS Monday?" She replies, "almost definitely, you know, its been hectic."

Fuiseog

[tiltonboy] 22/6/2007 08:53

ty,

They were of no use on 1st January. We know what the portfolio was/is, so the figures are academic. What is important is the statement of intent. We need to know what the dividend/capital repayment is going to be and when, and what they will do with the balance of funds.

tiltonboy

[tyranosaurus] 22/6/2007 08:16

Where are the results ????

Results to 31 December 2006 and they can`t produce them until June 2007.
What good are they now. They are so historic as to be of little interest.

[nod] 21/6/2007 21:16

thanks bygadsir

[jameel2] 21/6/2007 16:45

i see share price lifting once results are released. I think we should hold well atleast to results

[bygadsir] 21/6/2007 10:52

nod

Yes - the company confirmed directly to me that the results
would be released " on or before 22nd. June "

bygadsir

[nod] 21/6/2007 09:46

Did somebody mention the results were expected on the 22nd?

last year the finals were released after market close on a friday
19/05/2006 16:46 UKREG Final Results

[nuttynige] 20/6/2007 17:23

No posts today, wow it must be nearly time to top up.

[asmagliocco] 19/6/2007 13:54

Great. At least another £81.5 million for the coffers and the share price slips down after its recent modest rise. The fat lady hasn't sung yet re. UMN and anyway that cash tells me to stay in. This company knows how to seize profits but why the strange share price behaviour and unclear trades? DO we trust the management or not?

[buffin] 18/6/2007 19:53

The bid by AREVA, the French uranium company, for UraMin has received plenty of attention in the press, but there is a sub-story developing underneath it which may be of interest to those investors who had no shares in UraMin. Earlier this month UraMin announced that it had agreed to form a joint venture with Canadian listed Northwestern Mineral Ventures over a total of eight highly prospective uranium concessions in Niger. Each company will have a 50 per cent interest in the new company prior to an IPO as it is now moving towards a listing on AIM. A name has yet to be announced officially but Niger Uranium looks a fair bet and more should be heard about it in the near future.

Northwestern will contribute two properties, the Irhazer and In Gall concessions, and UraMin six uranium properties, Kamas 1 to 4, and Dabala 3 and 4, which are located in the same geographic area as AREVA's two producing mines in Niger. UraMin will also make a US$15,000,000 contribution to the company from which Northwestern will receive a cash payment of C$4,800,000. Each company will receive a 3 per cent net smelter royalty on the production of uranium and any other ores and/or minerals produced from their contributing licenses

Ian Stalker, the chief executive of UraMin, has been appointed executive deputy chairman and president of the new company while Neil Herbert, the finance director of UraMin, will be chief financial officer. Both are obviously directors of the new company as is Marek Krekzmer of Northwestern who will be managing director and chief executive. Marek is well known in London from his previous involvement with Tan Range Exploration with assets in Tanzania.

The important thing is that Niger Uranium covers the waterfront with highly prospective assets as well as Northwestern's established exploration team in Niger and UraMin's management with its world wide experience. It should also be remembered that Niger is a mature uranium mining environment and with the combination of UraMin and Northwestern Minerals behind it Niger Uranium should be able to carry out its exploration programme at a great pace. As Marek Kreczmer points out, the combined entity will have considerable financial and technical resources at its disposal and it will be working on some of the most prospective exploration properties in Niger, which is already one of the world's largest uranium producing nations.

Initial results from Northwestern's exploration programme combined with previous exploration results have enabled the delineation of high-priority areas and a drill programme will begin shortly. All the properties are located in the Tim Mersoi Basin and uranium values ranging from 0.22% U3O8 to 1.0% U3O8 from five of 16 surface rock samples collected from outcrops have been reported from Irhazer and In Gall. The Tim Mersoi basin is a world class uranium province wherein the deposits, hosted by sandstones, occur as tabular stratabound, roll front and tectonic-lithologic deposits, which formed under reducing conditions and consist of pitchblende and coffinite (Akouta, Arlit, Afasto, Madaouela) associated with Carboniferous terrains or oxidized (Imouraren) within Jurassic age formations.

Producing mines and deposits in Niger typically grade from 0.1% to 0.42% U3O8, with the highest grades being mined at greater depths. Niger has been mining uranium since 1971 and past production from its two operating mines exceeds 100,000 tonnes of uranium (approximately 2,600,000 lbs of U3O8) to the end of 2006. With an output of over 3,434 tonnes of uranium in 2005, Niger was the world's 3rd to 6th largest uranium producer contributing 7.5 per cent of the total world production.

This spin-off of Niger Uranium will go ahead whether or not the AREVA bid for UraMin succeeds as some investors are reported to be holding out for a higher price. However it makes more sense if AREVA is involved via UraMin as it is the world leader in nuclear power and the only company to cover all industrial activities in this field. Its mining business covers prospecting, mining and concentration of uranium ore and it already has existing operations in Niger. This is a new issue that is going to attract a lot of attention given the success of UraMin and it will be interesting to see how much money is raised.

[pomp circumstance] 18/6/2007 12:21

Buff, that for a lark, im far more tax efficient, so's my other 5 nom de plumes ;) they should give me all the money and ill launder it for them!!

[nil desperandum] 18/6/2007 10:57

Why would they want to do several distributions? I think, and remember I'm fairly new to this share so don't have all the background, that the plan is to wind down this business and start again with a new direction and a smaller capital base. hence it makes sense to clear up all aspects of the old - return the cash - then start again.

[buffin] 18/6/2007 09:49

AIUI, it's to do with how much tax the company will have to pay itself, not tax to be paid on your behalf.

[sir josephs mate] 18/6/2007 09:30

why dont they give me mine gross and let me deal with the tax side of things ;)

[nickcduk] 18/6/2007 08:52

Nil - Its not the quadra money they have said they will return. They have the cash from their disposal of Northern Dynasty. This was the money they had promised to return to shareholders. They are dragging their heels for some reason. Maybe it is to do with not having cleared matters with the tax man yet.

[nil desperandum] 18/6/2007 08:42

nickcduk: they can't sell QUA until Nov ... hence the end of the year to clean everything up...

And yes, the discount is not so great ... except for the potential extras the biggest being the final tax charge and the UMN raised bid... as I see it, zero/minimal dowside reasonable potential upside so a free play.

[nickcduk] 18/6/2007 08:17

I sold out my holding this morning. I didn't like the tone of Fridays statement. They said they were looking to return cash by the end of the year. I was expecting a return of cash in the next month or so following the results. The discount to fully taxed NAV isn't that great now either. I imagine the change of focus means that those who are interested in the soft commodities cycle will invest and those who were trading for the NAV discount will now leave. Good luck to all those still holding.

[lowersharpnose] 17/6/2007 23:15

papillon,

Thanks for some numbers on the worth of the Niger assets.

Less than the break fee, which is diddly-squat anyway.

rgds
lowerSharpnose

[papillon] 17/6/2007 22:11

lowerSharpNose, on the 5/6/07 the Niger JV (NWT/UMN) announced they were placing 23% of the JV company for US$19 million. That gives a value to UMN's 38.5% stake of around US$32 million. If the JV were quoted I would expect a higher value given to UMN's stake. How much is guesswork but say the 38.5% would be currently valued by the market at, say, US$50 million because cash placings are invariably done at a discount. Areva have offered US$7.75 (393p) per share for UMN's, fully diluted, 323 million shares (US$2.503 billion). The difference between fridays (equivalent) Canadian closing price of 419p and the bid price is 26p. Multiply 26p by 323 million shares and one ends up with £84 million or around US$166 million dollars. Even if one ascribed a value of US$50 million to UMN's 38.5 of JV stake that still leaves over US$100 million. So the market could be currently valuing UMN at US$100 million more than Areva's total bid. I think its highly likely that the market feels more bids are coming.