A bloke down the pub. |
7201
Where did you get that from? |
Thanks for that Monte , so RAB below .27% I guess i.e less than 25m shares . So RAB 34m reported by EJ probably right as they will have continued selling out. |
 Top Shareholders
Top 25 shareholders own 36.96% of the company
HBOS Investment Fund Managers Limited
5.84%
Shard Capital Partners LLP, Asset Management Arm
5.08%
Barclays Bank PLC, Wealth and Investment Management Division
3.75%
IG Group Holdings Plc, Asset Management Arm
3.14%
WH Ireland Group plc
2.86%
Premier Fund Managers Ltd.
2.51%
HSBC Global Asset Management (UK) Limited
2.01%
Aristidis Anagnostaras-Adams
1.89%
Charles Stanley & Co. Ltd, Asset Management Arm
1.36%
Eddy Solbrandt
1.35%
DBS Group Holdings Limited, Asset Management Arm
0.97%
Fidelity International Ltd
0.85%
Close Asset Management Limited
0.65%
John Leach
0.6%
ABN AMRO Group N.V., Asset Management Arm
0.51%
Jarvis Securities plc, Asset Management Arm
0.47%
Peel Hunt LLP., Asset Management Arm
0.44%
Peak Max Investments Ltd
0.42%
Citigroup Inc.,Banking and Securities Investments
0.39%
ING Groep NV, Insurance and Banking Investments
0.38%
UBS Asset Management AG
0.35%
Saxo Bank A/S, Asset Management Arm
0.32%
Stifel Asset Management Corp.
0.28%
Lloyds Banking Group plc
0.27%
Exelia Technologies Ltd |
"All this advancing as foreshadowed"
He sounds like Emperor Palpatine. At least the Death Star actually got built though. |
From Q & A section kefi webiste
Various questions regarding Tulu Kapi, Share Turnover and Executive Salaries
Q. Why one year later after stating AFC country membership has been granted, is country membership for AFC still going through the approval/ratification process? Not a worry as it is being fast tracked through Parliament but still a puzzle based on the above suggestion they already had membership on 3rd Jan 2024.
A: Ministry has approved. Parliamentary ratification awaited AFC credit approval, issued December 2024.
Q. Taking guidance from the Q&A reply on 24th May 2022 is it still a 24 month timeframe from mine construction to being fully operational or have you managed to shorten the timeframe? If it hasn’t been shortened, how will you, as suggested in presentations, get commissioning in second half of 2026 and a full year of operation in 2027? Can other works proceed whilst the Community is being moved? Will it take up to a year to move the community?
A: Community resettlement starts at the beginning of Major Works. Commissioning starts before the end of Major Works which are designed to deliver full production.
Q. What is the exact timetable for the resettlement of the local population at Tulu Kapi?
A: A small area is resettled prior to Major Works. The rest are sequenced as appropriate within the Major Works.
Q. Does Kefi anticipate receiving an extension to the 2035 license expiry date as potential further discoveries are made extending the life cycle of the mine beyond this expiry date?
A: The Mining Licence contains the right to two 10-year extensions.
Q. Harry mentioned in his interview with Proactive Investors that developing a series of projects in Ethiopia to follow on from Tulu Kapi is planned as it’s what fund managers who he has presented to want to see. Can he confirm that this will be funded at subsidiary/project level or via farm outs and the anticipated 80% holding in TKGM will not be reduced significantly?
A: KEFI will maintain its stated focus on regional/subsidiary level funding.
Q. Most current investors would like to hear that no further placings will be done before before funds flow from Tulu Kapi in 2027. Can Harry confirm that in the event Saudi assets are sold for the valuation or more in the presentation ($80 an ounce) that, indeed, the Company does not anticipate any further placings before Tulu Kapi is operational with the proviso that it may keep that option open of the share price starts to reflect the NPV to a greater extent?
A: That is the intention.
Q. Kefi stated in the recent presentation: “up to US$30 million in the form of gold-linked preference shares of KEFI Minerals (Ethiopia) Limited expected to be issued as the Ethiopian Stock Exchange is launched (currently scheduled to be by the end of January)”. The Ethiopian Stock Exchange has launched - does this statement and timescale still apply?
A: All this advancing as foreshadowed.
Q. In the recent presentation Kefi stated that: “the remaining US$30 million is being finalised with certain Middle Eastern and other sectoral investors, as the Company looks to conclude the optimal financing scenario from interested parties.” If this is finalised as envisaged in the statement above will this result in a reduction of the % holding of Kefi in TKGM to say circa 70%? With the Govt. investing $20m for 10% and up to $30m for 10% being raised from gold-linked preference shares of KEFI Minerals (Ethiopia) Limited will this create a benchmark for the % that will be relinquished for “the remaining US$30 million being finalised with certain Middle Eastern and other sectoral investors"?
A: Yes, now that banking has settled down adequately, we will run-to-ground several parallel streams of work to optimise the outcome for KEFI. Please note that it is proposed that the gold-linked preference shares have no rights of conversion into voting stock.
Q: I read that Premier Miton is winding up its microcap fund. Also see that they were a recent KEFI investor. Does this have a serious impact on KEFI?
A. No impact. If Miton did sell, its holding is less than a day's average turnover in KEFI shares.
The wind-up of the small-cap fund specifically reflects the general malaise of UK small stocks - KEFI is one of the survivors where many have fallen.
Q: KEFI shares turnover more than 100% per annum. You seem to deliberately attract share traders rather than long term institutional investors.
A: The 100% turnover is healthy. Institutional investors will get involved as the company’s business grows and matures.
We have in the meantime built a syndicate of large institutional financiers at the subsidiary level.
Q. Please provide detail on executive salaries.
A: We provide the following details in respect of the Executive Directors, whose remuneration is disclosed annually in statutory accounts.
The Executive Chairman (EC)and Finance Director (FD) were founding directors in 2006, when KEFI was spun out of Atalaya Mining (then EMED) to separately focus on exploration in frontier markets.
All their remuneration is detailed in the statutory accounts. Other personnel remuneration is subject to privacy.
The EC and FD received nil remuneration from 2006 until 2013 and since then received an aggregate of £250K in cash per annum and £270K in shares pa at prevailing market prices.
Approximately 75% of their aggregate remuneration was recharged to the operating joint ventures to compensate KEFI for services provided to partners.
All pay rates are based on independent industry surveys. Policy, implementation and review are in accordance with the details set out in the statutory accounts.
The pay rates and systems are also independently reviewed on behalf of the partners and financiers providing development capital.
Posted 22 January 2025 |
Saudi Arabia has chosen six local and international mining companies for its Exploration Enablement Program designed to boost investments and enhance the competitiveness of the sector.
Royal Road, Ajlan and Bros Holding, and EV Metals Group were selected for this first phase of qualification, as well as Ma’aden, Gold and Minerals Co., and Al-Masane Al-Kobra Mining Co., also known as AMAK.
A total of 49 applications were submitted
Funding page 5
Before anyone asks I do not know how many licence areas this covers or which ones the JV applied for or if the rights are transferable to a new JV partner. Might be worth kefi holding onto the areas till its gets a good deal if costs are going to be covered anyway and this should make the areas more valuable to Artar or could make sense to do some extra drilling to bump the sale price up if the money is covered by this. |
Hope your right EJ , that would explain a total disconnect between share price and Co progress. |
Bloomberg still have RAB at 1.73% but it's not clear how current this figure is because RAB is privately held. I don't think RAB was under any obligation to report further sales unless you have a alternate source? |
Where are you getting info on RAB selldown? Premier Miton definitely are forced sellers as we know they're shuttering the micro cap fund holding Kefi, but can't see any movement reported on RAB. |
RAB Capital appear to be down to just under 34m shares here now - as they are the main seller since the placing announced i would expect a notable bounce once they finally out ( forced seller ). Keep the faith |
If I had a fiver for every time someone on these boards said Kefi was a takeover target, I'd be able to make a bid myself.
History tells us the latest end of Q1 target is simply a placeholder to buy time. They either don't know the remaining steps, or they're not disclosing them, because history also tells us it will inevitably come and go with no tangible progress. End of Q1 will then be memory holed and we're onto the next target date, with accompanying word salad. |
Neiling - progress appears to be relentlessly slow if not glacial but at least there is progress. However, there is still nothing to ignite market interest and I doubt that the market will take much interest until the major works are launched and there is then a timetable to production and funding in place to see the company through. Having cleaned up the company, however, HAA might need to start to formulate a potential defence against predator interest because he will not be able to rely upon shareholder loyalty. That is truly exhausted. |
Might have to ghost you Barry. |
Kefi interview 4.15
"to excellent working relationship...on the other hand majors arriving by the plane load..huge commitments to Saudi Exploration. Out of last weeks minerals forum...potential backers potential buyers. Number of things came out of it from people trying to get in though organisation like ours that have been on the ground. Receiving interest with a number of possibilities optimise over the next two three months.."
Think they have multiple offers so may well be able to get a deal near the amounts quoted by the company just will take a bit of time to weigh up the various deals.
Possible that "backers" might be a source of finance or JV partners. |
Funding to be signed by:-
October 2020
No before Christmas 2020
PLACING
No a few more weeks,
NOTHING will stop it happening by 31st March 2021
No June 2021
No July 2021
No October 2021
No Q4 2021
No Christmas 2021
PLACING
No Anytime between Feb -May 2022
PLACING
No full funding by June 2022
October 2022 construction will start
No Mid November financial plan 2022
No now it's December 2022
No a month or so (may 23)
PLACING
No A few more months
Q4 2023
No end of the year
No some time in 2024
No it's H1 2024
PLACING
No Mid 2024
No October 2024
More Shares Issued
No Q4 2024
PLACING
No early 2025
More shares issued
No it will close in Q1 2025
No it will close end of Q1 |
I agree, any money owing probably would mean a further trip to court. I know we paid $205k and the judge hopes parties can agree interest on those payments. I am always wary of wealthy types going back to court to appeal and throwing the kitchen sink at it.
It would have been good if the judge recommended payment to be passed over within 30 days so we know exactly how much delay before revisiting. As liability has already been resolved we could just go through a County Court to get the payment settled. |
So ANS was a scam and Harry fell for it.If my memory is correct I was at the time of the opinion that this was the missing link and I assumed well researched by Kefi.It was virtually a letter from a Nigerian Prince.Bet we don't see the 200,000 now owed to us shareholders. |
“To put a similar point in a different way, the Defendant was not buying Mr Demissie’s time for two years, it was buying the chance that Mr Demissie’s efforts would bring about financial close in respect of debt and/or equity and agreeing to pay him if they did within a two year period.”
On the contrary, in my view it represents a clear and workable balance of the parties’ respective interests starting from a context where there was a hope for financial close by October 2018 but all realised there was a considerable degree of uncertainty about that and so a long stop date would be sensible. In the balance of risk and reward, two years was agreed for such a date.
Counter claim
Mr Demissie was saying he wanted USD 100k because he was short of cash but expressly on the basis that it would be off-set from his commission “as before”. It is also clear that there would be no agreement from the Defendant’s side unless Mr Adams got board approval.
It is also fanciful for Mr Demissie to assert and maintain that the 205k Payments were not linked to the ANS agreements and/or the equity contributions to be made by ANS which would trigger substantial commission payments being owed to Mr Demissie.
However, for the reasons which are contained in this judgment, I do not find objectively his evidence merits much weight when balanced against the documents. In this respect, I consider Mr Demissie typical of many party witnesses in that any possibility of genuine and accurate recall gets swamped by the imperative of winning the litigation and the engagement in a process designed to achieve that end."
Well ae against kefi dismissed and counter claim approved on kefi side Judge actually seemed to have all hi marbles.
Shame it went to court obvious that Harry expected TK get over the line within the timeframe of the contract hence was happy to let him have some money that would be paid back in the case it did not happen in the expectation that it would get over the line and any money paid to him would be well worth it to help get a deal done. |
The Defendant counterclaims USD 205,000. |
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