Kefi Gold And Copper Share Discussion Threads

[estseon] 08/6/2021 07:04

In that case, Peverill, there is no value to the future bonuses or options.

Sorry, I don't find your contention particularly convincing.

TW is "an angry man" but he also thinks that "these shares will quadruple".

The Finance Director's Report is worth looking at for those that can see and think beyond their resentment.

The bonus scheme on top of the existing equity and options interest was an unnecessary and untimely kick in the stomach for those holding shares. The bonus scheme is of little value if TK fails and is of very little additional value to the mountain of cash that HAA will hoover up if Kefi meets its potential. So, why bother antagonise shareholders including TW.

But that revolting display of insentiveness and greed does not change the facts.

If some of the gold bulls are remotely right over their price projections, Kefi will soar. If the green energy revolution does create severe copper shortages, Kefi will soar.

[belfastboyo] 08/6/2021 06:54

Hi PP, as a very LTI (since Nyota) and probably one of the largest PI holders of Kefi I have watched Harry crush the value of my investment over 10 years. Only bravery (or stupidity) and belief in the quality of the assets it owns, thankfully made me buy the falling knife, so I sit today only slightly underwater (unlike most LTI's). I have always hoped that surely this time it is different & Kefi/Harry will finally deliver but all we have seen is dilution after terrible dilution as he has failed and then sold our company assets for a song to new investors (aka mates rates). I think he/they will do so eventually, so I will continue for that possible great news. However, all that said I will not put up with Harry/BOD greed anymore. Their salaries and perks are significant already, their consultancy fees huge on top, their options just for staying for 3 more years at 2.55p (with no conditions other than tenure) are ludicrously generous so I will vote against all the resolutions at the AGM to send a clear and unequivocal message that we shareholders now hold them in contempt. To those who say he will have earned it...no he won't. He has destroyed shareholder value to up to 95% looking at the long term chart and taken HUGE $ from the business (yes and put some back in as share buys) but still 10 years and we are still at 1.77p BECAUSE no one believes he will deliver the goods and stop diluting shareholders & this egregious bonus award for doing his job funnily enough is the last straw (oh and btw still no funding deal done despite assurances in Oct, Dec, Mar, & June and that's only the last 12 months worth of assurances). Enough is enough. I won't sell my shares as I feel their intrinsic value is way above 1.77p BUT I will vote against all resolutions to send a powerful message to the BOD and NED's etc. some of whom esp Norman Ling are chocolate fireguards imho.

[peverill] 08/6/2021 04:58

I see a few are starting to see the light,well done.The alarm bells started ringing last September.Personally don't blame Harry,more the rest of the BOD for not seeing what he is doing.A potless UK AIM company,holding 80% of Ethiopia's biggest project in generations,not going to happen.

[robjm66] 08/6/2021 01:03

Kefi Had share options granted on the 17th of March but you are bailing now?

Personally can use some of the money I hope to make here for good causes.

I am used to tilting at windmills and being accused of getting on my high horse in my life but there are a lot more and bigger injustices in the world than an aim mining executive getting a bit greedy or even a lot greedy.

[theaviator] 08/6/2021 00:23

I did say last post but have to reply to you Rob. I'm going out of sheer principal.

[pensionplanner] 08/6/2021 00:09

Voting against all resolutions is not clever, it cuts off your nose to spite your face. Personally I would email SPangel, as they are cited in the RNS when it is not the Nomad's prerogative it is the Remuneration Committee.

This whole sorry saga of bonuses could be easily resolved to everyone's satisfaction including Harry's and result in a much better sentiment without accusations from some flying around, which will damage sentiment further.

Withdraw the resolution, but use the parameters when the Remuneration Committee next meet, and they could award options (less than $500,000) as currently anyone with shares or options is likely to lose more, including Harry from the poor sentiment and reduced sp, whereas if the remuneration committee do what they are supposed to and consider milestones, reward options (but less than $500,000 worth as after all this bonus was never mentioned prior to today, never part of any communication to shareholders at the outset of the project, where finance needs were known!), then those options and the shares and options already held by Harry and everyone else stand to have a good opportunity to be multiples of the current share price if financing is done and dusted and things move forward. It is this financing that has been a millstone around the neck of Kefi and its shareholders, and what appears to be poor sentiment towards this resolution even from previous friends. Sentiment has to be rebuilt as otherwise even $1,500,000 in cash may not be anywhere near the damage caused to Directors own shareholding, let alone ours.

Withdraw the resolution prior to the AGM and let the correct body, i.e. Remuneration Committee come up with a sensible incentive based on options, which will not deplete financial reserves, but will stand to appreciate substantially if the deal is done and milestones met, and I have no objection to those milestones being used by Remuneration Committee as and when they are achieved, but to seek cash does not demonstrate faith in the ability of the share price to rise even if the deal goes ahead.

Directors with shares and options should see the bigger picture, the picture they themselves have been painting for some time.

But voting against all resolutions in a fit of pique will not help shareholders, or the BoD or encourage new holders.

I feel the resolution on bonuses was misguided and just perhaps someone at Kefi or SPAngel will consider that being in the best interests of all.

[robjm66] 07/6/2021 23:48

So Aviator willing to hold bitcoin when it drops to 10000 and goes up and down at the whim of Elon musk but lose patience here because of you are afraid?

Think several people are cutting of their nose to spite their face its a emotional reaction when they should be keeping their cool and actually studying the whole of the RNSes.

The way it seems to me is last real hurdle is "Detailed documentation to be approved by the relevant Government agencies, including the Ministry of Mines and the National Bank of Ethiopia, so that execution may proceed by all syndicate parties;" and the Ethiopians will have every incentive to get this done as quickly as possible so they can announce something just before or on election day even if not every dot is crossed by then.

But we do not trust harry you cry well lets look at the trust level of those that actually have an idea of whats going on..

Mining capital to be paid for on a per tonne mined basis via the mining agreement (per tonne basis)

Senior project debt, to be repaid out of operating cash surpluses (out of cash surpluses)

Subordinated debt linked to offtake rights. To be repaid out of operating cash surpluses (out of cash surpluses)

Mining contractor charges, convertible into KEFI shares at the price in 2 years (charges wait two years)

Subordinated loan in subsidiary, convertible into KEFI shares at the price in 3 years (charges wait three years)

Anyone have any argument why this will not get over the line looking at what is actually happening now rather than in the past?

[taxlosstone] 07/6/2021 23:12

These proposed bonuses just totally underline the contempt that Harry holds for private investors. He has overseen the share price decline from 170p equivalent to 1.75p while taking handsome salaries & huge dollops of options. During that time he has missed many guidance dates. Some on here would see the justification if he claimed rights over their daughters. :-(

[theaviator] 07/6/2021 23:05

So this will be my last post on this BB and I sincerely wish everybody the very best and will be incredibly happy if it comes good for you all.ATVBTA

[theaviator] 07/6/2021 23:04

It wasn't exactly let's say tactful Charles to out this to suffering share holders. Brass neck.I've had enough.. Am pulling out before I lose alot more

[aircomm] 07/6/2021 22:58

I am going to call it. I think we will hit 5p per share by the end of this summer.

If Harry pulls it off, he deserves his bonuses. Come to think of it, he deserves a Knighthood.

Why do I sense it is going to happen?

1. Job adverts. Egg on face if nothing is going to happen for months.

2. Herbert Smith Freehills are retained advisers. They are big ticket, major league. Not spivs.

3. Purdah. It makes sense for the deal to be done immediately after the election result.

None of the above are conclusive - but taken together they are strongly indicative, I think.

Harry may not be the finest at reading tea leaves. He may not yet have mastered the art of under-promising and over-delivering. But he continues to enjoy my confidence.

I am a LTH. I get the sense of frustration, more than most. There are no guarantees. But in a few weeks time, Harry may just go and pull this one off. And I will be the first to thump him on the back (when C-19 measures permit)

AC

[charles clore] 07/6/2021 22:54

I don't know whether Harry is capable of making us rich. Until he demonstrates that ability he doesn't deserve any bonus whatsoever imho. Or for that matter, his exorbitant salary!

[theaviator] 07/6/2021 22:54

I'm going to get out mate. I don't trust it any more

[neilng] 07/6/2021 22:36

I now have a 90% filter rate.I could name the 10% who just quote the facts and their view of the analysis of the facts.I continue to look forward to their comments.I think we all know who they are.Myself, I will continue to wait for the final finance and at that stage congratulate the board on keeping my investment alive over the difficult years. I am quite happy to see bonuses paid for making me rich.

[mick1909] 07/6/2021 22:19

No worries i think Harry thinks he deserves it oblivious to shareholders sentiment dog eat dog world

[david gruen] 07/6/2021 22:06

This looks set to fall further. Shareholder revolt not great for short term share price.

[theaviator] 07/6/2021 22:01

Your point has not "went straight over my head". My point is after all the sh1t and stress he has caused to shareholders it is NOT the time to be putting bonuses down to share holders. It's absolutely disgusting.

[kevraff] 07/6/2021 21:58

My point has went straight over your head, he doesn't get the bonuses if the milestones aren't reached.

[theaviator] 07/6/2021 21:55

Disingenuous? Have a look at the ten year Kefi chart and find out what's disingenuous!

[kevraff] 07/6/2021 21:12

I am no fan of Harry, in fact I would vote him out in the morning if I got my way, but I do think a lot of the commentary re the bonus are disingenuous. The RNS states the cash bonus "will be paid on the achievement of defined and specific milestones in relation to the Tulu Kapi project". As I shareholder I have no qualms Harry and Leach receiving such bonuses if we are getting the long awaited milestones in return.

[theaviator] 07/6/2021 21:07

Market hates these bonuses as did many of us. It's his bloody job which he gets paid for handsomely to return value to shareholders. I was busy today and missed the RNS. Mick if are reading that's why my reply may have seemed odd. Personally I think today's RNS is a disgrace.

[delta0091] 07/6/2021 20:28

some on here are deluded into thinking NPV will translate into an equivalent shareprice... kefi likes to shout about the npv in their RNSs, but it's quite decieptful as anyone knows about mining stocks, mpv rarely if ever matches anywhere near market cap

Perfect example CER

Zero debt
$310m cash
produced 450k oz from their SUKARI mine last year
revenue of $829m last year
operating cash flow last year $453m
net assets of $1.3b

they have another asset in west africa (Doropo Project).. which has a NPV (5% discounted) US$487 million @ $1850 gold price.

what's the market cap of CER ? £1.3b

[sussexlibran1] 07/6/2021 20:21

@belfastboyo - too right, could not agree more. And since the share price dived today on that RNS, I suspect that most investors agree with you. Harry's time is (quite rightly) up. Amen.