Kefi Gold And Copper Share Discussion Threads

[neilng] 08/6/2021 18:50

Thanks estseon I will download the full accounts.

[bluesbeater] 08/6/2021 17:19

Could we propose a special bonus for long term shareholders at an EGM? I feel we've earned it too. 😅
Yep, I've been here since noyota. Well, you get a cuppa tea at the end of the AGM, biscuits too and a handshake from Harry.
Seriously, I think the market will wake up soon to just how significant these assets are and how much potential value is to be had. It's HUGE. I topped up again at 1.83p
Looking forward to full funding and a rerate. Still a long bumpy ride ahead but three or four more years will see a massive return IMHO,DYOR.

[scrappycat] 08/6/2021 16:25

belfast,

I totally accept the strength of your feelings, but exactly what purpose do you think would be served by not voting for, or voting against the Board's funding proposal (hopefully fully resolved by then), All it serves, is to vent your wrath it seems to me. If you, and others feel that strongly, you and they can always try to force an EGM after the AGM. Greed it may be by your standards, but do not let that overcome your common sense.

[mick1909] 08/6/2021 16:03

Youve changed your tune bought in now?

[delta0091] 08/6/2021 15:47

the enterprise value of this company will already much more than $300m if it secures the debt financing.. and that's even before issuing any more shares.

[estseon] 08/6/2021 15:01

neiling,

the formatting goes to pot - it is best if investors just download the 2020 report and account. The report was signed on 4th June so the funding detail is up-to-date. It will have been scrutised by the auditors.

The funding should leave some cash in KME available for funding exploration.

There is a direct loan from Kefi to TKGM of £2.6m as at 31/12/20 noted in note 15 (a fraction of the money sent down the tube) and it might be assumed that it might be repaid (together with 2021 money loaned).

There is also £3.6m due from KME to Kefi (net of FX loss) - there is the possibility that it might be retained to fund exploration - the note suggests that this might happen. It would be misleading if any of these loans have since been capitalised (audit sign-off 4 June).

[slsastin] 08/6/2021 14:38

Looking ahead to the post-AGM fundraise...
We've been alerted to it for a while now. We're told it will
a) fund Saudi activities for at least 12 months, including our 30% of PFS and more drilling,
b) needs to pay back bridging loans keeping the lights on,
c) completes the funding package for TK. I guess $11m+ to get over $320 target.
At a similar stage for EMED/ATYM there was a rights issue which set up the company for production and rewarded us shareholders since then.
Any thoughts from you wise lths on the fund raise amount, and would you welcome a rights issue?

[slsastin] 08/6/2021 14:23

Objectors to the bonuses could vote against the reappointment of 'supine' NEDs. Best to tell them first so they understand.
I'll be voting for all resolutions.
Happy with the progress reported over last few months. TK is going to happen.

[neilng] 08/6/2021 14:18

EstseonI continue to read your analysis of the facts and followed your advice to read the Finance Directors report in great detail.It should be published on here since I assume it will have been audited.

[robjm66] 08/6/2021 14:08

People could think outside the box and set up a go fund me page for impoverished kefi directors probably more chance of that working and the bonus scheme being dropped due to the embarrassment factor than voting against resolutions.

[estseon] 08/6/2021 13:44

Belfast,

1. Accept the 2020 accounts
2. Re-appont Norman Ling (not a beneficiary)
3. Re-appoint Adam Taylor (not a beneficiary)
4. Re-appoint the auditors
5. Pay the auditors

None of those is the slightest controversial

6 & 7. Empower the directors to raise cash by the issue of up to 10% of the current issued share capital

There will need money to 1) maintain the company's interest in the JV with ARTAR; 2) repay cash loans from supporters of the company that have been funding things whilst the funding is sorted out; 3) anythig else including head office overhead.

You would be doing other shareholders a disservice by predjudicing the company's ability to fund the accelerated programme in the KSA. HAA says that they have started work on the feasibility study including doing metallergy recovery tests.

You could make your feelings known at the AGM.

I'm pretty fed-up with it all too. However, we appear to be on the cusp of finally having a development project and we, and our kids, will profit from that provided that the funding is concluded, which the company is now very confident of achieving. Even TW has set down a marker of 4 x current price.

[scrappycat] 08/6/2021 13:20

belfast,

You obviously feel strongly about this, and that I can understand why. However, imo, the sensible action by you would be to vote for the funding package, and then pursue gathering sufficient support for an EGM to challenge the bonus awards. That is your right, irrespective of the Board's pronouncement. For your purposes (and most here), an EGM surely fits the bill much better than voting down the funding package. This has taken quite long enough without further complications.

P.S. Just to make things clear, I do not object to the bonus award. IMO, he has had a rough ride, largely due to circumstances beyond his control. .

[keelhauled] 08/6/2021 13:12

Bonuses: Look - Harry created this business out of nothing, doing it through sheer grit and determination. There would not be a business without Harry’s dogged perseverance. Harry did exactly the same thing with EMED in Spain, he built the business out of nothing and then handed it over which at that stage of the company’s development was exactly what was required. EMED morphed into Atalaya and what a fantastic company that has become but it would not have happened without Harry. Harry and John are raising USD310 million, these bonuses are well deserved and miniscule in percentage terms. A fraction of one percent, work it out. Just consider where we would be if Harry had walked away - keelhauled

[belfastboyo] 08/6/2021 13:02

There is no vote or resolution on the remuneration package/award...it has already been agreed by this supine BOD...ergo there is no way to block it or vote against it...therefore the only thing I can do as an individual shareholder is start voting down company resolutions to send a clear message of distaste...of course I want the company to succeed but enough is enough...time to send a message

[topicel] 08/6/2021 12:32

Estseon posted :

"The second point is that the later tranches are payable 2 or more years hence on successful completion of the project and sale of the first 3 month's production."

And I have to say I am fully in agreement with that simple and frank point. He has to deliver for it to be an issue. And the rest of his sentiments too about the bonuses which, distasteful as they are, will be welcome if they are deserved.

I just have a feeling of deja vu, and yet another alteration to all we thought we knew and when we knew it, to misquote ...

Only two weeks ago we were talking about percentage chances of this project being underway and/or funding by the end of June and, in that short time, all we were basing our estimations on have changed hugely.

Is that good? If we get the funding package and break ground in July. It was the same in 2018 though, wasn't it?

This time will be different. Surely?

Topicel

PS - I agree wholeheartedly, as I said through gritted teeth a day ago (about the RNS), with Goatie in post 13748. We mustn't throw the baby out too. Make a token stab at blocking his proposed bonuses by all means, but don't ruin the 'deal'.

[goatherd] 08/6/2021 11:49

Anyone voting against all the resolutions is cutting off their nose to spite their face. If the resolutions fail the entire project fails - apart from anything else the Ethiopian government might withdraw the license.

If you must vote against something then vote against the remuneration package; that will get the message across without damaging your own interests.

Not that I think the resolution will fail anyway - but why risk it?

[belfastboyo] 08/6/2021 11:41

Should say "under delivering" oops

[belfastboyo] 08/6/2021 11:41

And if you were a long term investor here..as many are..and had listened to Harry's endless overpromises and then never delivering and watched as your investment plummeted in value was diluted by 90%+....as Harry and his cronies make out like bandits...then yes you might be whinging also I suspect...to be clear I actually believe it will now happen and when it does the share price should explode higher but his bonus award is for me a step too far so I will vote against all the resolutions inmprotest

[the knight of no] 08/6/2021 11:38

estseon,

LOL! This is a predictable MO for many AiM companies over years. Raise capital, get paid, get paid some more and then raise more capital.

I could give you a long list of companies and directors happily remunerated by them for delivering little or nothing.

Even if it's not, it smacks of all of that.

Good luck with your investments.

[estseon] 08/6/2021 11:33

taxloss

As a point of detail, the bonuses are in USD.

The second point is that the later tranches are payable 2 or more years hence on successful completion of the project and sale of the first 3 month's production.

It is likely that few shareholders will retain their full (current) holdings at that time because the share price then should be a healthy multiple. Most will have cashed in at least part to diversify risk.

Greed, avarice, whatever you call it - yes. With the options and the salary, one would have expected him to be adequately rewarded. On the other hand, it has probably been a gruelling time for him and there is a lot of anti-white prejudice in Africa. It will not have been pleasant dealing with it for 8 years.

We have been passive because there has been little alternative. All the talk about replacing him is so much hogwash. The big wallet companies are already there. FFS, he got the government to invest $20m in the project.

What matters now to us is successful completion of the funding and then the project. The bonuses in 2 years' time will diminish the value of your shareholding by little more than the dealing spread, if even that. You can't get it over the line; I can't get it over the line; no one else on this BB can get it over the line.

Only he can get it over the line. So, leave him in peace to do so and cross him off your xmas party guest list if you be so inclined.