Kefi Gold And Copper Share Discussion Threads

[matthew stone] 03/4/2020 08:18

That last answer, though...don't think I've ever read anything like it in a co communication before. That unique HAA mix of condescension and dismissiveness...

[cybaajak] 03/4/2020 08:14

Carefull Chopper. You'll have the Fan Club breathing fire and brimestone at you.

Regardless of 'whataboutism' they'll be using the excuse/reasoning of "If he goes now who will take his place..."

[goatherd] 03/4/2020 08:08

From Kefi today
"Various questions regarding Tulu Kapi
Q: How much in pounds sterling is KEFI final equity subscription into the project? Will it be raised by a further issue of KEFI shares?

As set out in the 2018 Annual Report and in other announcements the finance plan is for KEFI puts $10M or £7M more into TKGM sourced from cash, working capital facilities, mezzanine financing possibilities and refunds on project finance closings. We will utilise the best available combination of options to provide this money at the appropriate time.

Government Politics and Regulation

Q: What impact will the outcome of the Ethiopian elections have on the project and the loan commitments by African banks?

The outcome is not a matter of concern because the election result is widely anticipated. The banks merely need to see law and order in the lead-up to and the immediate aftermath.

Q: What happens if there is a change of government after the Ethiopian elections? Are our agreements with the government robust enough to continue with a new PM, or will there be a new negotiation process to go through?

Agreements stand regardless of who is a PM or Minister etc. And the project will be no less important to the country and region than it is today. It will still be largest single export generator in a country which has a trade imbalance and a hard currency deficit

Project Debt

Q: Having had a choice and in an apparently improving lending environment, KEFI decided against a bond. Will KEFI have more control, will there be a strict timetable and will there be built-in penalties for delays in payment of the capex funding?

It was wise to replace the bond deal with a bank deal. The pandemic has reinforced that. The terms of the project finance are conventional. Once one has satisfied closing conditions, the lenders must provide the requisite funds.

Q: Is the bank loan agreed and in place?

The terms are agreed and have been through their committees. Full finance close means final approvals by their boards, and those of TKGM and the contractors. In the meantime, we have preparations such as engineering, IFC compliance on social and environmental and establishing bank accounts in the international financial centres, which is also a first for Ethiopia.

Q: What happens between now and full financial close?

Project contract final pricing reconfirmations with all the fabricators.
Community resettlement preparations to hand over compensation to over 2,000 people on the mining licence area and many more affected by project in the surrounding district.
Banks final credit approvals and their reporting requirements.


Project Level Equity Funding

Q: Are you confident that the closing of local project equity will occur?

Yes, that is $58M from the combination of our Government and private partner, ANS
The Government has already closed and is spending its $20M
The Government is helping wherever it can because TKGM has suffered from some extraneous factors largely affected by the Governmen


Q: Does ANS have the money and what fallbacks are there?

ANS is a special purpose investment company founded by the five directors for an investment by 15 institutions and corporates. ANS signed a subscription agreement and approved all our RNS’s. If any individual ANS investor fails to close in any particular moment when all its conditions precedent for processes, documents, etc are satisfied, then other local investors are expected to cover them. The Government now works closely with ANS to ensure the public private partnership works for this high priority project.

Q: Can we expect all these time-consuming procedures before every tranche with ANS?

The first step is always hardest.

Posted 03 April 2020"

[chopper harris1] 03/4/2020 08:07

Adams out!!!!!

[jaylett] 03/4/2020 07:46

After being an investor for a decade and holding a significant number of shares that cost a significant amount of money, I absolutely love it when my polite and relevant emails are totally ignored by the company. Even if they can't tell me a thing, the very least I'd expect in 48 hours is a "thanks, now please do one" response, particularly at a time of market crisis when the shares have lost two thirds of their value in a matter of weeks.

The way this company treats PIs is an utter, utter disgrace. Where's the update on money in March?!

[cybaajak] 02/4/2020 14:05

@ Fart

His renumeration was £371k in 2018. We don't know what it was for 2019 and won't know until they publish the company accounts before June 30 2020.

The GM on January 6th of this year allowed a placing to raise £1,862,500 and the warrants issued at that time were for another £748,392 (IF ALL the warrants were actually issued and funds raised - With the stipulation that the share price was at or above 2p for 5 consecutive days BEFORE 30th April)

If the company was burning through £500k a month, on average, the warrants (IF EXERCISED) put enough funding in place for Kefi to keep the lights on until June. Without the warrants I would estimate the coffers are almost empty.

Going by previous efforts at fund raising Adams "usually" holds a GM middle of the year (17/18 it was before end of June but 19 it was a trifle late and held 2nd week of July) and fund raises coupled with awards for himself and BoD, are published then. Once again records show that between 50 and 80 million shares are shared between 5 or 6 of them.

Its all conjecture but, at a guess, without warrants.. he would need a fund raise within the next few weeks. With warrants (IF ANS pay up and the share price rallies, and holds above 2p), It will be announced at the same time as the AGM.

If anyone is thinking of registering objections on ANY of the motions put up for vote at the AGM... Wages, Renumeration and Share awards might require close scrutiny this year.

[pjj71] 02/4/2020 13:17

Have ANS started their next review of the review yet???

[tim_the_trout2] 02/4/2020 12:40

Just about sums it up.

TTT

[robjm66] 02/4/2020 10:11

Topical do not think the election was a ruse to play for a bit of time for ANS to pay their first tranche though in a way it would be nice if it was so as it would mean there is going to be no problem decoupling the progress for TK from the election.

Kefi might need a plan b (or maybe plan Z!) we can only make educated guesses at what it could be at the moment though till the next update.

[topicel] 02/4/2020 09:35

Rob - the election was a ruse. It has to be as it was not mentioned before when other deadlines were set that we were told about earlier in the year when it was fixed for May.

So moving it to September was never relevant as I said at the time. The denial of basic logic is what has gotten us into this mess ever since Harry began seriously telling porkies with his financing arrangement schemes, to make his dream of being a gold producer come true to show those at EMED he could do it, around 2017.

Clearly ANS will not have set up the infrastructure of the company until then, I would wager that much is true, to manage to allow them to spread the risk via smaller investors. Sounds familiar?

That is the kernel of truth we have I submit. We now need to see how Harry man's up and takes the wage cut and mothballs operations everywhere until that time and the 'unconditional' deposit is paid.

I don't think anything else is practical at the moment. Everyone must simply batten down the hatches.

Topicel

[robjm66] 02/4/2020 09:15

Need information on just about everything Laptop15 whether a partner is going to put money in or it is delayed, will progress still be tied to election even after date for election cancelled, what is the situation in the KSA are the drill rigs still in operation if so what are the further drill results, is the company going to pivot to the KSA side apart from that we are fully informed :-)

[jaylett] 02/4/2020 09:05

Plague
Pestilence
Famine
Death
Placing

[laptop15] 02/4/2020 08:49

What news is due here guys??

[chopper harris1] 02/4/2020 07:45

Even Harry wouldn’t dare contemplate doing something like that.

A dilutive fundraising is inevitable in the very near future but an accompanying consolidation?????

Harry would be finished, as would the ‘investments’ of most of the rest of us. Especially when the last 17:1 consolidation with its accompanying eye-watering dilution is still reasonably fresh in the memory.

He should seriously consider his position. He and his BOD colleagues can’t keep paying themselves these excessive salaries while the company stagnates and the coffers are drained at an alarming rate.

[cybaajak] 02/4/2020 07:21

Well.. the Chair issued himself with 11.5 million warrants exercisable at 2p by 30th April recently.. and multi millions to each of the Board of Directors under the same conditions at the GM on 6th January.

At the time it seemed excessive, given the wages bill was already spectacular in relation to achievements.

Of course he hadn't valued in the Market crash, Covid19 and Ethiopia shunting the elections right field.

Maybe ANS does have the right idea.

Of course to get to the 2p mark and remain there for the requisite 5 days will take some juggling act IF there is a dilution incoming.

[sweetwaters] 01/4/2020 22:11

All shareholders who thought HarryA and Kefi would confirm ANS investment into TKGM today please raise your hands.

I didn't think so...

(All other companies with a defining business impact of coronavirus or other material event have provided a business update.)

Kefi amateur hour continues. Walk away from TK, eliminate costs, well past time for HA to move on for Kefi and his own sake. Revert to Jeff Rather in charge and run the business as discovery research, yielding up Jorc for others to develop.

All those with share options and warrants must be sick of this.

[riotinted_specs] 01/4/2020 15:05

Much if not most of the initial first year of work is not in Ethiopia. It involves large mining equipment fabrication elsewhere. This was pointed / singled out in one of Harry's recent interviews or webinars. So we can get a start as manufacturing returns to normal in Coronavirus nation states who are past the worst of it

[highly geared] 01/4/2020 13:48

It takes time to present eloquent , opaque and obfuscating narrative; re packaged for the umpteenth time. Give the guy a break.......

[mam fach] 01/4/2020 13:35

That is very possible. But we invested because we believed company had a future.
Time will tell who was right
Keep well, keep healthy never mind about being wealthy.
GLA

[space_bob] 01/4/2020 12:13

Why is anyone still invested in this scam? You know there's another RNS coming with some BS excuse which will take the price down to under 0.5p. The whole business is likely to fold by the end of the year.

[mam fach] 01/4/2020 12:01

Silence is deafening.