Share Name Share Symbol Market Type Share ISIN Share Description
Keras Res LSE:KRS London Ordinary Share GB00B649J414 ORD 0.1P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.035p +10.00% 0.385p 2,079,947 16:29:08
Bid Price Offer Price High Price Low Price Open Price
0.35p 0.42p 0.39p 0.35p 0.35p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining -1.25 0.18 2.1 8.8

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Trade Time Trade Price Trade Size Trade Value Trade Type
15:27:260.37500,0001,849.50O
15:25:490.36500,0001,775.00O
15:24:480.371,000,0003,680.00O
15:13:040.3575,305263.49O
07:00:160.334,64215.43O
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Keras Res (KRS) Top Chat Posts

DateSubject
17/8/2018
09:20
Keras Res Daily Update: Keras Res is listed in the Mining sector of the London Stock Exchange with ticker KRS. The last closing price for Keras Res was 0.35p.
Keras Res has a 4 week average price of 0.32p and a 12 week average price of 0.32p.
The 1 year high share price is 0.53p while the 1 year low share price is currently 0.29p.
There are currently 2,289,133,439 shares in issue and the average daily traded volume is 934,844 shares. The market capitalisation of Keras Res is £8,813,163.74.
01/8/2018
18:48
rec0very stock: dunklemann, We all buy and sell shares for our own reasons. As you are relatively recent, naturally it is CAI that attracted you. CAI is the main story at the moment. It is plodding away nicely and whilst nothing is guaranteed in this game, there is every reason to believe that there will be a resource in excess of 1MOz announced around Christmas with further exploration upside and that around the time KRS's shares come out of Escrow in Jun 19 a viable PFS will be on the streets. KRS will have the remaining performance shares converted to ordinaries and we will get them distributed to us in just under 12 months time. At that point I would expect the CAI shares to be trading between 5 and 6c. Togo is a bonus on top of CAI. My view is that if nothing has happened by the time the CAI shares are distributed, KRS should be shut down, as there would seem little point continuing to pay PLC costs. However I think you underestimate just what a bonus Togo would be. The overall value of it could far exceed anything we would get from CAI. More importantly it could deliver significant near term cash flow - no more placings to keep the lights on, money to pursue other projects and in a few years a dividend! I would not put figures on it like zhockey, but he is absolutely right that the recent news moves it from being a possibility to being a probability. You seem to imply that the main job of directors is to promote the share price. I see the main job of directors as being to run the company so it delivers real value for shareholders. Dave is doing that at CAI and Russell is doing that at KRS. What he has managed to negotiate on Togo is pretty miraculous in the current climate. The only real fly in the ointment remains the useless Togo government. If Russell does pull this off, then I am going to have to apologise to him next time I see him for the hard time I gave him at the AGM.
23/5/2018
11:57
dunkelmann: The Special Resolution at the AGM allows for issue of shares with a maximum nominal value of £600,000. ; Here is a "what if" scenario if they were all to be issued now. Assumptions 1. Keras' share price 0.3p 2. New issue price 0.3p 3. New shares issued 6,000,000,000 4. Keras' debt £347,000 5. Togo Value £0 6. Calidus' share price AUD 0.41 7. Next (last) tranche of Calidus bonus shares are excluded 8. Exchange Rates AUD To GBP 0.564 USD To AUD 1.326 USD To GBP 0.784 Nominal Value Market Cap. £6,785,400 Capital Raised £1,800,000 Market Cap. plus Capital Raised less Debt £8,238,400 Actual Value Value of Keras' current Calidus shares £10,599,464 Capital Raised plus Togo value plus Calidus value less debt £12,052,464 Value per share post issue 0.42p. So an issue at 0.3p would be a bargain.  Also they are allowing for a rights issue, albeit that might only be a small part of the total issue. (Cross posted to LSE)
05/3/2018
12:04
dunkelmann: I usually post on LSE but I was inspired by the analysis posted here by Rec0very Stock and copied to LSE.  So I re-joined ADVFN after a long absence. I have been keeping a valuation spreadsheet for Keras since last year and publish it occasionally.  The current version PDF can be found at: hxxps://goo.gl/GpF1B6 I have valued non CAI assets at 0.  Note well, there is *no* guessing at future values, so unless Calidus drops in price significantly, this is a baseline around *current* prices and known share amounts.  I have built in a little dilution effect for the performance shares and warrants, but the last tranche of performance shares had negligible effect on Calidus price.  It may be different when they all come out of escrow.  Disclosure to Rec0very Stock: my wife and I own more than 1% of Keras, so I hope we can combine our efforts to raise awareness.  I appreciate your analysis, thank you.  I could build in "what if" scenarios based on it, possibly, but I would need more information on Keras Group structure and future dilution. Keras Resources Valuation Summary, based on current prices and resource estimates. Date 5 Mar 2018 Keras Share Price AIM (Bid, GBP) 0.00325 Calidus Share Price (Bid, AUD) 0.0410 Keras CAI Shares Value (GBP) 10,524,290 Keras Non CAI Assets Estimated Value (GBP) 0 Keras Total Value (GBP) 10,524,290 Keras Market Cap. (Bid, GBP) 7,350,850 Discount 30.2% Upside 43.2% 5 Mar 2018 Keras Total Share Value (GBP) Based On Current CAI Market Cap. 0.0047 Based On Bell Potter (BP) CAI Valuation 0.0070 Based On BP with Actual Indicated Resource (BP+) 0.0062 5 Mar 2018 Calidus Value Per Keras Share (GBP) Based On Current CAI Market Cap. 0.0047 Based On Bell Potter (BP) CAI Valuation 0.0070 Based On BP with Actual Indicated Resource (BP+) 0.0062 (It is the same as above since above has 0 value for non CAI assets.) 5 Mar 2018: Post Performance 2 + Options, Keras Total Share Value (GBP) Based On Current CAI Market Cap. 0.0058 Based On Bell Potter (BP) CAI Valuation 0.0085 Based On BP with Actual Indicated Resource (BP+) 0.0076
04/3/2018
13:01
rec0very stock: I have not heard back from DR yet, he is obviously busy, as he normally responds very promptly. I do not have time to do this next week, so here goes now and I will explain where the answer from DR comes in. Risk / Reward - the key to successful investing in anything. First start with the reward, if it is not big enough, there is no point continuing. The reward needs to be assessed as a base case that has at least 90% probability of being achieved or better. It also needs to be in a reasonably well defined timescale, great if that is a firm date, but more often than not it is an event you expect to happen. With KRS there is a clear date to go against and that is when CAI shares come out of escrow. The commitment has been made to distribute them. KRS may need to sell some in the market to provide funds for KRS and we get our fair share of the rest. That will happen in Jun 19. What I expect to happen prior to Jun 19, as a base case, is: the resource to be upgraded to at least 1 MOz giving a 7 year plus mine life. The PFS should be produced by Jun 19 and KRS should have converted all CAI performance shares to ordinary shares. On this basis the ratio of KRS held to CAI received will be impacted by dilution of KRS (the number of CAI shares owned by KRS is fixed (more on that later), the number of KRS shares in issue at Jun 19 is not fixed. There are just over 200m warrants outstanding. All massively underwater at the moment at roughly 0.5p = £1m to KRS when exercised. Some time before Jun 19 the market will wake up and it should be assumed that all warrants will be exercised when profitable to do so / before distribution of CAI shares. The current ratio is about 3 KRS to 1 CAI. The price of CAI shares at Jun 19 is undetermined. If the resource and PFS is as expected in the base case, then they should be well ahead of where they are now, but further funding will be required to move from upgraded resource towards the end on 2018 to PFS by Jun 19 hence more CAI shares will be issued. It is possible, but fairly unlikely that KRS could take part in this placing. For the sake of the base case, I am assuming 3 to 1 and CAI share price of 5c (ie just above where it is now) as a more realistic price above 5c would counter balance a less favourable ratio. The reward per KRS share is therefore 1.7c or 1p at current exchange rate (there is always exchange rate risk and price of gold risk which we can all assess for ourselves and I will not cover further in this assessment). In the base case I have assumed no Mn Licence and nothing on Co/Ni or any new projects. There is clearly potential large upside to this. Mn is currently at $6.8 dmtu FOB Port Elizabeth and we have been told KRS could produce, within about 9 months, at less than $2 dmtu FOB Lome. The upside from CAI price being significantly higher than 5c is obvious. KRS holders will have a choice in Jun 19, they can sell their KRS shares before distribution or they can take the distribution and sell CAI on ASX or they can hold CAI for further upside. If none of the other projects are moving, then I would suggest KRS does a solvent liquidation and ceases trading on AIM shortly after distribution, but that is very much TBD at the time. In the base case, I assume all reward comes from CAI and nothing from the remainder of KRS. Having established the base case reward - 1p, and cognisant of the upsides, it is time to look at the risks. We only need to look at the risks of base case not being achieved. These are: PFS not completed by Jun 19. Possible, but they would still have 1 year to complete before the performance shares lapse, so we are talking about a delay in the reward not a reduction. I would guess the distribution would be delayed until all performance shares have been converted to ordinary rather than do 2 distributions. PFS shows project is not economically viable. From what we know from drilling so far this is possible but highly unlikely. This is the risk to consider as more drill results are released. There is nothing that we can do other than take a loss on selling KRS before Jun 19 to mitigate our exposure. The impact of this risk materialising could be total loss of all reward, though some of the other potential upside outside the base case could replace the full reward and more. KRS Dilution. The warrants have already been mentioned. If they are all exercised in the right sort of timeframe, I do not see a need for dilution to keep the lights on at KRS, which is effectively in hibernation. Should the Mn licence be granted, funding will be required and there are a number of ways that can be achieved. I think it is fair to assume that any dilution at PLC level will be more than matched by the increased reward. The problem is whilst the market continues to ignore us, warrants won't be exercised as they are underwater and a long way from being time expired. When I had a quick look at the results, the cash position was as dire as expected. It has had a small top up placing since, but will not last until Jun 19. I read the full annual report in more detail on Fri. The first thing I noticed was it kept talking about company rather than group, indeed group figures are not even there. The group figures would be consolidated, so money owed by subsidiaries balance out with money due into the company. The company figures have a current asset of about £1.4m against loans. These loans are zero interest, supposedly payable on demand by subsidiaries. One of those subsidiaries owes £1.2m. It has been disposed of for nil consideration, presumably to other shareholders of the subsidiary, but it is owed money from those shareholders in excess of the £1.2m owed to KRS. So the question I asked DR, which he has not responded to but I will let you know what he comes back with, is: If KRS demanded repayment, would the money actually arrive? If the answer is yes, then I see the KRS dilution risk as zero. Please come back on any of this in a constructive manner - this is a discussion board. I am going to the AGM and will try to get as much detail as possible to further inform this. But for now this is how I see the risk / reward case. I have not fully decided whether I am going to take advantage of the market ignoring us and top up on my 19.5m shares, but I have liquidated a position in another stock so I could do so. Really I ought to keep all this to myself, but I value other opinions.
27/1/2018
11:25
rec0very stock: I recently bought a small stake in AAU. I am expecting a quarterly update next week. Hopefully it will be as expected regarding production quantities in both Au and Ag. Recent rises in the market price of both should then propel AAU share price forward. I am already slightly ahead on my AAU buy, having covered the spread and dealing costs with a little profit to spare. If AAU really takes off on a better than expected announcement, I may sell later next month and buy more KRS. KRS should produce its annual report sometime next month (it is normally Feb when it comes out, though they have until 31 Mar to produce it) I am expecting the annual accounts to show a very significant profit on disposal of KRS Australia to CAI. I expect that profit to wipe out most, if not all, retained losses. This will not be a cash generating profit though and will only add to non current assets in the balance sheet. I also expect a firm commitment to be made to distribute CAI shares to KRS shareholders, once out of escrow in just under 18 months time. CAI share price has not reacted to recent Au price rises. This is unsurprising as production is so far into the future, current price is totally irrelevant and there is not a PFS NPV based on an assumed long term Au price to compare NPV at current price to. KRS TOGO Cobalt is completely irrelevant, as it is so early stage and there is no cash to fund development and no guarantee that should money be spent proving up the asset a mining licence would be granted. KRS TOGO Mn is potentially a game changer. If / when the licence is granted, provided funding can be raised for initial production, then in about 6-9 months KRS could be cash generative. At the moment, and this will still be the case post annual report production, KRS is burning cash, has a tiny amount of cash and has no way of getting more cash other than issuing more equity. Another placing is inevitable at some stage. If the TOGO Mn licence comes through, then the fund raise for that should cover KRS PLC costs too and it should be done at a much higher price than current. Even without the Mn licence, I would hope that the annual report, provided it is as I expect, will drive a rerate. Sellers should clear quickly, though there are a large number of warrants which could be exercised and sold. These are all at higher prices than current and it is possible that they may provide enough cash to defer the placing until much later. If the market just shrugs at the annual report and we do not see a rerating, then I will investigate how I can take part in the next placing.
24/8/2017
09:40
sharpshare: Corrected and Updated with 2,195,133,438 shares in issue from 13 June 2017 RNS Calidus Resources, CAI, traded about 24m shares between 3.5c and 4c on ASX today worth over AUD 800,000 in over 250 trades. Correct me if I am wrong KRS holds 225m CAI plus 250m A performance shares plus 275m B performance shares so if things go well KRS should hold 750m CAI or 0.74p to 0.84p per KRS share using 2,195m KRS shares in issue and todays ASX low and high prices. current KRS price 0.35p bid 0.45p offered Lot's of excitement on ASX! KRS might in future decide to give a div in specie of CAI shares to KRS shareholders.
13/4/2016
16:27
cpap man: Yup tom111 so keep BUYING any dips in the KRS share price!
11/4/2016
16:40
cpap man: The much more likely answer lamanai is that those SHARD CAPITAL PARTNERS warrants are or perhaps already have been forward sold causing the short term dip in the KRS share price. As i stated in recent posts there will of course be ups as well as downs [as nothing moves in a straight line] on the way to 5p+
09/4/2016
12:51
cpap man: I note further subtle de-ramping RS in your follow up post. You are the one who needs to get a grip and fast at that! You have posted so many if's and but's....however i am with Brian Clough on this one...."if me auntie had balls she'd have been me uncle". Also i simply do not agree with [see below - copied from your post above] this statement as every drop is still bringing out aggressive buyers of KRS i.e. any dips in the KRS share price are being bought. "It is clear from most recent trading that the rise is running out of steam and a retrace is on the cards." Perhaps you would do well to take some [see below - copied from your post above] of your own medicine? "You would do well to shut up and learn so that maybe one day you will be able to contribute constructively with sensible and realistic analysis of your own, rather than mouth off and demonstrate that you know nothing."
24/3/2016
21:30
cpap man: LOL no thanks nash81 - KRS is the place to be with the charts pointing towards a minimum KRS share price of 3.5p
Keras Res share price data is direct from the London Stock Exchange
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