Ly Emu Small Discussion Threads

[suits you] 28/3/2011 06:18

dreggs

Interims must be published within 3 months of period end, with finals it is 6 months. For either suspension follows if not complied with, we are suspended anyway so there is no pressure to publish. It is possible they might issue interims as normal by 31st with a small update. Will just have to see

[dreggspicker] 27/3/2011 21:13

I would think interims are not enforceable in a aim, final results are a must though..........

[suits you] 27/3/2011 19:54

We are actually due interims by Thursday. So some news possible this week, unless they delay interims due to RTO activity.

[godolphin] 27/3/2011 10:04

That's before Firebird but gives a few figures. Max production at Witkop was 180k tonnes a year and Buffalo 70k tonnes. I suspect Buffalo will remain dormant for the rest of this year, since their fluorspar would be sold at 10-20% discount. I don't know whether the rare earths in the tailings are in enough quantity for a JV with a specialist company, might be an idea.

[borisimo] 27/3/2011 09:36

I wonder if there will be an update on the Tunisia drilling results/situation in April?

[godolphin] 26/3/2011 10:27

I guess so, April that is. They must have spoken to the company, though they seem to be remarkably ignorant of the $10m cash raising. I'm sure they will raise more money but hopefully not before listing and not under 3p.

[borisimo] 25/3/2011 11:14

Presumably then, the relist should happen in the early part of April?

Heres to patience...

[godolphin] 25/3/2011 08:56

Thank you suits. Could be an interesting year.

[devil20] 25/3/2011 08:46

That all looks good news. 'Finger lickin good' if I may say so! lol. Or 'So good' as is the new slogan.

[suits you] 25/3/2011 07:45

Wyatt even nicked my gag about KFC

suits you - 31 Dec'10 - 09:32 - 4118 of 4320 edit

Finally we have plans to become a producer, whilst hefty dilution, pretty sure there will be lock-in conditions tied to placings with Mac and F'bird. Always said once Firebird involved, RTO to follow. Took much longer than I thought looks like we have got here. With Sallies, a % of KFC ( no not Kentucky Fried Chicken)and also MMS's valuable in ground assets, looks like 2011 will finally be our year and about time too. Would not be surprise me to see an offer for all of KFC as well, at some point, wrap up all African Fluorspar production under one roof. GL to those that have been here for some years

[dreggspicker] 24/3/2011 22:44

I can see it doubling in the first few hours trading.............with or without any BB chatter.........

[suits you] 24/3/2011 22:35

Your welcome dreggs

What is a reasonable price? that is the thing. A consolidation, would reduce the shares currently in issue. Nearly all the new shares will be issued to Firebird for their stake in Sallies & KFC. An additional free float of shares may become available from those Sallies shareholders that MMS hope to capture, should they wish to sell up, once they have accepted MMS paper. All in all an interesting situation.

The BB has been relatively quiet. Think many are sitting quietly for the time being with fingers poised on buy button come lifting of suspension.

[dreggspicker] 24/3/2011 21:58

thanks suits,
I really am looking forward to the resumption of trading, wonder also if I can get a load more at a reasonable price, doubt it!!

[suits you] 24/3/2011 21:31

Wonder if the bit about raising £10M is just lazy journalism as they have already raised $10M or just some coincidence with the figure 10M.

[suits you] 24/3/2011 21:04

Perhaps Mr Wyatt has been reading my posts, sounds familiar don't you think.

From above article.

"The share capital of Maghreb is going to be monumental at the end of this deal so nobody should be surprised if there is some consolidation in the admission document, and possibly a new name "

[suits you] 24/3/2011 20:56

Hot off the press today

I have minesite access so here is the full story





STOP PRESS: Maghreb Minerals Will Shortly Relist As Aim's First Fluorspar Producer, At A Time When The Price Of Fluorspar Is Rising

News March 24, 2011

Maghreb Minerals Will Shortly Relist As Aim's First Fluorspar Producer, At A Time When The Price Of Fluorspar Is Rising

By Charles Wyatt

By the time Maghreb Minerals gets its listing back in the second quarter of this year it will be a very different animal. Towards the end of last year, agreement was reached for it to acquire a controlling interest in Sallies Ltd, which is a leading fluorspar company listed on the Johannesburg stock exchange, and which owns the Witkop and Buffalo fluorspar mines in South Africa. At the same time, Maghreb also agreed to acquire a strategic 20 per cent shareholding in Kenya Fluorspar Company which owns a mine of that name at Kimwarer in Kenya. Together the two deals were judged to constitute a reverse takeover under AIM rules, hence the suspension of trading in the shares and the long drawn out paper trail to complete the deals and produce a new admission document. The only people smiling at the end of all that will be the corporate team at Westhouse Securities. Management at Maghreb will be facing the long haul of introducing the new Maghreb to shareholders and marketing it to a new audience.
It was back in 2010 that Richard Linnell, chairman at the time, announced that the company was going to become involved in fluorspar, but it was Firebird Management out of New York, already a major shareholder in Maghreb, which stitched the deals together. Firebird manages nine funds focused on emerging markets throughout the world, and its investors are institutions and high worth investors from North America, Europe and Asia. Two of its funds held 66.9 per cent of Sallies' shares and Maghreb already had 11.4 per cent, so this combined holding will go up to 78.3 per cent once it has paid the consideration - 335.6 million of its own shares. At the same time Maghreb is also committed to raising £10 million by a placing and to persuading its shareholders to agree to all the proposals put in front of them.

In addition Maghreb has conditionally agreed to buy from Firebird its holdings in Sallies debentures and this will cost it a further 134.7 million shares. The directors of Maghreb must be very keen on getting involved in fluorspar, but they have every reason to be. It is one of those minerals that everyone has heard of, but few know much about. It is used in steel production to remove impurities, in the manufacture of glass and cooking equipment, and instead of glass in high performance camera and magnifying lenses. Most important of all it is used in the semi-conductor industry, which uses fluorite optical elements.

The Chinese effectively control the market, and until recently prices were since there has been a surplus. That has all changed now, as the Chinese introduced export quotas and tarrifs in 2008 and the latest news is that prices for Chinese chemical grade fluorspar have risen sharply over the past few weeks as a result of strong international and domestic demand and a lack of stocks. The actual rise in price is from between US$300 and US$320 tonne up to between US$350 and US$400 a tonne based on contracts with users. The reason for the range is that there is no terminal market, and hence no spot price. But Mexican fluorspar prices are mirroring this move, with acidspar filtercake rising from between US$290 and US$320 per tonne at the end of 2010 to the current US$350 to US$370 per tonne.

Not a bad time for Maghreb to get on board, and to be adding the Kenya project to the South African ones. Again, it is Firebird which is selling its stake in Kenya Fluorspar to Maghreb. The price has been agreed at 100.3 million shares with a further 15.8 million Maghreb shares due for Firebird's holding of KFC (no, not Kentucky Fried Chicken) debentures. The share capital of Maghreb is going to be monumental at the end of this deal so nobody should be surprised if there is some consolidation in the admission document, and possibly a new name.

The new name would signal beyond doubt that Maghreb had become a very different animal. Not only that, but it will become the fluorspar arm of Firebird, and to that end Nick Davidoff took over as chairman in January. He is an employee of Firebird and chairman of Sallies as well as a director of Kenya Fluorspar, and under his leadership Maghreb should have no problem in raising the £10 million required in this multi-deal transformation of the company. The only other fluorspar company listed on Aim is Patrick Cheetham's Tertiary Minerals which has the Storuman project in Sweden. Tertiary's share price has done very well since January following some very encouraging drilling results, but it is still at the exploration stage. Sallies has been back in production at the Witkop mine since last month.

Maghreb's chief executive Dunbar Dales flew back into London on Thursday afternoon, and once back on the ground was able to provide a bit more detail on Witkop. As part of due diligence for the acquisition he crawled all over the plant at the end of last year and came to the conclusion that a number of improvements were needed before it could be restarted. Modifications had to be made to the mill, and the primary crusher was in a bad state. But it has now been refurbished and is initially treating a stockpile built up last year, while mining gets underway. The Buffalo mine is still on care and maintenance and will remain so until the new team recruited by Dunbar is fully satisfied with operations at Witkop. Meanwhile he was also delighted to confirm that production will recommence at Kenya Fluorspar next week in time to catch the rising price of the mineral. Altogether he sounded a happy man, but whether he will remain so after a few days spent drafting the various documents required before the deals can be completed and the shares relisted is another matter.

[godolphin] 24/3/2011 14:28

Interesting bit in the "Additional SHZ Due Diligence Concerns", page 7.
Another fluorspar miner not able to produce the fluorspar they want or claim!

[suits you] 21/3/2011 23:44

Looks like you have a point there, mind you AIM seem to be able to bend slightly according to the prevailing situation.

As you say doubt it will come to that. Much depends on what is on offer to the remaining Sallies shareholders that held out the last time Firebird tried to take control.

On bending, MMS Board fell a little foul of rule 9 a while back. Usually the Panel would not normally permit a company to 'retrospectively' seek a waiver of its obligations under Rule 9 but the Panel exceptionally agreed.

A long RNS but it is all there.

[godolphin] 21/3/2011 22:15

The aim rules are very clear, there are no exceptions. I knew one stock that needed a couple of weeks more before the RTO and the SE cancelled it, meaning they had to go through a new admission. It only took a few extra weeks.
Anyway I doubt it will come to that. I'm sure if they're looking at more takeover activity they will want the shares trading otherwise we'll be stuck with issuing stock based on 1.5p again, and may even end up with another RTO!

rule 41
"The Exchange will cancel the admission of AIM securities where these have been
suspended from trading for six months.Cancellations are effected by a dealing notice"

[suits you] 21/3/2011 21:47

JP busy over the next couple of weeks.

[suits you] 21/3/2011 20:43

godolphin your 4307

Do not think that is quite true, the share is suspended due to the AIM rules on RTO corporate action. not due to any lack of accounts issued etc. 1st half year results due by end of this month. Will interesting to see if they are issued by 31st with perhaps an update attached.

BTW cannot see Tunisia situation has anything to do with corporate action currently under way, Afterall Tunisia is still on exploration status, drilling to further prove up resources. ( recommencing when local conditions permit ).

[suits you] 21/3/2011 20:28

Not expecting much on Admission document before Easter but will more than happy
if we do. Hopefully our Mr Gourley is currently fully occupied, using all his skills in mergers & acquisitions.

Still would not be surprised to see a Co name change to reflect the nature of the new business included in the admission doc.

We will of course have an EGM to approve the acquisitions which really is just a rubber stamp job, given Firebird's % holding in MMS.

Could imagine much will depend on the last remaining shareholders in Sallies and what deal Firebird (MMS) manage to secure.

Looks like someone else also had cast a glimpse over Sallies 4 years ago, before Firebird jumped in.

[godolphin] 21/3/2011 20:12

If they're suspended for 6 months then they will lose their aim listing and have to start over, more annoying than serious, since I'm sure we'd all like to see what the share price settles at. I assume there are issues concerning the JSE, unless they're just waiting for Tunisia to quieten down.