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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Marakand | MKD | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 5.10 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 5.10 | 5.10 |
| Top Posts |
|---|
Posted at 22/10/2007 13:09 by otd What I learned: Sell as soon as management, institutional investors and selected pi´s get a 3:1 deal.It was not only political risk (even when this was the most important reason). MKD has been used by OXS as change for other deals and the interests of pi´s were ignored when selling the last properties (Turkey) that MKD owned. It looks as if MKD ceased to be an independent company after the 3:1 deal. All IMHO .... |
Posted at 12/10/2007 10:50 by pecker1 nobull,Khandiza was effectively and arbitarily expropriated by the Uzbeks and OXS couldn't make a fuss for obvious reasons. However such action is not without costs to the Uzbeks. There is always a slim possibility that the Uzbeks will realise their behaviour sends out all the wrong signals to foreign investors and so might give MKD a slice, albeit smaller, of the action. |
Posted at 26/4/2007 22:09 by otd True, there is a chance that everything will be OK in the future, but the keyword here is ´chance´. Why would selling these properties to KazakhGold improve the chances of being involved with Zeromax? Do you think that this chance increased due to this deal? Why? In my view it makes no sense for Zeromax to give a share to MKD. If they want to give a share to a foreign investor why not directly to OXS? This would give Zeromax a larger indirect interest. OXS is also a much better choice, since they have the cash (and the ability to raise cash) to pay for the share and for further development.If you look at this deal seperately I can´t really see why it is a good deal. Probably the price is fair, but why would MKD sell its only concrete asset for a fair price? It only makes sense to sell such an asset if the buyer is willing to pay a high price. In other cases it would make more sense for MKD to continue developing the properties. I can see how Oxus, the biggest shareholder, profits from this deal as it is part of a larger deal between Oxus and KazakhGold. However, how the other MKD-shareholders profit from selling these properties for a ´fair´ price is unclear to me. |
Posted at 12/3/2007 15:21 by giant steps 3 for 1 would be very nice, the only fair compensation for MKD investors. |
Posted at 20/12/2006 21:27 by nobull Erik (and for the benefit of anyone else), my best guess is that any decent Board would want to give the Marakand minority a fair deal without annoying OXS shareholders through overpaying for the MKD minority. Offering the 3 for 1 deal at this time would involve overpaying, so there won't be one perhaps for quite a while. At some point news (good drilling reports in Turkey perhaps, or it might be something else) should lift the MKD price nearer to make a 3 for 1 offer or better possible? The advantage of a share swap is that even MKD holders who paid more than the OXS consideration offered could be induced to swap? (They wouldn't be crystalising a loss as in a cash offer, but would be getting the OXS upside instead?) When any such opportunity will arise, I don't know. The uncertainty of the timescales involved seem logically to justify MKD trading at a large discount to any theoretical 3 for 1 offer? It is understandable that prospective investors who don't trust the Oxus Board might not want to touch MKD shares with a barge pole because of the technical risk that Oxus could put the Receivers in and leave the MKD minority owning nothing? That also means the shares have to trade at a further discount? I DO TRUST the Oxus Board. I questioned them, and their answers seemed robust. So I am not worried anymore about my MKD. (I have not added anymore because I am crackers about another zinc project that I may be out of circle of competence on (investing in Iran: alarm bells, in a tiny company with no revenue streams: more alarm bells, with a Board of Foreign (Australian = Foreign for me) Directors: more alarm bells, whom I can never meet, with capital requirements that can't be satisfied both because of the quantity involved ($1.6bn) and because of no Western bank with the wherewithall wishing to displease the U.S. Govt.) and if that isn't bad enough there is the difficulty/impossibi I don't believe the conversation I overheard (about the MKD holders not receiving any offer worse than the convertees have already received) was price sensitive because NO TIMESCALES were mentioned. It could be a long wait. Usual caveats apply? DYOR? etc. Hope this helps. All the best. |
Posted at 07/12/2006 13:03 by otd Nobull,Thanks for raising this at the AGM. You raise many interesting points and a big concern is making a deal on Khandisa to win AGF2 (if possible). This is not unlikely, if you remember that: - Management are OXS-shareholders, not MKD-shareholders. Will they really defend MKD rights if that would be at the cost of OXS? It would make more sense to maximise the gains for OXS, even when this is at the costs of MKD. - Oxus plays an active role in management already. From the RNS of 28.9: ´Management has completed a review of its cost structure in light of the immediate exploration focus in Turkey, delays and uncertainty concerning the development of Khandiza and the increased Oxus ownership of the Company. Oxus plays more active role in the day to day dealings of Marakand.´. But also a number of things can be said against the negative scenarios: - Screwing the last few PI´s for a few pounds (just calculate how much OXS would save compared to a 3 for 1 offer for all investors) would not look good and hurt the image (which is already not that good). - It also doesn´t make sense to get the Turkey properties for Marakand if they intend to bleed MKD to death. - I am not an expert in UK-law, but I think it is not possible to transfer the properties to OXS just by not repaying the loan. I assume that management is obliged to look for alternatives first (maybe someone can help me with this) to raise money to repay the loan. - Last, I still believe in the good intentions of management, but not all signs are good.... |
Posted at 06/12/2006 23:36 by nobull Thanks Steve for your response. I may be wrong but it just doesn't seem a fair way to proceed. In the first place the only "advice" I got when I contacted the "Investor Relations" officer on whether I should convert was a slightly lippy remark of "well, please yourself" after I said I would probably not convert. Second I see with the benefit of hindsight, those who converted retained the upside of MKD and got rid of the downside. That wasn't something I learnt from talking to the Investor Relations Officer. Third if Khandiza development rights are not being defended vigourously e.g. to improve the chances of winning AGF2 that would be unfair and fourth it doesn't say much for the directors if they rescued themselves from a dud investment (they were close to the JV negotiations and perhaps had some inkling that things weren't going right) but failed to pass on their concerns to those who didn't convert, and fifth, as OTD says only active PI's knew what was going on. I shall certainly raise the matter at the meeting tomorrow. It is odd the share price of MKD should rise just before the meeting on zero news.It is also possible I suffer from sour grapes. We'll see tomorrow. The annual report for MKD has nothing to say about MKD's prospects. The securing of the Oxus loan on MKD's assets is totally unnecessary unless you expect the directors of MKD to be replaced by Receivers, who of course can't be controlled in the same way as A.S. can be, by the Oxus board. |
Posted at 06/12/2006 19:16 by otd By contacting the company after the RNS on the first conversion, it was possible to join the second. However, private investors were never approached by Oxus directly with this offer (as far as I know, at least not me). Also the RNS never said ´do you want the same conversion, contact Oxus´.You could say that everybody had the chance to convert. However, in practice it was only management, institutonal investors and a few active PI´s. P.S. If I remember correctly the ´downside protection´ is for a one year period. |
Posted at 30/11/2006 08:28 by giant steps Oxus find Uzbekistan partner, may be very significant." LONDON: 30 November 2006 - Oxus Gold plc ('Oxus' or the 'Company') (OXS.L) announces that it has signed a subscription agreement with Zeromax, Uzbekistan's largest private-sector company, that brings Zeromax into Oxus as a strategic investor and alliance partner. Zeromax has agreed to invest £12,255,000 through a private placement of 57,000,000 new ordinary shares at 21.5p per share representing 16.1% of an enlarged Oxus share capital base. Some 8,550,000 shares are being subscribed for by 6 December 2006, and the remainder shall be subscribed for by 10 January 2007 " |
Posted at 15/8/2006 22:04 by nobull It is a pity the risks section in the prospectus didn't state that rising base metal prices might increase the risk of approval for the JV being refused. Experienced mining share investors don't need to be told that?, and are capable of inferring it from " In addition, approval is required for the contractual structure finally chosen by Marakandfollowing its negotiations with Goscomgeology within the framework of the Primary Exploration Agreement for the mining activities on the Khandiza Deposit. Although the Directors are not aware of any reason as to why such a decree and subsequent approvals and consents should not be forthcoming, there can be no assurance that they will be forthcoming, or if so, on what terms." |
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