Medusa Share Discussion Threads

[pigeonfeeder] 16/9/2022 20:17

The original S249 notice has been withdrawn but the company has announced that as expected Vitrinite have notified the company that they intend to issue a new S249F Notice of Meeting.

[geckotheglorious] 16/9/2022 09:13

Thanks for all the updates chaps, especially you Polaris.
:)

[c9ajl] 15/9/2022 18:34

Confirmation of Withdrawal of 249F Notice of MeetingHttps://uploads-ssl.webflow.com/625624dea6f87c59c23b175d/6322564e39a619bbcc27037a_220914%20_confimrationofwithdrawalof249Fnoticeofmeeting.pdf

[pigeonfeeder] 11/9/2022 18:40

I emailed Arbiter Partners who advised the following:

"It is a delaying tactic by X64 even though they know it is flimsy. They are arguing a technicality that Arbiter Partners owns the shares across a few different accounts we manage so technically Arbiter couldn't call for the meeting. Rather than facing unknown delays and incurring unnecessary legal fees for both ourselves and X64 if they tried to challenge in court, we just withdrew the notice and will make changes. It may be small in the grand scheme of things but every dollar they waste on legal fees trying to find some loophole is another dollar that doesn't get returned to shareholders. "

I don't understand why the company don't simply respond to the Convening shareholders.

[polaris] 09/9/2022 08:10

Seems this was an attempt to gain control of X64 by ‘not entirely above board’ means. share price has already recovered by almost 20% from the low. Shame I had no further cash available to add. There is a long way to go to reach anything like fair value.

[c9ajl] 09/9/2022 07:23

249F NOTICE OF MEETING TO BE WITHDRAWNHttps://uploads-ssl.webflow.com/625624dea6f87c59c23b175d/631aaf56059f5537d6b49965_220909_%20249fnoticeofmeetingtobewithdrawn.pdf

[bushtuckaman] 09/9/2022 05:31

Cheers for the continued analysis Polaris.

News below





I've also finally managed to get Advfn to merge the old MML chart data with the new X64 ticker.




free stock charts from uk.advfn.com

[polaris] 07/9/2022 06:49

Suddenly all those financial websites have the 'correct' information listed, even though the FY22 results are not yet audited. That means the P/E shows as near 25, as NPAT was low. They even have the dividend listed. Can't show there the missing $17.2 M in profits for the year from non sale of gold and the $12.5 M in acquisition costs, never mind the cash. P/EV for FY22 on actual results is under 4, under 1 in reality.

[polaris] 06/9/2022 07:07

Seems the current board is going on the offensive. I did feel the reasoning for the 249 was a bit light and subjective at best. Let's see what this round of jousting gives. Looks like someone trying to keep a lid on the share price recovering.

[glavey] 06/9/2022 06:07

X64 update:

[polaris] 05/9/2022 21:31

#38640 is also relevant. I predicted AUD$0.25 eps back then. If you take the gross profit of $41.8 M and shares at 228 M, take a 15-20% tax level then it's pretty close to this eps given exchange rate of 0.68:1. The consolidated results are more like AUD$0.02, clearly BS given the unrealised gold sales from FY22 production and costs associated with asset acquisition. (Sigh)

[polaris] 05/9/2022 21:15

My posts #38644 and #38647 are oddly prescient given last few days action. Makes me wonder if someone on the current management team might actually read this stuff, or have it passed back. If so, get the buyback restarted ASAP. Get some shareholder value by pushing the positives. X64 should be trading at a p/e above 5 plus cash. On the actual operations that comes in 2-3x current share price

[polaris] 05/9/2022 20:51

That is possible but I doubt they would cancel dividend. Welker was all for buybacks and giving shareholder value, apparently. If X64 can make some buybacks too between now and the meeting, I feel that concert parties will not prevail, unless they try to make things look worse than they are. Note that CFO was removed from removal notice, then results were 'rubbish'. Linked?? I'm thinking yes.

[glavey] 05/9/2022 19:19

Your ultimate comment is certainly true, although I'm tending towards a view that this particular 'new venture' may have found Medusa instead!

Just musing, on the matter of the dividend are things the same in Aus. where it could be cancelled if "Convening Shareholders" were to prevail and were so minded to convince the board?

[polaris] 05/9/2022 16:40

Nothing in particular so far. Until some proper drilling then very hard to tell. X64 issued 20 M shares for the rights so they can't be worth much. 16 M of those are ring fenced for 24 months to ensure an orderly market. Gives time for drilling to see whether we bought a dud or not. They've not been too successful in finding new ventures to date...

[glavey] 05/9/2022 15:24

Polaris, have you a view as to the quality and potential of the Drummond Basin assets?

[polaris] 05/9/2022 08:45

I take it you don't know that posting the full announcement is a violation of the copyright rules for ASX and ADVFN. That's why I posted the link earlier... and some analysis of what it means.

[killing_time] 05/9/2022 08:33

FY2022 Dividend of 5.0c per share declared
(ASX: X64)
Board declares an unfranked dividend of A$0.05 per share

Didn't know, Thanks Polaris

[polaris] 05/9/2022 07:49

Note this announcement also states the underlying profit for FY22 at $41.8 M and acknowledges the strength in growing the cash pile despite cap ex requirements. All we need now are buybacks to go through with the increased volume and great price to mop up sellers. My guess is this will force the hand of the concert parties into corporate action. Could get interesting.

[polaris] 05/9/2022 07:24

Someone was fast. A 120+k buy went through between announcement and close of market.

[polaris] 05/9/2022 07:22

hTTps://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02564109-6A1107994?access_token=83ff96335c2d45a094df02a206a39ff4Here it is. They will also consider buybacks. Bottom reached?

[polaris] 05/9/2022 07:18

Board fired next shot. It just announced a dividend of AUD$0.05, to be paid from cash reserves. They are trying to get people to look at the cash pile. Let's see how the market reacts tomorrow. Anyone taking more than a cursory look will see the current producing mine is near free carried!

[glavey] 03/9/2022 04:32

boadicea,
I think you may find that only one, that of the 30/06/22, originated from computershare.com.au and that message may be the same as I referred to in post [38675], which has the missing link and the unusual embedded 'reply to' function.

[glavey] 03/9/2022 04:26

"still wonder about who actually made the decision during the last quarter to not sell gold"

Well, it was a policy shift and I don't think one needs to look much further than the 'new chief' (PRW) who came to be in charge during that last quarter, do you?

[boadicea] 02/9/2022 14:45

As a long time shareholder I have been following the company's recent announcements with increasing consternation and have been pleased to find many well researched contributions on this thread. I certainly have on-line contact through Computershare Australia's ISH arrangement with the company and assume the emails I have received are a result of registration. (Usefully Computershare will now credit dividends direct to a UK bank account rather than by cheque requiring negotiation and charges.)

For those that may not have received the emails I attach below a list of those received from the end of June and can post contents here if anyone requests.

In addition, I have today received from the contenders by post, proxy forms for the 28 Sept meeting with supporting literature. I assume a riposte from the incumbents will follow.

I may be dubious about existing management but am even less inclined to vote for a pig-in-a-poke alternative to steal the company (remember MIRL?).

I shall continue to read this thread to check for any continuing guidance.

Emails received-
Shareholders will have received a number of company communications
30.6.22 Ten Sixty Four Limited Announcement
5.7.22 Termination of former Managing Director Paul Ryan Welker's executive service agreement
6.7.22 Achievement of FY 22 Production Guidance at Co-O
8.7.22 Subject stated as "Achievement of FY 22 Production Guidance at Co-O" but contents actually headed as "Supreme Court proceedings by former directors and executives"
20.7.22 Underground Fatality
22.7.22 Notice 203D(2) and 249F
17.8.22 FY2023 Gold Production and Cost Guidance
17.8.22 Update on notice received under sections 203D(2) and 249F of the Corporations Act
29.8.22 Information For Shareholders regarding notice 249F
31.8.22 Preliminary Unaudited final report & Appendix 4E for the year ending 30 June 2022