Pensana Share Discussion Threads

[mhssh] 10/7/2023 17:37

At least he has had a fat salary/bonus plus, doubtless, a raft of perks, so we need not cry for PA.

[mwj1959] 10/7/2023 17:27

ALK weakening too, so PA's net wealth disappearing down the proverbial.

[mhssh] 10/7/2023 17:11

The way the share price is going the company will very soon have nil value. The market has a habit of getting these things right.

[johnjames876] 10/7/2023 17:08

5p placings

[johnjames876] 10/7/2023 15:39

10p placing

[wiseacre] 10/7/2023 14:28

i gather the company is content for all the weak holders including those subject to margin calls to be shaken out.

[roundthetrap1] 09/7/2023 16:09

Mumbles. The $80M is still subject to DD but one would hope at this stage with the FSDEA commitment it should just be box ticking. PRE are not in a position to dictate investment terms. I believe a key statement of the RNS is "The purpose of the proposed investment is to facilitate the immediate development of the Longonjo mine and to provide the necessary support for the proposed project debt facility". It is FSDEA support for the project (Longonjo), not Saltend. Once work on site gets underway and visible progress made, it could help PRE in their discussions with the UK Govt for support for Saltend, which at the moment seems lacking. There seems no doubt that FSDEA have made the short term outlook rosier for shareholders. PRE should now table the economics of the Longonjo development as a stand alone project together with a construction timetable.

[dumbpunter] 08/7/2023 12:56

RNS did not say the 15milluon was in the bank, it said subject to certain loan conditions.
What those are is not specified.

[mumble1311] 08/7/2023 03:39

Just been posted on LSE, The facts are: The actions in the last RNS are happening - 15 miilion in the bank and being used in Angola 10 million in the PLC account, covering the immediate liabilities and funding G and A costs ABSA loan approved pending outcome of Due diligence. (The uncertainty) A funding arrangement for Longonjo where the equity part of the 80/120 million is in place The company is not falling over any time soon. Regardless of past performance and I’ve been critical in the past, but always focussed on whether the outcome despite the missteps is likely or not likely. At the moment the project has never been closer or more likely to happen. Whether that is due to the Angolans taking over the show or not Pensana still own 85% of Ozango. If the Angolans wanted to play hardball they wouldn’t have fronted the 5 million along with M&G after the disaster of the interim (how in hell that got released in the way that it did still baffles me). Supporting the view that they have confidence in the local LJ team headed by Tim George and their ability to execute the project. The above does not justify the current price action. I subscribe to the view that there has been a flood of shares onto the market from leveraged shares being closed out. Ie Shares purchased on credit with the hope of making a quick killing. The facilitators of these arrangements will never take risks, once the collateral shows signs of being underwater the position is closed out. This current debacle is the fallout from the share price collapse after the interim, and the consequent erosion of the collateral that was put in place and the inability of the holders to meet the margin calls. The market will settle, because there are NO reasons as far as the company progress is concerned or any insolvency questions to justify the current position. So it must be another reason. In which care it will resolve itself SOONER rather than LATER

[roundthetrap1] 07/7/2023 16:19

So FSDEA finally told PRE "use it or lose it" They, and presumably M&G, got fed up with the promotion and BS of Saltend and said develop the asset you have rather than promote a pipe dream.Get rid of the photo shoots and start mining! PRE had to ditch the BFS because they did not have a reserve (subsequently produced in August '22)and told the gullible that FEED was the way to go. But now they claim the reserve was part of the Longonjo Feasibility Study. If there is a FS, post the relevant detail on the website. Why does the project need more due diligence? Allegedly they were near to finance two years ago - surely ABSA et al have all the info they need. More mandation? The PRE Board and management have lost any credibility they might once have had - no one has been involved with the successful development of a project.In April production was 45000tpa but now it is 38000tpa but with the same 4400t of NdPr Ox.??? PRE Board and mgmt need to recognise their duty is to shareholders and focus on delivering a project!Can TG elaborate exactly how Trafiguras recent announcement will benefit PRE in the next 24 months.

[anthonyspencer1] 03/7/2023 19:28

I see what people have been saying now. More talk and then change in direction or failer to deliver as per orginal stated. Big loss in confidence. Anyone want to buy any shares, going cheap. :-)

[dumbpunter] 27/6/2023 17:58

Funding saltend is impossible. If they build the mine they can feed it and pay for Saltend with the offtake.Thats 5 years before saltend can start.

Assuming the bank can fund the loan to build a mine as they have been "mandated".

[mhssh] 27/6/2023 17:48

But, of course, it says nothing about Saltend

[bigwinloser] 27/6/2023 17:00

Looks like positive news:https://pensana.co.uk/wp-content/uploads/2023/06/Pensana-LSE-Announcement-_Funding-Update-27-June-2023.pdf

[mikethebike4] 27/6/2023 16:49

good news ?

[mikethebike4] 27/6/2023 11:47

all well and good but where's the major funding ?

[mhssh] 08/6/2023 17:59

Sadly we have heard those very same words before, but let's be positive and say this time he will deliver! I guess he could push that to 8.6 weeks as that would be 0.1 of a week short of becoming month"s". So D day is circa 7th August. Put it in your diary!

[wiseacre] 08/6/2023 16:26

At the AGM Atherley promised the completion of the financing for Longonjo will be completed "soon" which, he said, means a matter of weeks not months. The two major shareholders will participate.

[ioon1] 20/5/2023 20:21

Please forget current share price without major progress on the funding news ... there is always a fair value ( 77p according to Morning Star )

[mhssh] 17/5/2023 16:40

There is to be an expose on British Volt later today or tomorrow on Sky. It seems it will be critical of the government lack of support (but also likely critical of BV). Maybe, just maybe, it might lend some impetus to the whole issue of support for new tech industries, could it help PRE?

[mwj1959] 09/5/2023 08:55

Don't disagree that there is further dilution coming!

[mumble1311] 08/5/2023 18:08

Mwj, you're right that it isn't signed sealed and delivered. However my comment was regarding how the balance needed to be financed and that fairly substantial dilution was inevitable. For there not to be, there would have to 100% leverage, which isn't going to happen. Regardless this is the only only route open. But the higher the share price the lower the dilution.

[mwj1959] 08/5/2023 17:38

Mumble...Not sure the company has raised $325m so far. This is what they announced in early April...
"The Company has been engaged with three parties to provide the required funding; namely the previously announced US$175 million bond issue being arranged by ABG Sundal Collier, for which the Company has received green bond accreditation from CICERO rating agency, a $220 million strategic equity investor which is before its investment committee and a $150 million debt package being arranged by a South African bank."
...progress definitely, but not in the bank yet by any means.

[mumble1311] 07/5/2023 12:45

a few points, the top 20 shareholders list is a pointless exercise. it mainly a list of nominee accounts within which the free float is contained. After the last capital raise is confirmed, the total shares in circulation will be in the region of 285 million. of this 38.6% will be owned by M&G and the Angolan Sovereign wealth fund. consequently the free float is 175 million or 61.4%.....

Dilution: Pensana has little equity of its own, and a $550 million project to finance of which the company advise they have raised $325 million from debt (bonds and bank). ie, the company needs to raise an additional $225 million. either by Strategic investment in the OPCOs, or by a capital raise at Pensana level or both. there WILL be significant dilution either of the share price if by capital raise, or subsequent cash distribution if done at OPCO level. Just do the math.

The only question is, "what will the share price be when the capital raise is need", as that will determine the dilution.

[mikethebike4] 07/5/2023 11:37

I think 'total ignorance' is a bit harsh

I just hadn't followed through the implications of the recent actions by the 2 organisations !