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16.0¢ universal coal plc

deal on the year, page-30

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presto72

3,244 Posts.

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03/09/14

04:51

Post #: 13914985
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Originally posted by SaberX ↑

I'm sick so I can barely read and keep my head on a screw, so I'll come back to this maybe on the weekend or tomorow... but i had a quick read...

So what I see that is interesting with ICHOR - the ord shares plus conversion of preference shares would put them just below 30% holdings. There appears to be the clause to prevent the warrants being exercised if it would bring them above 30% , so makes me wonder, how will they exercise the warrants and preference shares otherwise. I assume they would have to sell out the preference shares (at a profit) and exercise the warrants? Which is interesting? They aren't allowed above 30%, so I wonder if there is an exception for a takeover offer?
The shares on issue will be ballooning out close to the 500 million mark by the end of this though. HOpefully we can get a few projects and cashflow into production prior to raising too much more equity at diluted amounts.

Anyhow one thing I would say is I would not blame the sellers necessarily. As someone once said it is the lack of buyers or when they return which drives a price... no buyers, share drops, buyers, rises. The argument was always they held more weight than sellers, but whether you want to believe that... hmmm.

In terms of CDH topping up their investment - seems like they just want to keep their finger in the pie. Can't see much else otherwise.

So it appears the $23million covered by these issues will be matched by $25million debt to fund the remaining portions. This is meant to be covered by an offtake agreement, so I'm assuming the offtake will underwrite the provision of debt? Or do they ever have offtake agreements structured in place of debt repayments?

Lastly - Roodekops IWUL is pushed back yet again to Q4 2014... very frustrating. Clearly they don't have any say over the IWUL, and I wonder is there any basis to this new estimate? I'm sure they're just picking each next quarter until it finally does come in... without this there is alot more uncertainty in my eyes than finalising the debt funding half of NCC/Roodekop.

What is your detailed thoughts on the whole deal - apart from your general feeling that it was a great offer.

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will update in more detail but elisp pretty much bang on

just one key point....no more dilution...thats the whole jist of this deal

500m shares, 6.25mtpa built production with low gearing

worth more than 13.5c or $65m mkt cap no?

lets see what today brings

UNV Price at posting: 13.5¢ Sentiment: Buy Disclosure: Held
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