Hi @shellies,
If you do attend the AGM, would be good to understand what happened to the proceeds of the tenders announced late last year.
There were two Lulo tenders announced in quick succession. USD $15.7m on 13/10/23 followed by USD $17m on 11/12/23 for a total of USD $32.7m. These sales were additional to the regular ROM sales.
Where it gets confusing is that Lucapa reported a combined cash and receivables balance of USD $3.4m at 31/3/24, yet SML only paid part of the dividend due to Lucapa in Q1 2024 (USD $10.1m dividend as announced on 7/12/23 with $4m due to be paid in Q1).
So what happened to all that cash? That doesn't add up - unless the cash burn at Lulo is multiples higher than what I thought it was.
Ann: Annual Report, page-90
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