283 replies to this topic

[Trader1]

Any other views on MRI's reverse acquisition?

[Trader1]

Well this does mean that MRI issues almost 3 billion more shares at 7c which would mean that those who bought at any higher price will be temporarily diluted. However the new acquisition is a private company that seems to have high profit potential. Iron ore already hit it's 5year low. So there are a lot of factors that could go our way. 

[myusuf]

What does the latest sens mean for the company

[yusufm]

The good news is that we still have the backing of our major shareholders for funding.(Hopefully debt and not equity funding).

Bad news is we're still very illiquid, not yet profitable and our AMD tech seems to have been well and truly put to bed...

[PickApprentice]

Resignation of the FD wasn't great timing either.

On the other side, they did triple their revenue. the expenses were just an accounting write down which can be reversed.
They have just acquired the other half of the coal plant which means that revenues could double. I'll have to see this long term

Like how they use it in rugby: "Hold, hold, break!". It is jsut undertain which direction it is going to break. 

[Trader1]

Resignation of the FD wasn't great timing either.

On the other side, they did triple their revenue. the expenses were just an accounting write down which can be reversed.
They have just acquired the other half of the coal plant which means that revenues could double. I'll have to see this long term

[Queen B]

I got out at 10c in last round of volume mate

I think you gonna have to stick with 6c as best option for the next few months

Their trading statement was an embarrassment, of epic proprtions

[yusufm]

looks like no one wants to sell below 16cents? Is something big happening?

Below 6c I suppose you mean? Most of the current small shareholders have costs that are higher than that after being caught on that spike up to 11 a few days back. They are locked in now, will have to sell at a loss if they sell below 6c

[Trader1]

Will a Christo Wiese backed investment fail? or can? 

looks like no one wants to sell below 16cents? Is something big happening?

[PickApprentice]

Also they issued 20-odd million shares during April in lieu of some payment. Now we can finally understand who was dumping at 5c a while back. Also, it would've been nice to be notified about this....

I'm still stuck with 700000 shares but 7c is my cost so my decide to sell out here. I managed to make a profit selling the rest at 11 and 10c during the spike

 

Will a Christo Wiese backed investment fail? or can? 

[yusufm]

Its pretty shameful mate
They blow it up in the trading statement, then actual financial results are a shocker
I was lucky to sell out at 10c
They shouldn't be allowed to do that. Don't make trading statement look rosy and then release financial results like that
Its just not cricket

Also they issued 20-odd million shares during April in lieu of some payment. Now we can finally understand who was dumping at 5c a while back. Also, it would've been nice to be notified about this....

I'm still stuck with 700000 shares but 7c is my cost so my decide to sell out here. I managed to make a profit selling the rest at 11 and 10c during the spike

[Queen B]

Its pretty shameful mate

They blow it up in the trading statement, then actual financial results are a shocker

I was lucky to sell out at 10c

They shouldn't be allowed to do that. Don't make trading statement look rosy and then release financial results like that

Its just not cricket

[Trader1]

What a bunch of cr** results. I'm disappointed in the difference of what was said in the trading statement and what was produced in the financials   

[Trader1]

Right so all in all not bad. The biggest thing that I am confused about is as follows:

Interim trading statement: "the Company anticipates to report an increase in
earnings and headline earnings per share of between 337% and
357% (between 2.16 cents and 2.34 cents per share) for the six
month period ended 31 August 2014"

Final trading statement: "Company anticipates to report an increase in
earnings per share of between 100% and 120% (between 11.84 and
14.21 cents per share) and headline earnings per share of between
40% and 60% (between 1.58 and 2.36 cents per share) for the
period ended 28 February 2015"

Why is it that basic earnings per share in the final statement is between 11.84 and 14.21 whereas in the interim statement it was at about 2c? Both statements took into account the loan reversal. Is it merely an accounting reporting necessity?

Also as per 5th of Feb 2015 our major holders were:

Stellar Capital Partners Ltd. 34.50%
Trinity Asset Management (Pty) Ltd 31.21%
Armadale Capital Plc 29.91%

Which adds to roughly 95% of issued capital.
But we were recently informed that CILSA (which is a subsidiary of an international investment management group) increased its holding to 13%. So firstly, one or a combination of the initial major holders sold out a portion of their securities. Should we not receive a SENS updating us as to who it was?
And second and more importantly, what does an international investment manager see or know about MRI that us PI's don't know yet? I doubt they would take such a position unless they expect significant forward growth.

Best of luck guys, I am still holding my 1.5 million shares (though not without nervousness )

 

So how it was explained is that Trinity is getting mandates to transfer voting capacity to CILSA. So in fact the 13% of CILSA is just the voting capacity and not the holdings. Either way these institutions own big holdings in MRI and do see value

[yusufm]

Right so all in all not bad. The biggest thing that I am confused about is as follows:

Interim trading statement: "the Company anticipates to report an increase in
earnings and headline earnings per share of between 337% and
357% (between 2.16 cents and 2.34 cents per share) for the six
month period ended 31 August 2014"

Final trading statement: "Company anticipates to report an increase in
earnings per share of between 100% and 120% (between 11.84 and
14.21 cents per share) and headline earnings per share of between
40% and 60% (between 1.58 and 2.36 cents per share) for the
period ended 28 February 2015"

Why is it that basic earnings per share in the final statement is between 11.84 and 14.21 whereas in the interim statement it was at about 2c? Both statements took into account the loan reversal. Is it merely an accounting reporting necessity?

Also as per 5th of Feb 2015 our major holders were:

Stellar Capital Partners Ltd. 34.50%
Trinity Asset Management (Pty) Ltd 31.21%
Armadale Capital Plc 29.91%

Which adds to roughly 95% of issued capital.
But we were recently informed that CILSA (which is a subsidiary of an international investment management group) increased its holding to 13%. So firstly, one or a combination of the initial major holders sold out a portion of their securities. Should we not receive a SENS updating us as to who it was?
And second and more importantly, what does an international investment manager see or know about MRI that us PI's don't know yet? I doubt they would take such a position unless they expect significant forward growth.

Best of luck guys, I am still holding my 1.5 million shares (though not without nervousness )

[Griffin]

Mine Restoration Investments Ltd - Trading Statement

Release Date: 18/05/2015 17:37:00      Code(s): MRI      

Trading Statement

Mine Restoration Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/004821/06)
Share Code: MRI
ISIN Code: ZAE000164562
("MRI" or the “Company")

TRADING STATEMENT

In accordance with paragraph 3.4(b) of the JSE Limited Listings
Requirements, companies are required to inform shareholders as
soon as there is a reasonable degree of certainty that the
results to be reported on next are likely to vary by more than
20% in comparison to the previous corresponding period.

The Company is pleased to advise that it is expecting a profit
attributable to the owners of the parent for the year ended 28
February 2015. This is due to a combination of (i) revenue from
the   coal   fines  processing   activities   which   commenced
commercially in February 2014, as well as (ii) the reversal of
a loan provided to the Company by the Development Bank of South
Africa (“DBSA”).

In the previous accounting period, 12 months ended 28 February
2014, the Company took the decision to fully impair the assets
relating to the Acid Mine Drainage (AMD) project, which led to
a large loss for the Company. At the time, the Company was in
the process of terminating the loan with the DBSA, which was
non-recourse in nature, but had to reflect it on the statement
of financial position as it was only formally terminated on 28
May 2014 (“Loan Reversal”). As a result, the Loan Reversal is
being accounted for during the financial period ended 28
February 2015, leading to an extraordinary profit.

Accordingly, the Company anticipates to report an increase in
earnings per share of between 100% and 120% (between 11.84 and
14.21 cents per share) and headline earnings per share of between
40% and 60% (between 1.58 and 2.36 cents per share) for the
period ended 28 February 2015 in comparison to a loss per share
of 11.84 cents and a headline loss per share of 3.94 cents for
the year ended 28 February 2014 as published on SENS on 2 June
2014.

The financial information on which this trading statement is
based has not been reviewed or reported on by the Company’s
auditors.

The Company’s reviewed results for the year ended 28 February
2015 are expected to be released on SENS on or before 29 May
2015.

18 May 2015

Designated Adviser
AfrAsia Corporate Finance (Pty) Ltd

Date: 18/05/2015 05:37:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

[yusufm]

That's what I thought, but it would probably have to be disclosed to say that another party (and the party would be named) has reduced its holdings in MRI.

My guess and discussed with another shareholder is that additional shares or even the remainder or of the free float was issued. This too would have to be disclosed I reckon so I'm not sure.

Anyone else have an answer?

I did an analysis of the shareholding beginning of this year. The number of shares sold at 5c over the last couple days could not have been from private shareholders. It could only be a major shareholder selling a portion to this other new company. Not too sure if that is a good thing or not though....
I'm sure we will be updated on the disposal side of the trade by monday

[Trader1]

That's what I thought, but it would probably have to be disclosed to say that another party (and the party would be named) has reduced its holdings in MRI.

My guess and discussed with another shareholder is that additional shares or even the remainder or of the free float was issued. This too would have to be disclosed I reckon so I'm not sure.

Anyone else have an answer?

[Shi]

13% ... does it mean that one of the 3 big shareholders have sold some of theirs?

[Trader1]

Sens notice today. Capital SA acquired 13.04% of MRI