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SYR - SYRAH RESOURCES LIMITED


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Read about HH's involvement with the infamous businessman Marino Sussich from 2UP Gaming PLC and The Cassilis gold mine. HH also invested several million dollars in Heurston Group PLC, but resigned his directorship on 19th Feb 2019 (see article below)

 

ttps://www.theage.com.au/national/victoria/all-mine-explosive-findings-in-lawyer-s-golden-adventure-20180823-p4zzeq.html

 

Rumours coming from Heuston Group & Streamark insiders are saying that Streamark will be listed on the NASDAQ in the very near future? Looking over their annual accounts, can't see how they would qualify to list on any exchange in the world, let alone the NASDAQ?

 

One media article suggested Hatch also had links to a company called Australian Business Advancement Co-operative (ABA Co-Op) - according to it's website, although I couldn't find him listed on their site - https://abacoop.com.au/board

 

Did find ABA Co-Op founding director Marino Sussich and director/secretary Nigel Harrison - together with Harry Hatch - all listed as directors of The Heurston Group PLC http://heurstongroup.com/history-directors/ - Subsidiaries of Heurston Group Plc: 2Up Holdings Pty Ltd Australia 100% 100% 2Up Gaming Services Pty Ltd Australia 100% 100% Streamark Ltd United Kingdom 84%(1) 70%(1) Streamark Asia Ltd (2) Labuan 100% 100% http://heurstongroup.com/wp-content/upload...-PRINT-FILE.pdf

 

Will be interesting to see what happens with regard to the Gasmere shares in CSE.

 

Does anyone know the truth about these very secretive and untransparent group of companies?

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Interesting set of announcements today. First up the positive news they had executed a binding agreement with the Gredmann (HK) Limited, followed quickly with the execution of a convertible note deed to Australian Super and an underwritten entitlement offer, at the Offer Price of A$0.81, to raise approximately A$111.6 m.

 

The Capital Raising has the following components:

 

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ A proposed A$55.8 million (US$38.2 million) convertible note to be issued, subject to certain conditions (including Syrah shareholder approval under ASX Listing Rule 7.1), to AustralianSuper Pty

Ltd as trustee for AustralianSuper (AustralianSuper) (Convertible Note Issue); and

 

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ an approximately A$55.8 million (US$38.2 million) fully underwritten pro rata accelerated nonrenounceable entitlement offer (Entitlement Offer).

 

Australian Super currently own circa 15% of SYR. This article appeared in AFR Oct 10, 2018 when AS held 12.3% - a conversion could result in them owning 19.9%

 

AustralianSuper: the $130 billion barbarian on the register

Jemima WhyteSenior Reporter

If there was any lingering doubt, AustralianSuper's decision to again team up with private equity fund BGH Capital with a $2 billion bid for education company Navitas makes clear the country's largest super fund is all too ready to use its equity stakes to take companies private.

 

At the very least, it's likely to have put the 25 other ASX-listed companies in which AustralianSuper holds a substantial stake, on notice.

 

Companies backed by AustralianSuper such as gaming group Tabcorp, share registry and fund administrator Link Market Services, retailer JB Hi-Fi and others may be rethinking their relationship with the super fund. Though of course not all Australian Super-backed companies will make sense in terms of being a target for a private equity deal.

 

So what did it mean having an investor that was prepared to use its stake to block any other potential bidders, and ultimately buy a company cheaply, having prevented rival offers?[/quote]

 

https://www.afr.com/business/banking-and-fi...20181010-h16fvw

 

Will be Interesting to watch if the "barbarian at the gate" has any plans to pick up SYR "cheaply" any time soon.

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Copper Strike Limited (âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“Copper Strikeâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚ or the âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“Companyâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚ÂÂ) advises that it has entered

into a new Loan Agreement whereby the Company has received $3.95 million with the

loan initially secured by the provision of 4,100,000 Syrah Resources Limited shares by

way of security.

 

Wonder what today's events will mean to this CSE loan agreement secured by SYR shares?

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Interesting twitter discussion between short activist Viceroy's Fraser Perring and John Hempton (Bronte Capital) known to like shorting stocks. Viceroy's very first hit piece subject was SYR back in 2017. The SP was $2.95 at that time and Viceroy gave SYR a target of 70c.

 

Could be Viceroy may be taking another look into SYR

 

Nearly at @viceroyresearch target price @John_Hempton. $SYR

 

With multiple capital raises we should review it. Perhaps the regulators can review the forward looking statements made years ago.

 

https://twitter.com/AIMhonesty/status/1143003220488413185

 

https://www.shortman.com.au/stock?q=SYR

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SP up 5.99% currently @ 88.5c. SP always seems to magically rise just before a big short position. :biggrin:

 

UBS becoming a substantial holder again with another 9,580,790 shares borrowed on 25-Jun-19 - no doubt to short

 

https://www.shortman.com.au/stock?q=SYR

 

extract from recent AFR article - Australia's lithium export 'boom' underwhelms - gives some clue as to why UBS continue shorting

 

UBS does not expect prices for battery commodities to improve soon; the bank expects global car sales to fall 4 per cent this year, and Chinese sales to fall 8 per cent.

 

''Lithium and graphite prices are seen falling further in [the three months to September 30],'' said the UBS analyst team, led by Glyn Lawcock.

 

https://www.afr.com/business/mining/austral...20190627-p521vb

https://quotes.wsj.com/AU/XASX/SYR/research-ratings

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Interesting comments in the last para - Nyusi said a challenge for Mozambicans is processing graphite locally, adding value and replacing the export of raw materials with the export of finished goods. The time has come, he added, for investors âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“to consider transforming raw materials into the final product right here in Mozambiqueâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚ÂÂ.

Nyusi visits graphite logistics complex

Mozambican President Filipe Nyusi declared on Friday that the Nacala Special Economic Zone, in the northern province of Nampula, is now bearing its first fruits.

 

He was speaking of a logistics complex for graphite, owned by the South African company Grindrod, which won the logistics contract issued by the Australian company Syrah Resources, which is exploiting graphite in Balama district, in the neighbouring province of Cabo Delgado.

 

The establishment of this logistics complex, said Nyusi, âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“means the consolidation of the Special Economic Zoneâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚ÂÂ. The zone was generating jobs and income for Nacala.

 

He noted that âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“of the over 200 workers directly hired in this unit, 98 per cent are young people recruited here in Nacalaâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚ÂÂ

 

The Nacala complex was important in the graphite supply and export chain. âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“We began this march in Balama when we inaugurated the graphite factoryâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚ÂÂ, Nyusi said. âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“Today we are continuing here, on the logistics side. We must also express our appreciation to Grindrod, which is contributing to making our vision a realityâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚ÂÂ.

 

Nacala port, the President continued, was key for exporting Mozambican natural resources, and thus contributing to the countryâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s balance of trade. The port was now moving more cargo than projected at the start of the year. Its target for the first quarter of 219 had been to handle 452,000 tonnes âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ but it had exceeded this target by more than 13 per cent.

 

More ships than forecast had called at Nacala, and this was largely because of the graphite exports through the Grindrod complex.

 

About 20,000 tonnes of graphite are now moving every month from Balama to Nacala, resulting in the export of about 1,000 containers of graphite a month. This is equivalent to more than 45 per cent of the containerised exports from the port.

 

When the logistics complex is operating at full capacity, it could handle 30,000 tonnes of graphite a month and export 1,500 containers.

 

More graphite factories will be installed in Montepuez and Lalaua districts (in Cabo Delgado and Nampula respectively).

 

Nyusi said a challenge for Mozambicans is processing graphite locally, adding value and replacing the export of raw materials with the export of finished goods. The time has come, he added, for investors âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“to consider transforming raw materials into the final product right here in Mozambiqueâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚ÂÂ.

Source: AIM

https://clubofmozambique.com/news/nyusi-vis...complex-135354/

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After it asked investors to stump up cash for the fifth time in four years, it's easy to see why short-sellers might figure Syrah Resources an easy mark. Even before [the most recent] capital-raise announcement, they held (in a manner of speaking) 19.6 per cent of Syrah's shares. That figure will only rise higher in coming days.

 

But it's not just short-sellers who've found a way to do well out of Syrah's declining fortunes in the past few years. Consider how much money its long-term bankers at Credit Suisse (occassionally joined by UBS) have made.

 

Roughly calculated, Syrah's 2015 raise of $211 million earned Credit Suisse $8 million in fees. The next year's $194 million raising added $6 million in fees. The fees in 2017's $110 million should work out to another $5 million, while 2018's $94 million raise, undertaken with UBS, should add to $3 million in fees split between the both of them. Credit Suisse should make another $3 million from the $112 million raising announced on Wednesday.

 

This gives us a grand total, give or take, of $25 million in fees, mostly to Credit Suisse, for a company with a present market capitalisation of $285.9 million. Which is a lot of bankers' kids put through private school

https://www.afr.com/rear-window/credit-suis...20190624-p520qj

 

...and a subsequent article says

"Credit Suisse reliably bullish on Syrah"

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"Credit Suisse reliably bullish on Syrah"

 

He's got $25 million reasons to be "bullish" - not sure about the "reliably" though - here is his "report card" on reliably forecasting the SYR share price.(posted by taxlosstrades)

 

Not just CS and Tolga who made money out of SYR. Have to include "No1 Hedge Funder Manager in Australia" - https://twitter.com/KumovaTolga/status/1126297469917097984 - Regal Funds have reaped the rewards - both long and short. Was suggested way back in 2013 "Regal Funds 'linked' to sudden fall in Syrah Resources price" https://www.theaustralian.com.au âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚º business âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚º mining-energy. They are also early backers of some of TK's other stock investments. Getting in on the ground floor is where the money is IMHO

 

And last, but not least, this former legend also made a "shiteload" out of SYR - https://twitter.com/AsennaWealth/status/908551541916700672

 

As usual, the people who feel the pain are retail investors :sadsmiley02:

 

I can recall the early days when capex figures of below $100m were being spruiked - now some $700m raised. At the same time very low opex figures and naturally high selling prices were quoted

 

Blue sky marketing meets reality I guess

 

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UBS returns the bulk of their previous borrow.

 

Bruce Gray and his associated companies become substantial holder - unlike UBS, Gray has purchased 21,.5m shares - from $2.29 to 88c/share

 

Gray is a director of Sirtex Medical Limited

Bruce Nathaniel Gray Medical Director, joined the Board in April 1997, he is Chairman of the Cancer Research Institute Inc. Founding director

and developer of the SIR-SpheresÃâہ¡ÃƒÆ’‚® technology. Aged 60.

 

Gray was a major shareholder of TIG back in 2013 with a total 19.1%, and made the following application in regard to a TIG placement

Tigers Realm Coal Limited âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ Panel Receives Application

The Panel has received an application from Dr Bruce Gray in relation to the affairs of

Tigers Realm Coal Limited. The application concerns an equity raising announced

by Tigers Realm on 12 December 2013.

Details of the application, as submitted by the applicant, are below.

A sitting Panel has not been appointed at this stage and no decision has been made

whether to conduct proceedings. The Panel makes no comment on the merits of the

application.

Details

The applicant is a 19.1% shareholder in Tigers Realm. On 12 December 2013, Tigers

Realm announced it intended to raise up to $62.0 million at $0.165 per share through:

(a) a placement to Baring Vostok Private Equity Fund V (in tranches of $21.6

million and $14.6 million)

(b) a placement to the Russian Direct Investment Fund ($16.3 million)

© a placement to new and existing shareholders ($7.85 million) and

(d) a share purchase plan to existing shareholders (up to $1.65 million).

 

https://www.takeovers.gov.au/content/Displa...=&Year=2014

 

the outcome

 

Tigers Realm Coal Limited âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ Panel Accepts Undertakings

The Panel has declined to make a declaration of unacceptable circumstances in response to an application dated 16 December 2013 from Dr Bruce Gray in relation to the affairs of Tigers Realm (see TP13/70). The Panel did so following the execution of revised agreements between Tigers Realm Coal Limited, Tigers Realm Minerals Pty Limited (TRM), BV Mining Holding Limited and Russian Direct Investment Fund and acceptance of undertakings from Tigers Realm and various of its shareholders (see annexures).

 

The application concerned the terms of proposed placements by Tigers Realm to BV Mining and RDIF and whether there was an association between each of BV Mining and RDIF and TRM, a 22.86% shareholder in Tigers Realm, and certain other shareholders.1

 

Tigers Realm, BV Mining and RDIF have amended the terms of the proposed placements so that, among other things:

 

the entire placement to BV Mining is now subject to shareholder approval

the execution of escrow agreements by TRM and other shareholders is no longer a condition precedent to the BV Mining and RDIF placements and

the break fee payable to BV Mining has been removed.

The Panel considered that each of BV Mining and RDIF are associated with TRM and Mr Antony Manini, Mr Craig Parry, Mr Owen Hegarty and Mr David Forsyth, including because of the terms of the share subscription agreements between Tigers Realm, TRM and each of BV Mining and RDIF. Accordingly, those shareholders are not entitled to vote on the resolutions to approve the issue of shares to BV Mining and RDIF. Further, the other shareholders who stated their intentions to vote in favour of the relevant resolutions have modified their voting intentions statements such that they are subject to there being no superior proposal and the shareholders will consider any rival proposal in good faith and on its merits. The relevant shareholders have provided undertakings to the Panel to this effect.

 

The Panel considers that the revisions to the agreements, revisions to the voting intentions statements and the undertakings sufficiently address the circumstances and that it is not against the public interest to accept the undertakings and decline to make a declaration of unacceptable circumstances. In doing so, the Panel notes that Tigers Realm and Dr Gray have settled claims in conjunction with the restructured placements. The terms of the settlement have not been before the Panel and it makes no comment on the settlement.

 

 

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Gray is a director of Sirtex Medical Limited

 

Should have read "was" a director - he was of course also the founder The colourful history of Sirtex is captured in this AFR article - Sirtex Medical's Bruce Gray has the final word

https://www.afr.com/business/media-and-mark...20180921-h15phr

 

Sirtex founder Bruce Gray returns to register amid takeover offer

extract

Fifteen years ago, a not-for-profit chaired by Sirtex founder and then-executive chairman Bruce Gray was instrumental in rejecting a takeover bid for the company, even though Gray's own stake, at that point a hefty third of the company, voted in favour.

 

Now, Sirtex is again up for grabs, and Gray, who hasn't been a substantial shareholder for years, has gone above the 5 per cent threshold. But Sirtex's major shareholders aren't too worried about the return of the combative and at times enigmatic founder, as they contemplate an offer that should see everyone walk away richer.

 

Between June 20 and July 8, Gray âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ the father of well-known private equiteer Andrew Gray âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ purchased 800,000 shares for $29.2 million. Added to his existing 2 million shares, that pushed his stake to 5.04 per cent. Gray is a difficult man to contact, but it's understood these latest buys are intended to show his confidence in the deal, which most expect to go ahead.

https://www.afr.com/rear-window/sirtex-foun...20180712-h12le6

 

So what's Grays reason for buying (heavily in recent weeks) into SYR?

 

Averaging down? Could be just a simple he's an investor with an eye for a bargain and sees value in the low SP.

 

His son Andrew Gay is described as a "high hitter" in private equity - not sure what the pair are said to be "concocting" in this piece below (behind a paywall)

 

Jun 23, 2017 - Former heavy hitter at private equity shop Archer Capital, Andrew Gray, looks to be concocting something explosive with his millionaire ... The young Gray is now running his own private equity shop Potentia https://www.theaustralian.com.au âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚º business âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚º margin-call

 

Meanwhile I see Credit Suisse making more money out of SYR - not only the Australian arm of CS cap raising on behalf of SYR, writing up more lofty targets but also from massively borrowing/returning of SYR stock - mostly by their European arm but also Australian. Particularly in the lead up to the CR announcement I calculated roughly 9 mil shares borrowed, most of which were returned the next day (19/6 - the day of the trading halt & CR ann). Another 2.2mil shares borrowed 25/6 & 26/6.

 

Regal Funds Management feature heavily as the other party to the lending agreements - as they usually do...

 

Atlantic Absolute Return Fund - Regal Funds Management

Tasman Market Neutral Fund - Regal Funds Management

Regal Australia Small Companies Fund

Regal Australian LS Equity Fund

 

Regal also announced a reduction in their s/holding yesterday from 11.58% to 10.11%

 

Good to see some are making a killing.

 

https://www.shortman.com.au/stock?q=SYR

 

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