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SYR, SYRAH RESOURCES LIMITED
blacksheep
post Posted: Today, 12:04 PM
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In Reply To: blacksheep's post @ Yesterday, 10:50 AM

QUOTE
The Loan Agreement has been terminated earlier than the original 2-year term at the Company’s option and on a non-recourse basis. Cessation of the $4.2 million loan has occurred by the Lender taking possession of 2,281,782 Syrah shares held as security, hence leaving no obligation outstanding.


Apart from the question as to who was the loan provider, you have to also ask why did CSE terminate the loan agreement, thereby handing over possession of the 2.2mil shares to the provider, some 6 - 7 months before repayment of the loan was due and at a time when the SYR share price was at an all time low? Especially when their whole reason for borrowing to take up extra SYR shares was that CSE directors were of the opinion - " that the share price of Syrah has considerable potential upside" - see below. Doesn't add up, IMHO.

This was CSE ann re the loan
QUOTE
Copper Strike Limited (“Copper Strike” or the “Company”) is pleased to advise that it
has taken up 100% of its retail entitlement in the Syrah Resources pro-rata accelerated
Non-Renounceable Entitlement Offer as announced by Syrah on 19 September 2017.
The entitlement is 1,047,619 new shares.
In order to fund this take-up, the Company has entered into a Loan Agreement whereby
the Company will receive an initial advance of $3.55million with the loan to be secured
by the provision of 1,800,000 Syrah shares by way of security to fund the participation
in the Syrah Entitlement Offer. A further advance will occur this week which covers
payment of interest and fees for the term of the loan.
A summary of the material terms of the loan are as follows:
- Initial Advance: $3,550,000
- Repayment Date: 2 years
- Interest Rate: 2.99%
- Origination Fee 2.50%
- Initially Secured Syrah Shares: 1,800,000
Copper Strike believes that the share price of Syrah has considerable potential upside,
and as such this decision has been made in line with the Directors view that it is in the
best interests of the Company to increase this investment supported by a moderate
amount of gearing
.


Another question is, does the early termination of the loan/handing over of shares in SYR have anything to do with the current ATO legal case involving Harry Hatch/Gasmere P/L - director and largest shareholder of CSE ? CSE are still a substantial holder of SYR. As yet, I haven't seen a change in substantial holding submitted by CSE in their now reduced SYR holding.

In this article appearing in The Australian - Share trader shifted $1.5n to Greek accounts, ATO case reveals - Harry hatch is alleged to have said - "the ATO case against him was “bullshit” because it confused money flowing through his bank account on behalf of clients for whom he purchased shares with personal income.". That raises another question - who really owns the Indirect:23 million Ordinary fully paid shares in CSE - 21.61% - in the name of Hatch/Gasmere. Gasmere was once a substantial holder in SYR, although they have not appeared on the Top 20 for a while. Could still be sitting there below #20. Former SYR MD, Paul Kehoe, was also mentioned in the article as being on the list of dozens of names linked to deposits in Mr Hatch's bank account.



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Today, 10:48 AM
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In Reply To: mullokintyre's post @ Yesterday, 02:59 PM

When UBS hang up their shorts for good - that could be a while yet, unless the company comes out with some out of the blue good news that UBS, and the rest of the market, is not currently aware of biggrin.gif



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
mullokintyre
post Posted: Yesterday, 02:59 PM
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In Reply To: blacksheep's post @ Yesterday, 12:08 PM

So when do we buy back in??
Mick



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blacksheep
post Posted: Yesterday, 12:08 PM
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In Reply To: blacksheep's post @ Yesterday, 11:16 AM

QUOTE
Day range $1.95 - $1.25


Typo - should have read - Day range $1.195 - $1.285



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Yesterday, 11:16 AM
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In Reply To: blacksheep's post @ Yesterday, 10:50 AM

Meanwhile, SYR's SP still getting hammered - currently $1.22 - earlier it slipped below the $2.00 mark. Day range $1.95 - $1.25. The last time the SP was this low was back in 2012

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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Yesterday, 10:50 AM
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Posted the following on the CSE thread
QUOTE
COPPER STRIKE TERMINATES LOAN AGREEMENT
Copper Strike Limited (“Copper Strike” or the “Company”) has terminated the Loan
Agreement announced on 4 October 2017.

The Loan Agreement has been terminated earlier than the original 2-year term at the
Company’s option and on a non-recourse basis. Cessation of the $4.2 million loan has
occurred by the Lender taking possession of 2,281,782 Syrah shares held as security,
hence leaving no obligation outstanding.


As a result of the termination there is no further liability to the Company by closing out
the loan and it will result in the Company recognising a gain on settlement of the
liability of approximately $1.3 million.

Total interest and fees paid during the loan term amounted to approximately $264,000.
The Company is currently contemplating entering into a new loan arrangement, details
of which will be announced in due course should this eventuate


As mentioned in my post below - "Who was the loan provider?" - indeed. That loan provider now has 2,281,782 SYR shares.


Something doesn't smell right here, IMHO



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 


blacksheep
post Posted: Feb 19 2019, 08:10 PM
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In Reply To: blacksheep's post @ Feb 5 2019, 11:24 AM

QUOTE
My bet UBS closed their shorts on Friday - should get a change to substantial holding in a day or two - and that they have borrowed stock again yesterday, hence the SP declining today.


My bet was out by a day or so,but still spot on.
Ann Date: 15/02/19 - Ceasing to be a substantial holder
Ann Date: 19/02/19 - Becoming a substantial holder - this time borrowing 8.9 million shares

SP down 4.14% @ $1.275 - triple bottom breached - next support level is $1.248
Total short positions as at 13 February 2019 = 16.90%
https://www.shortman.com.au/stock?q=syr
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Feb 7 2019, 09:08 PM
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Latest short message on graphite from Placido Campos - Brazilian graphite technical specialist who worked with a number of graphite companies including, albeit a short period, SYR. English is not his first language but one gets the gist of what he is saying - I do anyway. There maybe some messages here re SYR's current issues

QUOTE
Basic conditions for producing graphite:

-a reserve with excellent behavior in the process.

-a quality of products that convince the best customers in the market always want their delivery.

- Most importantly: Have a technical team of high knowledge in graphite, working together, stable and happy. For this the key word is training of the chosen people.

A lot of companies divulge texts about their productions and magnitudes but it changes of technical body as if it changes of clothes. People that dismiss technicians of very easy way or is because it did not know to hire and to train or is because it does not have specific competence.

Do you want to invest in Graphite companies? See how they change their staff!


An earlier article published on September 18, 2017 from him is this one - How important is detailed planning in a graphite mine?

QUOTE
I have always been asked to do review of graphite projects from various parts of the world. We currently have several mineral provinces in focus around the world: Canada, India, China, Brazil, Madagascar, Mozambique, Tanzania, Russia, Mongolia, Sri Lanka and a few others.

Marketing to raise money on graphite projects has been focused on carbon content and particle size distribution (flakes). These characteristics have a lot of importance, but the economic feasibility study is easy to contemplate. So what else needs to be considered?

I intend here to highlight only a few situations I have experienced, which demonstrate the complexity of producing good quality graphite and thus satisfy the various market segments.

In the refractory segment, the chemical composition of the impurities is a preponderant factor, some companies control what we call SC (Surface coefficient) and this characteristic is associated with the crystallinity intrinsic to reserve genesis.

As for large flakes, the expansion rate is a striking and complex factor. The difference of sources can define good and bad qualities.

In the fine size segment, sulphur, vanadium, molybdenum and other elements may make a reserve in the alkaline battery segment unfeasible, even at the ppm level. I still do not have clear information on the influence on lithium-ion batteries but we've heard of some mobile phone blasts.

The process control needs indirect parameters that lead to an ability to produce with high quality and good use of the mineral reserve: preserve flakes and high fine carbon content, recovery and control of chemical elements in products.

All of this is just a conversation starts and knowing how to optimize and get to know the true potential of a mine is fundamental to know if a project really has a good response to its acceptance in the market. The true result of a project will appear maybe after 5 years and not on the plant start up. The market gives the answers when their products and tests provide the same. Good mine control is key to ensuring the success of the projects and I have hardly seen companies that are concerned in this way. They treat a graphite mine as if it were an iron mine.

https://www.linkedin.com/pulse/how-importan...plácido-campos?



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: mrcurly  
 
blacksheep
post Posted: Feb 6 2019, 10:05 PM
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extracts of analysts views. Note - Credit Suisse,has been involved with all SYR's cap raises. UBS, doing most of the shorting biggrin.gif
Heightened Cash Flow Concerns For Syrah
Challenges with Balama graphite production beset Syrah Resources over 2018 and brokers hope for a smoother ride in 2019.
-Production downgrades unrelated to quality of graphite resource or plant design
-Brokers ascertain urgent need to achieve cash flow momentum
-Pricing for the longer term uncertain

QUOTE
While not providing a specific price, the company reported achieved pricing in the December quarter was lower, affected by higher sales of fines. All numbers in the guidance for 2019 fell short of Deutsche Bank's expectations, while UBS believes costs and pricing guidance were the most disappointing.


QUOTE
Overall, mishaps in the past year were disappointing but Credit Suisse believes this overlooks the company's achievements and the opportunity that exists. The company has installed 5000tpa milling capacity for its BAM project. Purification equipment is being installed and the first customer qualification product was dispatched mid-January and phase 1 of the commercial scale feasibility study has been completed.

Balance Sheet

Specifically, the limited balance sheet capacity and expectations of a substantial cash consumption in the March quarter have put the focus squarely on the near term. Positive operating cash flow has been pushed out again, now expected early in the June quarter.

Credit Suisse asserts the company must demonstrate quickly how it can achieve positive momentum and remove concerns about the balance sheet. UBS agrees and suspects, with net outflows likely to take the cash balance below US$50m, attention will return to the need for a debt facility.

Incorporating the production result, lower realised and forecast pricing and a slower ramping up of BAM production to commercial levels, results in meaningful reductions to Macquarie's earnings forecasts of -44% and -56% for 2019 and 2020, respectively. The broker incorporates an increased risk premium in its weighted average cost of capital estimate, to reflect the uncertainty in how the graphite market will evolve.

Pricing

UBS suspects the market is trying to ascertain a sustainable long-term price for the company's product and factors in a long-term basket price of US$824/t. Credit Suisse expects a medium-term achieved basket price of above US$600/t, as lower-priced 2018 contracts are depleted and sales diversify away from China.


read more - https://www.fnarena.com/index.php/2019/02/0...erns-for-syrah/



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Feb 5 2019, 11:24 AM
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In Reply To: blacksheep's post @ Jan 30 2019, 12:05 PM

Updated chart - SP down currently 2.67% @ $1.46.

Yesterday the SP reached $1.56 & closed $1.50. My bet UBS closed their shorts on Friday - should get a change to substantial holding in a day or two - and that they have borrowed stock again yesterday, hence the SP declining today.

I expect this will go on for some time yet, until REAL positive news is forthcoming
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
 


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