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KFE, KOGI IRON LIMITED
chiller
post Posted: Sep 12 2018, 09:38 AM
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I posted this back in January this year at the other place, regarding impacts on the Nigeria economy that a KFE steel project could have.
QUOTE
I have had a bit of an epiphany today. I have just realised that what Kogi is proposing to build in Nigeria is a disruptive technology, a disruptive innovation. And while the technology is really neither new or innovative (we could argue about innovation), it is the application to Nigeria that makes it so disruptive. The production of steel billet means that the process of importing scrap and billet will be sidelined. Now this is both a major disruption and a major efficiency gain. Local steel producers will have their raw product on demand, this brings a whole new level of efficiency to the Nigerian economy of which we do not know what the ramifications may be. The simple fact of having to always plan months and months in advance for importing your feedstock makes you as a producer very slow to adapt to demand. If all of a sudden you have raw material virtually available as needed, the difference this makes to steel producers supplying demand in the economy is also a potential game changer. The constraint of importing steel may act like a real brake on the economy and lifting this brake could be release a deluge of demand for steel in Nigeria and surrounds. So while the company states that demand for steel in Nigeria is huge and the demand once Kogi starts producing could easily increase simply because of the efficiency gains of producing steel locally. It is easy to see now that constructing a steel billet plant in Nigeria could be a real game changer for the economy of not just Nigeria but west Africa. It is plausible that Kogi may have to continue to increase plant size just to meet increased demand and that this opportunity for Kogi is likely to continue for many years even if eventually competition arises down the track. We have the early stages of a monopolistic disruptive technology that is likely to increase economic activity in the region and create further demand.

https://hotcopper.com.au/threads/ann-compan...2#post-30726379

More recently there have been a number of articles and a video by the company CEO espousing a similar view.
The company is finally shaking off the doldrums brought about by the pointless 249d action. Look at these recent news, video, and articles produced to see where the company is headed.

Article
https://steelguru.com/steel/kogi-iron-becom...-company/520081

CEO interviewed
https://youtu.be/MS96I-PsETo

New director - Michael Arnett
http://www.kogiiron.com/sites/default/file...nts/6898787.pdf

The big picture
http://www.proactiveinvestors.co.uk/compan...ess-204324.html

Article
http://www.proactiveinvestors.co.uk/compan...uct-203942.html

Good reading.



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Temporary insanity only
 
chiller
post Posted: Jul 6 2018, 09:15 AM
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Here are my notes from the EGM. There were no journos there to record the truth but who ever let truth get in the way of a good story. And only a couple of ex-cricketers too.


Kogi Iron EGM Celtic Club 48 Ord St, West Perth. Monday 2-7-2018

The table at the front of the room was occupied from left to right by Kevin Hart (Company Secretary); Michael Tilley (Non-Executive Director); Mark Foster (EGM Chairman – Steinepreis Paganin); Ian Burston (Non-Executive Director and Company Chairman); Don Carroll (Non-Executive Director); Martin Wood (Managing Director and Chief Executive Officer).

Mark Foster (MF) welcomed everyone to the meeting and informed the meeting that he had been appointed by the Board of Directors to act as Chairman of today's meeting. MF introduced the directors in attendance as well as Kevin Hart the company secretary. MF apologised for Kevin Joseph's absence who is in Nigeria. MF also acknowledged the attendance of BDO, the company auditors, and Link Market Services.

MF stated that the purpose of the meeting was to deal with the formal business set out in the Notice of General Meeting on the 29-5-2018, today's meeting was convened by the company to deal with the submitted 249D.

MF also stated that there are 8 items on the today's agenda as set out in the notice of meeting, resolutions 1-6 are subject to the requisition, resolutions 1-3 relate to the appointment of the proposed directors and resolutions 4-6 relate to the removal of the incumbent directors. Resolution 7&8 relate to the ratification of share issues.

MF explained to the meeting that he would read out each resolution and the take questions on each resolution after they had been read. If the question asked does not relate to the resolution then MF will rule the question in admissible and move on. Once all resolutions have been read those with undirected proxies my vote and a final vote will be recorded.

MF stated that Mr Hart had confirmed there was a quorum for the meeting and therefore MF declared the meeting open. I noted approximately 35-45 people in attendance.

MF said proxies had been received from 534 shareholders representing 500,587,137 shares representing 76.5% of the companies issued capital.

MF said he would vote all undirected proxies against 1-6 and for 7&8

The votes were shown on a screen at the meeting as indicated in the proxy results in the meeting results released on Monday.

MF read resolution 1 in to the minutes with proxies For 236,472,665, Against 256,654,254 and Undirected 7,460,218.

MF called for any discussion on resolution 1.

A lawyer acting on behalf of Leadenhall Australia Pty Ltd, stated there had not been acceptance of the nominations in accordance to the constitution and as a results there could be no valid appointment of new directors. Correspondence relating to this issue was sent to you the previous evening. Therefore the appropriate course of action, the lawyer proposed, was that if resolution 1-3 were carried then the meeting should be adjourned until court proceedings could be dealt with. MF responded that the relevant documentation had been completed in accordance with relevant requirements and that was the company view. The lawyer also said that there were substantial issues regarding disclosure of associates and there may be agents acting together and that there are grounds for objection to these associates voting. MF responded that he was satisfied the vote should be counted. The lawyer asked that their objections to MF's ruling be noted. MF noted the objections.

Curtis Blades ask if Philip Ashley was in attendance and if so could the Chair please point him out.

MF said I am not sure he is here, and then he said no he is not.

Curtis Blades commented that he thought that someone running for a position on the Board of Directors not turning up to the meeting in which he might be voted on to the Board and not able to take shareholder questions as very disappointing. The Chair noted Mr Blades disappointment.

Resolution 2 was read in to the minutes, with proxies For 236,472,665, Against 256,654,254 and Undirected 7,460,218.

MF asked for any discussion on resolution 2.

Curtis Blades asked if Malcom Brandon was in attendance.

MF said he did not know Mr Brandon and asked the meeting if he was in attendance. (There was no response)

Resolution 3 was read in to the minutes, with proxies For 236,472,665, Against 256,654,254 and Undirected 7,460,218.

MF asked for any discussion on resolution 3.

Curtis Blades asked is John Maclean at the meeting.

MF replied again that he did not know Mr Maclean and asked if he could make himself known. (There was no response)

Resolution 4 was read in to the minutes, with proxies For 233,222,193, Against 259,891,604, Undirected 7,452,218 and Abstained 21,111

MF asked for any discussion on resolution 4.

I asked two questions relating to Terrain Capital. I said there are rumours that there is a conflict between Terrain Capital and Mr Carroll. I also asked whether Terrain Capital favoured Terrain Capital clients in the recent share placement in February 2018.

DC responded that he was an advisor to Terrain Capital and he was not a director of Terrain. There was no conflict of interest, he said that in any event if there was any decision about Terrain Capital he would abstain from the vote.

Regarding favouritism, all of the Requisitioning Members were offered shares in the placement and 5 of the 7 Requisitioning Members chose to take up shares. The Requisitioning Members were all contacted even if they were not clients of Terrain Capital, and DC also pointed out that 80% of the placement went to existing shareholders.

Resolution 5 was read in to the minutes, with proxies For 233,122,193, Against 259,891,615, Undirected 7,552,218 and Abstained 21,111

MF asked for any discussion on resolution 5.

I asked if Mr Tilley could address the conflict issue. He said he was a chairman of Terrain, he didn't receive any fees and didn't have any shares in Terrain. In theory, there was a conflict of interest but he had notified the board of that fact, he didn't take part in any discussions relating to Terrain Capital or any vote relating to Terrain Capital.

I asked if all of this information was documented and minuted and Mr Tilley responded yes.

Resolution 6 was read in to the minutes, with proxies For 233,134,693, Against 259,874,115, Undirected 7,552,218 and Abstained 21,111

MF asked for any discussion on resolution 6.

I pointed out to the meeting that there have been numerous rumours floating around about the security of the exploration licenses and mining leases in Nigeria. I then asked Mr Wood to please confirm that these assets are secure?

MW said they were 100% owned by subsidiaries of Kogi Iron.

IB added that the exploration leases had been converted to mining leases, the exploration licenses were subjected to 3 month renewal, where the mining leases did not require renewal for 5 years. It was clear that mining leases had been granted, there was one additional exploration lease that hadn't been acted on but the mining leases to which I referred are quite safe.

Phil Walls asked if there were any change in Kogi staff in Nigeria , ie IB or KJ, would it have an impact at the local level. MW said the relationships were with the company all licenses and agreements were in the name of the company not any individual.

The same question was put to IB, would it have a significant impact on the project. IB said not at the government level. He addressed if it would have an impact at the local level by saying the people who were in Nigeria either himself, KJ or someone else would continue to have a relationship at that the local level, and that there was no thought of it being anyone else, other than IB or KJ at this time.

I asked about rumours of MW's appointment being made while IB was in hospital. I addressed my question to MW, however IB jumped in here.

IB answered he wasn't in hospital it was a board decision to appointment MW and that the rumour was a nonsense

Resolution 7 was read in to the minutes, with proxies For 233,222,193, Against 259,891,604, Undirected 7,452,218 and Abstained 21,111

MF asked for any discussion on resolution 7.

Resolution 8 was read in to the minutes, with proxies For 233,222,193, Against 259,891,604, Undirected 7,452,218 and Abstained 21,111

MF asked for any discussion on resolution 8.

The lawyer asked MF again if motions 1-3 were carried was it his attention to close the meeting or adjourn to allow the injunction proceedings to continue. MF said he would close the meeting and he was not aware of the court proceedings.

Lawyer said the papers were served on your office this morning and we urge you to reconsider your position. MF responded your concerns are noted.

I asked the Chair to please confirm that any shareholder present at the meeting could change their vote. MF confirmed that shareholders in attendance could change their vote.

After about 20 minutes the MF declared the results.

The vote counting was conducted by Link Market service and was independently verified.

The results from the vote were released Monday and you will note that some people change their vote following questioning at the meeting.

MF called the meeting closed. No questions from the Requisitioning Members!! I only identified 3 Requisitioning Members in attendance although there may have been more.

These are my notes and I hope are reasonably accurate.

I did ask Mr Wood if the international resource investment fund was still in play. He said that they had indicated that if you (meaning Mr Wood) are successful, then when this is over come back to us and if we are still interested then we can begin renegotiation. He was hopeful they would still be interested.

Mr Wood also indicated that this action had been a major distraction and it may take a short while for the company to get back to business.

So it seems a little patience may be required before things get back to normal.

Good luck all.




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Temporary insanity only
 
blacksheep
post Posted: Jun 28 2018, 03:03 PM
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Sports stars in line-up against Kogi directors
Sophie ElsworthThe West Australian
Thursday, 28 June 2018 11:52AM

QUOTE
Shareholders of a WA mining junior dominated by high-profile sports star investors including Shane Warne are at war with its board, claiming to have missed out on extra stock at what now looks like a bargain price.

Kogi Iron, which has big ambitions in Nigeria, also boasts a big list of well-known investors such as ex-cricketers Rodney Hogg, David Hussey, Ray Bright and Kim Hughes, plus former AFL player David Schwarz and former NRL star Robbie Kearns.

Some furious shareholders claim they weren’t granted access to a 10¢-a-share capital raising in January and missed out on access to shares worth millions of dollars.


QUOTE
Many investors are up in arms over the appointment of Terrain Capital, a company associated with two of Kogi’s board members, Michael Tilley and Don Carroll. Terrain Capital was appointed as consultants to handle the share placement.


Think that should read Michael Tilley and Dominic Marinelli http://terraincapital.com/people/

https://thewest.com.au/business/mining/spor...s-ng-b88879520z

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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
 
nipper
post Posted: May 17 2018, 09:20 AM
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In Reply To: chiller's post @ May 17 2018, 09:02 AM

everyone has got his / her own style (and agenda or purpose, for that matter).

It's all grist to the mill. This particular stock has little interest to me, but clearly there's a quid in it for some risk takers.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
chiller
post Posted: May 17 2018, 09:02 AM
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In Reply To: bg99's post @ May 17 2018, 08:34 AM

mullokintyre, rampers don't provide their analysis as well as state where their key assumptions come from. You are at liberty to debunk my research but to make a broad comment about me without even trying to understand what I have posted is pathetic, shallow and frankly doesn't deserve a response. I wish you good luck in your endeavours. Please do not post here again unless you have something substantive to say.



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Temporary insanity only
 
bg99
post Posted: May 17 2018, 08:34 AM
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In Reply To: mullokintyre's post @ May 16 2018, 05:56 PM

I think you are being a bit rude mullokintyre ......... just because no one else is posting on this stock.... doesn't mean he is a ramper
I would be more concerned about the MNS type of gang style chatter.... though I think blacksheep posts with good intentions generally.
I say that as he gets concerned about being seen making recommendations, but we are all adults and make our decisions so I think anyone
is free to post what they like, we are all responsible to take what we read and act on our own judgement.


Said 'Thanks' for this post: nipper  chiller  
 

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mullokintyre
post Posted: May 16 2018, 05:56 PM
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In Reply To: chiller's post @ May 16 2018, 05:24 PM

It seems that you are the only one [posting on this stock.
at the risk of being rude, you give an excellent impression of a ramper!
Mick



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chiller
post Posted: May 16 2018, 05:24 PM
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In Reply To: chiller's post @ May 16 2018, 01:02 PM

Here is the latest valuation based on the recent Reuters article quoting the total cost of production around $350m







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Temporary insanity only
 
chiller
post Posted: May 16 2018, 01:02 PM
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In Reply To: chiller's post @ Apr 29 2018, 07:27 PM

Nice moves made over the past few days. rolleyes.gif



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Temporary insanity only
 
chiller
post Posted: Apr 29 2018, 07:27 PM
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In Reply To: chiller's post @ Apr 29 2018, 06:33 PM

Made a mistake with the FY label in the last P/E analysis should have been FY26. Corrected below





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