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(PFP) Pathfinder Minerals

Discussion in 'General Share Chat (PFP)' started by vptsecure, Jun 12, 2015.

  1. vptsecure

    vptsecure Well-Known Member

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    Anybody on BlueShare invetested in PFP.L; I'm still waiting to hear news but nervous about accounts in Jun-15 as no cash flow and court case still on-going; although in favour of PFP potentially having the license to trade

    I'm 70% down and thinking investing by 3K in XTR
     
  2. Barney

    Barney Demi God of BlueShare

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    Here's some info for newbies to this share:

    Background information: https://www.equitydevelopment.co.uk/doc/859.pdf

    http://www.pathfinderminerals.com

    Pathfinder Minerals Plc (PFP) is a natural resources company listed on the AIM market of the London Stock Exchange.

    Companhia Mineira de Naburi S.A.R.L., a subsidiary of Pathfinder Minerals, was issued mining concession licences 760C and 4623C on 13 September 2004 and 13 July 2011 respectively, each for a period of twenty-five years. Taken together, these mining concessions cover approximately 32,000 hectares of land on the Indian Ocean coast of the Zambezia province of Mozambique, known to contain the heavy minerals, ilmenite, rutile and zircon, used in the manufacture of a wide range of products across a number of industrial sectors.

    As announced on 3 February 2012, ownership of these licences is being disputed. For a detailed background summary of the dispute and associated steps being taken by Pathfinder Minerals to recover its assets and resume project development click...

    Major Shareholders
    John McKeon
    12.4%
    J V Consultores Internacionais Limitada (a company controlled by Jacinto Veloso)
    10.6%
    JP Morgan Funds
    9.1%
    Nicholas Trew
    9.1%
    Diogo Cavaco
    8.5%
    Paul Ellison and Gareth Roberts as Joint Administrators of Hill Street Investments plc
    8.3%
    YF Finance Limited
    4.4%
    
As at 7 October 2015 the total number of ordinary shares of 0.1p in issue was 103,716,723, of which 32.1% are not in public hands.
     
  3. Barney

    Barney Demi God of BlueShare

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    This company has had a torrid time over the last couple of years, all because of the dispute over the mining licenses. The share price movements since the latest RNS suggest things are starting to move in the right direction and hopefully a compromise can be reached to start. Inning again. Certainly the current share price is exactly where it should be given the state of play, but if things turn around it could change significantly as we have seen in the past. Other insights welcome.
     
  4. Barney

    Barney Demi God of BlueShare

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  5. jackjack

    jackjack Administrator Staff Member

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    New Research note 25/11/16
    Target Price: 2.7p

    Will justice soon be done?... probably
    https://www.beaufortsecurities.com/img/pdfs/research/pathfinderminerals251116.pdf

    Recommendation
    Buying Pathfinder shares is not without risk, and relies on decisions of the Mozambican Supreme Court and Ministry of Mines. However, over the last 5 years the pressure has been building and we believe it will be remarkable if justice isn't ultimately achieved. We recommend a Speculative Buy and 2.7p target price, although we caution that this is a high risk, largely binary trade, and dependent on the Mozambican judiciary.

    Conclusion
    The Naburi/Moebase Licence is a significant property with $29m of drilling and technical work undertaken by BHP Billiton and a scoping study commissioned by Pathfinder Minerals. Based on Pathfinder’s current market value of £1.0m, there is very little value being attributed to this asset. We hope the Mozambican Courts rule in Pathfinder Minerals Plc’s favour, at which point the project’s potential value should (at least partially) be unlocked.

     
  6. jackjack

    jackjack Administrator Staff Member

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    Trinity’s revival, outlook for 88E and Pathfinder minerals
    Small mention of Pathfinder and the history behind the company's predicament, although perhaps whilst the potential for staggeringly large returns are mentioned the extremely high risk is not covered in enough detail.

     
  7. bentley15

    bentley15 Demi God of BlueShare

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    Hello jackjack, have looked at the web site for Pathfinder and agree with your analysis. This is a bit different from 88e in that we are dealing with legal outcomes instead of extracts from the ground !!

    Nevertheless I have put this one down as one to follow for a bit. Like many BlueShare members I have tended to dive in too quickly and even come out at the wrong time. If I am unable to learn, research and time things better I will have to reconsider my investments in the AIM market. For the moment I remain pretty much an all round LTH and must wait patiently like Mr Buffet.

    Thanks Bentley
     
    jackjack likes this.
  8. Barney

    Barney Demi God of BlueShare

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    I got some more today, very risky but reduces average, can't believe how long this saga has been going on without resolution one way or the other.
     
  9. bentley15

    bentley15 Demi God of BlueShare

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    Nice to hear of your interest Barney and hope it works out. The prospects are 'enormous' but the risk is high. Like WTG we are in the muddy waters of legality !! Have you had a look at the accounts for this company ? Even if they win the legal 'battle' I am not quite sure how they will emerge triumphant and soar upwards. Once they have ownership - if they ever do - they will still need funding. At the moment some senior committed people are working 'unpaid' to protect the cash flow.

    I feel that my investments have not been successful because of my timing - essentially going in to early - especially where shorting takes place. Yet also when new shares are issued and are largely bought up by II's and at the same time our own SP's fall !!!

    I will pop in here frm time to time but not making any investment at the moment. BOL Bentley
     
    Last edited: Jan 16, 2017
    Barney likes this.
  10. jackjack

    jackjack Administrator Staff Member

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    RNS 01/03/17 - Issue of Equity

    Pathfinder announces that it has raised gross proceeds of £200,000 via a placing of 20,000,000 ordinary shares of 0.1p each in the Company ("Ordinary Shares") at a price of 1p per share (the "Placing"). The proceeds will provide with Company with additional working capital security as it pursues the recovery of its mining licences with the ultimate objective of resuming the development of the Moebase and Naburi mineral sand deposits in Mozambique.

    http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/PFP/13144132.html
     
  11. Groucho

    Groucho Member

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  12. Groucho

    Groucho Member

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    21 February 2018

    Pathfinder Minerals Plc

    ("Pathfinder Minerals" or the "Company")

    Company Update


    Pathfinder Minerals provides the following update on the process to recover control of the areas previously licensed to the Company in Mozambique under mining concessions 760C and 4623C (the "Licences").

    By way of background, in 2011 General Jacinto Veloso procured, through Mozambique's Ministry of Mineral Resources, the transfer of the Licences to an unconnected entity with the name Pathfinder Moçambique. The transfer took place without the knowledge or consent of Pathfinder Minerals, the ultimate owner of the subsidiary to which the Licences were registered. In 2012, Pathfinder Minerals obtained a declaratory judgment against General Veloso and others in the English High Court (the "Judgment") which ruled, contrary to claims made by General Veloso to justify the transfer of the Licences, that Pathfinder had validly acquired its shares in the licence-holding subsidiary.

    The Company continues to pursue a dual-track process to recover control of the Licences either through the recognition and enforcement in Mozambique of the Judgment or by way of a negotiated settlement with General Veloso.

    The application for recognition by the Mozambique Supreme Court of the Judgment remains pending. Should it be necessary for the Company to rely on the judicial process, the Board is advised that the prospects for recognition of the Judgment in Mozambique are high, based on precedent.

    In June 2017, the Company announced that its regional representative is engaged in discussions with General Veloso, and with the Ministry of Mineral Resources, on the Company's behalf (the "Discussions"). In October 2017, the Company announced that it has presented the framework of an agreement that would, if successful, result in the restoration of the Licences to Pathfinder's control.

    Since that time, the Company has held, through its representatives, multiple meetings with General Veloso and/or his designated representative. The most recent exchange took place in January 2018. The complexities of the process are compounded by the involvement of multiple parties (which include the Government of Mozambique), the legal backdrop and jurisdictions of the dispute and the unpredictable tactics of counterparties who had previously procured the appropriation of company assets.

    Importantly, the Company has presented a roadmap to completion which would be subject to, inter alia, the satisfaction of certain criteria required to facilitate a negotiated settlement, including the provision of funding. The terms attached to a negotiated settlement remain fluid and there is no certainty of a successful outcome.

    Nick Trew, Chief Executive Officer, commented:

    "While there have been twists and turns, we are optimistic that, subject to the fulfilment of certain criteria, a negotiated settlement is achievable. We should be mindful nonetheless that, absent a negotiated settlement, the Company believes the declaratory judgment from the English High Court in its favour will eventually be recognised in Mozambique."
     
  13. Groucho

    Groucho Member

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    26 February 2018

    Pathfinder Minerals Plc

    ("Pathfinder" or the "Company")

    Company Update


    Further to the Company's announcement on 21 February 2018, Pathfinder provides the following update on the process to restore control of the areas previously licensed to the Company in Mozambique under mining concessions 760C and 4623C (the "Licences").

    The Company received on 23 February 2018 a communication from a representative of General Jacinto Veloso, in consequence of which the Company is informed that currently there is no ongoing settlement negotiation for the return of the Licences.

    While the Board remains open to resuming a dialogue on a reasonable basis, it is focused on enforcing the Company's rights through the judicial process and is confident in the Company's legal position.
     
  14. Groucho

    Groucho Member

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  15. Groucho

    Groucho Member

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  16. Groucho

    Groucho Member

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    26 March 2018

    Pathfinder Minerals plc

    ("Pathfinder Minerals" or the "Company")

    Response to Speculation

    Pathfinder Minerals notes speculation on the Internet regarding a placing of the Company's shares at 0.6 pence per share. While the Board continues to consider options to ensure the Company has sufficient working capital, including the contemplation of a placing of up to 75,000,000 shares, the Company confirms that no terms for a fundraising have been agreed. A further announcement will be made when appropriate.

    The Board further notes comments regarding the Mozambique Government's purported cancellation of the licences previously registered to the Company's licence-holding subsidiary ("CMdN") and the granting of a new licence to Pathfinder Moçambique, S.A. These comments are inaccurate. CMdN was issued mining concession licences 760C and 4623C on 13 September 2004 and 13 July 2011 respectively. The issuance of licence 4623C to CMdN was announced by the Company on 21 July 2011. In 2012, the Company discovered that licence 760C had been combined with 4623C and that subsequently Jacinto Veloso and Diogo Cavaco had procured the transfer of the same licence 4623C to Pathfinder Moçambique, S.A. (a company unconnected with Pathfinder Minerals).
     
  17. Groucho

    Groucho Member

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    9 May 2018

    Pathfinder Minerals plc

    ("Pathfinder" or the "Company")

    Issue of Equity

    &

    Proposed Board Changes


    Pathfinder announces that it has raised £250,000 via a subscription for 25,000,000 ordinary shares of 0.1p each in the Company ("Ordinary Shares") at a price of 1p per share (the "Subscription"). The proceeds from the Subscription will provide the Company with additional working capital as it pursues the recovery of the mining licences previously registered to its subsidiary in Mozambique under mining concession licences 760C and 4623C.

    Pursuant to the Subscription, the Company will issue one warrant for each Subscription share with a conversion price of 1.5p, valid for a period of three years from the date of grant.

    The Company will apply for the admission of the Subscription shares to trading on AIM and this is expected to take place on or around 15 May 2018 ("Admission"). Following Admission, the Company's issued share capital will consist of 255,819,182 Ordinary Shares with no Ordinary Shares held in treasury. Therefore, the above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Pathfinder under the FCA's Disclosure and Transparency Rules.

    In addition, Pathfinder is pleased to announce that it intends, subject to customary directorate appointment regulatory due diligence, to appoint Blair Sergeant and Simon Farrell to the board as Chief Executive Officer and Non-executive Co-chairman respectively.

    Mr Sergeant is an experienced mining financier and company director. Mr Sergeant was the Founding Managing Director of Lemur Resources Limited, an ASX-listed Madagascar coal exploration and development company, and was the Finance Director of AIM-listed Coal of Africa Limited between January 2008 and April 2011, where he worked alongside its Founding Managing Director and Chief Executive Officer, Mr Farrell. Mr Sergeant graduated from Curtin University, Western Australia with a Bachelor of Business and, subsequently, a Post Graduate Diploma in Corporate Administration. He is a member of the Institute of Chartered Secretaries and Administrators and an Associate of the Australian Society of Certified Practising Accountants.

    Mr Farrell is a mining entrepreneur who has held a number of senior management and board positions, principally in the natural resources sector, over the past 30 years. Mr Farrell was between 2000 and 2013 a Non-executive Director of Kenmare Resources plc, which operates the Moma Titanium Minerals Mine on the north east coast of Mozambique and is listed on the Main Market of the London Stock Exchange. He was also the Founding Managing Director and Chief Executive Officer of AIM-listed Coal of Africa Limited. Mr Farrell has a Bachelor of Commerce degree from the University of Western Australia, an MBA from the Wharton School of the University of Pennsylvania and is a Fellow of the Australian Society of Certified Practising Accountants.

    It is intended that, upon the appointments of Mr Sergeant and Mr Farrell to the board of Pathfinder, Nick Trew, the Company's Chief Executive Officer, will become Executive Director, Sir Henry Bellingham, the Company's Non-executive Chairman, will become Non-executive Co-chairman and Robert Easby, the Company's Finance Director, will step down from the board but will continue to oversee the finance and company secretarial functions. A further announcement concerning the proposed appointments of Mr Sergeant and Mr Farrell will be made in due course.
     
  18. Groucho

    Groucho Member

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    PATHFINDER MINERALS PLC – STATEMENT TO SHAREHOLDERS

    May 10, 2018 | Posted by Align Research admin

    [​IMG]

    We note the announcement yesterday from Pathfinder Minerals Plc regarding the proposed Board reshuffling and appointments of Blair Sergeant and Simon Farrell to CEO & Co-Chairman roles – two senior mining executives whose expertise and deep knowledge of both Africa and heavy mineral sands we respect.

    Given the new Board appointments we confirm that we have now withdrawn the EGM requisition and support the new composition of the Board and believe we are in the best position we have been for a long time to, finally, hopefully conclude a deal outside of the courts which is in all Pathfinder Minerals shareholders interests.

    10 May 2018

    Pathfinder Minerals plc

    ("Pathfinder" or the "Company")

    General Meeting Requisition Withdrawal

    Further to its announcements on 4 April 2018 and 24 April 2018 regarding the requisitioning of a general meeting of the Company's shareholders, Pathfinder announces that, yesterday, it received notice from the shareholders who requisitioned the general meeting that they have withdrawn the requirement for the Company to proceed with the requisitioned general meeting. In light of the withdrawal, the requisitioned resolutions will not be put to the general meeting due to be held on 15 May 2018.
     
  19. Groucho

    Groucho Member

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    Align TR-1 4% total 10,250,000 shares
     
  20. Groucho

    Groucho Member

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    8 June 2018

    Pathfinder Minerals plc

    ("Pathfinder" or the "Company")

    Update Re. Mozambique Supreme Court Application for Recognition of the English Judgment

    Pathfinder announces that, on 22 May 2018, the Supreme Court in Mozambique notified the Company of its request for final written submissions in relation to Pathfinder's application for recognition of the English High Court ruling on 19 October 2012 (the "English Judgment"), together with certain costs orders awarded in the Company's favour in relation to the English proceedings. The Company has duly complied and has lodged final written submissions with the Supreme Court.


    By way of background, the English Judgment ruled that Pathfinder validly acquired its 99.99 per cent shareholding in Companhia Mineira de Naburi S.A.R.L. ("CMdN"), the Mozambique entity to which mining concession licences 760C and 4623C were registered; and that all the agreements were governed by English law. On 2 August 2013, Pathfinder lodged an application with the Supreme Court in Mozambique for recognition of the English Judgment.



    Nick Trew, Chief Executive, commented:

    "While neither the timing nor the outcome of the Supreme Court ruling can be predicted, Pathfinder is confident in its application for recognition of this foreign judgment in Mozambique and is encouraged by the request for final written submissions, which provides reassurance that the wheels of justice are turning. Though there can be no certainty of a favourable decision, the Board believes that such a favourable decision would ultimately cause the Ministry of Mineral Resources of Mozambique to restore control of the areas previously licensed to CMDN to Pathfinder's control, and enable the Company to resume development of the project."
     

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