Curious as to whether and how you might handle dividends given that both PETS and VOD are declared in one year and paid in the next. At a 6% yield these are solid stocks.
Regarding KMR: it’s a solid company (despite this years political upheaval) that has been available at great value since commodities declined after 2022. Lots of cash but big investment this year into new mining zone
Kenmare Resources is investing up to $341 million (21.5 billion meticals) between 2024 and 2027 to upgrade and relocate its Wet Concentrator Plant A (WCP A) to the Nataka ore zone. This includes $225 million for the plant upgrade, tailings storage facility, and dredges, with an additional $91–106 million allocated for supporting infrastructure[1][2][9].
Former CEO (who had retired) together with Oryx Global has made an offer at 530p per share
6 March 2025
Kenmare Resources plc
Statement regarding possible offer
The Board of Kenmare Resources plc (“Kenmare” or the “Company”) notes the recent press speculation and confirms that it has received a non-binding proposal from Oryx Global Partners Limited and Michael Carvill (together the “Consortium”) regarding a possible all cash offer for the entire issued and to be issued ordinary share capital of Kenmare. The most recent proposal received was at a price of 530 pence per Kenmare ordinary share (the “Proposal”).
The Board of Kenmare, together with its advisers, considered the terms of the Proposal and unanimously rejected it on the basis that it undervalued Kenmare’s business and its prospects. However, in order to facilitate the Consortium improving the financial terms of the Proposal, the Company has offered to provide the Consortium with access to limited due diligence information.
There can be no certainty that a firm offer will be made, or as to the terms of any such offer, should one be made.
In accordance with Rule 2.6(a) of the Irish Takeover Rules, by not later than 5.00 pm on 17 April 2025, the Consortium must either announce a firm intention to make an offer for Kenmare in accordance with Rule 2.7 of the Irish Takeover Rules or announce that it does not intend to make an offer for Kenmare, in which case the announcement will be treated as a statement to which Rule 2.8 of the Irish Takeover Rules applies. This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Irish Takeover Rules.
This announcement is made without the prior agreement or approval of the Consortium.
A further announcement will be made as and when appropriate.
Thanks for the monthly update. It’s been another tough start to the year hauling my bags to and from the beach and carrying the beer cooler. Occasionally I think about reading the financial pages but then I get back to just enjoying the sea breeze and a good novel. One thing I would be interested to see is not just the annual YTD performance but overall since the start as I would not expect to be top or bottom just a nice leisurely compounding pace. Cheers and enjoy the slowly warming weather. You will note that I too have joined the rank of the substackers and started a newsletter. For this I decided I required a promotion hence my new handle = Tea Boy. Take a peek if you have some time.
Thanks for the efforts you put into this.
Curious as to whether and how you might handle dividends given that both PETS and VOD are declared in one year and paid in the next. At a 6% yield these are solid stocks.
Regarding KMR: it’s a solid company (despite this years political upheaval) that has been available at great value since commodities declined after 2022. Lots of cash but big investment this year into new mining zone
Kenmare Resources is investing up to $341 million (21.5 billion meticals) between 2024 and 2027 to upgrade and relocate its Wet Concentrator Plant A (WCP A) to the Nataka ore zone. This includes $225 million for the plant upgrade, tailings storage facility, and dredges, with an additional $91–106 million allocated for supporting infrastructure[1][2][9].
Sources
[1] "Transfer of Moma Plant to Nataka Secures Long-Term Operations ... https://360mozambique.com/business/mining/transfer-of-moma-plant-to-nataka-secures-long-term-operations-kenmare-defends/
[2] Plant upgrade, relocation to secure long-term production and ... https://www.miningweekly.com/article/plant-upgrade-relocation-to-secure-long-term-production-and-sustainability-2024-06-07
[3] Kenmare Resources Advances Key Moma Mine Upgrade https://360mozambique.com/business/mining/kenmare-resources-celebrates-progress-at-project-in-mozambique/
[4] Kenmare Resources celebrates progress at project in Mozambique https://www.morningstar.co.uk/uk/news/AN_1720099505724419200/kenmare-resources-celebrates-progress-at-project-in-mozambique.aspx
[5] Kenmare plans for the future with new IHC Mining dredges & move ... https://im-mining.com/2023/12/15/kenmare-plans-for-the-future-with-new-ihc-mining-dredges-move-to-nataka-ore-zone/
[6] Returns At Kenmare Resources (LON:KMR) Are On The Way Up https://www.ainvest.com/news/returns-at-kenmare-resources-lon-kmr-are-on-way-up-250210101601750107933a50
[7] Returns At Kenmare Resources (LON:KMR) Are On The Way Up https://www.ainvest.com/news/returns-kenmare-resources-lon-kmr-2502/
[8] Projects Update - 07:00:00 13 Dec 2023 - KMR News article https://www.londonstockexchange.com/news-article/KMR/projects-update/16251475
[9] Kenmare approves upgrade of plant to access 20-year Nataka ... https://www.miningmx.com/news/markets/55302-kenmare-approves-upgrade-of-plant-to-access-20-year-nataka-resource/
Former CEO (who had retired) together with Oryx Global has made an offer at 530p per share
6 March 2025
Kenmare Resources plc
Statement regarding possible offer
The Board of Kenmare Resources plc (“Kenmare” or the “Company”) notes the recent press speculation and confirms that it has received a non-binding proposal from Oryx Global Partners Limited and Michael Carvill (together the “Consortium”) regarding a possible all cash offer for the entire issued and to be issued ordinary share capital of Kenmare. The most recent proposal received was at a price of 530 pence per Kenmare ordinary share (the “Proposal”).
The Board of Kenmare, together with its advisers, considered the terms of the Proposal and unanimously rejected it on the basis that it undervalued Kenmare’s business and its prospects. However, in order to facilitate the Consortium improving the financial terms of the Proposal, the Company has offered to provide the Consortium with access to limited due diligence information.
There can be no certainty that a firm offer will be made, or as to the terms of any such offer, should one be made.
In accordance with Rule 2.6(a) of the Irish Takeover Rules, by not later than 5.00 pm on 17 April 2025, the Consortium must either announce a firm intention to make an offer for Kenmare in accordance with Rule 2.7 of the Irish Takeover Rules or announce that it does not intend to make an offer for Kenmare, in which case the announcement will be treated as a statement to which Rule 2.8 of the Irish Takeover Rules applies. This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Irish Takeover Rules.
This announcement is made without the prior agreement or approval of the Consortium.
A further announcement will be made as and when appropriate.
https://bsky.app/profile/jjaron.bsky.social/post/3ljkxtle2ks2h
Thanks for the monthly update. It’s been another tough start to the year hauling my bags to and from the beach and carrying the beer cooler. Occasionally I think about reading the financial pages but then I get back to just enjoying the sea breeze and a good novel. One thing I would be interested to see is not just the annual YTD performance but overall since the start as I would not expect to be top or bottom just a nice leisurely compounding pace. Cheers and enjoy the slowly warming weather. You will note that I too have joined the rank of the substackers and started a newsletter. For this I decided I required a promotion hence my new handle = Tea Boy. Take a peek if you have some time.
Thank you very much.