i've just left the AGM. all resolutions were passed (with...

i've just left the AGM. all resolutions were passed (with proxies received prior to meeting mostly already at 90%+).

not surprisingly most talk was about today's ann re finance/offtake deal with glencore. rimas gave a presentation which conatined no other signif new news/info but was a nice re-cap. at the tea & bickies after the meeting it was smiles-all-round from management, boardmembers & shareholders ...

i was hoping that finance would be 100% debt-funded from glencore and this is pretty much what we've got (subject to the shareholder vote). apparently the chinese shareholders (yunnan tin) are not happy that they didn't secure the offtake deal but presumably their finance offer was inferior (if indeed they made one at all)? yunnan tin boardmember excluded from the financing negotiations and decision for obvious reasons.

one concern (of mine) is that yunnan tin hold at least 17% of the shares and could potentially vote against the glencore deal. presumably they would only do this if they had a greater plan (100% takeover?) as otherwise, as a major shareholder, they would be cutting their own throats to thwart a good finance deal.

one manager indicated to me that because of the possibility of the above scenario (i.e. a chinese no vote to glencore deal) that ytc may require yes votes to be submitted from a number of shareholders from outside the top 20. so if you like the deal be sure to return your voting slips!

otoh, if yunnan vote no, they may make a takeover offer? (this is purely my speculation only). imo this is unlikely but is certainly not impossible.

regardless, imo, ytc is looking a much healthier, significantly more de-risked project than it was 24 hours ago. imo it represents a great long term buy at current shareprice circa 29c => enterprise value of $60M (market cap of $73M with cash $12M).

ytc has genuine potential to develop into significant gold/copper/base-metal mining operation without any further significant dilution prior to production. ytc, with an EV of $60M, stacks up very well against its ASX peers imo.

good luck to all holders.

k

NOTE: The above comments are my opinion only and should NOT be taken as investment advice. Investors (current and potential) should seek their own independent financial and investment advice.