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Good news. If Big Jim is delighted then so am I, lol
Melon is happy..game on sale is happening.
Shady been cumbered?
Hi All
Any update or clues following todays meeting???
Also can anyone give an explanation to who is clearly selling. I have been able to buy over 150k readily at 15.75p so someone is keen??
I should also stress someone looks to be buying as all trades are going through at 15.75p.................any possible explanations.
Come on CNR, you know you want to!!
Yippe Iam going to the greengrocers today
thank you for the very detailed explanation
clearly if this all goes well I will need to get my pocket calculator out ;-)
After distribution the shell will have a value. It could be used as a vehicle for a reverse takeover by a company completely unrelated to mining. Thus you could end up with shares in a property, retail, leisure outfit. If this did happen you could expect some pretty significant watering down in the process, but you could still end up with something.
Of course JM/MC could also start another mining venture, perhaps retaining £10m as seed finance to kick it off.
I'm looking for about $150m, say £125m; about 60p asset value per share. I'm also assuming that the assets in their entirely will be sold in the vehicles within which they are held. In other words the Nic subsidiaries, the companies.
By the time of the sale at least £40m will be owed by the subsidiaries to the UK parent. This I would expect to be a cash settlement so you can knock £40m off the £125m straight away. Instead of having amounts due in CNR's balance sheet you have £40m in cash. The rest of the £85m, ex a few costs will be subject to UK Corporation Tax, currently 19%. CT is jacked up to 25% in the not-too-distant so I'm hoping that the deal is signed before March 31st 2023. Let's say £15m on taxes to round the numbers - there may be a few losses here and there to offset but I'm guessing that the losses ended up in the Nic subsidiaries (the loans). Take £15m off the £125m and you end up in the region of £110m, most of which will be distributable as a special dividends.
The share price should lift to a respectable levels once the details of the deal are out. It's highly unlikely it will hit 60p. I'll take a run at this and suggest that it will top out about 40p. If it does then none of the warrants\options above this level will be exercised so I'll guess that about 232.4m shares will end up in issue. In other words a value of about 47p/share but a market price of about 40p. I, and a lot of others like me, will probably sell a few on the way up leaving a rump for a dividend distribution. In other words minimise personal CGT and dividend taxes. I've taken some gains and losses this year but still have a net CGT allowance. I intend to use all this up before taking any dividends. I'm also sitting on a couple of other losses so can effectively clear all my losses with (hopefully) some moderate gains on CNR.
I've got a feeling that this will run to the wire at the end of this tax year so we could see CNR tread water for ages before sudden volatility as we come to the end of March.
Make sure we aren't left with a shell MC and JM in charge!
firstly you need to have made a profit on your investment as many here will be offsetting their losses against their taxes. as to dividend it will depend if you are lower rate or higher rate tax payer. 8.75% for those under £50k and obviously more painful above. I think anyone here would be happy to make a profit on Condor as today at the current share price no one has made a profit as we are at a all time low. If we get a 40p-60p takeout and we end up getting a 30-50p dividend maybe some people will be in profit but this is an opportunistic move to see what might happen but hope it is only a 1-2 month push and then get back to plan A and build the mine. When you have a mine with over £1bn of gold and probably £10bn given MC has spent 12 years not really sure why he does not go the final 2 years and reap proper rewards. in the first few years of production it would be feasible to not pay back the loan but actually extend the loan and just pay out th excess $80m in the first year and then pay back the loan in the 2nd year of production. rushing to pay back the loan makes no sense if MC and JM are looking for quick payback. I am hoping a partner will come in with the cash and we keep 50% of the company or something like that so we would benefit from the future. MC could stay for a further 2 years and oversee and let a decent miner finish the project and use Condor and its hefty tax loss status as the vehicle. if a miner had $20m cash they could leverage that up with borrowing to go to $100m and make an offer to go in 50% with Condor and everyone can do well out of it. They can get their loan repaid in 12 months so they end up with investing $20m for 50% of a producing gold mine. There should be plenty of savvy mining companies (FM and RT) who could work something along these lines if MC does not sell Condor cheap. Personally i would be disappointed with a $100m asset sale. lets hope that as MC recently mentioned $10m-$200m is possible as that would be acceptable to most i suspect but lets not take too longer waiting as that is the killer.
I doubt if an answer would be forthcoming but how we get the value would be an interesting question?
It seems to me that if they buy back our shares then we would be liable for CGT at 20% but if they pay a special dividend then we would be liable for 33.75% tax and we would own shares in a company with no assets?
If the assets are sold what is left of value to the shareholders ?
Apple and pears onions and melons still working on it anything want asking for yr self barnard
Why waste money on a mill
Why spend money on a water system and tree program
A big if sold I want my money sorry this wouldn’t be a question
Slim are you ok reporting back?..any questions lined up?..no vegetable puns though haha.
Tomorrow at 11 godelmean
The EGM is tomorrow (21st - high noon at solstice!!!) not next week....?
fair enough
the (old) notice says the following which isn't entirely clear to me, I guess it will all come out in the wash ;-)
"OPTION 3: If you have exercised all your subscription shares on option 2, you may also apply for additional shares.
Excess applications may be subject to scaling back. Refunds resulting from this are generally received back from the
company within 2 weeks.
We'll submit your instruction to the company before the official event deadline. Your account will be updated upon
receipt of the proceeds but in some circumstances there may be delays in the proceeds being credited to us. Please
allow 10 working days for your account to be updated."
Check your line as I thought that and then read - will be exchanged for shares or cash. So allocation not yet decided
Gold powered through $1800 again
It may be of some value to revisit this interview back in September…
https://m.youtube.com/watch?v=Zgs5cnEogZQ
Noal can't really help it l don't think. He just has a need for attention good or bad, and loves to be a keyboard warrior. Quite sad really, but you get all sorts in this world l guess!
Indeed!
Well if my ii accounts are to be believed I appear to have been allocated my full quota of excess shares. Not sure if that's good or bad...
GLA :-)
shares drop almost often below a placing price
Looks a bit strange, however you look at it. £32k sold at 15.10 and below the bid? Not to mention why you would sell guaranteeing a loss when millions have just been allocated at 15p.
apparently it is "Hear, Hear" anyways FO Noel