Our live Investing Matters Podcast Special which took place at the Master Investor Show discussing 'How undervalued is the UK stock market?', has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
This is a 1 for 6 offer after checking .
My broker needing to to say I can have one share for one right threw me .
Seems there are different instructions around:
Action required before midday on 16th Dec 2022.
Take up your option to buy more shares in Condor Gold plc
You can apply to buy shares at a price of 15p each. You have a guaranteed entitlement to buy 1 share for every 6 shares held at the end of 2 December 2022. You can then apply for extra on top of this, also at 15p, but there’s no guarantee you’ll get all the shares you apply for.
To apply for shares please give an election by noon on Friday 16 December 2022. You’ll need enough money on your capital account from noon on 16 December 2022 until the money is used on 19 December 2022.
Email today deadline tomorrow 15th @ 11am , saw a post ii are 11pm not sure why its so short a time , the non tradeable in for a week tomorrow .
The week low was 16p on midday yesterday .
I have told them I am taking them up its a one for one, so a double up .
ii seem to be telling me that deadline is 23:59 on 15th December (i.e. tomorrow night)?
Mostly buys today but being shown as sells. Volume currently 300000 and the sp is holding at 16.50 as we approach the cut off for applications for the open offer.
Today is ya or na still not convinced
No further rush to trade today with investors eagerly awaiting details of how many of the excess allocation gets granted. I'm hopeful of another basinful.
For info:
'O' Ordinary Trade (System will delay if over 6 x NMS)
A standard trade made through the Market Makers and dealt at normal settlement date.
NMS = Normal Market Size.
I don't know what Condor's NMS is but the delayed trades are at least 6X larger, hence the late publication. Apart from size they look like normal trades and I can't see them being an overhang from days ago (CNR has been trading at 16.25 for several days now).
Possibly delayed but I doubt it, at least not from today. I would not have thought you could post delayed trades more than a day later to avoid distorting the market price. Then again a lot of MM actions are pretty opaque at times.
I guess we will find out at the open tomorrow whether they are genuine buys or long delayed publication trades. Presumably, if they are very long delayed the price will still be 16.25p tomorrow. 1m buys in thinly traded Condor would, I assume, result in a bit of an uptick.
Looking at the trade prices they look like buys to me. If they were sells I'm pretty sure the SP would have dropped, at least to 15p and probably lower. It looks like support activity to me. As for JM, he doesn't have to convert and for the sake of ensuring the open offer goes through he might well have decided that 16 - 16.5p is pretty close to 15p and that the risk of the initiative failing is not worth the penny of so gain. This is all pure speculation and could easily be 100% wide of the mark. I realise that.
Delayed sell trades to buy them back at 15p?
Surely if those were genuinely one million of buys we would have seen a rise in the sp? Not convinced myself.
I think the reason Jim Mellon has said he won’t take part in the open offer is because the £1 million he has just given to CNR by CLN will allow him to convert that £1 million into shares at 15p. In essence he has already taken part in the open offer and to do so again would be giving Jim an unfair advantage. The open offer is actually to allow shareholders to get in at the same price as Jim and avoid dilution.
Can't !
Pure speculation of course, but it does make you wonder whether someone who can buy 1m in the blink of the eye has done so to support the price through the open offer phase. JM is not participating in the open offer, perhaps to keep his powder dry for the open market. It also makes you wonder how many shares the market makers still have floating about.
I can see this dropping below 16p if there are sizeable buyers around. I've decided to fill in the participate box now rather than wait until the last minute.
(I'm obviously assuming a single buyer vs. several. I could well be wrong.)
Yes,
1m bought in the last 30 minutes.
Perhaps the penny is starting to drop...
Somebody flexing large trades late in the day?
Looks to me like they would simply be picking up the slack on the open offer 1:6.
My take is that IIs will be queuing at the door for any shares on offer at 15p, given that they could potentially triple or quadruple in a matter of weeks/months. I'm kind of surprised that there has not been more open market buying at 16p - 17p. I don't think the penny has dropped to most yet.
PoG's instant 2% jump in price is a reaction to an expectation that the FED will slow or stall iits interest rate rise regime. If we get anywhere near to that the USD will drop and PoG will jump again. In my view it's only FED rates that are holding PoG down.
DDD If institutional investors buy can we assume whilst they buy at 15p they wont get warrants?? If so I guess them taking the slack isn't that bed as they wont want to sell below 15p?
I think the effect of the lower than expected US inflation rate on the markets will end up being more important than PoG given where we are. The instant reaction looks like 2% - 5% increase in US equity prices expected. In other words the market financing environment suddenly becomes a lot less challenging.
Which of course makes funding acquisitions easier.
On the plus side, gold moving quickly on the back of inflation data.
Perfect timing?
Having chewed this over I reckon CNR will simply sell the Nic companies rather than the assets they hold. They are after all the assets.
Forget my DTA rabbit hole. The gains should all crystallise over here.
Too much over-thinking here.
I'm also wondering whether CT increasing to 25% might be influencing the timeline. 6% is not exactly an insignificant increase. I've no idea how the UK/Nic DTA works (is there one?) and whether even Nic has CGT but what I do know is that one way or another some of the consideration will end up subject to UK CT.
As I've mentioned before, there are significant intra-group loans between the UK parent and three Nic subsidiaries so these will need to be settled first one cash changes hands. About £40m will end up on CNR's balance sheet once these are resolved, so taxes should really only apply to the rest. Nonetheless, 6% is 6%. If it doesn't need to be paid on a timing basis.......
BTW a lot of this stuff is in last year's balance sheet notes.
It will certainly get exciting when news of Round 1 is issued. That will probably be a trigger for the equity end to burst into life. I also ask myself whether, if they did get a home run type offer, they would still go through a BAFO second round?