George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
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Sb what have you decided to do?
SAJM, Realistically, even if all went extremely well and after the upcoming tendering, the remaining funds bought the most lucrative business cheaply, how long do you think you'd have to wait to break even ? My break even is 10.3p and I accept I'll make a loss here and will take up the tendering if the sp doesn't rise above 9p. I'm trying to mitigate loss at this point and roll proceeds into another share with much better prospects, eg travel or hosoitality, etc.. But DYOR !!
My average is still 14p, so well down. Is it better to take up the tender offer or hang on?
All tender documents now available to review on mmx web site - covering both UK and US investors. Nothing new - but provides paperwork for non crest holders. SB
The corporate action message is out. What your thought ?
nothing in iweb yet
Interactive Investor has now posted the corporate action event in trading and ISA accounts - have given until close of play 28th Sept to confirm how many shares are being offered for sale - as we know subject to scale back if the tender is oversubscribed beyond the 604m. SB
SKK. Individual brokers, individual efficiency.
Just head back from company - circular will be on web site asap. As discussed previously - two ways to tender - if you have a paper certificate it will require a signed form of acceptance to be returned with your share certificate to Computershare in Bristol; if you are on Crest - brokers will progress through a corporate action acting on your behalf under a TTE - Transfer to Escrow Instruction. There is reference to making contact with brokers but this is clearly already making progress in the background; I'm with Interactive Investors and will update when they post details. SB
HL are currently working on their comms, will be out ‘shortly’.
I assume it can take anything 3-5 working days
Hi Culpepper, I have already contacted my broker & got ' will be updated imminently.'
I don't know if all crest accounts get updated simultaneously or is it down to the individual broker to notify clients of corporate actions.
Regards SKK
Don't disagree with that point Culpepper. It is possible that the issue of the tender circular is holding up proceedings - I have asked the company for an update and will report back anything I hear. There is still 13 business days to go so plenty of time before 1st October deadline. SB
I feel inclined to reply to that, though not addressed to me. I find it less stressful to contact the broker and ensure they have it in hand. On some occasions they can push it close to the return date, and that can become uncomfortable.
When can we expect the corporate update on crest shareholder accounts?
There is nothing as yet with Halifax Share Dealing ..
Thanks..
Thank you all for your thoughts. I bought these shares a long time ago but sold out 75% at the start of the year. Managed to break even at just below 5p . My remaining 240k is all profit so cant complain . Should have held on to them all instead of looking for dividend shares . Hind site is a wonderful thing but these boards may give us a window to the future . Cheers.
The guidance to shareholders in the RNS is as good as it gets.
Welcome to the board David. FWIW and imo my thoughts 1) No reason to think price post payout would vary much from previous few weeks - remaining shares will still have a 9.6p net asset value; 2) 875m shares in issue so 271m left if full take up - there may some options to be sort out behind the scenes; 3) On top of the $80m capital return the company has said it will retain $24m cash plus $12m in escrow (so in total that's what is being used to calculate the 9.6p net asset ($80m +$24m+$12m = $116m/871m shares = 13.3c or 9.6p). In addition it has made a provision for tax, fees, bonuses, severance payments - I have seen not seen an actual quoted figure but there is a belief that a c.$20m provision has been made for such costs. If they spend less - good news assets go up; if they spend more - it comes out the $36m. The only other point to make is whether there are any issues with full release of the escrow monies. 4) Depends on events in point 3 above.....however I would think any material cash upside beyond the 9.6p net assets would be limited (and would also note limited downsides) - with any future premium tied into the promotion of the business as a cash shell vehicle and securing a successful RTO target. SB
. ? They will have worked it that if they don’t buy another company and wound up the company it would still be close to 9.6
1) Any ideas how share price will go after payout ? 2) 271 or 302 million shares left over assuming full 604M take up. 3) Total cash available come mar'22 if nil spent , at best guess $60M or worse guess for tax hit $30M. 4) If nothing new happens with tie ups or take over would worst cash value per share be $30m /302m =7.1p per share to best $60m/271m = 15.9p per share . This is a very naive post but is worth a look . Good luck to all holders.
Thanks for that SB, what an absolute star you are. I am happy MMX will wipe its face, maybe even show a bit of upside, her indoors was advised by me to buy a tranch of MMX at 6p ( hard to believe I would ever say that!) she is absolutely delighted with this outcome . SJL will be able to extend his fleet somewhat i imagine. Huckster
Hucks - if you are with HL (and therefore your shares are on Crest) - I'm pretty sure the corporate action will be automatically processed - and I also think the form of acceptance relates to paper certificates only. There is reference to a circular being issued which should confirm the exact process - expect that to be issued in few couple of days. And yes - assuming we take up the tender offer - look's like we will be left with c.1/3 of our current shareholding (maybe less - depends who takes up offer); and options are a) sell remainder at price post 1st October for a full exit; b) hold and see what happens over coming months; or c) take the gamble and reinvest!! SB
Thanks SKK - that's really appreciated. Its been quite a journey.....10 years+! I hope current events work for you. SB
Cheers SB, I am an HL man, so I presume I ask them to send the form of acceptance, this corporate action tender offer could be fully subscribed at circa 66% of the investors holdings by the look of it, this then could almost compel many of us to be investors until March 2022 or beyond that being caught up in the cash shell RTO play, n'est pas Huckster
I have been here for many a year, possibly longer than yourself. Though I don't post that often, I do keep up to date with postings on this board.
I would like to thank you for your valued thoughts & views posted .
Regards SKK