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Member Info for V1d-


Member Since: Fri, 17th Jun 2011

Number of Share Chat Posts (all time): 843
Number of Share Chat Posts (last 30 days): 1

Last Posted: 11 Dec '14


Post Distribution over the last 30 days




11 Dec '14


I thought that the steady fall in the SP might have been a distressed seller -perhaps a small fund with redemption requests. However, as you say, Abbey, it does rather seem that CFEQ is acting for someone who is prepared to throw a lot of shares at the MMs on the bid and cover CFEQ for punters buying as they push down the ask.

Who is the (eventual) buyer in the background, why (trade or fund) and are they net accumulating at the moment. Will the SP re-rate in the New Year when (if) there is a buyer after a significant holding?

Or is this just wishful thinking?
14 Nov '14


O Romeo, Romeo! Wherefore art thou, Romeo.......

On the assumption that the RNS would not be released on Friday, I have a packed programme of commitments for the whole of today which were put off from earlier in the week when I thought that the RNS WOULD be out....

All good stuff, and interesting to see that 675k oz come out of the base case even with a gold price which leaves most producers losing money. Interesting also that MC has had the two PEAs produced and released at the same time. The big boys - ie possible bidders for the project - would not have been that enthusiastic for a project with annual production below 100k oz, however, by including the UG oz, we get to 137.5k oz pa PLUS the high grade artisanal ore at a further 10k oz pa.

The PFS/PEAs should put a marker under the SP once the traders have exited, and, remember, MC was particularly enthusiastic to get drilling on Real de la Cruz. That could get the project up and over 200koz pa. We also have the likelihood of other significant ore bodies on the concessions, as shown up by the airborne surveys. I'm looking forward to news on the further exploration and infill drilling programmes.

I would also like to know who has been ferreting around in the data-room. I could be the Last Chance Saloon for them if they want to get a bid in. By the time the PoG and the Bear Market turns, it will be too late.

Good luck all, and catch you this pm and over the W/E.
22 Oct '14


Seems that I was a bit previous with claims of an RNS this morning, although most agreements have provision for acceptance of electronic signature by scan and email.

Note also that;-

"The proposed IFC investment is an equity investment of up to US$ 10 million, comprised of: (i) an initial upfront investment of around US$6.0 million (GBP 3.5 million) to acquire around 9.0% of the Company’s shares outstanding post-financing; and, (ii) the balance amount would be available for future equity investments including the potential exercise of share warrants."

So there's a bit in the pot even after the money to take up the 144p warrants.

IFC might get to be a pain in the arris if they became the single largest shareholder, because of their bureaucratic - and hence slow - admin processes. However, it does mean that Condor now has access to providers of debt and equity funding to get it all the way through to production if necessary.
21 Oct '14


The funding was agreed on 20th October, and the documentation is now just awaiting signatures:-

http://ifcext.ifc.org/IFCExt/spiwebsite1.nsf/0/296971CE8BA59B0985257D5100678B5E

I assume that we can expect an RNS in the morning, and as the SP has made its way back (almost) to 90p, we should be getting £3.5m at the originally agreed 90p a share - 3.9m shares plus 1.95m warrants at a strike price of 144p.

All systems "go" and a fine big feather in Mark Child's cap.
22 Sep '14


Just for completeness, I have tried a dummy SELL, which returns 89.5p for 5,000. A dummy buy immediately after gives 89.15p to BUY. WTF is going on? The difference is not quite enough to be able to make anything by arbitrage!


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