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Post on advfn, there are holders there with reasonable holdings
Not yet, may have to spread the word
Slalom, do you pst on advfn?
"If ORM shareholders disagreed with that decision at the time they could have replaced the board.
Or they could have switched to investing in a larger mining company than ORM, with less risk but more upside."
" ... with less risk but less upside."
Companies will typically try to mount a takeover if they think their target is underpriced.
Hence Almonty's interest in ORM for the Barruecopardo tungsten project: ORM could potentially have made far more by staying independent if that project had not hit unexpected geological complexity.
And indeed I note that Almonty share price declined by about three quarters in the few years following ORM's rejection of its 2013 bid.
If ORM shareholders disagreed with that decision at the time they could have replaced the board.
Or they could have switched to investing in a larger mining company than ORM, with less risk but more upside.
And of course, Almonty could have launched a hostile takeover if they were that keen, though they would have had to have paid more.
So it seems to me that it was a perfectly reasonable decision at the time.
And the fact that ORM developed to a stage where they were of interest to Almonty - "The Leaders in Tungsten" - is encouraging for the future.
Everything is obvious in hindsight, and I can sympathise with your frustration, but it is now in the past.
The whole mismanagement started when you were still in diapers. When Almonty offered the merger to shareholders at a 40% premium to the stock price or 4.5 per share. Instead of engaging Almonty, maybe they could have gotten a higher price, they stuck their heads in the sand like a bunch of babies and started a smear campaign against them. Then, a year later, after the no touch rule expired, Almonty tried again. This time, again without even a phone call with the potential acquirers, they turn to Oaktree as their white knight and the rest is shareholder bloodbath history. The stock got killed and never recovered.
As far as EGM requisitions go, it's straightforward. If you or a group of shareholders hold 5% of the company, you can serve a requisition notice on the directors to call an EGM. If you want to circumvent them and directly convene an EGM, you need 50%+ of the shares. Directors hold no shares so just a matter of gathering the votes. As an added bonus, I'd recommend running the notice by an Irish lawyer as the directors will look for any minor error/technicality to reject the requisition. Primary sources are the AOA (Article 51) and the Irish Companies Act (Section 178 and 1101 (which replaces 178(3) where a PLC is concerned).
Letting off steam is a natural part of the grieving process, which this board has kindly facilitated. I read your earlier post on the AoA, calling an EGM does not appear to be that straightforward? How would you see that being called?
I see a lot of whining on the boards but there is a clear pathway here. Will the moaners band together and call an EGM or just let off steam on the boards but take no useful action?
Just bad luck, are you for real? If the Barruecopardo financial plan was competent, we would still have a mine. Any worthwhile Financial Accountant knows how to plan for Actual, Budget and Variance, they must have lost that chapter though, through more bad luck.
Your constant pumping of the board for their sole achievement 15 years ago, is wearing thin. Vote for the special dividend and liquidate this folly.
Of course you are - you are both two embittered shareholders who, sadly, can't take responsibility for their own losses, so seek to blame others.
The plan was competent - it was bad luck.
And where's your evidence about any excessive-imappropriate expenses? There isn't any. It is just made up b.s.
People who want to attack a company can attack it whatever it does: if ORM wasn't at the PDAC (which doesn't actually cost that much) people could attack them for missing an opportunity.
And if the had RNSes it, people could attack them for wasting money on an unnecessary RNS.
Would you please give it a rest.
I'm very much supportive of T's comments regarding the directors behavior, just the fact that they have not disclosed their visit and we have to learn of it on message boards, is not the start they promised. They were 100% responsible for not arranging a competent financial plan for Barruecopardo and had to parachute from the project as a result.
Please spare us from your next general financial parable as it is more than patronising.
It's a fact that most mining sector minnows lose investors money in the long-run, but many also give a multibagging rise at some point.
So investment timing is key: buying low (like at the moment with ORM), and selling high.
And long-term, I suspect that ORM has actually outperformed the majority of such shares.
To illustrate this, compare two Irish mining minnows that floated around the turn of the millenium: ORM and CNGR.
CGNR (Conroy Gold & Natural Resources):
Has declined from the equivalent of over 3,000p in early 2000 to just 12p now.
I.e. a loss of well over 99%.
And the general pattern has been one of steady decline, bar a few spikes.
ORM: declined from 4p in 1999 to 2p in 2000, but has since spent most of the next two decades above 2p, and over 20p in 2006.
And it started this new decade at well over 2p, i.e. higher than nearly 20 years previously.
Not at all. Requisition an EGM and have them issue a special dividend. Mem and arts link for you http://ormondemining.com/wp-content/uploads/2017/10/ORM-Memorandum-and-Articles-of-Association-2017-FINAL.pdf
Instead of just ludicrous, libellous, juvenile insulting, why aren't you backing up your comments with facts?
Because you can't.
If you've lost a fortune on this share, that is YOUR fault.
Because there was no misleading or impropriety by management.
They updated the market in the middle of last year when the mining problems emerged, i.e. lower initial ore grades at the Barruecopardo tungsten project than anticipated, due to more complex geology:
23rd May 2019 7:00 am RNS Ormonde Mining PLC - Barruecopardo Update
" ... The initial ore feed from the northern starter pit, a small pit representing only the first few months of mine production, has returned lower grade than forecast due to localised complexity within this peripheral remnant zone; ..."
Experienced investors would know the serious implications of that, and retail investors could have applied a stop loss to exit.
If you didn't, put it down to experience, and stop blaming others for you own investment mistakes.
Would it be impolite to ask for my money back?
Given there’s some assets left, looks like they’ve managed to avoid Rule 15 status for now.
Not if the board is at PIDAC buying bottles of Crystal and then flying to the next juncket, Capetown anyone! After, the one in UAE yahooo! Then don’t forget Australia, put a shrimp on the barbi mate! And then back to London to start the small cap ponzi tour all over again. All first class on the dime of the wiped out shareholders, disgusting!
Shouldnt this be listed as a cash shell now?
Or what, they already have the money and they’ve started spending it on themselves. What suckers they must think shareholders are to approve giving the thieves more money to steal. Laughing it up in the first class lounge and at the gogo joint right now I bet in Toronto getting lap dances , what a heist $6m bravo
To be fair, we recognise the need to network and this event is a biggy, but you don't conduct negotiations with a drink in your hand (......well, not best advised), so our BoD had better have something to say fairly soon on what the future may hold.
I am well aware these things take time but shareholders need to be kept informed, subject to the constraints on insider info etc.
At least with €6m in their back pockets, they shouldn't be short of potential suitors at PDAC.
OF course they’re at PDAC, they flew first class, will stay at the Ritz, eat lobster, drink $500 scotch, smoke Cuban cigars and get rub downs in their bathrobes! They have $6m to spend on this junk as Irish shareholders who funded this company have lost their life savings. They should all go to jail
ORM are attending PDAC: The World’s Premier Mineral Exploration & Mining Convention for companies within mineral exploration. 25k attendees from 132 countries, it provides mineral and mining professionals, investors, analysts, geologists, executives, government officials & major network opportunities.