Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Thanks CofE & Rheingold for articles
It is because PM manages POG as a family company, i.e. also over the long term that he initiated the construction of the POX. After seeing the gates of Hell up close, POG is becoming a success story. So, UGC disputes PM's results without a precise explanation, that's fine; This is precisely the angle of attack that the most naïve of shareholders cannot believe.
I think we say in this situation " Give a dog a bad name, and hang him"
The figures for the first half of 2020 should soon help to make this clear. I hope and think that we will be able to congratulate all POG employees.
Nor the issue of dividends does not hold. If your shares double in less than a year; So what prevents you from selling 1 or 2% of your stake to make up for the lack of a dividend? (this is a bit like the test case of Amazon). The first thing you learn in business school is that the biggest risk is the lack of working capital for a company that growing very quickly.
Conversely, if you want to bleed POG, then ask for a dividend. Try to reduce its profitability (by disorganizing its management for example, or by getting POG to refine ore from third party at a bad price). And pray that there will be difficulties in the next refinancing of the bonds ...
So a takeover could well be done in two stages by weakening POG first.
It's a shame to have reason to fear for POG , at the very moment when the POG stake should become a rock-solid investment.
What I would like is that in case there are still undecided shareholders (regarding voting and the choice of vote itself) is that we can know in advance the voting intentions of the other major shareholders. I am thinking of Norges Bank in particular, which is supposed ethical.
Whether you are voting one way or the other, please, vote. POG should be promised a bright future. But what POG will become could very well be played out in the vote of the next EGM.
COE, with a $400m facility at a lower rate of interest it sure would be an interesting choice if they reissued them.
Rheingold - Having read the article I don't think there is much wrong with what he says.
I don’t want more convertible bonds. But would prefer a lower rate one if that’s the only option at a higher convertible share price. Who wouldn’t.
Working stiff, not that I am aware of. Normally its a coupon over the duration of the contract, with a totally separate conversion option.
In the seven years I've been involved POG has always been fairly sound operationally, if you exclude the IRC shambles. It has been some of the commercial decisions and proposals that have caused the issues.
Rheingold, Well, they would say that wouldn't they. They have a vested interest, they have concentrate they can't process. We have a Pox hub which can process it. Let them pay the going rate and we will happily process it for them.
Or we will buy it from them and process it for themselves.
If thats no good let them build their own pox hub, or buy shares in Polygon.
Just because they hold 22% of the shares doesn't give them preferential treatment.
“Only new, completely independent management, which will not balance between the interests of shareholders and the interests of management, will be able to focus on improving the operational efficiency of Petropavlovsk,” a representative of Yuzhuralzolot, the largest shareholder of Petropavlovsk, told Vedomosti. “The financial success achieved by Petropavlovsk over the past year is just the result of rising gold prices in the context of the global economic crisis,” the source continues." Source: vedomosti.ru
informative article (in russian language; use translator) provides clues on Jushuralzolot's points and arguments.
https://www.vedomosti.ru/business/articles/2020/07/10/834351-aktsioner-obyasnil-konflikt
RB - Yeah, that's pretty much how I see it. Although I suppose I had a vain hope that there was some funky clause in those famously long-winded CB T&C's that reduced the coupon proportionate to the increase in the share price above 13p.
Workingstiff, I honestly believe that whoever wrote the article, hasn't a clue about how these things work. The reality is the bonds pay a coupon set at the outset, which has no correlation to the convertible price. Although I personally would like all the convertibles to convert now. Why would they, They get a nice juicy dividend for the next 4 years, which will go some way to paying there purchase price, they have a concession price which is fixed, and are further up the chain in event of default.
Now, I am not suggesting for 1 minute the POG would default, just advising of the benefits they have. The only way I could see any of them converting is if some of the interest was paid up front and POG started paying dividends otherwise, I think they will sit tight, and enjoy there wish pickings till maturity.
COE, why would you want more convertible bonds? These are terrible things for shareholders.
POG should buy the 22% stake, using its $400m pre-pay facility and use it for redemetion of the convertables if and when. It should cost around $200m at around 30p. As long as this big block exits its a danger to the BOD and executive. Less then one years of C/F. Delay the dividend.
Hopefully, the convertible bond will be replaced at a higher price and lower value. That’s if some are correct and this can happen. First we need to get past Everest which are a mountain of joy.
The last sentence, I mean.
From the Standard article:
"That's not the craziest of ideas; the bonds were issued at a conversion price of 13p a share last year. With the stock now 28p, bond investors can double their money. Besides, the share price surge has halved the yield from 8.25% to a more pedestrian 4%."
Anybody know what this means?
A clear, simple explanation of where we're at and the action we need to take for, hopefully, our benefit.
Excellent article! Show the greedy Russian Raiders the Red Card. Don't let the get even richer at our expense!