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Retired Banker, I got mixed up with the investor presentation, which they normally RNS us, but didn't this year and is available on POGS website. Have you looked at it ???? And what was your opinion, as personally I thought it was quite good and something which should have been put into the public domain rather than hidden in the website.
Rusty - about the only updates we ever get in March are either about IRC or the latest Boardroom shenanigans !
Let's hope we have some boardroom stability this year and maybe some sort of 2021 outlook statement from the new CEO.
On the IRC front I see that the HKD share price is up 50% on 31/12/20 ... so maybe I'm going to be proved wrong and IRC isn't the millstone I've been calling it for the past 6yrs ... mind you it is still trading at half the level is was at when the 2015 POG Rights Issue occurred
Yes I agree it was strange that they didn't flag the presentation. The 4th Jan shareholder consultation RNS detailed the work they will be doing to improve matters, unfortunately they have obviously consulted the big shareholders and left us in the dark. Hopefully we'll get an update soon but this is a huge complex operation and the work will take time. I'm hopeful that matters will improve and share many of your concerns but I do thing it's too early to judge either the merits of the new CEO or to have a definitive opinion on Pavel's record. I think there is reason to be dubious about the Russian Courts but would be more trusting that KPMG's review will be without prejudice.
Ok, so lets assume Pavel is applying for the job. How would you summarise his skillset ?
Shedulike, I don't blame the current board, for the flotation plants not being completed, except for the fact it was put back another 6 months.
I do blame the board and Public relations for inertia, and a lack of communication, and especially the PR department for not even having the courtesy to answer e mails.
I think it was also very very poor, that we have an update on the website, that a poster on here flagged up. Personally, I thought the update was very informative, but why not put an RNS out advising it is available.
There has been NOTHING from the new CEO that would fill me with confidence.
I just hope I am proved wrong and before the end of the month ( like we should ) we get an update, that inspires confidence and gives a strategy of what is happening with production, forecasts, bond maturity, EMI, IRC, Bond prepay repayment, cash in bank, etc etc. Because in my opinion, we need to have a strategy.
I think there has been a lot of negativity towards both Peter and Pavel on here, the strategy was correct, the gambling on a high gold price was initially wrong and the debt they accrued nearly bankrupt the company. Hopefully, we are in a better place now. I would imagine there are a lot of discussions on the bond maturity and the strategy for repaying that.
Gazprombank providing the money is an option, but at what cost ? we need to look at the best possible deal, with interest rates at all time lows there should be some mileage in getting a good deal at a reasonable coupon. But because of the companies rating as round about the "B" level, it is never going to be at rates of the likes of gilts. But shouldn't be at junk bond rates either. Time will tell.
Rusty I was just looking back at the history of the POX hub and note that it was the 2010 feasibility study into the refractory ore at Pioneer and Malomir that prompted the project. In 2011 they had planned for the construction of the required flotation plants alongside the development of POX so IMO opinion it must be considered a flaw in the strategy to have ended up completing the hub itself while failing to have developed the capacity via the flotation plants to fully utilise it. I don't think the current board can be blamed for inheriting a situation in which all four POX autoclaves came online in July 19 but the flotation capacity is likely to be lagging up to two years behind, Pavel knew 10 years ago the scale of the flotation plants that would be needed, though I wouldn't throw him into clink for it :)
There was no way the pox hub just cost $350m. It cost a hell of a lot of money initially, then it was mothballed and cost even more to complete.
They say to build them now you are talking about a billion plus. I am with Lawrence13 here, without the debt, and the pox hub, the company would be Donald Ducked !!!!
I thought he said in presentations it cost around $350m. He is worth around $400m himself, I wonder if that could be the reconciling number ?
How ridiculous is that opening statement, if he hadn't run up the debt there'd be no POX hubs and struckov would have ****ed off. Actually its peter and pavels fault
Not in a million years would Pavel be welcomed back. He ran up an $800m debt over 10 years leaving the shareholders with a factory running at 30% capacity.
What have you heard KRSS. As for my views on Peter and Pavel: Yes I can't see Peter coming back in a full capacity saying that he is the chair at IRC still, But I guess my view boils down to this:
The two P's have vested much of their lives in POG and I belive they are passionate about their venture and really want the best whereas other players in the game want to exploit POG further cheat investors and basically rip the arse out of it.
only a masochist could support the return of Pavel
???Pavel and Peter can return, it’s already rumour in the town, it’s just a board room game. But they are too old to return and virus is still prevalent
Lawrence13, I have questioned many things Peter and Pavel have done over the years . I have also said the way the results were announced, often left more questions that answers.
They were instrumental in having the foresight to build the pox hub, what we have to ensure, it is an asset, not something for people to try and steal at a pittance. There is absolutely no doubt in miming, they have made mistakes, but, so have I.
The public relations and communication, in my mind, were much better with Pavel and co, but, that is maybe because they had a lot of plates spinning and something was nearly always happening.
The one thing that is abundantly clear to me, is POG have not used the higher gold price to there advantage, YET, But it was quite apparent that a large chunk of pre paid gold up front money was paid off in the last update, which the PR department and BOD, didn't think was worthy of us knowing about ?????
The case with Pavel, needs to run its course. I personally don't believe he should be incarcerated, unless there was reason to think he might abscond. We should never presume.
Denis has done NOTHING, in the time he has been here to say he is the man to turn things around. Yes he has to get to know the company, but, that does not stop him advising us that is exactly what he is doing and telling us he is working on a plan.
The forthcoming results and update calendar was always a good help as it gave you an idea of when to "expect" something.
I am still expecting an update BEFORE the end of march. Pavel should be classed as innocent unless proven guilty. You seem to think he is innocent, Lawrence13, you think its a conspiracy. What if its not and he has done wrong. What then,
The only thing I would say, is, I hope he gets a fair hearing, but if he is found guilty, don't be surprised if other things come up.
If he is innocent, then I am sure he will fight tooth and nail to get back. Would I support him, it depends on what happens during the next 9 months, But based on the inaction of the present incumbents, I would. Time will tell.
Pavel and Peter had the vision to visualize POG with the POX hub in an economically strategically growing part of the globe. Yes they over stretched by relying on a rising gold price and nearly lost all; but they didn't and after a long painful slog POG took off and all was looking fantastic. I know Rusty had some queries about the BOD not being totally open but the charges leveled against Pavel at the moment to keep him looked up and silenced is outrageous and was instigated by Struchov and his bod pick henchman Karin made the accusation against |Pavel that he had sold his property used by POG as offices at an inflated price. I believe its all part of struckovs plan to keep pavel out of he way until the yet unannounced AGM is out of the way meaning another year to try and get his refractory gold processed at below market rates. At present struckov is stuck playing for time. Let me pose a question to you all. What if Pavel was proved innocent via the court and the forensic results., would his popularity among the share holders suddenly rise. I still believe Pavel and Peter are the men for the job although Peter has semi retired even though he is still at IRC. Peter has total trust in Pavel and if the two were in some sort of financial collusion, why is Peter still the Chairman of the BOD at IRC.? Nah it all smells like rotten fish to me.
But let me ask again . If Pavel was cleared of the one charge would you support him returning.
And one more last thing: You want transparency, so how is the company more transparent now ; we hear nothing from them- not a word.
I disagree, the investigation is necessary for transparency. There can't be reconciliation until stakeholders know the truth. Look at the impact Pavel's prosecution has already had on the staff of the company.
Any investigation will be costing time and money and I suspect an unnecessary diversion because whatever the conclusions might be, is PG realistically going to pursue (at further cost) any individual or company for unquantifiable losses for possible misdeeds? Probably 'spilt milk'.
An update on progress would be welcome but the Annual Report will be an absolute MUST read. Strange that there are only the few of us who appear to take an interest in POG on this BB.
I do read all posts as it is reassuring to know that others thoughts are aligned with my own.
I am sticking with it.
Not really very helpful, unless we have dates for annual report an AGM, BUT NEVERTHELESS, THEY CANT GIVE OUT THAT SORT OF INFORMATION UNLESS ITS IN TH PUBLIC DOMAIN. At least you got a reply.
They responded to my question I asked several weeks ago about when they thought the forensic investigation would be completed and announced Patrick's reply
"Thank you for your email.
No timeframe has been announced and the forensic investigation is ongoing and we will update
shareholders as soon as we can.
Most likely updates on progress-to-date will be given around the time of our annual report and AGM.
I hope that helps, I am sorry I can’t be more precise at this stage.
Its all we can do, I am still waiting for the answer to the question I sent. I wonder what the hell they actually do !!!!! Some customer relations when they can't answer a simple question.
People can say what they want, but in the past, emails had been responded too, well and quite timely.
The whole company from the CEO downwards, needs looking into shocking PR and no wonder the SP has dived.
I often wonder what the hell these people get paid for. ??
Also the stench of supposedly dodgy dealings put about by Strukov's board pick Kharin. Talk about shoot yourself in the foot
Rusty: just sent my 3rd email to customer relations asking when the AGM is planned for
plus two new question
Is the Financial Diary no longer in use and can a private investor submit a resolution to BOD for the next agm. Now lets see how long it will take them not to answer
Normally, in normal circumstances people can attend the age and ask questions. Some companies ask for those questions to be submitted before the agm.
As you get an answer from Public relations, maybe worthwhile sending the question to them and ask them to forward it to bod.
it was 41p at one point last before bod changes -hell of a mess. Thank god the old regime has gone and we've now climbed to 25p.....downwards and sideways.
I hope you are right, 3 years should give them time to sort this mess out I suppose and HGM was managed well and gave good returns.