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Hussain1 - Do you mean you may accept that you paid too much for your initial shares and now proceed to buy more shares at a lower price to make things look better on paper? Never a fan of the 'averaging down' approach. Have you ever considered it could be throwing good money after bad?
Might just average down here
.....the beginning of the end? Or a good opportunity to average down?
They just can't get it right...can they....always something going wrong....production...targets keep falling. 20% loss of SP value this morning reflects....a SHAMBLES.
They are going to need funding but at what price?
might just be in a coma
FRAZZLED....Investors an all!!
crispy duck !!!!!!!!!!!!!!
Gold significantly up......AVM SP significantly down...The End!
Batfink666, I disagree that news always leaks out. I also do not agree that a company's share price necessarily reflects their true financial position. The AIM market is little better than a casino. The fact that there are still buyers willing to invest in AVM unfortunately proves nothing, people kept pumping money into Afren when it was dying. The company is days, or weeks at most, away from announcing which way this will go. I do not know if they can get the funding that they require, but by their own admission, they are getting very close to running out of money. The company may survive, but to do that it will need a large cash injection, which is likely to lower the sp, initially at least. The funding is needed to pay off previous loans, and to develop the new mines. The real problem is that their only producing mine will continue to be loss making, unless the gold price rises.
Ok it's not looking rosey but I am hopeful. Luckily my average is 4.5p (averaged down from 16p) so not a million miles away from breakeven. Again I say that the sp would be considerably lower if we were on the wire. News always gets out and there would be a mad rush to sell.
Batfink666, The extract below is from the Half Year report. In it the company clearly mention selling off, or developing two mines. Without serious new funding they will be unable to develop the mines, and will be forced to sell. Selling mines that can only produce gold at a TCC of $1021 per oz may not be easy. So while the company may not have mentioned administration, they certainly have talked about asset sales. "The Company has three loans due to an affiliate of Elliott Associates, its largest shareholder .... These loans reflect the fact that Avocet's single mine, Inata in Burkina Faso, has been unable to repay intercompany debts to the Company that relate to the mine's construction and subsequent lending. The weak gold market and Inata's disappointing operational performance in the last three years mean that the Company has to date been unable to raise sufficient equity to provide funding for corporate purposes or to repay the above loans. In the absence of funding from Inata or the capital markets, the Company envisages that repayment of the above loans will be achieved through the development or sale of its Tri-K project in Guinea or its Souma exploration project in Burkina Faso." Worryingly, they also state: "Subject to Elliott's approval for the final drawdown of US$0.4 million, the Company has funding in place expected to last until the end of October 2015, after which further financing will be required."
If this share was about to go into liquidation the sp would be much lower (0.5p) the are legs in the old girl yet.
Avocet have debts of $59m, and will run out of cash in a few days time. Much of their previous borrowing has been used to repay previous loans, but will Elliott continue to lend more money just so AVO can meet their repayments to them and Ecobank? The total cost of production is over $1021 per oz, which is too high at today's low gold price. Note that this is a TCC price and not an AISC price, which is often $150 higher. So the company is nearly bust and will continue to be loss making unless gold jumps a good bit higher. They need a major refinancing, but who will put up the money in these circumstances? Without the new funding, asset sales or administration looks likely. With new funding there will be increased debt and/or dilution, neither of which are good for the sp. I bought a small number of these shares a couple of years ago, and had taken my eye off the ball. I have only just read the Aug 24th Half Year Report, which is really dire, so I have sold out today. Good luck to anyone still invested here, I fear you may need it.
Many thanks for the information/advice. Will drop Elliott an email after this! Try and find out if AVM are still operational with all the problems out there!! Haha!
Does anyone have the contact details of Elliott...so we can lobby them and get this BOD moved on their way!! I know sometime ago someone tried. Lets have another go before this company is run further into the ground!!
There's AMA...BOD's exuding confidence in their own abilities and the direction of their company. Great to see!! Then there is the calamity that is AVM!! Come on Elliott get Cather and the people who are supposed to be running this company.....OUT!! Enough is enough...I'm sure I speak for the many....fed up....let down....investors that are/have been associated with this company. The communication of this company is appalling....Investors deserve more!!
Even I can't be positive now - £8m market cap against £80m debt, maybe I'll put a cheeky offer in to the various creditors! Not looking very good at all :(
"And now the end is near....da dada...final curtain" 3/4 million SELLS!! I just hope that Elliott...throw this company another lifeline for the Investors sake...after they have booted Cather and his BOD clearly out of site/sight over the horizon and put someone in who knows how to achieve something positive. Anyone want to give me odds??? AVM have been talking about funding for over a year now...Elliott keep bailing them out! I reckon...if Elliott pull out the carpet...bust and delisted by bonfire night...
AVMs performance has been nothing less than shocking during the recent rally in gold price. A pathetic rise of ..only a half of 1P!! I was wondering the other day if this company will attain some sort of record before the end of the month for its losses... including that of Investors who they don't seem to give a toss about. They voted at their last meeting to buy-in...purchase their own shares...I believe. When's that going to happen then??? Not much time left for their BOD to go out with the begging bowl and further increase the companies massive debts!! Get out folks whilst you can....you can buy a bigger slice of SOLG and have a lot more assurance about their future existence. Futures nothing but bleak here. Why...because nobody speaks to the Investors and tells them about a path forward. That's the only bit of consistency about AVM.
I've been keeping my eye on this SP for some time and something doesn't seem right...especially with comparison against other gold miners. Twice this week AVM had reasonably high volume trading where buying was SIGNFICANTLY higher than selling. On those two occasions the companies SP lost over 7% and 5% of its value. Others...didn't perform anywhere near as good as that...and made gains or never lost their SP value!! I'm no expert trader and don't pretend to understand the complexities of the market. I'm guessing there must be someone controlling/dictating the things. Which brings me to say.. What a shame it is to see this happening and Investors continually losing money with this company...which has again failed in its obligation to communicate with its investors. All they know is that the money runs out in approx 2 weeks time and operations could come to an end. It's a disgraceful follow up to AVMs previous performance. It looks like to me.. They are getting the last of people's hard earned cash... Before they fold. Prove me wrong Cather....
nm
near to b/e. should bring the sp back to live
Really don't you think ACP don't have any assets.think again.
Sorry Batfink - no news I'm afraid and after continuous topping up I've resigned to losing my cash.......I may well be wrong but with so little coming from AVM I really don't know how they can turn things around