The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Well Tibbs, I am getting a little worried now as your posts were generally optimistic, it seems even your patience is wearing thin,mine has been like tissue paper now for ages, been here far to long after buying in the very high pounds many years ago feel let down by endless promises that never fully deliver, oh well glad you are back,so keep posting. Always interested in other opinions also, and has been stated the directors should be showing their commitment in purchasing shares at these supposed bargain prices! If they dont think its a good buy why should we. I wish all well.
I have topped upped. Can't fault what I have seen. I can understand shareholders who bought in at £2 per share being unhappy. Buying in at sub £1 is a no brainer in my view. DYOR
Sotolo - another two valuable posts today. Rarely appreciated but invariably accurate. Having been in and out of CEY (though not a trader) in recent years and having managed to get out PDQ with comforting profits when the wall problem became apparent, I now feel that CEY is more than well worth a medium/long term investment at this price. Like many of you, I wish Horgan did also.
Hi Mr Bond,
Baron Rothschild, an 18th-century British nobleman and member of the Rothschild banking family, is credited with saying that "the time to buy is when there's blood in the streets."
He should know. Rothschild made a fortune buying in the panic that followed the Battle of Waterloo against Napoleon. But that's not the whole story. The original quote is believed to be "Buy when there's blood in the streets, even if the blood is your own."
This is contrarian investing at its heart--the strongly held belief that the worse things seem in the market, the better the opportunities are for profit.
Most people only want winners in their portfolios, but as Warren Buffett warned, "You pay a very high price in the stock market for a cheery consensus." In other words, if everyone agrees with your investment decision, it's probably not a good one.
This will fly tommrow!
Well as the mine is producing less gold than it was previously claimed to be capable of , (remember 560,000- 600,000 oz p.a so it seems logical as they are extracting less per annum then what gold there is will last longer, so extending the mine life!
It's much easier to be spot on when the output/performance isn't what it was once cracked up to be!
Sotolo ,I agree overall.
A surprise no doubt.
As Buffet always says buy when the blood is on the streets.
This year in particular will be like that, with sheep panicking.
Gopd health to you and may you recover to yours and mine ,on paper , value.
In reality the value of the mine has not diminished.
What on earth could they possibility justifiably be awarded bonuses for after halving the share price and dividend?
Certainly not for increasing share holder value!
How many times have we been presented with "Bullish statements " in the past only the a few weeks/months later be presented with guidance warnings or other letdowns and excuses!
Its "Bullish Results that are absent at present , when are we going to see actual evidence that things are improving?
Martin Horgan is a great salesman who could sell ice to Eskimo's and sand to Egyptians, but its gold that's needed, lots of it at reduced AISC!
Quite so Marmot, I think that there was some inaccuracies /confusion or jiggery pokery included in that estimate of how many share have directors actually purchased !
Nomad, nor have I seen such low sentiment here, but that for me is a good contrarian sign; over the past 18 months as I have been a near loan voice calling Centamin down from over 200 I was criticised for pessimism by the Panglossian and wishful thinking holders, looking back to how we mined, not forwards. Now I call a bottom as so many are now negative here, looking back at these horrid times, I am criticised for being over positive. However I am hoping I shall be calling this share up for the next couple of years and Horgan's shareholding is immaterial. Of course I may well be wrong, but sell when all are buying and buy when all are selling seems to work as long as don't jump the gun. Well this is now down 60%. Yes it will have used up the cash and yes it may raise money but as halfpenny points out it pays to invest and if that is n Egypt that it knows a rather necessary thing, the mine life keeps extending, the board that has been pretty spot on with its guidance says costs should tumble and we should end up a rare Tier 1 miner, I'd hold on for the ride.
Horgan and Gerrard got 59% bonuses for 2020 plus very generous share options. The year's performance highlights were flat production and the pit wall slab slide. The share price set a record high(on gold's rally) but closed the year 123.70p, unchanged from Horgan's appointment.
Today Horgan presented a bullish outlook (albeit jam 2023-25) and described last year as a good year of resetting Sukari and W.Af prospects. No mention was made of the woeful share price performance over the last 15 months below 120p and below the price when he joined the company. In an interview in late 2019, after he sold Toro, Horgan said the beauty of running a private company is you didn't have to worry about the share price. But as CEO of Centamin plc he doesn't talk up the value of gold or the share price.
Am I alone in expecting that Horgan and Gerrard will be awarded a higher salary bonus for 2021 ? But will they dare to award themselves more share options after cutting the dividend.
The choice : more corporate executive entitlement or steer a course of shared contribution and risk with long suffering loyal shareholders?
Two of my four submitted questions were addressed.
1) The HiSeis 2D survey was apparently a proof of concept - the zones of mineralization meant to confirm what they already knew was present (to the extent they knew - how they knew - and why these zones aren't included in current resource presentations remains a mystery)
But if we take this answer at face value it would seem the original HiSeis undertaking was purely superfluous -which lines up well with the board's historical record of approving projects that lack oversight, planning and ultimately execution.
2) Mr Horgan did not personally host a Sukari tour for Barrick. I'll not pick that statement apart. All I will add is that Mr Horgan acknowledge a couple recent key former Barrick employee hires. I documented six individuals while another source close to Centamin recently confirmed in excess of ten former Barrick hires. Make of that what you will.
All in all kudos to Alex and Martin for hosting this investor meet presentation. I hope they will continue to engage using this convenient format. Best wishes to Alex in particular who will soon be a new mum ;-)
As to the questions that did not get addressed - hopefully they will soon be rendered irrelevant with some positive results both on the production and exploration side of the business.
Free beer tommorow, but its tommorow equal to never.
I have to agree, in all the years here I have never seen moralle so low.
Depressing, as CEY have got.
Never thought I would speak as now, totally ****ed off.
I haven't heard the presentation today, but from the comments on this board, I can't see that there was much point for the presentation?
I haven't seen such low sentiment on this board, it is worrying to read. I am holding on and hope things will get better by the year end.
Is Centamin in the words of Gordon Gekko just another dog with different fleas? Following a nose-dive last Friday, the share price moved in a tight inter-daily range with the overall direction downwards. Is this the beginnings of something big on the horizon, or a reflection of apathy and investors throwing in the towel? Should we jump ship?
People who get paid at Centamin include the Board, the Egyptian government, and institutional shareholders. The rest of us get thrown to the lions. Feeding arrangements better improve real quick or I'm out. I'll risk my neck in a long boat where I have some chance of reaching shore. The other alternative, if the situation does not improve, is that the ship founders on rocks and is lost at the bottom, together with retail Centamin shareholders.
Thanks Marmot
So, he didn't answer the question as to how many shares purchased. - Instead he highlighted how many owned, which of course will include bonus shares not purchased.
That answer is too smart by half and shows disdain for the questioner IMO.
An interesting question about Directors shares in the webcast.
An investor asked : How many shares have the Board purchased ?
Martin Horgan replied "the Board own about 1.5m shares between them".
By my estimate the current Board (of 9 directors) have bought a total of 811,405 shares. The only way you can get to 1.5m "owned" is to conflate Directors shares purchased with those share options of Mr Gerrard that have vested. This important point was not clarified.
Sure youu have to spend money to make money..
Correction: - Market-red-flag waiving
Pardey had a good go at torpedoing the SP, but the announcement by Horgan that Centamin's current difficulties were going to take 3 years to fix and that it would cost all of the funds held on account was an absolute killer. - Morever, there will have to be fund-raising going forward in order to be able to operate. - What a complete reversal of fortunes from when Centamin was unhedged with no debt and cash-reserves in hand. - I mean, this is market-ed-flag waiving with 'Gusto'. - VonMoltke asks 'what is going on' - a good question. - It seems to me that what is going on is an extension of Pardey's objectives with bells on! The real question is why?
Sotolo they have made us miserable by failing to carry out the duties with due diligence over the past half a decade which bought about the need for such drastic actions to save the company.
That said they are making the share holders feel the pain and pay the price for their mismanagement whilst their remuneration packages (Options) seem to be ring fenced from the effects of failing to do their jobs properly.
Surely if ordinary share holders are to take a cut in dividend then the BOD &NED's should lead by example by forgoing any bonuses and share options whilst also making some significant share purchases themselves and as already suggested accepting that any future option's entitlement should be directly related to actual performance and the number of shares purchased by each director.
Quite so Marmot,
Couldn't agree more with all you say!
In fact those very points are covered along with others in my letter to the BOD & NED's in Jersey via the proper channels, I am led to believe that a number of other share holders have also written along similar lines.
Re -Share options should be directly proportional to the number of shares they have bought on the open market.
Absolutely agree , this is just whats needed to wake up our Jersey "Snoozing " BOD!