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Yep, this could change overnight ... but will it?
The trend over the past 12 months is clear. There has been no progress and the SP has been in a downward direction: irrespective of what is going on behind the scenes there has been no progress in securing a sale 12 months after the 'for sale' sign went up. If the asset was THAT good I reckon there would have been a short and exciting bidding war. There hasn't been one.
I know what I'm doing tomorrow at 08.00. I'm taking a haircut and will reduce my holding. I'll leave a smaller holding behind just in case something does change overnight. It won't IMO. I will be delighted if proven wrong.
Onion milking the live out of it as wages are more valuable then he’s shares , he is a financial expert
Another year of nothing for Condor it seems, no progress and no plan B, a truly pathetic performance by the management.
This could all change overnight if Condor and team get a bidder to binding. Just one binding bid could kickstart the real bidding process and for me that was key. now the house has been on the market for 12 months buyers are obviously wary why. They lost the urgency and momentum but it can all change in a heartbeat and we could be pushing 40p + in no time. In some ways having JM who can continue to input £2m every year is great as a backstop but it has removed the urgency to conclude a deal or look at other options and really this lack of urgency is not working to shareholders advantage. Its time board got a binding offer and leave door open to further binding offers or crack on with one of the bidders in a JV that is almost certainly going to be the way forward. Its incredible to me anyone would go down a sale route if they did not already have bidders close to the take out price that needed firming. Time to seal a deal before christmas or seal a JV as it feels like the board are dithering and 12 months is more than enough time to make a decision. Painfully if we had cracked on 12 months ago we would be closing in on the start of production and looking forward to a completely different story. Even 50% dilution back then would still have meant by now we would be a long way further from todays share price and the feeling of action. Inaction over such a long period can have big damage to momentum and relationships built up over decades. Fingers crossed something is going to be announced soon!
The UK AIM market would be a good thing. Effin' ridiculous that any listed company loses £2M off it's limited MCAP on what realistically a few effin' diddy trades. Mini rant over folks. ATB. :o).
Or Rome.
This is like being the violin player in the film titanic
Mark as a financial expert (debatable) look at the situation you back us into
Yr words a proper process
As CG has rolled on yr bending the truth has multiplied
4 yrs as a Gurkha yr clam to fame ,you was outed for being pony
You’ve been a big contributing factor to the situation we are in as yr focus is lining yr pockets
I guess that the low ballers are in the five non binders , rejected and up to now Havnt improved their offer to a level that can be taken to binding. Still only 3 site visits after 1 whole year doesn’t suggest a tidal wave of interest.
We are not far from needing more funding so will be interesting what shape that takes.
Only asking why couldn’t the low ball offer be declared so to wet the appetites
The trick is to convert a offer surly is a big player wants to buy he hasn’t got to be tricked, this is the offer yes or no
simms mc stated in the last interview that they've had a few "low ball" offers that were rejected outright. clearly there is interest in the assets, the trick is to get the maximum offer possible given the current market. now, we have a silly situation where the gold price is at all time highs in most currencies (and very close to ath in the us dollar), but gold equities are dog **** right now, no one is interested and despite a slight (short term) improvement back in 2020/2021, it's been that way since 2012.
condor management need to sell the assets based on nav, not on market cap, which is what they are currently working hard to do. we will see how successful they end up being, but there is no doubt that at $2000/oz, the nav of the company is ridiculously higher than the market cap it's not even funny. this is probably true of most junior gold equities right now, but not many of them are proven up, permitted, construction ready and currently for sale.
my personal view is that they need to make a binding offer public, even if it's lower that they'd hoped. once that is public then the clock starts ticking for any other interested party to make competing bids (of which we know there are a few), and through that process we'll get some price discovery as to what the assets are really worth. i think management are holding out (or trying to encourage) a higher starting binding offer, but i think they'd do better to just let the process play out in public. if the assets are truly worth more then the offers will roll in up to that level.
Ad Cap is an investor relations firm out of Canada. We clearly pay them a fee for a set number of monthly posts and some comms management on Twitter specifically.
If you've got the time you can actually identify who our account manager at AdCap is - prhaps ask her what's going on seeing as it's likely she was at the center of "in-the-bag gate" several months ago.
Saying this, it's highly likely that there'll be an approver for said comms at CNR - so those bags were signed off on, but not materialised into anything noteworthy.
You also need to look from. Other perspective as a buyer. If you have £130m that is sitting doing very little you need to deploy. You buy Condor for £100m, you borrow £75m and top-up with £30m as equity and build mine in 12-18 months. You get back £100m in year 1 of production and theoretically pay off debt. You have a company worth £200m. the gold miner has invested £130m but within 3 years has a mix of cash and capital of £300m. Obviously life of mine is 10+ years so the cash machine will keep on churning out £100m of cash flow for foreseeable future. Its also a great buy. At some point a buyer will need to deploy cash and Condor is probably as good a proposition to recoup money quickly. We even have the mine equipment ready to go. I hope Condor JV and ensure all pis are rewarded and keep 50%. Its a no brainer for everyone to do this to maximise value. Outright sale should have happened 6 months ago so they need to review approach and should have always looked at JV unless they already had offers of £100m before Hannan were appointed. It would baffle me if Condor did not have offers at a level worthy of appointing Hannan. We have 5 bids, and a serious Saudi interest so now the board needs to deliver a sale or JV asap as 12 months is a fair amount of time to deliver in arguably one of the most buoyant gold prices.
Will be very surprised if any one is going to buy this out for £50 M, currently £30 Million MCAP, and then invest £100 Million in building a mine, i think Jim needs to realize this, if it was such a good deal to have, he would have done it himself!!!!!!
Today is the anniversary of the RNS appointing Hannam to seek a buyer for the assets of the company. How many days, weeks or months do we have to endure before we are put out of our misery?
Don’t they post some dribble on twitter it’s quite embarrassing
Has anyone heard from Childs on what an acceptable price might be for the asset? NPV is a complete red herring at this point - the BFS has made no material impact at all (embarrassingly so), so would be keen to understand some scenarios here...
In response to tumbleweed responses on my previous posts - I know we're subject to different forces internally simply due to the weight of JM's involvement so it's more or less a case of wait it out or take a hike as we're at his mercy.
I'm just so TIRED of this dragging out. Can't believe how many years have rolled on since I first invested (re. threw my money down the drain) on this.
COME ON GUYS FFS!!!!!!!
Pog
Shares traded?
Boom 2k preached on that stuff we can’t get to any news mark
I listened to the first part as well so the full 48 minutes. It is interesting comment on the metals and precious metals sector particularly with regard to Junior Miners. They think gold is firmly in a bull market but we are not seeing the level of activity you would expect with large miners picking up the juniors with near term production that will be available in this bull cycle. It is however starting and the outlook is becoming more promising for metals as well as precious metals even though metals are not in the bull cycle that gold is in. Jurisdictional risk is considered by potential acquirers but it is well down the list. If you have the time it provides food for thought on where we are in the cycle of commodities investment and they have become a lot more positive having made their first 3 investments of 2023 in the last six weeks.
C f, few relevant pointers in there. Fair bit on calibre and reducing jurisdictional risk.
Https://www.kereport.com/2023/11/18/weekend-show-matt-geiger-and-joe-mazumdar-investing-in-resource-stocks-recent-ma-opinions-where-these-guys-are-investing/
Only listened to the 2nd part (broken down at the bottom of the page). Some interesting comments, worth a 22min listen on a quiet Sunday night.