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Well it could well go up, hence why I took the risk out of the trade. I know the last placing was at 10p, so this on the face of it is cheap
A few more big stones and that will certainly help the coffers
Price action is fascinating, you can see them swinging the bid taking out any sellers. Imo its only going up from here, ask has hardly moved down to coincide with bid as it drops - thats the give away for me.
GL buying in when they decide to lift this imo.
I am holding here since this morning, and plan to see what tomorrow brings., as I think FDI is:
1. way oversold down from 60p (this decrease in SP over several years factors in debt, mining issues and the recent failure of the grid power supply + circa 1 mil cost for generators).
2. The share price is probably going to find strong support at 1p in any scenario.
3. The mine can now operate at full capacity with no extra costs.
4. The possibility of a current breached debt covenant has been raised, but I see no reason why this would impact the SP as a covenant issue would be subject to negotiation with the lender, and if the mine is still paying its way, then why would they raise a stink now?
5. Lots of potential upside - I think the Mcap needs revaluing here in light of the context - the mine is now back to full works
'Recovery of a 54-carat intense fancy yellow, sawable diamond in July. The diamond will go on sale (with along with other recovered diamonds over the last few months)at the next tender which is scheduled to take place during January Diamond Sale in Antwerp.
ATB
Yes hope you do bud. I made a little something this morning having bought the following
04-Dec-19 12:22:34 0.85 528,711 Buy* 4,494 O
Sold at 13.02 @ 1.11 showing as buy.
So made a little something this morning, dont usually post on a day trade but since i sold and it carried on rising wanted to do a little research and from what little i read, definitely felt worth a punt.
GL to you and others here.
This is the second c.70 carat stone recovered from the operation this calendar year, following the 70 carat white, makeable which was sold in the March auction at a record overall price for a Liqhobong diamond.
Adam
Let's hope it works for you and I come in a bit later and make some money as well.
They've pulled out some impressive rocks so far a few at over $1m each.....
Fair enough, like i said its a great punt opportunity which is reflected in the amount i’ve stuck in. GL
They made payment and banks happy so onwards and upwards from here!
I thought it relevant that a holder had sold because of his worry with regard to 'possibly' missing a covenant payment.
Sometimes its what's not said in the RNS that you have to be aware of. I think this is a sit and watch until clarification on the debt position is made.
They were June's cash posted and cash burn due to the grid failure will have an impact. They have received a covenant waiver, but bondholders call the shots - just letting the new investors know. I have taken the risk out of my trade
Looks like they got plenty of cash to cover payments going forward and currently now back to 100% mining a higher grade area...... should be pushing 3pps+ imop
Someone on Twitter tell Riddler I’m here. He seems to missing me. :-)
Total debt is over $140m and with reduced sales prices and the the distruption I think the sp could fall from this level.
· Cash balance as at 30 June 2019 of US$26.3 million (Q3: US$29.9 million) after the first capital repayment to ABSA of US$1.9 million, following an 18 month capital grace period which came to an end on 30 June 2019, which reduced the outstanding loan balance to US$65.9 million (Q3: US$67.8 million); and
· Waiver received from ABSA Bank Limited ("ABSA") for certain of its covenants measured as at 30 June 2019 in terms of the US$82.4 million Senior Secured Term Facility Agreement.
Run into close! 250% finish??
Great day today!
Darlonil hence the drop down from 50p+ in the last 24 months.
At current price its a great punt for a potential rise back up to 3-4p where it was with everything you mentioned already, just the lights turned off which are now back hence.
This is whats being referred to
Wed, 23rd Oct 2019 07:00
RNS Number : 7802Q
Firestone Diamonds PLC
So after today's stellar rise, my shares are now worth £172.50. Still some way to go to recover the £8,913.93 invested here. #writeoff
Wow. Well it’s another bag for Hobi! Well done all in.
Maverick posted he had sold half his holding as he believed the company was in breach of its covenants. Someone - maybe Adam called him a joker and referred him to the quarterly report which said the payments for the quarter had been made. I then pointed out the quarterly report also said.
The December tender has been cancelled due to fewer carats being recovered as a result of the power outage, and consequently the Company's next tender will take place in January 2020. The loss of revenue and higher operating costs will impact the Company's cash balance, and together with the impact of a weaker diamond pricing environment, has placed further focus on finding an interim solution regarding its indebtedness with ABSA bank and the bondholders, who both remain actively engaged.
Saying that maybe it's this quarters covenant that is being missed. Thread then removed
Why not look through rns releases? Quick google searches are outdated sources, like your link maybe lol