The latest Investing Matters Podcast episode with London Stock Exchange Group's Chris Mayo has just been released. Listen here.
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Hi volcano. The shares held in Treasury before the buy back programme started was already 540,000. 399,799 shares have been bought this year so far. I don't think $1m in purchases has been completed so we are less than 10% through.
Chris, i think GFM reached the target of $10m buying the shares.
3. the aggregate number of ordinary shares which may be acquired on behalf of the Company in connection with the Share Repurchases shall not exceed $10 million in value.
The total number of ordinary shares of the Company (including treasury shares) following the purchase is 174,892,894. The Company now holds 939,799 shares in treasury. The total voting rights of the Company following the purchase is 173,953,095.
The drop goes against the potential with the new licences. I am sure we will find out soon enough. I would like to more company purchases, and a director buy ( after closed period and half year results). I also hope for a start of a dividend, and an interest in a buyout. We are at such a discount to NBV and with such potential for future profitability, somebody must be interested at this valuation.
Maybe a rise in covid cases globally that could trigger lock downs and mine closures In China?
Perhaps a fear that China may revoke licences as international relations sour?
We've added billions on resource and increasing production with metals markets holding firm... something doesn't add up.
The company bought their own shares at £1.40 but not a snif now they are 90p !!
Maybe just grin and bear it; possibly just tree shaking prior a resumption of buying...
https://www.spglobal.com/platts/en/market-insights/latest-news/metals/070121-china-steel-market-expected-to-weaken-in-july-amid-rising-inventories-platts-analytics
It could be that the flooding that China is suffering is a worry on peoples minds! It would be beneficial if company released a statement on how they have been affected.
They must be out soon, just cant understand this drop.
They are delivering to plan, increasing revenues and profit going forward, yet the share price does not reflect this reality. I hope we get bought out, as worry that even if we started paying dividends, the market just does not like a Chinese based resource.
Brilliant. Everything on track. 1.2m throughput even without Zone II. Good prices. Results will be wonderful.
Hindsight a wonderful think. The market rarely values a stock "accurately"
I bought all the way up to recent highs so now showing a sizable loss but it's a long term investment for when this becomes a cash cow and pumps dividends into my ISA
Well I can’t resist buying at these levels, after re-reading his statement. Look at the NBV on the balance sheet and the current valuation. With the current price of metals and a 30 year mine, we are way undervalued. I look forward to the half year results, and even some corporate action. We are ready for off, all ducks in line, yet Mr market thinks otherwise! Time will render a verdict, but in the meantime this is now my biggest holding.
Pilko I can clear up one mystery one of the sellers was a friend of mine he unloaded two million shares his entire holding ,also my broker said there are several large sellers, I am staying with it because I believe they will sell the company eventually , results soon which will be very good ,good luck,
I can see absolutely no reason for the shares to be at this depressed level
Bit worried here Skop ! We are aware that maybe just 2 sizeable individual sellers have taken the price down but have the MMs also decided that China is too risky and downgraded as well ? We all know 2021 profits will be very good. Any thoughts ?
Chris my friend sage spoke to Roger today and the problem has been a persistent seller, my friend has also sold half a million this week as well, hold firm , this is a solid company that makes money and with no debt, hopefully by this time next week we will all be smiling again, good luck,
I've contacted the company to request a statement issued due to the significant decline in share price which would warrant a statement to confirm no issues other than general market conditions they are aware of.
I had a response saying "under consideration"
Hi all, new to this board, but had Griffin on a casual radar for a while now.
Thought once it had clearly passed the 100p mark I’d missed my moment, then coincidentally got attracted elsewhere....
However, well, well, well.... last few days, today...quite the drop.
I don’t think I’m missing anything here as there doesn’t seem to be any fundamental issues bar the current metals correction, Fed decisions, etc.
Griffin going well from what I’ve caught up on.
So the only thing I can possibly see is on the TA side combo’d with the metals drop and that’s a gap. If correct in what I’m seeing (I’ll admit now that I’m still getting there working out TA) but isn’t there an up closed gap back at the turn of the year..? Perhaps this is a factor although one would have thought Griffin was well clear of it by now.
If roughly correct with my thoughts, I think there may still be a little more to go, yet this does look like a pretty good buy now.
Intrigued on thoughts, certainly if there other TA peeps out there.
Thanks in advance if anyone gives response.
To note, not invested yet but may well be by end of today
the whole mining sectors,just undergone a correction,on the back of that dollar rally
hopefully,that's the bottom
gl
I just had to read the Chairman’s statement again in the last set of accounts, confidence restored!
I also think they should make an an announcement. Well I started buying again at 1.26 and my last buy was at 1.01, got to be bold at this unexplained drop, but does get the heart rate up. My core pension holding has just been decimated, time will tell. Good luck all.
I think a 40% decline in the share price warrants a company communication tbh.
13% down and looking for a reason
Funded my SIPP and bought another 8,018 @ 108.5p
Either something's desperately wrong on site or this is a very cheap bargain price.
Having previously sold some of my holding to pay for retirement , even though I expected GFM to rise to £2+( but thought play it safe)
I have had to go back in today and sold elsewhere to take advantage of this bargain price £1.07 and I am now scrambling around to get funds to BUY more
I can get a quote for 700 @ 117.9p (all the funds in my SIPP).
As Skopolitis said GFM is minting it - even at lower metal prices. I think the market will be surprised how much has been earned in Q2.