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Energy price increase and gold falling have dampened jobs atm
Sell not seek! Sorry!
Just amazed people want to seek into large investor (Griffiths), and management (share buy back) at these levels. All the news points to an intrinsic value in at least the mid twos. Insiders and quasi insiders are happy to hoover them up!
With all the positive news on the extent of the licensed resource, and excitement over increasing it, I would have thought we would be over 2 quid. The relative small buy backs underpin the current price, but we need something else apart from increases in commodity prices to get it going! Dividend news and a sniff of predator interest would set the price alight. In the meantime back to sleep. A low risk with heaps of upside potential commodity stock.
Good point. Maybe the broker is warehousing the underlying shares.
That bay back of 15000 should really steady the ship!!!
Griffiths' shareholding has only gone up 375,000. The rest of the change is in financial instruments. Unless my comparison with the last RNS is wrong.
The 1.8 million share sale on 25th was brokers selling the block they had sucked out of the market to Griffiths. He has increased his holding by around 1.8 million shares. I reckon he has about 10 m shares to go to get to 20%
Todays RNS exactly as I said on 24th Feb post
No they can issue shares, buy back shares and pay dividends - a previous report stated - 'In anticipation of funds needed for the development of the Zone II area at Caijiaying, the directors do not recommend the payment of a dividend at this time'.
I've always assumed that getting the cash out of the JV ( for whatever purpose other than the day to day overhead of the plc) is not fully within the control of the Board. Perhaps I'm being overly cautious.
Have also wondered that Pilko, and I believe they do have to get 'official permission' to do so, but I have held a couple of former chinese companies that listed here - such as china shoto (taken over at a large premium) & asian citrus (before it went belly up by contrast!) that happily paid out divis.
Think it's more a management thing as they have for many years come up with a succession of pretty weak excuses not to do so. As I have said it's a good investment case, just they seem to have forgotten the rest of the shareholders wishes!
Is it possible that the Chinese authorities have a dislike to dividends ?
As a similar long term holder I have the same sentiments too.
On the positive side no company would look at such a buy back unless they foresee considerable increase in the share value over the next few years.
I am in general not a great fan of buybacks. £10m is not going to move the needle much on a £250m market cap, although it will allow them to mop up small sales by short term holders. A small dividend and a progressive dividend policy would have had a much greater impact on the share price. I imagine the shares will trade sideways until we start to see 2021 operating results (2020 finals are pretty irrelevant except for students of balance sheets). However, the shares remain significantly undervalued given the doubling of mined volumes through 2021/22 and the significant uplift in the resource estimate.
Also whilst sticking the boot in on poor management, as a long term holder I do remember they are also experts at awarding themselves large amounts of options at opportune commodity low points, which also benefit more by buybacks than dividends.
As examples the recent cashing in ('by Directors & Management') of 125k issued at 30p & 250k at 40p. These were at least not handed out free, but I do remember raising my eyebrows at the last time (and have done it before) for the amount and clever timing, but these are always nodded through by shareholders at AGM's.
Commodity price fluctuations aside this has been a steady producer for years so could have often afforded dividends even if fluctuating - it's not exactly a frontier risky adventurer with loads of other discoveries....!
Great prospects...but just give us a small dividend please....!!
Amazing - 10m US$ over 3 years and hold/cancel. Don't break into a sweat guys.
Now let me guess. We'll have 5 years of capital investment, then build up of cash, then have to go to the Chinese and negotiate an extension to the mine life post 2037 and guess what happens next. Yep, been there in 2012.
Very disappointing as you say, this just concentrates the holdings of big shareholders and much of it after a big share price increase anyway. Would have been good 6 months ago - how come spare now after more production costs with the new licence? They have always shied away from paying divis for some reason, thus although having both I have always found CAML more productive!
The statement says the shares bought will be held in treasury or cancelled
Yep. Glad they believe they have $10m of spare capital. Wonder what it means for the big shareholders as their %ages will increase albeit they will reduce as options are exercised.
10 million on buying back shares with a return of excess capital. Hopefully it will also mean a dividend, at these commodity prices.
Okay.many thanks
With a large institutional holder, maybe the MMs have been lowering the price to suck shares out of short term hands, and then packaged a £1 million block for them transacted off market to be reported if they cross another threshold.
Still can’t find any info on the massive buy yesterday.