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Board really letting us down here not buying shares or issuing some confidence boosting dividends.
Waiting game here now....
Sage, it seems the SP is now showing some stability at last. I still maintain the main issue in not Griffin but China itself that is the route cause. I also feel that dividends may attract smaller private investors but not the institutions give they are still very risk adverse not towards Griffin but China. Finally the social, economic and political fallout from Covid is still to hit the markets methinks. Having said that as you have said on the other noe de-funked BB Griffin is a good company and there's still good money to be made by investing.
Zoo
Thanks for coming back...
So suggests really good cash generation to build up that much cash and extinguish all loans. Also good management imo.
Hopefully no banana skins there
Chrisdp86 -a bit late getting back to you but I have a technical issue logged with LSE Admin such that when logged in I cannot see my earlier post of today or your reply. Log out I can see them but cannot reply.
The JV that I refer to is Hebel Hua Ao and is owned 88.8% by GFM, the balance by the Chinese and terminates 2037. What happens to the residual assets -dunno. From recollection in 2012 GFM paid the Chinese 119M US$ to increase the holding in the JV by 28.8% and extend the life of the JV to 2037. The accounts for 31/12/2011 showed cash balances of 90M US$. Again from memory the deal was financed from cash reserves plus local bank loans. The bank loans were fully extinguished sometime in 2017.
There is a lot of info here http://www.griffinmining.com/caijiaying-project/
Sorry for being so ignorant but what JV are you referring to? I must have missed something. Thought the mine and licences are owned 100% and with no debt
Two big problems as I see it -the BOD's propensity to keep shovelling our money into the black hole and the looming elephant in the room which is that the JV ceases in 2037. Ok there could be JV extension but we know how long these things take and we know from bitter experience that in 2012 the Chinese played a mean hand when GFM had to borrow some $70M over and above the cash built up on the Balance Sheet to self fund the incease in ownership deal.
Sageman posted on ADVFN 12/8 and suggested that the Board get GFM up and running to 1.5M TPA and then run the operation for cash for return to shareholders. I have to agree.
got to be one of the most undervalued miners out there. The Chinese fear really is rife. the for ward PE ratio is incredibly attractive. Just wish they'd buy a load of shares at this price
My £1 prediction little bit late but it is here now ,nice
Mothercare and Stanley Gibbons. I think the latter, and his residency, puts him in with the Jersey set and my guess is that he is a Board representative of Griffiths who has close to a 20% stake. Merchant banking background gives me hope he is there to achieve a substantial exit for the Griffiths funds. Not sure of his China experience: the China VC and securities firm he is involved with are basically dormant/shell companies. Possible MBI??
Chairman of mother are who's losses are widening and ousted by shareholders at "dignity"
Not ideal?
So Clive Whiley and his 35 years in company business appeals to Griffin investors + ''09-Aug-21 Griffin Mining (GFM) Berenberg Bank Buy 200.00 200.00 Reiteration ''
Catalyst?
Looks like it might be for sale very soon
blimey
u2 are quick on the draw.lol.
cpx...i reckon,that ones also bottomed out...but dont hold me,to it.
bad time ,lol
Emphatically!
looks like,the end of that downtrend..imo
it's mad that they were happy buying much much higher than this and yet we haven't seen any action recently.
The Chairman seemed incredibly positive towards the buy backs and dividends and as they are sitting on 25 million bucks and only making more each month that passes, their lack of action is now becoming ridiculous
I’m expecting there to have been buy backs today. From the Chairman’s comments on the teleconference I would expect they’ll be buying as many as they can within their rules. I personally would like 5m shares bought before divis start triggering the exercising and sale of many of the 20m options.
Nice one Sageman, I did notice that divi's were broached in an earlier question but that you did attempt to get them to make a commitment towards one. I have held these for an awful long time and do remember when we were paid previously, although that didn't last long. We are now a very much larger and wealthier company and could surely restart by paying out maybe 20% of profits.
Good work. Someone needed to hold them accountable. They could easily dish out 5-10 m.
Agree with you that ITS portfolios amounts others would definitely switch on..
I was the person at the end pushing them about dividends and needing to appeal to a wider base of investors.
Likewise thanks and well done to those proposing questions. All very intuitive.
If the chairman and CFO want to pay a dividend so strongly I wonder who on the board is so against it. Perhaps they need to be removed!
I was encouraged when in answer to two separate questions our chairman indicated that there was a very strong likelyhood of dividends being re=introduced in the near future. That would encourage another class of investor, along with some II's, onto the register.
Many thanks to those who asked the questions if they are on this board.