Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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@14.5p 4 very tiny trades at end to bring the price down.
Lot of big sells going through. Not sure if its all the same entity; City Financial maybe, or a bitter Ithmar getting rid of their holdings. The 120,000 buy is a pretty good sign; at least someone is confident (but hopefully its not Seafox on a power grab).
goodflyingduck - not yet.. But watching daily. Could see a shake down on all shares tomorrow when May's deal dont get passed tonight. Big sellers are a pain in the butt. PhD got 2 massive sellers after profit warning 115 to 33. My entry is 40.5p so down 5k there Need to keep an eye on volume here . So watching here to see what happening. Quite sure a few of the holders that rode this 7p to 19p im sure are keeping an eye on this.
I hadn't been watching when the SP slipped and just saw the headline drop at close.
Was half expecting confirmation of a big sell after hours but thankfully not - volume increased but still very low and certainly not enough to take it down this much.
I guess everyone wants an increased slice of the action. mm's will certainly want to maximise that at outset as more likely to struggle with this one when it starts to fly. Could therefore get a tiny bit worse before it gets much, much, much .better.
A bruising day on paper, Duck for both you and I. Not worried though. It's just a question of when. Still not under water on this despite taking a load more on at 17-18p. Keep strong, keep long!
My opinion (not that anyone wants it), is right now,coming up to the vote, is the right time to buy in.
The uncertainty will only add to the value. nerves etc as well as the odd tree shake from professionals....
An earlier post rightly pointed out profits and dividends and cash in the bank are the best things to drive the SP up.
Also some noticed , sorting banking covenants', contract after contract came in and no real upward or downward shift in SP in JAN (in which you would expect.).
Chair leaving dropped it a bit.
The extraordinary meeting will be the first of three hurdles to get over for the nervous...
There is the savings (seemingly seafox inspired) to calculated with the increased utilisation (from 58 to 72% which will hopefully see a profit) to be looked at end of year.
There is the replacement chair (who hopefully wont be seen as the axeman cometh by the workforce).
Parachute loans from the middle east may be a reality? or a hope?I dont know.
the fleet is very new worth 920million+iirc
the debt is just over 400 iirc.
the oil price is lower than anyone expected 5 years ago (although not at the pumps?) and to have new contracts should have been glorious news going from just over half the fleet employed to just under 3/4 on long term usage.
hopefully it should be long enough to see the oil price rise enough to see commitment to the 1/4 not utilised.
I would buy in......at this point I think there is value and your getting panic and shake a tree deals.....
if you dont trust me look at quiz and phd and ffi carry on in the next week. I do get it wrong sometimes but the oil price is the giveaway.
best of luck.
you might have to hold a while tho.....
I doubt very much it will go below 12 to 13....tbh
well the problem with cost cutting on the sort of job is it usually involves the creature comforts, things like food ......not very savvy for a happy workforce at sea for long periods and doing long hours....that would be just the start of it. sometimes workforce turnover might have had a part to play, sometimes you get what you pay for.
what you dont expect is long periods of low oil prices and fleets (not just gms) not utilised (low day rates result).
lean is one thing....fleet sitting doing nothing is another......
as regards the loan there was mention in an rns recently I will have to look
ok
http://www.lse.co.uk/share-regulatory-news.asp?shareprice=GMS&ArticleCode=3t9x4pzb&ArticleHeadline=Covenant_Schedule_Amendment_and_Operational_Update
sorry I spent 20 mins scouring for the rns only to come up with an awful lot about ithmar and seafox not really understanding gms or its operation and costing it more money and not trusting their figures and leaving it with a non independent top heavy and unwieldy board.
yes if it gets to 6p it could be great buy!
I did see it snow in june once......
"The improving pipeline of opportunities for our fleet provides confidence that the market is starting to recover, albeit that it is more difficult to predict when this improved demand will be reflected in increased charter rates. We welcome our banks' cooperation in managing our 2018 covenant obligations and continue to progress ways of addressing the Group's long term capital structure. In the meantime, GMS continues to trade effectively and, with our modern, well-invested fleet and a strong track record for providing safe, high quality and cost-effective offshore support solutions proving highly beneficial in tendering processes, we are well-positioned to capitalise on further contract opportunities."
sry extract
. We welcome our banks' cooperation in managing our 2018 covenant obligations and continue to progress ways of addressing the Group's long term capital structure.