Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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I didn’t hear anything derogatory about Dan Betts, nothing underhand about Hummingbird.
Let’s get the Q3 results examined. Well done team . All in favour of financial accountability , should take a look shorting.
Yawn.....so the BBC story early was supposed to be about Denning, Hummingbird et al. It was 90% Neil Woodford.
Yawn 2....Capital Group, managing literally 1tn, invests £6m through a fund not controlled by Denning, and that investment had nothing to do with this Morebath vehicle from what i heard. I'm sure he would have disclosed DB was related internally, and that fact is well known in the City. Denning got exposed for Morebath investments - not Hummingbird on the face of it.
Again, not the biggest fan of DB, but this really is a non story for HUM. If there is insider story, let the FCA investigate.
Overall program was classic hatchet job - "please protect private investors from any downside.....", FCA napping on the job again!
Unbelievable the video shows more of the mine than HUM website
Disgraceful disgusting parasites
Capital Group was mentioned on this Board on 30th March by the poster Visitor about selling their fund shares. The price had fallen from 25p to around 21p around that time. If a possible seller knew about the disposal of the fund beforehand and also had family relative connections and used them to be aware of the artisanal ore dilution issues that were discovered beforehand than the company could be implicated of insider trading for their own personal benefit or family benefit and that is a theft from all other investors and is a criminal issue.
Capital are out anyways, and given the heat I'm sure Morebath are also out. No overhang.....but lets see what they say on the show, and how much Dan is in or out of the spotlight. I'm sure the BBC will do a hatchet job and turn 2+2 into 10 somehow, they always do. Not always the greatest supporter of Dan, but I do hope the anti-capitalist Beeb don't make this out to be some sort of complex conspiracy......
Of course I will be watching Panorama with interest.
Personally I fail to understand why we are dwelling on a relative of Dan Betts , a day showing Q3 has delivered fantastic results. Is it being suggested that Dan has done anything wrong.
One of a number of IIs have purchased shares in Hummingbird and today’s results indicate, they have picked a winner. Should a relative have broken financial rules for self gain, then let the wrath of the world fall upon him. This does not justify holding back the SP, nor does it stop the company selling gold @ around $1500 , having produced 20% more on a second mill during wet season.
I think it is a team effort from the Hummingbird team and they deserve credit.
Is it a crime to know influential people, most CEOs would be guilty.
If he bought them just before maybe Dan and his wife are out of the will!!
In some way that's quite a vote of confidence!!!
Just what we needed.
One of Capital Group’s most senior investment managers resigned last month after an investigation by the BBC Panorama team alleged it uncovered evidence that he secretly bought shares for his own benefit in companies that were also owned by funds he ran.
Portfolio managers are not supposed to invest personally in stocks that are held by funds that they run to prevent any conflict of interest with their duty to investors.
Mark Denning resigned from Capital Group just five days after Panorama wrote to the $1.9tn Los Angeles-based asset manager about the findings of its investigation, which will be televised tonight.
The BBC has reported that evidence discovered by the Panorama investigation suggests that Mr Denning, who worked for Capital for 36 years, allegedly broke the rules by acquiring shares in companies that were also owned by investment funds that he co-managed.
The shares were allegedly bought on Mr Denning’s instructions through Morebath Fund — Global Opportunities, which is registered in Liechtenstein.
Morebath is a village in north Devon where Mr Denning owns a large property.
Mr Denning has denied any wrongdoing.
Documents obtained by the BBC reportedly showed that the Morebath fund invested in Mesoblast, an Australian medical research company; Eros International, an Indian film company; and Hummingbird Resources, a gold miner operating in Mali and Liberia. The chief executive of Hummingbird, which is listed on Aim in London, is Dan Betts who is Mr Denning’s son-in-law.
Capital Group also bought stakes in all three companies with the investments in Mesoblast and Eros made via Capital funds that Mr Denning helped to manage. Panorama will say that Capital invested £6m in Hummingbird and this created a potential conflict of interest given the family connection between Mr Denning and Mr Betts.
Can someone copy and paste the article?
Seems like fund manager thought Hummingbird was a winner.
Always good to follow the money. Can’t wait for next RNS and Q4.
Was it Son in law to HUM or son in law for the other fund that had his personal shares?
Excellent news today, exceeded my expectations. Puzzled about the volume of sales - possibly connected to the BBC report about the investment manager who invested in HUM for his own benefit, contrary to stock market rules? Not least the personal connection - i.e. Dan being his son-in-law (at least that's who I think the reference was to). Anyway, this gives me a lot of confidence that we'll see a solid 130k ozs for the next three years, per the comment on LOM from some months ago. If supplemented by even just a couple of years' extension initially, that'd be 650 ozs at $600 margin, say - $390m.