Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
pbody,
thanks for the tips.
bought into premier oil and put bids in for Petra D, Clear leisure and MOTF Bio
Didn't like the trading update on Quiz too much, so left that one
Thanks though - good to diversify!
there is quiz clothing that I cannot work out for the life ofme why that's so cheap?
have a look on that felib and see what you think?
I did forget serco and premier oil.
sry.
Feileb,
I do not believe that the board have broken any laws or stock market rules. So I think that Coltrane are bluffing when they talk of litigation. I also do not think that they will achieve anything by talking directly to the banks and lenders. They appear to have done a deal with the BoD, which is very much in their favour. Why would they seek a deal that favours shareholders more, and them less?
The lenders and the BoD can see £ signs ahead, for themselves of course, sod the shareholders.
This is so like Mouchel.
The banks and directors are determined to seize control of the company - one way or another.
do you know what is to most funny thing with the sp on stocks?
sometimes things like it spiking to 20pps or dropping to 10pps and it not making sense could happen.
but that does appear to be the range at the moment.
my best advise is clear leisure, pdl, gwmo, tstr, gms and probably a bit risky FFI
but best of luck if you can get out and back in.
I doubt there will be a better offer. keeping something is a bit of a shock tbh. they could have wiped it out completely..
Kenj,
I think Coltrane still own 41.7M shares. It is very difficult to see how they could get rid of a significant amount of these shares without massively lowering the SP.
They are in a very difficult position, I expect they may have one more go with a lesser deal shortly before turning their attention to litigation.
If I were them, I would cut out the BoD who now appear to be irrelevant puppets and try and meet direct with Emerald and the banks to see if their can be any movement to achieve a consensual deal.
pbody
I think the days of 20pps are well gone.......unless something drastic happens!
Feileb,
I generally don't do predictions as they are invariably wrong when I do. However:
"Where do you see the SP going to?" - If the deal goes through, I doubt it would fall below 9.6p.
"Will Coltrane really vote to make their shares worthless?" - That would be a definite No, imo.
But, as I said in an earlier post, I would not be surprised to see Coltrane selling out before the vote.
the open offer assumes the final value of the firm as around 541,000,000.
now if you were to sell some or most of your shares you had at a profit and buy back in knowing the oo price of 19 shares at 15p odd per share to maximise your holding (assuming that you think 1/2 billion is still value and it will rise) then that would be sensible.
that is something I was trying to convey in an earlier post.
the directors would probably have like to do this but that would have been seen as insider dealing.
I doubt that they are going to get a better offer than 1/2 billion net worth the the moment.
all you need to do now is wait for a day of 20pps and sell and buy back.
it will at least gain you 1/3.
gl bill89
Below the the OO price now. I wonder how many people will sign up to this now? Doesn’t look good, pre-pack seems very likely.
I think over half the people who are in the SIP will vote no, even if they do get this through why would anyone take up the OO when even the BOD have said they won`t.
The company/BOD have shated their own people so they will shaft them back, administarion/de-list here we come...
Meta,
Yes the BoD will know in advance how their employees have voted. They also know what % of share the Lenders own.
They will have a very good idea which way the vote will go.
So by this evening someone, somewhere will have advance knowledge of which way SIP votes have gone? How much percentage of the shares in issue are in SIPs?
Meta - I'd say that the employees shares are held in some form of nominee and the holder wants to know which way they are going to vote by close of play today.
Which is a bit out of order since the vote isn't until the 15th and the last time for receipt of proxy votes is 6pm on 13th March.
Looks like someone just dumped 2.7m shares... so price may stabilise now.
Meta,
I guessing that as a 3rd party will hold the shares in SIPs on their behalf they need to provide their proxy votes in advance, so the 3rd party can asses and vote in time.
Looks as though this has breached. On Interserve twitter there is this message: Interserve employees who are SIP participants have until 5pm today (Thursday 7th March) to vote their shares What does that mean?
Great minds.....
Where do you see the SP going to?
I think the two options post the vote are 15.3p and 0p.......... depending on which way the vote goes.
Will the SP end up halfway at 7.6p before the vote?
Will Coltrane really vote to make their shares worthless?
We seem to be in agreement there, Feileb.
Teacake,
The shorters have made a very good profit here. They may well have exited thinking that the refinancing would start the company on the path to recovery. The opposite looks more likely now, but will large pension funds and investment houses lend out their IRV shares to shorters now?
If the company collapses into administration the shorters do not have to pay a single penny back. It is the share lender who will take the hit. Any large shareholder worried about this will be trying to unwind their position, not loan their shares out.
Good luck with your share holding philosophy. I hope it works out for you, but if the 15th March vote is a NO, then you may have lost all of your money.
Teacake,
You are correct in that you need to make your own decisions on when to sell and buy.
Imo though, there is no one lending shares out to shorters any more as the risk of administration is too high now and they could be caught with a share worth nothing.
Unfortunately unless at the 23rd hour the BoD reconsider the Coltrane deal (which I very much doubt) then all I can see is de-listing or administraion.
Or of course a new "white knight" may appear.....but the last one was Emerald and they turned out to be a wolf in sheep's clothing.
DYOR and GL to you
Shorters have made their money and in the main called it a day with this one.
I've been investing along the Interserve journey and lost more than won. So truly am no expert at this! I still have a stake.
I get lost with all of the forecasting etc but 2 things I have observed.
1- The shorters rarely get this wrong and they are non existent at the moment?
2- Whenever the share chat rooms forecast stock rising, it falls and vice versa.
Based on these 2 naive but statistically reliable observations, I'm not selling just yet
And that is the best scenario.
The BoD are gambling on the deal passing.
If not its Administration and then the Employees with SIPS and Share Plans get nothing.
The decision by the BoD to reject Coltranes offer will push the SP below the Open Offer price. Why would anyone participate in the OO?
No chance of 25% free float remaining after the deal, so the Lenders will de-list.
Half the current value of the company will be wiped out.
Had they given Coltranes deal a chance the SP would now have been above 25p and there would have been a big incentive to participate in the RI. This would have left 25% free float and the company would have stayed listed.
The only winners now are the Lenders and the BoD who will personally gain from supporting the Lenders deal.
The Employees with SIPS and Share Plans (that the company promoted) must be watching this happen in disbelief.
There must be something going on we don't understand Meta. For at 16p anyone buying today will not be entitled to take part in the OO so they are going to get diluted to oblivion. Of course one may argue that in return for this IRV will have wiped out £480m of debt but I just don't see how the numbers stack up.
Perhaps there is 'hot' money in IRV. Just traders who will close out in the next week or people taking a punt who don't really understand what is going on.