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He may have been including the option conversion....
Picking up on one of your points Baz - "JV is aligned but is also on a 6 fig wage"
As per the last report to June 2022 JV is on a £60k wage, thats almost 100% above from his 2021 Salary but certainly not excessive and not 6 figures? Unless you have more recent numbers somewhere?
Thanks for the message Baz.
I too called for a small dividend after receiving $2.5 million from ASND but others on here did not want it but preferred a reinvestment.
Instead we got a scandalous placing for buttons which has decimated the price.
And that quick reinvestment has already ensured we are sitting on a near 50% paper loss.
JV has totally lost the plot if you ask me along with any respect he may have had and at the moment looks like a typical AIM con merchant.
Hi All
Agree with all the points made - On a brighter note EDM only have 58 days left to pull thier finger out, and ASND were due to appoint thier financier by end of Sept ! (have they ever met a selfimposed deadline ? Zinc on the up also GLA
I disagree. The NAV is the result of values of things you need to take a view on yourself. It's perfectly possible to work out what the company is probably worth now compared to 4 years ago.
If you don't want to buy that and the ' growth ' ( difference between to 2 ) at whatever price is available then you can do the same calculation anywhere else and buy something different.
The parts of MAFL ( NAV ) have a worth i'm quite happy with. If you think JV cannot invest well over time that's different but he has proven otherwise in my view.
As Barry says despite his selling down a little there is huge upside here but it's very illiquid and has a rather limited range of things it is going to tell the market anyway. So you may not hear much news if that's what you're after. And the price may drop or rise significantly on relatively small buying/selling.
Or we might get an interesting RNS about our option and/or ascendant getting funding or the mine or EDM and the other 15% tomorrow....
Very disappointing stock this one. Was mid-20s not long ago then halved. No sustained growth. No dividend and no prospect of one. Just people bleating on about how good the NAV is. Not much use if it never converts to growth or yield.
Shaz unfortunately I am not mega rich so I cannot hold on if I need a bit of cash. I sold at NAV and after being in the stock since it was 5p I think its OK to shave a few off. The drop from 20s was a sell off by others in an illiquid stock, if the company actually gets out and sells the story the rise could be just as quick as the drop.
The mkt cap (4m) even with the sell off in junior stocks is very low when you look at the 7m call option and 15% gov possible holding coming back. I think the gov have to invest in the mine or lose it so anything MAFL offer could be better than nothing.
There was a couple of things that annoyed me, the placing after receiving £2.5m in cash, to not forward control cash into bank UK for fee's is a poor excuse. Then the quick re investment of the funds, a small divi would have rewarded shareholders, instead we was rewarded with a placing and a sharp drop in SP.
Investment companies cannot just rely on saying they will reward shareholders with the SP, as the SP could be 5p and they still get a wage so why bother going out and selling the story, yes JV is aligned but is also on a 6 fig wage.
The lack of excitement in any RNS is probably the worst I have seen in any company, there is playing by the rules then just being a scrooge - always a but if, you do not see that in other companies why MAFL.
Having a NAV update for March in July then waiting for the June NAV in December is also not a great reporting practice for keeping holders updated, especially for an investment company. Sept NAV if followed by previous years will be in 2024.
Rant yes
Overall annoyed but not selling down here. I see the value and still hold over 6% but the company needs to change how it reports and sells the story.
Who can blame Baz for selling after he himself produced ‘analyst’ reports recommending MAFL.
Well done JV once again.
The market clearly couldn’t give a flying feck so who cares?
JV has lost all respect as far as I am concerned until he turns this situation around which I even doubt he is capable of. Six years of his nonsense and I am still showing a paper loss.
Glad that the Lagoa Salgada option with Ascendant will be priced in the NAV to 30th September as the value of our holdings in Ascendant, Luca and Cerrado have dropped significantly over the last three months. We should still show an increase overall...
Absolute shocking to see the price down here.
The ultra conservative JV will be pleased with his work no doubt.
Regrettably now back to Sept 22 levels.
Ascendent are at the 121 Mining Investment London in November, if of interest, it seems to be an analyst rather than public event though. I did think about going for about 10 seconds.
What a coincidence then!
Also, in the interview that JV explained why they had to make that small raise to satisfy the Swiss Tax authorities I'm sure he said there were a few investors rather than just one...
I think that's a coincidence. The date they went over the threshold (according to the form at least) was yesterday. The form appeared 3 minutes after a trade of 166,667 shares. This amount would be enough to take them from under 3% to the 3.2%
Actually this is the same number of shares as the £250k placing.
Good to see an ii take up the holding as opposed to a bucket shop which I thought was the case.
But why the late notification?
They’ve seen the value on offer here.
:-)
You know that JV doesn't live there, right? That's just where the company was incorporated...
He's as likely to pick up the phone in Canada/USA as he is in the UK.
Life is good in Cayman...
Interesting development:
https://www.technologyreview.com/2023/09/06/1079123/zinc-batteries-boost-eos/
"One of the leading companies offering alternatives to lithium batteries for the grid just got a nearly $400 million loan from the US Department of Energy.
Eos Energy makes zinc-halide batteries, which the firm hopes could one day be used to store renewable energy at a lower cost than is possible with existing lithium-ion batteries."
Looks to me like someone with a big holding wants out quickly. Anyone who has held a relatively large position here knows how hard it can be to sell due to the illiquid nature of this stock, and the MM will shaft you if trying to sell at best.
I've bought a few, as it's trading at a pretty substantial discount to NAV. Underlying fundamentals seems strong and it's just one of those times where you can pick up a bargain due to someone's distress.
I could be wrong of course...
..not allow me to buy?