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Just a little concern how there hasn't been any announcement as yet by the new board. I was expected to hear the plans they have to take the company forward this week. The concerns still overhanging this stock...
The fact that this happened so quickly and convincingly suggests there is more than meets the eye. And don't worry, the Chinese also know how to operate in Zimbabwe.
Well, I am confused. I don't know what to make of it but certainly the only way to tell now is to see how well the SP will do over the course of the next months. The interesting thing to note is that the rebels won in convincing style. They definitely have a strong foothold in the company which we were led to think otherwise under the old guard of Mpinga and co. I am not going to make any more assumptions because given what has happened over the past few days... I know nothing and I thought I knew something. Even after doing so much research. I just want the SP to go to 10p and I will be happy.
That's very true, doing business in Africa and especially Zimbabwe is more about who you know and not what you know, also I seem to remember that he was the son of a government minister in the DRC. The old adage of "Don't bite the hand that feeds you" comes to mind and may come back to haunt this company.
Extraordinary yes as he was the man of vision and a great understanding of the nuances required to do business in the various African nations. Bearing in mind that the two most important revenue generating assets are in Zimbabwe, removal of Mr Mpinga who seems well received in Zimbabwe and the two Zimbabwean non-executive directors will be a slap in the face to the inner circle of Zimbabwe people of influence and we might well see repercussions. Fools rush in where angels fear to tread! My worst fear is nationalisation of Mwana assets in Zimbabwe or an embargo on repatriating capital from the operating companies.
Wow... my understanding of the company has completely turned upside down. For so long Mr Mpinga was the man I would listen to and then all of a sudden he has been let go. Extraordinary!
It's good news. Clear out the freeloaders and deadwood and put in some decent technical people.
New broom!!!!!
I tend to endorse Silenzi's view. The Chinese are also very influential in Zim as we all know. We've been in the doldrums for so long I'd like to see what a new team can bring to the table. Our Sp has been stuck at 1.8-2p for a very long time and I guess the price should nudge slowly up from here. This is a long term business and we'll know much more in a year's time.
You know, I genuinely thought Mr Ning and Co were bad news for the company but the fact is that they have won... and won in unanimous fashion it seems. Look, I think we were led to believe that the challengers were bad news when in fact maybe not (!)... I am a big time investor in the company and I want to make turn this losing investment (quite heavy too) into a winning one... so lets go!
MM quoting higher... lets get the SP moving up...
“During his time as a Director of Mwana, Mr Yat-Hoi Ning has been instrumental in Mwana’s operational progress through his wealth of knowledge, experience and advice. These qualities, along with his deep understanding of the Company and the jurisdictions in which we operate will greatly assist Mwana in delivering maximum value from these assets during a particularly challenging time for the Company.”
" important to retain the current board, which boasts a wealth of technical expertise in the field of mining" Really? Which directors are these? Botha was the only board member with any decent mining experience and he's gone. Both the mines are underperforming badly and no amount of waffle will fix that.
Mwana Africa to face rebel investors The Times 8th June 2015 http://goo.gl/QU7Z1t Another troubled foreign mining company listed on the London stock market will come under scrutiny tomorrow when rebel investors in Mwana Africa try to force the appointment of four new .
Thanks tradingstock247 - now much more is revealed as there are two more interesting articles at the link you have given. Seems to illustrate clear collusion of disaffected parties. One can but hope that all arms-length shareholders have not been taken-in.
Zim Assets Most Valuable – Mwana 7th June 2015 http://goo.gl/q6G4nq
Your point of SP performance and the continuing tenure of the CEO would be fair in normal circumstances and I would be at the front of the queue demanding heads roll. But the circumstances were far from normal and well beyond the BOD control. During the period Jun 05 to Jun 08 the SP was typically above 40p with an excursion to about 80p in Jul 07 but then the SP dropped between Jun 08 and Oct 08 from 50p to 4p which just happened to coincide with the World collapse when even the FOOTSIE went down from some 6000 to 3600 and commodity prices were severely hit. Of course prior to this collapse there was major economic problems in Zimbabwe and whilst the mining activity seemed profitable in Zimbabwe Dollar terms it was loss making in US Dollar terms and could not be sustained. The BOD took a very sensible view and retrenched placing the Mwana assets onto a "care and maintenance" basis and as "cash is king" they conserved their resources until the global economy would allow them to restart which as history shows took a considerable period of time and it is debatable whether the recovery has yet been achieved. Rather than criticising the CEO I believe he ought to be congratulated for securing the company and at least allowing our investments an opportunity for recovery. A pan-African multi-commodity enterprise such as MWANA has much potential but requires an expertise to bring it to fruition which is somewhat different to that adopted in the western world and we should let the CEO get on and do his job without the interference presently being witnessed.
You appear to have missed an opportunity to quote extreme numbers without context. By way of assistance, 1.3p was the low point after dilution. Cheers.
I'm not sure there are many CEO's who would still be in place after taking a SP from 80.0p to 1.90p, irrespective of dilution.
Good morning, Edison stuff is usually company friendly. See the video - no tricky questions at all. 8.4p is generous, though ironically, entertaining the likes of Edison in this way is something that the board are doing to promote the company. You may have a point that the board should shoulder some responsibility, but a read across from the Edison number lacks depth. The long/medium term decline in share price is a fact. Comparison with a cross section of similar small commodities outfits will show, however, that most have been diluted into oblivion over this tricky period and survival has been an achievement in itself. We all should have bought T-bills. That's not their fault.
Vision perhaps, but just look at the share price over the last 10 years. It's not working. Shareholders are disgruntled because they know this should be doing better and the current board have to take responsibility for that.
The point here is that the share price should be 8.4p but isn't. Why is that? Surely the current board have to take some responsibility for this?
Good reply. I had written more but edited it down to elicit more interesting response. Your paragraph 1 is the source of the intrigue. Mark W W has interesting 'form' previous to his involvement with MWA. There was some speculation regarding his motives during his tenure but that could have been sourced anywhere for any number of reasons. I convinced myself some time ago that Ning was broke. Hailing probably knew and made him an offer he couldn't refuse. The transfer of his 10% to Hailing would appear to be good news all round. Reduced influence by one party and a conviction buy from a partner with knowledge of a project valued at zero. I suspect the broad thrust of Dearing's complaints are valid here. That of questionable governance. But they are getting sh*t done. OK, they have been really lucky with a gold price spike and then a brief, but beautifully timed nickel price spike. Two mine restarts and a strategic smelter well underway is decent nonetheless. And, one suspects, worth more than 25m. Hence the drama.