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Don't know why he even considered it. A hiding to nothing.
As I suggested earlier. He is not seeking re-election at the forthcoming BNC agm.
Listen guys, since being kids n watching Indiana Jones, we all know that gold n diamonds are well and truly top draw. With copper availability beyond our wildest at £5k per tonne why is the company valued a £15milion??? My reconning is 1500t of copper n y can buy the place?!??! What say u? I'm a layman so don't bet y house on it!! Refinery hmmmm added value?!? Y stats are flawed boys. Gold up Mm's controlling this share massive'. It's a gold mine lol
Jacobs and Arthur have both been fired. Chinese control the BNC board. Mpinga's on a hiding to nothing with this.
Totally correct, lots of waffle, no action.
Mr Dearing and his friends certainly haven't been putting their money where their mouths are.
Up 1% already today. Back in fashion as currencies come under pressure
Share price moving up tomorrow 😜
Only owns 0.06% of BNC? Tells you all you need to know imo, ie. only interested in drawing a fat salary for as long as possible. I don't expect he'll be doing so for much longer.
If he stays it costs us double$$
DESPITE being fired from his post as chief executive of resources group, Mwana Africa, Kalaa Mpinga is bidding to retain his position as chairman of its 75 percent owned subsidiary, Bindura Nickel Corporation (BNC) at the company’s annual general meeting at the end of the month. Mpinga was forced out of Mwana on June 10 following a series of clashes with majority Chinese shareholders and a group of activist minorities, a day after an extraordinary general meeting in London ousted his allies from the holding company’s board. He, however, still controls 39,208,675 shares — 2.8 percent of Mwana’s issued share capital — directly and through Palanka and Katema Mukubayi Trusts. He also holds an additional 666,667 shares in Bindura Nickel Corporation (BNC) or 0.06 percent of its issued share capital. BNC, which owns Trojan Nickel Mine in Bindura and Shangani Mine in south central Zimbabwe, is one of Mwana’s two key operating arms, along with Freda Rebecca Gold Mine, also in Bindura. Mpinga, along with Oliver Chidawu and Ngoni Kudenga are up for re-election to the BNC’s board. Kudenga, along with Herbert Mashanyare was also ejected from the Mwana at the fateful EGM. BNC’s AGM, which will be held on August 27, is seeking a resolution to remove finance director Herman Jacobs, technical director Thomas Mashungupa and non-executive director James Arthur from the board. It is not clear if the executive directors whose positions are on the line were among the several staff who were fired last month, along with several consultants and advisors in what the company said was a cost cutting measure. The trio is set to be replaced by Johannes Lampen, Vanessa Yam, Boajin Zhao and Olivier Barbeau according to a notice to shareholders published by the company secretary Conrad Mukanganga on Wednesday.
You know the type. They sell then post on here under new user names with the sole intention of spoiling it for everybody else. What a life.
Agreed... The .com point is well made though. In the late 90's all .com outfits were cash burners with price earnings multiples out of this world - the potential size of future rewards being seen as worth the risk ( in addition to the large amount of herd hysteria). In the end the majority sadly burned through their funding before being able to monitize their business concept. In the end all businesses must be able to cover their operating cash requirements, service their debts and have a little profit left over for you and me. A poor P&L can be fixed over time but a broken balance sheet will bury a company rapidly despite it's operating potential. I have been up and down the hill with Mwana but now out - not for reasons of operational potential but because I am seeing it less of a going concern. Any buyers of stock (no matter how cheap) need to assess this carefully and not rush in attracted by price alone.
some companies have little asset but share price is high. You know why, the business's future is promising. so shareholders are happy to fund their operation. for this company, are you happy to put more fund into it such as placing at 1p. do you know when their debt mature and what is their interest rate? when debt 's mature, it is hard for MWA to renew the borrowing with the low interest rate. my guess is interest rate of 10%.
Does this also hold true for the .com business's that are built on paper?! There shares are phenomenal yet there's no real value or assets. Just my take.
Sadly this is the major factor. Regardless of assets and potential opportunity the near term survivablty fundamentals are highly distressed and breakup of assets logically follows... Shares may be cheap but with good reason.
the market is always right. the share looks cheap if you add up its all assets. however, if you notice the borrowing of $80m, you will realise the risk of burst. many companies go bankrupt due to unaffordable loan. when you did not make profit, you have no way to cover your interest and loan and the company is not yours anymore. in their annual report, their cost is over $1k/ounce. the business will always be in loss if the gold price go lower.
Its looking pretty cheap now :)
I also disagree about mpinga. The business is still functional without a top heavy board, massive waste of expense and for how long? Jobs for the boys?
I disagree about Mpinga. If he was any good he'd still be there. Time and again he over promised, under delivered.
The problem here is the Chinese, low nickel price, low gold price, tough operational conditions and poor infrastructure. Mr Dearing has really done shareholders over despite his agenda of allegedly represent shareholders. Mpinga was the asset, without him all is lost in my opinion.
They got big cash if I was them I'd take the ******* lot for five pence a share
I was chatting with one of my southern pals yesterday who also holds mwana and he says allegedly that once the smelter is up and running, they would look to take substantial holding in mwana/bindura. Does anybody else here anything?
sharky007 the mm's marked it down because the company says its full-year profit plunged 86 percent to $7 million compared to the previous year on higher operating costs and falling gold and nickel prices!!!
It's hard to be upbeat about this sp as whatever you think it remains constantly in the doldrums.