The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Apologies for my spelling mistakes and any bad grammar. The old myopia is at its worst today, as I'm unfortunately without my glasses.
Yes, a difficult position indeed. I feel Bannor summed it up well too, in reference to the recent RNS, regarding the requirement of our approval to allow Bird and Co to issue yet more shares for general purposes. It's the general purposes part that irks most of us I feel. Had the RNS referred to the additional shares being required for a specific purpose, party or reason, one which would also have to be value-enhancing going forward, then that perhaps would have been acceptable. Short-term misery for longer term benefits. However, this hasn't occurred, so we would, in effect, be continuing to allow Bird and Ed the freedom to do as they please, without a specific plan, no JV mentioned, short-term misery for us, but also potentially longer-term misery to boot. As they haven't outlined what the shares would be for, why they are required, in view of performance to date, and the irresponsible action of the last placing, it is difficult to trust that they will not abuse the additional power at their disposal, should their request be granted. There is no shareholder value left here in truth, and I'm talking for existing investors of many years, even though Mutsk itself may not be at all bad in itself. The management of ORE is the acute problem, and has been all along. Best regards anyway Castaaway. Good luck in your endeavours elsewhere.
Reading that almost gave me a mild stroke.
http://yankeeanalysts.com/2016/10/21/cci-level-review-on-orogen-gold-plc-ore-l/
Just looking in - seems the ORE shareholders are in a very difficult position - you vote for more dilution or the consequences are probably pretty bad. What can I say - it's unbelievable that this can occur - feckless BoD - I hope they are not taking remuneration for their total incompetence - yeh right! I can only wish you long term holders good luck - but this BoD need holding to account - not sure how you can do that with such a fragmented shareholding.
You know as far as I'm concerned they shouldn't issue any more shares to anyone without us as shareholders specific authority on a as required basis so I hope this does get voted down. I might even be tempted to partake of a placing myself (with warrants) providing they identify precisely what the purpose is for & I/we think it has merit..... this authority to dilute us to c r a p & back they've had previously & are asking for again without closer PI control doesn't work for me any longer with this company. I also need a 35 bag to break even & am significantly under water & a 35 bag just ain't gonna happen so if they need money they can ask me if I want to buy cheap shares with warrants before they give any more away at what to me was a clear discount to the potential.
Apologies, may have posted incorrect data Re: non pre-emptive share issue, thought they could only issue a further 5% to 7.5%, which was c £70k, however, have just had the AGM letter which mentions share issue of about £588k. Don't understand, but doesn't matter really as voted NO..........BoD are big bunch of robbin barstewards. DD
I see the LSE share chart for ORE goes below the line and shows share prices in minus figures. Good to know that they are well prepared. I was once hoping that ORE might keep me warm in my retirement, but it would have to increase 35 fold just to recoup my original investment. As for my retirement, I reckon it would have been cheaper to roll up an occasional tenner and sling that in the log burner. It's all very well them asking to issue EVEN more shares - but are their enough MORONS out there who would want to buy into this!!
yep, they want the existing shareholders to lose thier hard earnt investment, whilst they continue to cash in on a poor performance. Absolulty no way!
I think we may be doomed sooner rather than later if they don't get the nod on issuance of new shares. On the other hand, why prolong our own agony so that they can continue to collect decent wages? I'm not up for that. No chance.
A new low ..... Still working on the shareholder value then???? Vote no to more share issues....
It's a NO from me as well.
Agree with that. I'm going for a "no" as well. They have taken the absolute pi55.
I voted no nah never. What company that is struggling to open a mine decides to take on another asset to explore. Only since Birdy have we been looking for another asset. The whole thing was to cover his credentials. The whole statement of we have cash in the recent article shows his going to try and milk this for all it is worth. My vote is in and I don't intend to give them anything.
I can think of a couple of duffers you could use as Guys!
They want our permission to issue even more shares, that's how!
Can just afford fish and chips now with this price !! nearly bonfire night need to find something to light the bonfire with I guess!!
A nuclear bomb couldnt shift this up. How they gunna fund silverton?
Ooh, hello honkytonk. Sp up. Suckering more in. Lol.
Well another day another s h I t storm I suspect .....the way this is going another placing at .015 in the future might be reported to be at a premium!! Oh dear - if I'd been responsible (other than a shareholder) for this co for any period of time I'd be so acutely embarrassed I'd have resigned long before now. SHAREHOLDER VALUE PLEASE been waiting with none for years but 35 fold increase from here & I'll leave quietly - more for others I'm afraid though so come on then & deliver that shareholder value ....
Yes matey. If they have a JV lined up, then they should tell us. Today's RNS may then be viewed differently, as in the new shares proposed would be destined to go to the JVer. However, as they have said the idea is for us to give them the powers to issue further shares for "general purposes", then I feel they mustn't have a JV secured and today's RNS is a totally unwarranted abuse of shareholder rights. At this point I just want a bit of justice for existing shareholders, as it looks like our investment is failing due to both a disregard of the rules and a lack of decency being displayed by the BOD, in order to keep the wage gravy train running. I sincerely hope the FCA are firmly onto this bunch. Best regards.
I hope the FCA takes the BOD to task over its behaviour. Irresponsibility with shareholder money.
That's **** not puss, but then again if it's free this BoD would even take that!
Note the "for general purposes". This BoD are a joke and clearly have no qualms about taking the puss out of shareholders, I for one will not be voting yes to give 5% of my wealth to them. Non pre-emptives are also limited over time, believe the share dilution cannot exceed 7.5% over any three year period, so it will be interesting to see how much they are going for - if it's the full 7.5% now then they don't see this lasting too much longer IMV and they are going all out whilst they can. DD
With reference to your earlier post (09:46) and clarification for pre-emptive share issue, it was my understanding from the RNS that they are seeking shareholder approval to do a NON pre-emptive share issue: "The General Meeting will consider resolutions to seek new authorities from shareholders to allot shares for general purposes and on a non pre-emptive basis." It's my understanding that non pre-emptive issues exclude shareholders, the shares will only be offered to non shareholders. It's limited by volume as well so they can only issue 5% of the issued share capital and the discount is also limited to 5% (well it was a couple of years ago anyway unless it's changed). Either way it's another dilution for pi's just to raise about £70k to give the BoD one last decent Christmas bonus. DD