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.
From Proactive Investors earlier this week:
"Ormonde appoints new rockstar board, following disposal of Barruecopardo
Ormonde retains some promising exploration ground at La Zarza
Alastair Ford
08:09 Mon 17 Feb 2020
" ... Jonathan Henry, previously a non-executive director, is appointed executive chairman, while Tim Livesy and Richard Brown are appointed non-executive directors.
“I believe that Tim and Richard's extensive experience and contacts in the resource sector will assist the company greatly in its future development,” Henry in a statement.
Livesey is currently running Oriole Resources and is one of the powers behind Minexia, which runs fundraising platform NR Private Market. Brown was formerly chief executive officer of Gabriel Resources.
And Henry himself is no slouch. He has run several companies over the years, including Avocet Mining and is currently non-executive chairman of Giyani Metals Corp (CVE:EMM). ... "
https://www.proactiveinvestors.co.uk/companies/news/913038/ormonde-appoints-new-rockstar-board-following-disposal-of-barruecopardo-913038.html
ORM's new Chairman Jonathan Henry, appointed just four days ago, is one of the big attractions here, considering his stellar track record as FD and CEO of gold miner Avocet Mining (AVM).
Jonathan Henry was appointed Finance Director of Avocet Mining (AVM) on 2nd. December 2002:
https://www.investegate.co.uk/avocet-mining-plc--avm-/rns/director---senior-mgt-change/200212020700014806E/
He was then appointed Chief Executive Officer of Avocet Mining (AVM) on 12th. July 2006:
https://uk.advfn.com/stock-market/london/avocet-mining-AVM/share-news/Directorate-Change/16098821
And he resigned as Chief Executive Officer of Avocet Mining (AVM) on 29th. April 2010:
https://uk.advfn.com/stock-market/london/avocet-mining-AVM/share-news/Announcement-of-Chief-Executive-Officer-Succession/42582522
From the start of 2002 to the end of 2020, the AVM share price more than 20-bagged.
Christ, how do you come up with this crap, he's been with Ormonde since 2015 and has done nothing.
"From the start of 2002 to the end of 2020, the AVM share price more than 20-bagged."
Sorry for the above typing error: it should read:
"From the start of 2002 to the end of 2010, the AVM share price more than 20-bagged."
And remember that ORM itself more than ten-bagged at one point during that decade.
In contrast, one poster here has been going on about the ORR share price performance since January this year ... as if one month is much of a period to judge by!
Slalom,
Jonathan Henry has previously just been a non-executive director with ORM: that can be a very peripheral role, and not one where you would be involved in actively running the company.
Now he's stepped up to become Chairman that's very different, and his proven ability, as well as his wealth of experience and contacts, should prove to be invaluable in building ORM back up.
And I look forward to some exciting newsflow from ORM very soon about its intentions in that regard.
Note that Jonathan Henry is an Executive Chairman, not a non-exec. Chairman: that's a sign that he intends to have a very hands on role here.
Also note that the company intends to start rebuilding in the short term, so they will not be hanging around:
10th Feb 2020 7:00 am RNS Directorate Change
" ... Assuming completion of the Proposed Disposal and their subsequent appointments, Tim and Richard, together with Mr. Jonathan Henry, who will move from non-executive director to Executive Chairman, will provide Ormonde with the appropriate leadership, governance, experience and strategic direction as it targets a new phase for the Company, focussing on the creation of value from its current assets, together with pursuing growth through M&A, supported with the cash proceeds from the Proposed Disposal of €6 million. ...
It is our intention, in the short term, for the new Board to work together with executive management to build a fresh and exciting vision and strategy for Ormonde, absolutely focused on value creation for shareholders including, if appropriate, through the pursuit of M&A opportunities." ..."
https://www.lse.co.uk/rns/ORM/directorate-change-hppvgwekywz8xlb.html
Hedgehog100
You are full of the perverial
Keith,
I have reported your post to LSE for being insulting.
And the fact that you're having to resort to insults suggests that you've lost the debate.
Hedgehog 100
Now I know you are connected to this board
Another (moneymore 2)
The only one insulting anyone is you with your nonsense postings
Keith,
The one posting nonsense is yourself.
It's a fact that Avocet Mining (AVM) was one of the star performers of the noughties, and that ORM's new Executive Chairman Jonathan Henry was AVM's FD or CEO for most of that period.
So please don't tell lies by saying that he's useless, just because you want to buy back in more cheaply.
I am in no way connected to the board, but I can appreciate a huge success when I see it.
This is the opportunity to be in at the start of what could be an extremely exciting growth story.
Hedgehog 100
I have reported you to the LSE for insulting me by calling me a liar
It’s funny the truth allways hurt
I deal in facts not fantasy like some
No Keith,
You are one of the myriad of retail investors who can't take responsibility for their own losses, and instead seek to blame others, boring everyone to tears with their incessant whingeing.
Mining development is very risky, and it won't always work out.
It's easy to be judgemental about what can just be bad luck.
If you deal in facts, then you should recognise that AVM multibagged when ORM's new head Jonathan Henry was FD/CEO there, and applaud him for a job so well done.
Jonathan Henry was appointed Finance Director of Avocet Mining (AVM) on 2nd. December 2002:
https://www.investegate.co.uk/avocet-mining-plc--avm-/rns/director---senior-mgt-change/200212020700014806E/
He was then appointed Chief Executive Officer of Avocet Mining (AVM) on 12th. July 2006:
https://uk.advfn.com/stock-market/london/avocet-mining-AVM/share-news/Directorate-Change/16098821
And he resigned as Chief Executive Officer of Avocet Mining (AVM) on 29th. April 2010:
https://uk.advfn.com/stock-market/london/avocet-mining-AVM/share-news/Announcement-of-Chief-Executive-Officer-Succession/42582522
Hedgehog 100
You are getting very aggressive to protect the board who ruined shareholders value
If you read the reports from the company you would clearly see it was not bad luck that shareholders lost their money it was mismanagement led by O’Donohue and the carolls
Who have not got a clue how to build or run a mine everyone can see this except you it appears it is people like you I have a problem with supporting this type of mismanagement
It is in my opinion a discrace that we don’t have regulators to stop this incompetent behaviour by boards
Yes, he's been hard on the gas for a month now, same old rhetoric in each post, so he must have taken a fair sized bet. It's all down to the plan now as I reckon 10% man has been reducing, would be good to see a % holding update.
'mismanagement led by O’Donohue and the carolls'
Breaking news, there gone. Change the record.
Tradedesk
You may forget but we victims will never forget or let it be forgotten what o donoghue and the carolls have done to our company or indeed our money and if I ever see their names on a board again I for one will be sending out warnings
Also we still have Paul caroll in charge of our $6million
And you want shareholders to forget what he has done
(Not a chance)
Vent away, we have all had investments in the past go wrong. When you're done venting tho theres only really two options you either back the new set up and give them a chance or move on because the third option is to haunt this board for a while longer that will do little wonders for your mental well being. Seriously I'm not sure what good it does continuing to trash the main culprits who are no longer part of the set up apart from denigrating further what maybe left of your investment. There may still be existing investors here holding large paper losses, worth being mindful to them.
Tradedesk
Paul caroll is still managing our $6 million
How can you expect any investor to have confidence going foreward
His past performance as CFO
Would not inspire confidence
Also the new board has been put in place by o donoghue and the carolls
I think a takeover is our only hope
Hog's having a day off, so, another of the team takes over on the pump today. See their prepared stock replies to any rebuttals.
Thats the real issue for the Newbies in search of a quick buck - and I don't blame anyone for trying etc- its once you do the most basic research, they must realise that despite all the positives now in place for Orm, the guys at the helm don't seem capable of charting a safe passage in open waters never mind dodge the icebergs in todays commercially hard nosed world.
I've been hoping for a takeover of Orm for some time or a merger with a party that has a proven track record etc.
Wishful thinking no doubt.
B
Maybe digging for gold's a good idea atm
There are I believe some very savvy investors accumulating here, who recognise the immense value and terrific growth prospects.
ORM has seen some great times before - including fairly recently - and it can see them again.
E.g. from just a penny in early 2016 to over 5 and a half p in 2018.
The mining problems then emerged gradually, giving investors plenty of time to reduce their exposure accordingly, and lock-in some great profits if they'd bought cheap (like now).
Broomfielder - I would think that a RTO (reverse takeover) here is quite possible, given ORM's cash.
And as 'cash is king', this could bring in some extremely exciting assets.
For the record
I as a major shareholder will not accept Paul caroll as a board member because of his pathetic performance to date or a RTO by oriole as I don’t ever see any value is to be had from either of them
The root of ORM's problems seems to stem from lower initial ore grades at the Barruecopardo tungsten project than anticipated, due to more complex geology:
23rd May 2019 7:00 am RNS Ormonde Mining PLC - Barruecopardo Update
" ... The initial ore feed from the northern starter pit, a small pit representing only the first few months of mine production, has returned lower grade than forecast due to localised complexity within this peripheral remnant zone; ..."
https://www.lse.co.uk/rns/ORM/ormonde-mining-plc-barruecopardo-update-bsy2gcj5aztzkd2.html
How is that the fault of its FD Paul Carroll?
I note that construction of the mine was completed in line with the Project's capital expenditure budget and broadly in line with its construction schedule (see 19th. June 2019 RNS), which supports the view that Paul Carroll as FD was doing a decent job.
For the benefit of those who don’t appear to understand partly why investors lost their money was
Our very competent CFO failed to protect the company’s financial position to such a degree that oaktree was able to take our asset because we we could not continue to finance it any more
If we had a competent CFO
He should have seen this coming