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Does anyone know please when we can next expect some news?
Oli12 ... don't give up the faith ... I've been a shareholder of OVG for most of last 5 years and whilst frustrated at the lack of communication I haven't given up on the fundamentals. Cash position unchanged from Poly drop (it's assets that decrease) and divi still a benefit. NB I got no response from my email to the company asking for a view on the court case conclusion ... will keep trying. However - more interesting - a 500k (or 0.6% of company) purchase today - hopefully a holding RNS will follow but could be a restart of the share buy back programme or potentially an II buyer who sees the value
The near 20% drop in polymetal today dents OVGs cash position given a lot of it is held in Polymetal shares.
I will see what the next update brings and then I will consider my options here as there are better opportunities else where. Should have sold on the spike late last year, still in the black just so nothing gained and equally nothing lost either. I would like to see what the Taymura resolution brings as well, from what I read (via Russian translation) we seem to have got something back from this shambles more importantly maybe now the board will draw a line under it and outline a plan for Ovoca going forward.
I believe that I warned you not to expect much when you came on board OLI12. I think all current investors arrive like you, thinking how ridiculous the discount to current assets is and that surely they must do something with the cash. I know I did. But after a while you start realising that they don't really appear interested in doing anything but you'll keep the money in just in case. After all, it is not such a huge amount and one day, who knows? They may actually do something. Welcome to the world of Ovoca investing. You can check out any time you like, but you can never leave!
Thankfully I don't have much invested here however it continues to surprise me the contempt the BoD has towards shareholders and the lack of information we are provided on what's happening (if anything). There seems to be no plan what so ever to utilise the cash this company has nor develop its assets - we are in effect dormant - except for the fact the directors pay themselves for doing.... nothing.
We must remember any cash returned say £3 is significant when your market cap is only circa £8m. (not forgetting all the other cash / Polymetal shares OVG owns).
Slowlearner thanks for your thoughts. I drew a similar conclusion in that OVG seems to have got something from all this - which if correct can only be a good thing - not many walk away with something in Russia. Hopefully the company confirm something shortly. ‎
NB The settlement appears to be documented in two places ... the first as per the google translation of my first post The second place, towards the end of the document, implies that the settlement might be a 45% discount with the 55% to be paid by 31st December 2018 and no further payment. I will ask management to clarify but either way we potentially have conclusion and a payment of at least �3m
Good spot OLI12. So my Russian is a "bit rusty" but google translate and 2 hours reading through seems to say: 1. Court ruled that conclusion of December creditor meeting stands (ie the creditor meeting that OVG and others tried to get thrown out because proper warning had not been given ... it looks like OVG's invite got returned as it was incorrectly addressed ... so OVG didn't go to the creditors meeting ... deliberate or accidental error - who knows) 2. That ruling appears to say payment for Taymura debts is to come from oil production rather than taking their oil assets (OVG looks like 2/3rds of the debt so would have had a big vote if they had been at meeting) 3. The agreement appears to have an immediate payment with a 45% discount on money owed ... so 239m Roubles to OVG of the >400m owed (if I have read it correctly this means OVG gets 239m roubles or �3m immediately) 4. The remaining 45% may be due by the 31st December So could be a good result for us shareholders despite the loss of the claim against the December meeting as it gets us cash back and hopefully a conclusion so OVG management can decide what they want to do
It seems there was a significant development last week http://bankrot.fedresurs.ru/Download/file.fo?id=1340813&type=MessageDocument maybe Ovoca will update holders re this and what we can expect. Here�s hoping.
This is a gold stock only by name. Ovoca's licences would only make economic sense if the PoG were $1500 plus. Our biggest asset is our balance sheet with cash significantly dwarfing the market cap. Problem is will management either return some cash, offer remaining holders a buy out or just sit wait and earn salaries while the cash pile dwindles. Today's sales are part of the wider sell off - better opportunities else where. That said this could have Taymura news at any moment - this IMO will influence the future direction of the company. OVG remains risky
Shouldn't this and other gold stocks be a buy not that the market is falling?
Why a buyout? Dividends? Why?
I'm selling out - probably within the month. I've been hanging around here too long. The only thing that's keeping me (and others) in here is Taymura.
It seems that InvestEnergo & Saltanora Holdings Ltd the 2 biggest creditors with 83% of the votes can block the auction to sell the assets. I believe that Saltanora Holdings is connected with Taymura and so it does not bode well for Ovoca. That said if we get nothing one hopes this will expedite the return of cash to shareholders here either by management buyout or special dividend. A final resolution either way would bring closure
http://bankrot.fedresurs.ru/Download/file.fo?id=1293659&type=MessageDocument My Russian translator is currently away, tried to look using translator however hard to draw any definitive conclusions. Will post if this changes.
Or even Kiln blockchain, or that other garbage sphere blockchain, oh and there's xtract (shareholders cash) blockchain.
Thanks.
The Russian state website ref bankruptcy proceedings has not been updated yet with the minutes of yesterday's meeting. Given the lack of RNS then nothing definitive. If I see any update I will post.
What happened at creditor meeting? Anyone?
Maybe if Ovoca Oil does not work Krill will go with the other instant value adder and Ovoca Blockchain will be born. Let's hope it does not come to that!
we might not mine any gold however we have golden paper clips and pens - where else does the money go... creditor meeting tomorrow ref Taymura , I don't expect any immediate news but step by step.
From POLY today : " In 2017, Polymetal paid out US$ 138 million in dividends, translating into a 2.7% dividend yield based on the average share price for the year. The Board has decided that there will be no special dividend for 2017 as free cash flow will be distributed to shareholders through the regular dividend at an increased pay-out ratio of 50% of underlying net income. The final dividend for 2017 will be proposed by the Board in March 2018 based on final financial results." Not sure what the annual average divi received from POLY is. Can't seem to find it in the 2016 annual report but Interims the last 2 years for jan-jun half-years have been Euro300k and Euro122k - so, perhaps around euro500k a year, perhaps more with the specials that have often been paid - glossy stationery