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L3Trader, I dont disagree with hedging, I dont know where the gold price is going, they have been doing cap and collar hedges but, I believe not many left. I wouldnt agree with all being hedged but some maybe half at this price, would be good. The company nearly went bankrupt with Peter gambling on the gold price and getting it wrong. So very hard to predict, lets just hope we are making the most of it. Personally if TEMI is what it is supposed to be, I wouldnt mind buying the rest of it, BUT, with cash, I would then like us to amass some cash to at least pay off some of the bonds that mature in 2022 with ho[efully being nearly debt free in 2027 if they have to have another bond issue albeit at a smaller amount smaller coupon, and without convertables, but another bank might like to put the money on the table.
Personally with the way things are going there is no reason we should not be debt free by that time and be a money making machine T
Time will tell.
Rusty, I fully endorse what you wrote. Pavel and Co. would have not found themselves in this mess had they been more transparent. At the moment IRC should be a jackpot machine throwing coins at POG. POG should be able to repay the rest of the loan it got from the banks by the end of Q3. At $2000/oz, 60Moz is enough to repay the loan. Also, the conversion of the bonds should save $5M+/year in the years ahead.
But one thing is clear Pavel has the technical expertise that is needed. to make the POX HUB a success. When it comes to the till, it would be better to get a couple of outsiders (neither Russians nor City grandees) being parachuted to take control.
The price of gold will keep on rising, but I fell that now is the time for POG to hedge the downside at $2000/oz of its production for the rest 2020 and all 2021. That would bring visibility of revenue s going forward.
GLA
Davidthegrim, I would love to disagree, unfortunately, I cant, he does seem to think that because he founded the company with his pal Peter that he can make decisions without recourse.
I still dont know and cant comprehend why he left POG to take a position in the Russian Government, then coming back around the time of the rights issue, proclaimimg that he and Peter were underwriting the rights issue. We then got many e mails about put and call ptions with one eventually saying they had expired, then there shareholdings disappeared.
So th question is, Who did put the money up for the rights issue. It was the same with TEMI, a done deal without shareholder approval. Then there is IRC, A supposed sale at about half the prevailing market value at a time when IRC were probably in there best shape for years, and before the Amur bridge had been completed which would reduce there transportation costs.
It just doesnt make sense or add up. Then after the last boardroom coup when he was ousted the new incubents advised he was trying to get a bond deal through at worse rates than was agreed and he personally was going to be paid fees. Now I believe the extra fees they were talking about were something like $12m, but, as I have alluded to for many years. It is NEVER exactly as it should be, and anyone forecasting has to forecast with half of the information. All my opinion, but that aside, he does know the company, and it was his vision that helped build the pox hum.
Rusty.... That was something I was going to post about over the weekend........ All about PAVEL
I for one find nit hard to trust HIM not the BOD, he appears to be a maverick, a loose cannon..... And personal i want his m gone even though my votes were to the contentious... I just dont like his creepy style.
I remain 'I in for my foolhardy action this week.... The worst week so far this year for me!
Of course that should have been the case, it was quite clear, even though Pavel denied it, that talks took place between the 2 over possible "arrangements", whatever they may have been.
It is also quite clear that for whatever reason, UGC don't like something that Pavel and the bod have done, otherwise they wouldn't have voted to get rid of them.
There is a lot of things that we are not privy to, but the reality is, when its your largest shareholder, they are going to have some say, and the best way , in my opinion, is to try and get some positive dialogue. We don't know whether there has been any dialogue since. Hopefully, we might know more by Monday. Interesting to see how the voting goes, and who has bothered to vote.
Rusty that might be the case but surely the best thing for pog and the sp would of been a grown up working deal between all the interested parties
Freddie2, I don't see any chance of UGC, dumping there shares. The reality is they have ore they can not process, we have that facility. Whilst they are shareholders there, is , in my opinion much more of a chance that we will process it for them. They KNOW, the value of the pox hub, it takes too long and costs too much money to build there own, so they want to get an agreement to process theirs. Lets see how the vote goes Monday. Even if UGC don't get rid of Pavel and co, they have still made there point, and I would suggest PAVEL AND CO SIT UP, SMELL THE COFFEE, AND TAKE NOTICE.
So they couldnt dumP their share and move on to another company then ? Ok
why would they dumb their shares ? doesn't make sense to drive the price to 20p when they can dumb them at 1£ especially when gold is so high atm... say they do dumb them to buy more at 20p , end of the day share price will shoot back up since they will have to buy back what they have dumped and more. Either way I will be looking to buy on the dip..
So what about if the so called mafia , do lose and dump all their shares , on retired bankers theory we would be back to 20 p , my point is pog seem to have more upheavals than any other company , why ? Apart from Nmc of course
Dark_Knight2020 They say, past performance can't be a guide to the future. When it was announced Pavel and co had been ousted, the share price dropped significantly, there is nothing the stock market likes worse than instability, so I would suggest it would drop.
If pavel and co get back in, its a case of better the devil you know and stability, of a sort. So I would expect the share price to increase, I would also expect them to make sure the board meets with the guidelines, then they get there auditors back.
I believe it would be better for all concerned to get round a table and get some common ground, rather than arguing, as long as we all want the same things, and people are telling the truth. Time will tell. anyway nearly time to get back to work.
Rusty if the mafia get in ( new board) then do you think the share price will drop further or if the old board get in do you think it will move up ?
Freddie2, I personally think that if you are voting for the old board including Pavel, that you believe him. If you believe him, he states that they were not made aware by UGC or Everest that they were voting against them, in fact quite the opposite, he said he thought they were supported. In that case, I think its a bit unfair to criticise the board for actions which are ultimately outside of their control.
There are other things I have , and will criticise, but this. I am not so sure the they are culpable. IMHO
I know its up in the last 3 weeks but still down in last few days as a long term holder just cant believe they let these things unfold in front of them , if we are not careful they will lose the vote , delist from london and we could lose almost everything again !
Share price up 10p in last 3 weeks.
Up 350% this year.
Pog going to make lots of cash for what it's worth...
Share price down almost 7 p in last week or so ,With gold flying , after holding for many years it makes you wonder how they manage to get In these situations , we can only hope all comes good on monday but after years of misery who can tell