Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
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Given the amount of uncertainty in the markets at the moment, when I saw the headline "Solgold update' on the Stock Exchange RNS page, my heart sank. So often at the moment, when a company leads with that heading, it's a precursor to bad news. Thankfully that wasn't the case.
Although Q is right to say there's nothing new, I believe it draws together everything that's been achieved by SC and provides clarity in a way that didn't exist before. There's no doubt this has been forced on them, but at least they've replied and have produced a coherent explanation of where we are and what he hopes to achieve.
I can grab a few more 8p shares this morning, its amazing how a relatively small number of shares being sold can have a detrimental effect on such a huge Asset resource. with over 51% of shares seemingly in safe hands???
Pure speculation on my behalf MR, but surely they will know putting this out is pointless as we'll just get sold down further unless the Berry Street position is sold on and closed out.
I am glad management listens when we engage. I am sure others have pointed out to Scott that the comms strategy had been poor lately, leaving too much to interpretation. On my side, this RNS reads like during our call Scott and Chris were taking notes about what to cover in a much needed update, even if most of the content is not new.
What matters is the evolving narrative that had to be spelled out clearly and how much work SOLG is doing is aligned with the objectives we all share.
I am pleased.
If the knew Berry St were fully out they would've said so.
Hopefully this has also put to bed any suggestions that we need cash in the short term. He refers to the approaches they've received for the old CGP shares and goes on to say; 'depending upon the outcome of the SR there may be no need to to place the Subsidiary Shares in the future'. I think most of us would agree with that!
Don't believe we have any new information in this RNS.
Just a restating of our position.
So between 6-9 site visits ("over 5") and "a number" of follow ups (1 or 2)?
Is PFS 3 just a tactic to buy them more time, a plan B in the event of no bidder or JV partner, or a genuine effort to make Cascabel viable for those with less cash for development? We may never know.
Highflyingman - I hope they've had the sense to wait until Berry St had completely sold up before releasing the news. We might reach the lofty heights of 10p again!
Scott’s email and phone must have been getting hammered this last few weeks…
If you say so, Q. I'm not sure how many people will interpret it that way, but there you go.
We are not on AIM .
We have a full listing.
Sorry addicknt, but to present something as a turn key asset means its an asset from day one.
That means it's generating income from day one.
That means it's built and in production.
A comprehensive and honest update which left me stunned. This really is a buy and hold. The RNS is one of the most convincing I have read from any AIM listed mining exploration company.
Question us, have they only put this out now as they know the Berry Street position is rinsed out?
Bozi, couldn't agree more. It answers many questions and the explanation of the sp fall is clear...Berry have been selling. Full stop.
At last we have a clear indication of our future direction.
Nothing to move the needle
Good update. No new news but a perfect snapshot of where we are and why.
Very Nice, think i struck lucky topping up yesterday
'position it (Casacbel) as a turn-key asset'.
Couldn't be clearer - the aim is to present it as oven ready to a buyer.
20 ndas in place. 5 site visits and follow-up visits planned.
Kat, thanks for the link.
Incidentally, they didn't 'spunk away' 900m. The fund had already seen significant withdrawals and stood at 575m, according to the article. However, it's obviously the case they performed very badly. They were likely to have been operating the two and twenty fee structure, so were initially drawing 18m in fees annually. Not bad for a man-and-his-dog operation.
Did they do us a favour? I think so. They agitated for much needed change, which many of us were hoping for. Still, I don't think the world will be mourning the loss of yet another hedge fund.
1984, have a look at the definition of an off-book transaction.
There are many sources, but this one from IG is useful: 'An off-book transaction refers to the process of trading shares away from an exchange or regulated body. Off-book transactions are made directly between two parties, outside or 'off' the order book.
Once a price has been agreed between the two parties, it is typical for one of the participants to report the trade and its parameters - and wider market - in order to bring the execution 'on market'.
No-one cares.
Ship, thank you as usual for taking the queations to management instead of the BB. Great that Scott always stays emgaged with us and shows composure.