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Wonder if anybody else would put in rival bid
Seems very cheap at £1.18
Very unambitious takeover price unfortunately but it looks like a done deal
I said a few weeks back this would happen. They got it cheap, down to the accident and accidental book keeping mistake.
The big clue was when they restructured the fund that all private owners used. ill dig out my post because it had % in it.
2nd March
It did strike me that the best way TSG could capitalise on bad news was to buy back shares. And the bad news just keeps on coming. I also am a little uncomfortable with the amount of 'private' ownership here. Memories of HGM still recent.
Once they have the million or so shares, then it wouldn't take much to take the company back private. You could look at this 'phase' of the buy back as dirt cheap. The RNS about the fund restructuring has a group of them at 55%, with 22% in the treasury... I'm sure the accident was exactly that, but they are definitely up to something now.
Extraordinary! There must be more to this. And what do private investors do now, wait for the takeover or sell immediately?
I've sold, 22% gain...
We've been shafted - "If any dividend or other distribution is authorised, declared, made or paid in respect of TSG Shares on or after the date of this Announcement, Horvik reserves the right to reduce the offer consideration by the aggregate amount of such dividend or other distribution"
This is indeed disappointing (just as was HGM).
I've now cashed-out. I want to thank the well-informed, articulate and civil posters on this board and wish everyone the best of luck with their TSG proceeds.
Over and out
Like many of the others here, I have previously held good quality gold miners, but lost my holding due to takeovers - theft in my view - a rigged game.
The ruling elite of the world aren't going to let the little people hang on to valuable assets. We get used to pay for the development phase, then, just as the rewards are about to come, we get shafted. It is a rigged game and the City of London is set up to facilitate robbery. Many of the big fund collapses that we have seen were planned and executed in ways that allowed the crooks and spivs in charge to swipe investors' money but not go to jail.
There is another gold miner that is currently around 50p, and the chat boards are full of talk of it rocketing to £2 or £3. Well see. Once it starts production, it will be taken over, just like others have been, however investors might get 60p or 70p, so they won't do so badly.
I'm angry about what has happened with TSG. Last Sept they talked an upgraded dividend policy. Why didn't they announce a dividend in December? It should have been a very good payout. We've been cheated, in my opinion, out of that.
I'm out.
I've had a free holding here for a while. I invested in TSG, with board members and offices in London.
Been a great 10 years and I wish I'd invested more at those low prices years ago.
I'll top up one of my other investments.
Cheers all and GL
We've all got to find a new home for some of our savings Gavster-NBC, so please don't say goodbye without leaving few hot tips. Thanks in advance.
I'll throw one in - ECK - getting a massive boost from WFH.
I would have to recommend THS (SA - PGM + Chrome producer), POLY (Russia and FSUs, dividend circa 4% in May), ALTN (Kazakhstan Gold) and AAZ (Azerbaijan - mainly Gold, bit of Copper and huge expansion potential with known working mines in occupied territories returning + Nargorno Karrabakh returning to Az and part of AAZ's Contract Areas).
I'm not a fan of SRB - the recent placing was pretty disgraceful for PIs, constant missing production targets, 2nd project Coringa delayed and now accident at Palito. On top of that you have Brazil falling apart with COVID19.
Tips...
Cheers NoelShempsky. These are my portfolio recommends to research.
Gold : Galantas (GAL) look like their troubles are behind them. A paltry Market Cap (£10m) for a company who have just started producing again, and will pump the funds back into getting to a first target of 20,000 Oz a year. IMO a tip for a ten-bagger over a few years but DYOR. This is a link to their NI 43-101 which is still the plan just started after all sorts of interruptions by Covid-19, local anti-mine protestors and the like, delay after delay due to protesting about lorries of the roads and open mine not backfilled.
https://www.galantas.com/assets/Uploads/92d7d9741c/July-FINAL-GAL-43-101-PERC-2014v9.pdf
There are two mining resource companies I'm in.
Bluejay Mining (JAY) who have a pledge of funding and Amur Minerals (AMC) who have loads of nickel and the world keeps wanting more for batteries/steel etc. I have smallish holdings in both.
I have a large free holding in PAF, Pan African Minerals and I am currently waiting on BP/EVR to go high enough and PAF to go low enough to pile in again. IMO A PAF investment will show well over 100% growth in two years and also a 15% to 20% dividend on todays prices but obviously DYOR.
Many thanks Gavster-NBC. I appreciate you taking the time to type that and good luck with them.
The announcement has this - "If any dividend or other distribution is authorised, declared, made or paid in respect of TSG Shares on or after the date of this Announcement, Horvik reserves the right to reduce the offer consideration by the aggregate amount of such dividend or other distribution"
How I take that is, we currently own the shares, they don't, but they want our dividend, if one is paid.
They say "Horvik reserves the right" - so they might not actually reduce the offer price, but I see it as a damn cheek to lay claim to a dividend on shares that we own.
My penny's worth...
I'd second Tharisa (THS) - extremely good value well run highly profitable South African PGM and chrome miner. In general, most PGM miners (bar Norilsk Nickel) are fairly attractive at the moment, but (IMO) THS is the best of them (and SLP the next best).
Copper and nickel plays also interest me, but I've never found particular companies which I can recommend with full confidence. Ideas welcome!
I also think that lithium shares may have a revival soon. But again, not ready to risk recommending any particular plays.
AAZ very interesting for gold, but I'm not 100% confident that gold will do well in the nearest future. PAF also a well-run gold miner. I'll take a look at GAL; it's a new one to me. Avoid West Africa (Mali, Burkino Faso) - security situation there is deteriorating.
My tips before leaving this thread, OMI as I posted earlier, but also for those investors whos broker limits them to UK listed shares , have a look at Golden Prospect Precious Metals (GPM) which is a Trust with a good mix of global gold and silver miners, from junior up.
Dare you click on "Accept"?
http://trans-siberiangold.com/disclaimer-acceptdecline/
Some fairly heft trades today - mainly buys.
Probably the takeover lot buying cheaply in the market. I sold put at £1.15 - probably not worth hanging around for many months for an extra 3p although maybe a dividend will be added as a sweetener.
Why has everyone just given up on this company? Now that it is being taken over, does this mean the share price will never change again? This is one of the most profitable gold mines in the world, so why sell for just 115p per share?
Duncan do you know something that we don’t know?
Batterseafish - read the RNS - if there is a dividend Horvik reserve the right to swipe it (my phrasing) by reducing the offer price. How I see that is them laying claim to a dividend paid on shares that they don't yet own, we own them.