Member Info for BagIT

Same here! I bought what I hoped was my last averaging-tranche yesterday at 128.34 - my 7th "dip" since Feb this year. It's a test of faith! And yes, I think oversold, possibly complicated by IIs moving out because the value proposition has suddenly morphed into Growth+(Modified Value), and no doubt some CY5 arbitrage still affecting price. If this doesn't lift, I'd be as disappointed as surprised: One "Polymetal" disaster is enough for a lifetime, I want this to be a mining success story!

Good point! - Maybe CAML mgt. won't feel they want to spend cash they need for the Chibougamau expansion, but for shareholders this is effectively a cheaper entry point into the enlarged business... If you believe management are competent, Chib. is worth roughly what they think and divs likely to remain intact. I've got 6 buys since going back in this year, the best of these is currently 7% underwater!! ... but maybe there's room for one more to lift them!

Barclays TR-1 indicates the offload on behalf of II(s) may have completed. Obviously CAMLs plans have decided some large investors to adjust/dispose of their holding. The market seems to have focused on the fact that CAML is issuing new shares, resulting in existing shareholders owning around 70% of the enlarged group and CY5 shareholders owning around 30%. However, dilution alone doesn't destroy value. CAML isn't simply handing out shares for free – it's exchanging them for ownership of a substantial copper-gold asset in Québec.

The real question is not "How many shares are being issued?" but "What is CAML getting in return?"

The Chibougamau project is not yet producing, which explains some of the market's caution. But if management's assessment is correct, CAML is acquiring a potentially valuable future mine while preserving its cash reserves and maintaining balance sheet strength.

In my view:

IIs may have amended holdings/backed out

CAML has a new asset which has unproven potential - it will take some time to realise it's potential value

They kept their cash reserves and have 2 operating sites, covering dividends for now and the foreseeable future.

The bull case is simple: if Chibougamau progresses into a profitable producing mine, CAML evolves from a two-asset company into a three-asset company with greater long-term earnings potential, meanwhile shareholders continue to receive a healthy dividend while waiting for the investment case to play out. For me, this looks less like value destruction and more like a calculated growth investment whose success will ultimately be determined by future production and economics rather than today's dilution headlines.

GLA, usual caveats, dyor...

I think the market will respond as the deal progresses. Yesterday seemed to me to be a case of market caution and a technical move based on the nature of the bid, takeover a not-yet productive smaller company, offer price etc... I watched the Crux Interview with CEO Gavin Ferrar, posted here back in early April, and he dropped a few hints there was something in the M&A pipeline, and he struck me as being someone who took diligence seriously, along with the Board/Exec and Mgt. Team. The only concern is that having done the work and found a good prospect, another bid might come in from outside by a company with cash that's realised CAML have worked hard to find a good deal in CY5. As others have mentioned here, CAML don't want to get into a bidding war.

Ex-Div today... 7.5p on its way, 29th June. Just in case anyone thought the drop today was another wave of market pessimism :)

Welcome back...! I bought back in during February, at 221, so you've done better than me! My 4 subsequent buys were at 214, 190, 178 and 154, so my Camel Dashboard's showing one green and four red lights at the moment... Still, we're heading in the right direction again now, and what opportunities might be in the pipeline for 26/27... worth sticking around for I reckon - GLA.

It's been a stormy time since Feb when I bought back in @221 after being out for a few years... in the 150s this week I thought maybe I'd cut losses. I watched the Crux Interview (38mins and worth your time) with CEO Gavin Ferrar posted by 28jaczar01 below. Of course no metrics, statements etc. make the decision for you, it comes down to your own temperament in the end... I believe there's a future here, something in the M&A pipeline, and new licenses for the copper operation. I opted to stay in and bought another 2k at 155p so Hold and Wait is the order of the day.

On their side they've got cash on the books, they've got time and experience, and a management team that seem interested in Geology, Mining and Metallurgy rather than DEI and virtue signalling - GLA.

What is this? Take IMB round the back of the LSE and give it a good kicking week? "The Market", they say, like it's some wise, all-knowing, rational entity only capable of logic and mathematical precision. What the market really is would make a drug-crazed alcoholic schizophrenic psychopath look like a well-bred dinner companion in comparison. The Market! Pah!

My SIPP ahs owned IMB (and BATS) for nearly 5 years. I managed to grab 343 shares back in 7/3/2022 @ 1456.86p, but even my Jan'25 buy I'm still over 6.5% up on after this morning's drop. I just want to add my voice to all those this morning pointing out this fall is amplified, as usual, by market uncertainty and over-reaction. The current SP puts the dividend over 6% for the first time in quite a while, the declaration/ex-div dates next month could be at about 42p with even just a small increase on last year. I'm putting "Hold" in the opinion, but at this discount I think I'll be buying a couple of hundred. This is more news/uncertainty than any exposed structural weakness - in my opinion (but my middle name is "wrong"!) - usual caveats, dyor, gla... (holding 1750).

I've held LGEN for over 10 years and it's the largest holding in my SIPP. I've sold some higher-risk credit/loan based stock recently (SMIF and a couple of others) and moved £15k into LGEN. I believe that it's a good haven in turbulent times - less vulnerable than banks/insurers exposed to underwriting cycles, with a big chunk of its earnings coming from long-term contractual cash-flows (bulk annuities/pensions). Their solvency II ration (although down a bit) is a healthy 232% which is a big buffer against shocks and supports the dividend. Higher rates (>4% soon maybe) actually make annuities more attractive, and with a store-of-future-profit at nearly £15b that's a nice income safety blanket. Others can give more technical reasons, pro and con, but LGEN for me at least is as good a harbour for pension cash as I've found... On the negative AUM can take a hit along with fees in a market fall along with defaults hitting their credit offerings - but ultimately I think they're safer than banks, complex-credit and even REITs (which won't enjoy rate-rises so much).

Usual caveats, dyor.... GLA

(Holding 20,000).

I hold both AIRE and AEWU, I preferred them as separate entities, they have a different approach, a different appetite for risk. My only concern with AIRE was the possible switch to TISE (highlighted on this board sometime back).

Thank you for posting VCT's IR response to your mail, Spades... It's good to have a clear statement of their position even if, as you say, it's not a particularly strong or inspiring response! I'm holding for now (only 1575 shares) because in the current headwinds everything is so far down it's a case of wait and see... I've wondered before if VCT might not be in someone's sights, one of the big Chemical Manufacturers looking for a niche supplier to add to their range...

I bought back in last December at 634p after being out for a couple of years, I was betting they'd maintain the dividend at 46p and they did, but this fall has eaten all my dividend and 16% down to boot... If you get any response I think all holders would be interested. I really thought they were climbing back up, but I may have to cut my losses.

There's no dire news behind the price drop. Output at Sasa and Kounrad is roughly in line with guidance. The FTSE isn't happy with what's going on in the world, and there's slight down moves in metals today both of which have an amplified and disproportionate effect on smaller (AIM) based miners. As GibDog101 says below, maybe better to just shut the laptop for a while as the storm blows over. Holding for now, in fact a (very) small top up at 190 (I missed 189!) of 750 shares. GLA dyor etc...

Yes, you're right in pointing out that Smiths News are unlikely to bear the full brunt of the tPR's powers. Also, as the news makes clear, it was 3 years after Smiths disposed of them that Tuffnells went into administration, and during their tenure Smith's claim, with evidence ("...[Smiths News] was an overall net contributor of funding to Tuffnells during its period of ownership..."), they were responsible custodians of Tuffnells and related pensions.

Looking through the RNS I think it's saying that there's a maximum possible liability (if Smiths Directors fully concede to the UK Pensions Regulator) of £3.5m in regard of the Tuffnells pension scheme. Last years profits in terms of dividend distribution (Std+Special) came to about £16.5m and there's usually a dividend cover of about 1.5 to 2, which is healthy. So worst case, if Smiths paid the full amount (which from their statement they don't seem inclined to do), and that amount came out of profits then there's a possible 20% reduction in the next year's dividend. But there's a lot of factors in terms of how, when or if full liability is paid - so hard to say really what the effect will be. I'm holding (just of 35k shares).

A quick note for those holding TCAP: Whilst AI stories are causing some disruption in the markets, it's worth pointing out that TCAP are actively utilising AI, integrating it into their LiquidNet (OTC - Agency Execution) and Parameta (data-analytics/insight for pricing, analytics and insight) products, which elevates them to more of an Intelligence/Information Platform, thus utilising AI rather than being threatened by it. They are a major provider of OTC pricing data which provides them with a higher margin than traditional broker commissions. Their OTC offering provides their clients with an end-to-end process support from pricing-discovery, negotiation, liquidity provision (for large of odd "one-off" trades), data-capture and post-trades services.

TCAP are one of the biggest Inter-dealer brokers in the world, it is possible that at some point their Parameta platform could form the basis of a separate listing/IPO, unlocking value and indicating that investors see it as a distinct growth engine within TCAP.

Ii were generous last year... both me and the wife swapped SIPPs from HL to ii and ended up with 750 is cash, so that was a nice bonus. Worth keeping a watchful eye for offers like that.

I switched from HL to Interactive Investor (ii) laster year, their dealing charges are 3.99/trade and it's a flat fee to hold a SIPP/ISA etc... of 14.99/month - you have to work out if it's cheaper for you based on the %age that HL take in fees from your holding.

Yes, I saw all those 1s and 2s in the early trade, I always think it's just people looking for a spot-price. Thanks for the list, I'll be more informed now when I look at the trade history. SNWS does seem undervalued, I'm holding (just over 36,000) until the interim divvy at least. I bought a big block of these last year at 68 to grab the special dividend, then got locked in until about Nov/Dec when the price finally recovered. My avg. is 65 so it's liquid for me now at least.