Member Info for bandit1

Let’s be clear that whilst the relationship may be good at a working level ( crucial of course) I sense that it is not so good at the executive level. SD has to be a diplomat at times like this but let’s not kid ourselves about the relationship today. I have been involved in many JV’s and when a CEO of the senior partner makes it clear in public pronouncements that certain key milestones will happen ( MRE2 by end 2021 subsequently delayed to Feb 2022) and then they don’t happen and the junior partner only finds out at the 11th hour, there is a problem in the relationship and a motive for the volte face. This is particularly so when a crucial negotiation is underway! What SD was unable to verbalise tonight was, why they have decided not to produce an update resource estimate until……end of 2022!! He probably doesn’t have an answer which is making him mighty frustrated. At some point SD will have to ( probably wants to) explain to us why we are not in a position to tell the market officially that our resource in now much increased with quantum leading ‘ hopefully’ to an upgrade by the brokers and the market. We need to know what GGP can and cannot say under the terms of the JV although SD may be unable to under the terms of the JV. What SD can control is the response to the 5% negotiation and future JV’s with Newcrest. SD can also impact timings along the way in a way in which Newcrest may find constraining. In a nutshell and trying to make sense of the current situation, there is too much at stake for Newcrest when you peel back the cover to damage value for them in what may be one of the biggest gold/copper finds in a generation for the sake of $100m on the margin. Surely, common business sense suggests that an accommodation will be found and this is simply a staging post along the way.

So, I have been accumulating here steadily over the last year. In the past I have been somewhat sceptical about the degree to which claims of manipulation are in fact accurate. I am no longer sceptical. This afternoon I have been trying to buy in blocks of £10k but have had to break my orders down and my buys have gone through at offer prices between 20.4p and 20.5p. Towards the close I tested the bid and was offered 20.4p to sell up to £5k blocks whilst the ‘real’ bid shown at 20p. And yet within a few minutes of close we see a UT at 19.5p. Now, whilst I appreciate that DMA can allow anyone with access to sell in the final auction at low prices and to effectively ‘take a hit’ , we all know that to do so is for one reason, and one reason only which is to irritate and frustrate private shareholders enough to sell out and to perpetuate a further drop in the price. I know that the regulation on AIM is almost non-existent and therefore I have come to expect this behaviour but it continues to grate somewhat. It seems that it is becoming normalised such is the frequency across a wide range of AIM stocks. Andrew Bailey did nothing during his spell at FCA and I fear for our economic policy now that he is at the BofE. He is out of his depth and reckless comments about employers expecting employees to shown restraint in asking for a pay rise to help tackle inflation is about what I expect from someone who is lacking in these lofty positions. In the meantime we have to shake our heads most evenings whilst the vultures keep picking at the carcass until we receive firm and conclusive news on any of our possible transactions which puts an end to this daily charade. Over time I will reduce my investment in this casino which is AIM as the playing field these days has more levels than a multi-storey car park. All IMO.

I suspect that Shaun has been told by institutional investors to strengthen the team around him if he wants their support. He is a smart operator and will know that to develop the business in a multi-faceted way he needs credibility to challenge Newcrest when sitting across the table as Haverion progresses into production. CB may or may not sell some of his holding but it will be transparent through Bloomberg vein if the company does not require to announce as he is no longer a director. This is becoming bigger than most expected but expect some nervous nellies or those with an agenda to create doubt.

The private placing by Chairman and family @ 138p has put the brakes on here. This company flies under the radar, has modest PR so remains undervalued. The CEO and FD really should work more actively with their broker to enhance the company’s profile in the investment community. I suspect that free float is also fairly small. Lots to like here so a case of staying patient and holding until true value is reflected.

As predicted by ST, a terrific set of interims and outlook for f/y ended 31/05/21. Lower debt, very strong land bank and concept of village housing which has appeal for those who want more space influenced by the pandemic. Under the radar stock with controlling block held by Chairman so difficult to acquire without his acquiescence. Hoping for a good lift today.

Onassis- for the avoidance of doubt, when a company is in an offer period, Takeover Panel rules mean that those holders with more than 1% must announce a change in holdings via a Form8.3 disclosure. Also, BR will be making almost daily adjustments to the hundreds of funds which they operate so I would not read anything into these changes. Just want to ensure that others here understand this, and yes I have a holding here and I am waiting patiently for an announcement of some form of corporate action be it a JV, earn in of sorts or full bid as this has been running far too long IMO as evidenced by the volatility in the share price.

I agree that debt can be issue but with ultra low interest rates expected to persist for some years this is a cheap way to achieve rapid growth. The reduction in borrowings seen over the last year was notable and the interims will give us an update on current position as we come out of lockdown and people start to get on with their lives again. Properties in ‘village’ communities at affordable prices are likely to be attractive for the foreseeable future. With Sandy Adams having such a large holding directly and indirectly and the company having a relatively low profile I would like to know how senior management intend to enhance the company’s profile in the investment community. IC’s piece was perfect but momentum needs to be maintained IMO and I will seek to understand how they can do so when the interims come out. Hopefully the results will do most of the talking.

I have been following Simon’s analysis for at least a decade and often buy his recommendations which have done very well indeed. For example, I have held SAN Leon energy ( SLE) for a few years and made a terrific return with much more to come as this stock is also included in his 2021 portfolio. Re SPR, this is very much below the radar but the most exciting comment by ST for me is that the land bank of 16,000 plots is held on the balance sheet with a modest value of £174m so a little over £10k per plot with half already having planning consent. The interims due this month will give a hint to what we may start to see here in terms of future growth. If I was one of the national builders I would be looking closely at Springfield. If the market does not fill the valuation gap here someone else will IMHO.

Savvy6 - thanks for your reply. I am sure you were probing for information using experience to attempt to understand fully whether there is any real cause for concern here. There may or may not be real problems, we can only postulate as we do not have the facts. A friend of mine was invested here and he asked me to look at it for him. I have a fair bit of experience. I do not hold, I have no axe to grind, I have no short position. I read the listing prospectus, I tried to follow the various share transactions to understand who is actually controlling this company with a large block owned by AZ and I suspect close associates. I tried to establish the current cash position to see if I could anticipate a placing, I tried to establish if fees would now be coming in from the new clients to provide working capital. I could go on. Long story short I spent a few hours and I could not obtain answers to these questions to my satisfaction or even close to it so I explained my findings to my friend. He sold out earlier this week. This may come out of suspension with a statement from AZ clarifying a number of these questions and the price may fly. Or, the unaudited accounts may be very poor ( that’s virtually a given) and there will be no answers at this stage. Either way, I hope shareholders are given sufficient clarify and transparency from AZ such that they can make an informed decision as to whether they stay in or exit. I like the concept of financing stock this way as it is somewhat unique but a huge premium is being placed on the company because of this. Will it be able to fund itself, without constant dilution, before it can generate sufficient cash is an important question. Good luck whatever happens.

Savvy6 - did you expect AZ to say that ‘ they were worried that the accounts would expose the fact that there has been almost revenue since listing so a change in the dates would help present the accounts in a better light. Did you expect him to say that the market cap does not reflect reality and that when they do present the accounts there will be more questions than answers. However some may try to dress this up I am struggling to see shareholders would be anything other than concerned at this. The authorities probably told them to suspend in no uncertain terms. All they will release is unaudited figures. What is the current cash position and I want to know if the company is solvent. Is that too much to ask? So, I am not comforted by AZ’s alleged response, all IMHO.

I just thought I would come on here and say that this is the worst board on LSE. I have a lot of Money invested and I am very happy to be a shareholder. It is full of spivs and pikeys. BOO is an outstanding growth story with over £300m cash in the Bank, an increasing portfolio of terrific brands many of which they have bought for next to nothing. They are making an impact in US and overseas. Yes, they are in the news for poor management practices ( short finds and journalists working together IMO) and have paid the price in the short term. The beer and curry spivs are attracted to this share like bees round a honeypot. I spend 30 seconds on here each day, no more, as the quality of posts save for a few exceptions is pathetic. I will leave you spivs to it. Remember to close out your £1 a point spreadbet at 8am otherwise you won’t be able to afford your takeaway tomorrow evening. That’s all, now back to civilization.......

Been here since 2018 and like others very happy with my position. It is almost impossible to establish what will happen next week. There has been talk of GGP potentially joining the large ETF’s for some time and indeed GH mentioned it weeks ago. So, in the last week total volume has been circa 300m and let’s add say another 300m for the weeks since those who trade the speculative ins/outs from ETF’s have been doing so. Those professionals may have bought 50m, 100m or more to sell next week to those PI’s about to jump in which may simply result in net/net a small increase or drop. Of course, with the terrific drilling update this week, excitement around Scally and other brokers updates coming from, say, US brokers who see us in GDXJ and decide to cover, this may create a wave of pressure than absorbs the adverse effect of any front running. Just my musings as it seems that every quarter this happens there is often a much more muted reaction to the share price than some expect. I would like to see a continued steady upward move as we continue to prove up attractive targets and start to publish the initial JORC figures.

Well, as a very happy ex-shareholder of RRE ( sold out on the market today) it is pleasing to see that undervalued assets in the sector are being snapped up. RRE was dividend paying and had a lot of cash on the balance sheet and decent free cash flow. Oh, and SLE are dividend paying and have cash on the balance sheet and more cash to come. Like Andrew Austin of RRE with a 27% stake In RRE we have, in OF, a CEO with 20% stake and having paid £20m cash recently for the lions share of his stake (unlike some who receive bucket loads of nil cost options) there are very many reasons to feel certain that he is now laser focussed on increasing shareholder value. In what form will that take, it is difficult to be sure but he has time on his hands but with cash burning a hole in his pocket it may not take too long. Meanwhile, the debilitating pipeline losses will come to an end very soon and this, in addition to increasing cash resources, could have a cathartic effect on the top team knowing that valuable black gold is no longer running down the drain. Lots of anticipation here now.

Iseo- yes this is potentially good news for us and I was excited to see this announcement earlier. I expect this is why we have had a good day for a change. It is a statement that BH are very keen on gas assets And ownership thereof and it begs the question as to how long will it take CalE to dip their toe into an equity position here. If they wait too long it will cost them a lot more I just hope that our BOD don’t sell out cheaply with a promise of a pot of gold in the form of shiny new employment contracts but I am sure they are far too professional to even contemplate that.
As for RRE, when they made the approach for IOG last year it put them on my radar and I invested heavily as I liked what I saw and I was expecting a take out above £20 but very happy with £18.50. Gives me cause for more optimism here as there is clearly a lot of interest still for undervalued assets in the NS and boy do we fit into that category.

Yes it is done and dusted folks as others have rightly said. Whilst we would all like more it is the easiest £75000 I have made this year. Challenge now is to find a home for this money. I am invested heavily in gold with GGP and SOLG already so may sit on the cash for a while looking for others RRE’s but not that many around.. Let’s see if the market takes us up the bid up to 1800p or so. Good start to the week chaps and good luck with your other investments.

Razor - thanks for correcting me. I wrongly assumed that Holder came back when Dunkerton came back to provide the design oomph but should have checked. One thing that I can be sure about however is that my holding here needs to get a wriggle on if I will be able to afford £500 shirts Any time soon but let’s see if Dunkerton can do it again and can monetise the digital retail marketplace with some exciting new products. No guarantees but I do like a turnaround story........

He must need the cash to sell at these levels. Does not show a great deal of confidence when you are a key man in the business and you sell 10% of your holding now. Impossible to know his personal circumstances but one would assume that he has significant assets from sales over the years at prices 10 times higher than today. Dunkerton and Holder need to keep their heads down and start producing inspiring new products the generate some enthusiasm for the brand. Tough times in the sector I know but at times like this they really need to step up to the plate and show the market why they have it in them to turn SDRY around in 2020 when the buyers are digital and as discerning as ever.

Yes, sadly it seems that most intermediaries cannot be bothered to arrange their back office to actually help their clients! You may wish to question why they did not alert you to this when you bought SLE shares in your SIPP or ISA. Needless there will be small print. So, I now have to decide whether I sell my pile of shares in SIPP and ISA’s if future capital distributions are to come by way of dividends ( which OF has confirmed again just this week ) as a 25% withholding tax on such distributions is an unnecessary bore.

Lots of good reasons why Chinese companies are seeking out gold acquisition opportunities. However, the UK and Australia are becoming somewhat protectionist/circumspect about China for a whole host of different reasons such as COVID and the apparent cover-up and misreporting, alleged hacking etc. This action will bid up assets which is a good thing but I don’t expect that we will see any competitive interest from the Chinese here any time soon but it sure stokes the fire.....

It is not impossible that AA will take us private but this depends IMO on the extent of his ambition. It would be relatively easy to fund but if you are trying to grow your empire you are turning your back on a valuable source of funding to achieve that future growth. Being listed is not a panacea however and especially frustrating if you feel that the market does not fairly reflect the value which you see. But, the sector is not flavour of the month and whilst AA has access to funding now as he has openly stated, why go private and cut off some of these routes to funding at this time? Also, many build fortunes buying assets for a good price at times like this. AA knows this, it is clear, so play to your strengths and eventually the market will reward you when you deploy capital intelligently. Naturally there is a lot of speculation at times like this. No-one knows unless you are on the inside and as many will know, these deals can take many months to flesh out so more patience is undoubtedly required. Getting rich quickly is not meant to be easy, which is indeed a great pity!