GreenRoc Accelerates their World Class Project to Production as Early as 2028. Watch the full video here.
So many positives about GGP and Messrs Heddle and Baxter in particular. Not many as strong as those 2 on AIM and yet the price continues to disappoint. I am no fan of market makers and their tactics but they cannot be blamed for this drop IMO. Fact is that GGP has such a large PI following and so far has a modest number of institutional holders meaning that this will always drop like a stone when the short term crew decide to trade it after news. There is little that can be done about this until serious and longer term funds start to buy and hold waiting for rich returns if/when Newcrest acquire 70% of Hav and it seems certain that they will start building the mine. There is a good chance that rich returns are made here over the next few years and the short term crew rarely benefit in these returns but that does not help the lth’s at frustrating times like this. Also, Gervaise will know that in attaching warrants to previous private placings is almost guaranteed to put pressure on the share price in the months following as some who participated, are tempted to offload some of their existing holdings and I am certain that we are seeing this on top of the short term crew bailing out. Not a fan of warrants for that reason unless I have some myself of course, but a necessary evil. Far too many regular posters get carried away with cries of 5p, 10p next year which is juvenile and predictable and many of these regular posters are probably selling at the moment on the quiet but that is their prerogative.
Like some others who have been here for some time and are in a position to wait for the rich returns, I could not care less about the price today, tomorrow or next month and will wait for the completion of Stage 2 if it happens which is when the price will really move. In between announcements this will move up and down until Newcrest advance positive drilling results to the point that suggest beyond reasonable doubt that they will mine.
My lowly opinion of Secker is well known on here. Am I surprised? Not a bit as this is the norm on AIM. Sadly I am locked-in at a much higher average and can afford to wait so will just have to take it on the chin and wait for Gangfeng to drive Sonora to production as I am certain that Secker is incapable of doing so. Another promising company with attractive assets run by second rate wannabe’s IMO.
I think that Jambo is just being realistic as there is always the tendency to believe that this will fly on the next RNS and we know it never does or at least not yet. I have a significant investment here like many others as I believe that the Paterson region is going to be THE place to mine over the next few decade based on a multitude of promising prospects which are coming thick and fast. They can’t all be wrong can they?
We are supported here by an excellent CEO and there are not that many on AIM as we can all testify I am sure. His financial background equips him very well in direct negotiations and be in no doubt that Newcrest will not pay a cent more than they have to for anything which is partly why there are so successful. That it is not say that they want to shaft every small explorer but they will drive a hard bargain and what else would you expect if you were a NEwcrest shareholder. That is why I would also dearly like to see decent results from at least one of our other attractive licences to give us more leverage in negotiations and potentially more cash in the bank to avoid being a one hit wonder albeit a very good one.
Earthling - undoubtedly yes in answer to your first question and equally a resounding no in answer to your second question IMO. Guarantees from governments and especially in countries like Ecuador with a judiciary and political structure unlike the ones we recognise in UK are worthless. Yes , they can be ‘persuaded’ in a multitude of different ways to support a sector or a project for as long as they have control of power. As you know at the drop of a hat, a new government can enact new laws to suit their own agenda and whilst this may be counter-intuitive to clear thinking commercial minds this happens all the time. The decision to invest has been made by SOLG, NEwcrest, BHP and most PI’s recognizing that there can be no certainty but that on balance, social and economic imperatives are hopefully sufficient to ultimately produce a supportive government policy for the mining sector even with a change in political persuasion . I am invested on that basis at a level which I can afford to lose.
When I originally invested here around 2 years or so ago it was on the back of a strategy to invest in CEO’s who have a record of success. What I did not appreciate, and to be candid, what I failed to discern as part of my research was how little Cross appears to care about small shareholders. We all know that institutions and large private shareholders have ready access to Directors and are much better informed about the plans and intention of the BOD and therefore it is incumbent upon the CEO/Chmn to make an effort to keep small shareholders onside. To do otherwise is to show utter contempt towards small PI’s which is exactly what I see from Cross and it is why I sold out last April at almost double the price we see today.
Now, it seems that at least a small number of investors who post on here are content to be fed on scraps by their own admission and whilst that is their choice let me tell you all that it is often a quick-fire way to lose hard earned money in my experience.
The penny finally appear to be dropping for some of the hardcore on here and when I look at the 5-year chart I do have some sympathy for them as it looks a little like a ski slope in the Cairngorms not far from where I spend a lot of time. So, unlike some who may have modest short spread bets on and who may be mischievous in their posts I have no desire to short but I do have a genuine problem with people like Cross in public companies who feel that they can run roughshod over small PI’s as if he was King of the Castle.........and of course he believes that he is and therefore can do what he wants. This in my experience often ends badly.
Thanks for clarifying.
What has been confusing here is that Woodford Equity Income Fund and the listed Woodford Patient Capital Trust Plc have both held BUR shares. The details from BUR only describe a significant holding from ‘Woodford Investment management’. Now, it may well be that the investment trust hold a stake lower than 5% but have not been able to find out. Suffice to say that I am not concerned about the Trust as there is no pressure on them to sell shares including BUR. Blackrock on the other hand are selling the listed holdings immediately of WEIF to turn into cash or near cash so that they are ready to start paying out those who invested in the fund from January 2020. All a bit of a kerfuffle and no real way of knowing if this will put downward pressure here. All will be revealed in the fullness of time.
No it does not answer the question about overhang. We have no idea whether the holding will be retained, sold or transferred to another II unless of course you know otherwise.
Remains to be seen whether this is smart move or not. My initial reaction is that is a small amount but no doubt there has been considerable analysis undertaken on daily trading volume and the company via their broker can decide the extent to which they participate. Hoping that this shifts momentum to the upside in anticipation of further returns or some corporate transaction at a higher level than this. Staying patient for much bigger returns to come.
MrC - you are showing your age with that observation and I agree that there is a slight resemblance but the good sergeant was quite eloquent as I recall and did not cough and splutter every few words! I remain hopeful here but not confident. I sincerely hope that our CEO, who takes home a £300,000 salary plus perks including free share options for running a company with a market cap of £40m and change pulls his socks up because on any measure he is overpaid IMO.
Another positive update from BUR BOD underpinning their financial interpretation by another group of experts. The unknown over the next few months is whether the Woodford overhang will impact price recovery and indeed whether positive updates on alleged manipulation will be provided which could give the share price a welcome boost. Keep the faith.
Nice bounce back today but let’s not get carried away just yet. Pure speculation about Newcrest buying in the market. Highly unlikely IMO. They don’t have to worry about Takeover Panel rules if they buy in the market at these prices because if they made a bid at a significant premium, which I suspect they would have to, why would they dabble in the market to acquire another 5% as you would only do this if you were considering going hostile and this IMO is highly unlikely. I agree that Algo’s are going long after bashing the price down so this may continue for a bit and recover some of the recent downside. I have been slowly acquiring over the last few days as I sense that momentum should now be with SOLG save further political upset in Ecuador.
Dick - I stand corrected having read your link for which many thanks.
A whole day of comments about TR-1’s tells you that the FCA are lacking in this important admin function especially at times like this. The sanction for posting incorrect TR-1’s and other similar documents are meaningless hence there are so many who ‘conveniently’ fail to complete on time and we have experience here which is being challenged by BUR due to MW failings in notifying their short position. My reading is that Woodford dropped below 5% at some point perhaps all the ALGO trades we have seen but I cannot see this reported anywhere and the holding now transferred so let’s see if they move down through the 1% thresholds in coming months. I suspect that a drop in the share price ( Woodford overhang) may tell us that anyway. All a bit of a mess especially for investors in Woodford and the companies he invested in! Patience required here that is for sure.
Yes I agree it can be helpful Degsie to clarify items. My over-riding preference however is that the CEO keeps all shareholders updated on a regular basis vie RNS and other comms. Yes it is hard work, yes it can be time consuming and awkward doing PR if it is out of your comfort zone but it is really important to build confidence and engagement with your shareholder base so worth the effort. There is often a temptation when there are strategic investors on board to ignore the little folks like us and it is only at that point that I will email a CEO directly to remind them of their duties to all shareholders. Otherwise I don’t want to distract them from their day job which is of course delivering shareholder value.
Degsie - I also email Secker and he always replies to me, and rightly so says nothing that is not in the public domain. What is your point other than he can reply to emails?
Islandgirl - Citi lined up Gangfeng and thank goodness for all of us they did. Now, the residual funding will be found unless Gangfeng shock all of us and don’t put their hands into their pockets and I also suspect that any dilution to us PI’s will probably be modest. My interest is how value can be maximised here in the shortest possible time period without having to give away the majority of value to Gangfeng and others. That requires highly skilled negotiation skills and experience as we will be up against powerful Chinese partners. We must acquire more accomplished skills on our side so that BCN shareholders do not lose out.
Novice/Schlemiel - well I think the answer is somewhere in between is it not? By all means invest in companies like SOLG but invest with your eyes wide open, recognise the inherent political and economic risks, be prepared to adjust your strategy based on what you hear from the company and what you see on the ground. Above all else take ownership for your investment decision and it if it all goes Pete Tong don’t blame anyone but yourself unless of course there is fraud involved!
I have seen many bad experiences of governments meddling in the shares/ownership of foreign companies and it often ends badly in countries with unstable political environments. To quote just one, Tanzania jointly own the famous Williamson diamond mine with Petra Diamonds (PDL) who operate the mine and out of the blue seized a parcel of diamonds worth USD12m due to be exported to Belgium to be sold. The government gave a lame excuse that the company was undervaluing the stones extracted to reduce export duty and felt somehow justified as a joint owner of this mine to do whatever they wanted. To this day ( 2 years later) no diamonds, no money and no reason given. Keep politicians away from public companies at any cost. I hope that Mather is too smart to even contemplate that as an option.
Well it seems that others are as fed up with this company as me. I never blame MM’s and whilst they certainly do manipulate the price of shares day in day out it is usually around the edges. If a company has the assets, the strategic partners, the finance ( almost all of it) and the market demand for their product ( offtakes when it comes out of the ground ) the reason for the lack of appetite is that the BOD and specifically the CEO are failing to promote the company and its assets sufficiently to keep existing investors and attract new investors at the current price. Some on here don’t see that and would never see that but pleased that some posters today are coming to realise that is what is holding us back in answer to your earlier question MrC! What can we do about this - nothing? Unless the Chairman can see and acts we are stuck with cough, cough, splutter Secker.