Member Info for bandit1

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.

Mather is playing it cool that’s for sure. Positive RNS to put a hold on the share price for now. Not sure about selling a stake to the government though. As soon as they have an interest it could make it easier to sweep up the remainder on a change in government policy. I would prefer to keep politicians as far away from the action as possible as we all know the mess they can make of almost any situation. Focus on the serious players here who have the firepower, the political contacts nurtured over time and the expertise to monetise the assets in the most cost and time efficient manner.

Correction I should have said that the Woodford Income Fund is being would up but as people know many of the holdings in the Patient Cap Trust are replicated in the Income fund.

News this am that the administrator of this fund recommend that it does not re-open but close will not help BUR today. Very irritating that another pice of bad news will impact the price in the short term. Long term will be no issue but short traders will jump on this today.

Newboy - my simple point which of course you missed was that for a relatively modest amount Secker could improve his skillset and an important one at that when you are a CEO of a public company. Promoting ( not overselling as Island girl also confuses) the company is crucial to ensure that maximum value is delivered. If you are in a for a trade or two that should not concern you, if you are in for multiples of current price, it should.

Shows that Secker is not media trained to end on that question-mark. Sums up my concerns in a nutshell. A little story - a decade or so ago I was running a subsidiary of a FTSE-30 company which was non-core so the BOD decided to IPO the business. The parent insisted that my management team and I were media trained by slick actors for weeks for the beauty parade and subsequent media duties. Why does this not apply to CEO’s of all listed companies, however small with private investors to engage with?

I especially did not like that bit and shows perhaps why he does not make many public presentations. Of course, he may be able to convince the existing strategic investors to put their hands in their pockets for more but leaving this hanging at the end of the enthralling interview is from someone who is not media trained.

Bingo1975 - £30k/£40k of larger trades this pm? For goodness sake what difference does it make if someone sells a few shares to pay for their next holiday in Barbados or buys a new car for their wife? As many have said before there are also some who trade this share constantly which is at their risk and others who appear concerned about every trade over £10k as if it makes a difference to anything. As with all shares, the silent majority of PI’s hold the lions share and just sit quietly waiting for the pieces of the puzzle to fall into place. No panic, no moaning - just have some patience please as the really big prize IMO is not this week or next but in 2020 or 2021 but that is far too far away for some I am sure.

Sjb777- thanks, well I missed that late in the market day better late than never! Perhaps it is the nervous cough at the start of every sentence which makes me nervous about what’s coming next. So, anyone clearer about the finances going forward following that electrifying interview? I used to work for a Chairman who would only allow polished presenters to represent the company as he was certain that poor presenters could actually damage the brand. I tend to agree.

For those that do not understand why this has dropped today just look at the volume and share price action. Low volume and no sign of a major seller so time to chill and ignore the usual shenanigans on here. A real traders dream this share with wild swings both ways and I agree that the only thing which will change this volatility is positive phase 3 results and clarity on funding. Everything else is noise IMO.

So, a relief rally today as expected but now I expect that the next move will very much depend on what sort of deal Moreno has reached with the indigenous people which will have to appease the IMF number crunchers. I agree that a clear statement on future mining policy addressing illegal mining and clarity on sacred land and future permitting policy would assuage deep rooted investor concerns but how long will this take and is is realistic/feasible?

MrC - yes of course you want a balanced CEO and one who believes that all shareholders deserve to be updated on a regular basis on the company’s plan and not just II’s or strategic investors who talk to the CEO regularly and actually know what is going on. Over-promising is just as bad and I am sure we don’t have the time to list all CEO’s who have done that over the years most of whom have long gone but Andrew Bell of Red Red Resources fame would be high on my list .

Any number of shareholders on here sitting in Seckers position knowing how much of a mess he made of the 3-stage sign-off would have thought, I will release the news 7am and visit a number of the investor media outlets to explain what happens next enthusing about what this means for BCN pretty much derisking the whole project at Sonora and now, with a partner with the muscle, gravitas and incentive, having bought-in cheaply, to develop a huge, low-cost mine in a decent location close to US etc. etc.

This is a great example of a company which has so much to offer but leaves so much on the table leaving some shareholders, like me, deeply frustrated at the missed opportunity. Where is our faceless Chairman in all of this? Enough said.