Member Info for bigboyblue

Ergp1. I held here for 8 years, finally selling (at a loss) about 2 years ago. In March 2021 when the shares were at the peak, and just before a fundraise, there were around 1051m shares in issue. There are currently 2459m, so to achieve the same mcap you'd be looking at around 3.3p per share. These figures are for voting shares and take no account of warrants etc. I'm never too sure about making comparisons with a particular point in time however (why compare with when the shares were 8p and not any other price?) I think it's more about prospects, uncertainty etc etc

For transparency, I was recently tempted back in again and currently hold as I feel the prospects are good, but I won't hold indefinitely without any hard concrete good news.

The rns of 3rd October said that the strategic options under consideration included 'entering into joint ventures or other forms of commercial partnerships; making further acquisitions; selling or demerging a part of the Company's group's business; returning capital to shareholders; changing the Company's strategy and/or management arrangements; selling the Company's subsidiaries; and/or selling the entire issued share capital of the Company under a Code-governed transaction.'

That is a lot to consider and all we have heard so far is that the company is no longer in discussion with 3 potential (not actual) bidders for the company. We have also heard that the strategic review is complete, but what decisions have been taken as a result of the review, beyond the fact that an offer a bit over 540p is not of interest? I think there will be more to come; either that or J Goodwin & Co and Rockefeller Capital's fees should be minimal.

We should see quarterly NAV, dividend announcement and guidance on next year any day now, perhaps tomorrow.

A new all time high, despite Pershing reducing, and on the face of it no news due until a trading update early next month. Any thoughts?

Today is the final day if you want to redeem your shares at a 3% discount to the NAV. At the moment the share price is at a 9% discount , so on the face of it it's a no-brainer, you should redeem and pocket the 6%. However, last time this happened the share price caught up and actually overtook the NAV for a while, shortly after the redemption date. I've decided to continue holding.

Given the sluggish state of the economy both here and in much of Europe, that is a pretty solid update.

Probably right. I sold a few a couple of weeks ago, not because of any loss of faith but purely because it formed a disproportionately large percentage of my portfolio. It's still my biggest holding.

I've been in this continuously since 2018, not always with the same number of shares but never out. I get what you're both saying, but on the basis of what we have seen over the last 7 years I'd say 'trust the management', they haven't really put a foot wrong .

JDF, I've held here for several years and it's got a good record compared to both the Aberdeen and JP Morgan equivalents, over pretty much whatever time period you compare it. The share price tends to be supported by the biannual redemption facility especially, as now, in the run up to that date. I have noticed however that the Ashoka trust has a better track record and I might switch to that if we reach parity with the NAV.

AMRQ is an example of what can be achieved in Greenland. It seems that what is needed for success is a BoD which sets out a plan and does what it says it will, when it says it will (no cross ramp here; I'm not invested). I imagine they will spend their money how they said they will, as Rach suggests.

I hold shares in IGC. They regularly buy back shares and hold them in treasury, but when the share price went above the NAV for a while, they sold some back into the market. Makes good business sense.

Sorry, my first link below appears to be from a completely different story, it should have been this one : https://www.lse.co.uk/rns/JAY/leading-global-bank-appointed-for-dundas-r5nyyrcqml000a2.html

Yes Rach, you may be thinking of the Global investment bank appointed as lead arranger for Dundas, appointed nearly 3 years ago, details here for anyone who doesn't remember: https://news.sky.com/story/london-listed-funds-land-200m-from-lynch-backed-featurespace-13217910

Or were you thinking of the Master Distribution Agreement in late 2020, with a major Asian conglomerate, for 340,000ktpa of the annual output: https://www.lse.co.uk/rns/JAY/master-distribution-agreement-reached-for-dundas-s6wkdnmtk0tt7me.html.

I wonder what progress has been made on that.

True, although the NAV has grown steadily, by around 20% during that time. The real problem here seems to be the ever widening discount.

A little harsh I feel.

Paul de Gruchy, Vice President of Investor Relations of Phoenix Copper, said: ".... We have a number of developments planned to improve communications with current and potential investors, and I look forward to implementing these in the coming weeks."

That's weeks, not days.

Re the option of selling Disko to the highest bidder, I guess that would be a non starter for most Jay shareholders as it has always been regarded, correctly, as the big prize. I do remember RM saying in one interview a few years ago that if he were starting again he would start with Kangerluarsuk as it was small enough to manage and the prospects were excellent. Successful mining there could help fund other developments. It stuck in my mind as it sounded like a rare outburst of honesty; after all why lie about it? Anyway, it's a possibility I suppose.

Ashton, re your post yesterday and the example of Arc Minerals (for clarity, I have held shares in Arc for 6+ years).

As you say, the JV was confirmed in Nov 2023, but it was a long time in the making. Arc initially announced an exclusivity agreement with Anglo in Jan 2020. This gave Anglo exclusive access to all Arc's previously acquired data on their licences. Some Arc shareholders, myself included, believe the plans for the JV date back to at least Jan 2017 when Nick Von Schirnding, Arc's executive chairman, was first appointed to the Board. NvS had previously been a senior executive at Anglo and knew many of their key people.

What is the relevance to Jay you may ask. Well, it shows that Anglo are very thorough to say the least before they will commit and are unlikely to do anything in a hurry. In the case of Arc they knew the Exec Chairman very well, they had themselves owned the licences back in the 2000s before exiting Zambia, and they had exclusive access to plenty more recent drilling results.

I suppose on a more optimistic note, and without boring you with the details of Arc's battles to see off people who would have taken their licences, it may be more straightforward for AAL to do due diligence in Greenland than it was in Zambia. Further, we know from the licences they have already acquired that they have a keen interest in Disko. However, I can't help thinking that Jay are not operating from a position of great strength and AAL may prefer to try and let things run their natural course before snapping up the licences for next to nothing to add to their already impressive acreage in the region.

Not sure about that. Zeus seem to think no more major acquisitions are likely and that we should start to see returns to shareholders: https://zeuscapital.co.uk/exclusives/8710285147/

......and up 27% since then. This share is prone to sudden dips out of all proportion to dips in the NAV, (see also Oct '23, Oct '22 and March '22) but it always bounces back pretty quickly, supported by the availability of the biannual redemption facility.

Nice gesture to reserve the first batch for shareholders too.