It was in the RNS of 21 Apr
Working Capital
For the period ended 31 December 2022 the Group recorded a loss of $9.5 million (2021: $5.6 million) and had a working capital deficiency of $4.8 million (2021: $13.0 million). The Group recorded net operating cash outflows of $0.1 million for the financial period (2022: $1.7 million). The cash position of the Company as at 31 March 2023 was £8k.
The Mason's have bought 6.66m shares at 15p, total value £1m. What does that suggest?
Thanks for clarifying Florence, and no need to apologise. I've been looking at the BDI (Baltic Dry Index) and I can see it's now back to normal levels, currently 1576, having peaked at 5500 in October 21.
Certainly a positive market update from OPG would be reassuring and might halt or reverse this fall in SP from recent highs.
Florence, I understand that elevated shipping costs would impact the overall cost of importing coal, but since it's normally transported in bulk carriers can you explain how shipping container costs affect OPG?
I did some sums earlier. I'm going from memory a bit as my notes are at work.
With subscription and open share offer, if fully subscribed the additional shares issued will be 20% of the existing number of shares issued so 100%/120% = 0.83, so existing shares are devalued by 17%. This will provide the company with £2m gross, less costs.
With the open offer you have a chance to reduce dilution by selling shares at 20p (current SP) then buying back at 15p
so for 100 shares you are offered 15 open offer shares for £2.25. To buy these you need to sell 11 shares at 20p (with rounding) so you gain 4 shares so a 4% increase.
Apply a factor of 0.83 to your 104 shares. This gives you a value of 86.3
So, the raise will dilute your holding by 14% if you participate or 17% if you don't.
It's hardly a desirable situation to be in by any means, but the company will cease to trade without the raise, and better to lose 14% than 17%.
Yes got mine, no brainier really, sell 10000 or whatever @ 20p then buy 13,333 @ 15P for the same cost
Bubba, I'm slightly confused about ICI 4 prices
Futures are shown here, https://www.barchart.com/futures/quotes/ICKJ23/futures-prices which shows April, May and June 23 at $85.2, so given that we are in April that's presumably current price, which is £70?
But this site shows this weeks (or last weeks) price at $71 or £59 https://www.jwcindonesia.com/price-index
Are you able to explain please?
Peleliu, I agree with JMUK26. CMCL has a fantastic track record of achieving and often exceeding guidance and they've stated that they have resolved the issues and the overall guidance for the year still stands. I've no reason to doubt them.
If you've ever owned HUM you'll know what loss of confidence in a miner's ability to forecast is about!
Just a reminder this chat board will almost certainly be removed after delisting so I've reposted my previous suggestion below -
There is another board on this site we can use https://www.lse.co.uk/chat/general/commodities-and-mining/
It only sees a couple of new threads a month so we can start one called GEEC and just reply to it.
With SP currently sitting at around 6% of book price I'll take my chances delisted. My hope being that they'll eventually (hopefully within 5 years) pay a decent divi, in which case I'll just hold onto them indefinitely.
I thought the RNS was encouraging in that they seem to be emphasising that nothing will change other than the shares will no longer be traded on an exchange. They have said the reason for the delisting is that the level of trading does not justify the ongoing cost of remaining listed. If this really is the only reason and everything else continues as normal then there are some bargain 5p shares to be had.
Thanks for the info Troy
I've just read up on the difference between pinksheets and OTCBB https://www.investopedia.com/terms/p/pinksheets.asp
I agree, it does appear that OTCBB would be easier to trade. My guess (and it's only a guess) is that it may be pinksheets only, otherwise HL would have known and informed you it was both, and what reason would GEEC have to choose both rather than one or the other?
Have you emailed GEEC to request further clarification?
From Stocko I can now only see that 0.41% are owned by Silvercrest Asset Management with 99.59% owned by others. Not sure how up to date that is.
The last RNS concerning share dealing was in Nov 20 and states the following -
"Mr. Yogendra Kr. Modi, Executive Chairman, and Mr. Prashant Modi, Managing Director & CEO, purchased through YKM Holdings International Ltd., 1,200,000 GDRs on 12 November 2020 at a price of 7.55p each in the Company (1 GDR represents 0.5 underlying ordinary share of INR 10 each). Following this purchase, they have a beneficial interest of 64.90% in the Company."
So any further director deals, or significant changes in ownership resulting in thresholds being crossed would be notifiable by RNS. None have been released since.
So who owns the other 35% and why are so few changing hands? Surely not all owned by PI's
Russian pipelines were supplying gas to Europe through Nord Stream until the end of last summer. That helped fill storage facilities with cheap Russian gas ready for last winter. Some still flows through Ukraine but Europe is now buying only a tiny fraction of the gas from Russia that it did last year. This year Europe will need to buy a lot more LNG to make up the defect, much of it supplied by the US. Hard to see the gas price on either side of the pond remaining at these low levels for long.
Good to hear that the placing is going well and there is no shortage of investment to fund Bilboes.
"St Helier, March 31, 2023 - Caledonia Mining Corporation Plc ("Caledonia" or the "Company") announces that, further to its announcements on March 24, 2023 regarding the Fundraise (as defined in the announcements), it has decided to extend the closing of the Zimbabwe Placing (as also defined in the announcements) from 12.00 p.m. on March 31, 2023 by up to a week due to a higher than anticipated level of demand from existing and new Zimbabwean institutional shareholders who wish to participate but require extra time to attend to their own administrative requirements. It is expected that, due to strong demand from existing Zimbabwean institutional shareholders, the Zimbabwe Placing will raise in excess of US$3milllion. A further announcement will be made next week regarding the closing of the Zimbabwe Placing, the funds raised and the shares and Zimbabwe depositary interests to be issued pursuant to the Placing."
Andrew,
I think the insinuation is that the level knowledge you've acquired, apparently within a few weeks is uncanny, so questions are being asked, have you "scoped" this subject previously?
I don't think anyone here has a problem with the raise for growth, it just seemed a little painful at the time because the raise was only for about 6% of mcap, but SP (temporarily) reduced mcap by significantly more than the value of the raise!
No matter, I took advantage and topped up my holding by a little more than the dilution at a good price, just as I did when the Bilboes deal was first announced. The SP has already recovered so I'm pleased.
I look forward to the next significant news
Slight correction. I assume capex may not be included but a % would be allowed for in depreciation? Sorry I'm no accountant.