The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
By my count IFC have another 25 million to dump yet... And believe me they will be utterly PRICE indiscriminate, expect to see 2.25 - 2.5 before they are done For me anything under 3p should be worth a punt as I expect MNG will pay the same 3.1p or more in any placing to avoid anti trust issues
Gecko agreed, MNG could easily use this opportunity to issue more cheap shares to themselves, and probably will... I don't see all the II's selling though? Just IFC at the moment... Definatly agree with risky punt analysis though ...
You two still in here? Any thoughts... Sub 3p could be bargain of the year if we get some news of positive cash flow...
Agreed Brokers are excellent at picking market tops with buys and market bottoms with sells... Hold for Q3 results, don't give your shares away cheap!
#holding...
Agreed they probably have about 28 million left to dump and will do so in a price indescriminate fashion over the next few weeks... It is likely we will revisit all time lows before their finished and don't be too surprised if MNG use the lows to issue more equity to themselves on the cheap... When the RNS that their hold king has reached 0 is released is the time to buy IMO should recover quickly once the persistent seller is gone...
Sambora RGs shares were sold on the open market... MNGs shares were newly issued. IFC shares are also being traded on the open market, MNG may well be buying but it would be through some subsidiary or holding companies...
IFC selling up was inevitable as soon as MNG became a majority shareholder, They were roped into back stopping the debt for the south African banks in order to "provide jobs and development" to liberia... Now that the majority of the return on investment will go to a private Turkish company their no longer interested
Directors were given options, no shares actually changed hands... I meant who is buying the shares from the international finance corporation, I can't believe that the liquidity providers have taken an additional 15 million odd shares over the last week without smashing the share price down a lot further than it has been...
Looks like our persistent seller is revealed... So they had dumped about 5 million by the 5th, looks like ~ 3 million a day since then so 37 million (ish) shares left to dump... The big question is who is doing the buying...
Depends on the Share price in 12 months time... We can also assume that any prospective future placing with MNG will be above that price as the Directors now have skin in the game I may well consider topping up, but their appears to be a persistent seller at the moment which is putting me off...
Diamondguru if another 300 million shares was the difference between an AISC of 1000/Oz and 800/Oz I would happily take the dilution... Lets not write MNG off just yet...
Well I grabbed a few more this morning at 3.31, a very speculative addition to my now 6.5p Avg... IMVHO having perused the financials I don't think the situation looks too bad! The fact that they have processed and sold 3500 ounces in the last month (~ 33% of expected output) while re-starting the plant and commissioning new equipment in accordance with a very stringent testing regime suggests that they are pretty close to hitting production targets WRT the "need for further capital investment" I guess another 300 million shares or so isnt the end of the world if they can start delivering a profit As for the cash costs being high, this is largely due to the flood bund, drainage channel and sump. They state that these are very nearly complete which should reduce the strip ratio significantly going forward... Personally I will hold for Q3 results and hope for some better news
by the look of it, guess investors don't like the threat of further dilution...
Great post Sambora! Fair value here is probably 200 million at current Gold price With a full quarters Gold production at an AISC below 1000 and agreement on a debt repayment schedule then we will probably see that... However Until we get news no one is willing to bid the price up...
Agreed should be 2nd week of August based on last year...
Agreed unless they plan on giving their 30 million straight to the liquidators...
MNG have no interest in keeping the plant closed, don't forget they only have a 4 month waiver on the debt repayments due the bank. They will need to see some profitable ounces before then to help with repayment schedule negotiations... They have coughed up 30 million for AUE so I don't think they will want it called into default straight away... MNG will get new liberty running alright. The worry for me is what happens to aue's other assets... I fully expect to see a very unfavourable joint venture announcement before too long whereby new liberty profits are used to finance a mine at say ndamablama with some convoluted streaming deal that channels potential profit to MNG while we get all the risk...
Gecko They have notified the markets that re-start will occur following a gradual ramp up in production A return to full commercial production would require notification but receipt of supplies and commencement of the restart procedure would not IMV
Interesting post GC, the RNS in which they stated that re-start would commence following arrival of additional reagents did not state that they would notify the market when received... Nor would they be obligated to do so... Lets see what the Q2 results say