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Matty,
The company appoints a broker to buy them back in the open market, not from you or me. They will announce it via an RNs that they're commencing a buyback of "£XXXX" amount and the broker will fill that order over a period of months or even a year.
If the shares are held in treasury then it won't have any effect on the sp. If the shares are cancelled it will increase the value of shares outstanding my the requisite amount.
Have a look at some of the bigger FTSE 100 companies, they do it all the time.
Also, it cuts down on admin costs and increases dividends going forward to shareholders (if dividends are in payment).
Hope that helps.
Rex
Ok, cancel my last about Poulden. I've just looked on the Company website. He owns just over 9% of the company. How stupid do I look now? (rhetorical question, answers not really required, Lol!)
However, all the other directors have miniscule holdings, which is just not acceptable.
I've just had another look at the Dec 22 Final Results - which took until June 2023 to publish! Who takes 6 months to publish an annual report????
The directors all had the option of cash or shares or both. All of them were paid fully in cash.....! Not a single one of them elected to take the shares. The same applies to the 2021 payday. What does that tell you?
Check out Note 20, right near the very end of the report for the details.
Clearly not as dumb as shareholders.
But not here. While a bunch of posters on here are moaning about the current share price, those of us who have done our research & calculations are accumulating like mad. GGP is an absolute steal at this price.
The moaning minnies will have even more the complain about by the end of the year as the sp steadily rises into the extraction phase, when they could have bought now instead of whining.
And yes, I've just bought more this afternoon at 5.5p :)
Maybe we should email him and ask him to stop fundraising just to buy more dirt & get on with the day job - finding gold, extracting said gold and then selling it!
Cottesloe results are base metals. Since when were we a base metals company? The name of this company is Wishbone GOLD. The clue is in the name!! If Cottesloe has any sort of value then sell it & move on.
RP is spreading this company dangerously thin across multiple sites, with no income revenue to support it. That means one of 2 things; insovency or yet more fund raising. This is not good enough. He needs to focus on one site at a time, drill it, mine it, provide income and only then, look at the next best target.
There is zero focus here.
He's not getting a single penny more from me.
3.4p and I'm out!
Stop talking nonsense monkey, we have sufficient debt funding arrangements in place to cover us going forward, together with heavy-hitting backers with deep pockets.
The current sp is an absolute gift to be taken full advantage of :)
We've got "significant interest" in our FOUR Namibian blocks & are farming out our Guyana block.
That's potentially FIVE farm out deals to be announced within the next few days/weeks/months. And possibly some drilling action shortly after.
As Bridgedogg1 said, this should be well over £100m mcap soon - at least 150% profit.
I've doubled my holding this morning :)
Same here Crawshaw, bought originally in September 2022 at about 22p & continue to add.
Afentra will throw off so much cash going forward - it's a no brainer.
We also have plenty of deals to look forward to.
STRONG Buy for me :)
Both Belle-ende & Bawbagzz posting carp today? They must be hurting & really feeling the heat - as their shorts burn bright and hot :)
This slight pullback is a BUYERS gift before the main event!
I'm STILL buying & so should everyone else, make them shorters feel the pain :)
JWBelle-ende trying his worst to convince us all to sell, he must be sweating buckets now. LOL!
Azule WILL be signed off soon & tens of millions of dollars will flow into our bank :)
Then we can all breathe in Belle-ends smoke as his shorts burst into flames and our sp shoots ever skyward, lol!!
I'm STILL buying :)
Happen all at once? What, you mean another fundraise for some vague promise in the future, more pictures of other people's golden nuggets, followed by insolvency because we have ZERO income?
Is that what you mean by "all at once?" Asking for a friend.
3.4p and I'm OUT!
1.26 !!
We cashed cica $26.5m last August & another $38.2m in Feb. Assuming we do another $38.2 in the summer, that gives us a P/E of 1.26. We have at least 16 years of production ahead, plus Azule, plus possible the 2 new onshore blocks. We should be on a P/E of at least 5 or 6 I would think. That would give a share price in the region of £1.80-£2.25 going forward.
I'm still buying :)