Member Info for ChesterGreen

Hi,

It's a bone of contention, whether indeed the market knows or not. When I was a mere strippling at university, the tutors tried in vain to convincce me of the merits of the Efficient Market Hypothesesis. I didn't think it was right then and almost 30 years later I still don't.
You and I are both market participants. You've sold your shares and I added more this week. Both of us had access to the same public information and we came to a different view. That's what makes a market.
One of us is going to be wrong. May the best person win!
Cheers, CG

Shorteverything

My feeling is just the opposite!

HalfYear results next week may show £75m ($100m) revenue and profit of £20m. Comparable period included 6000oz of intermediate PGM which should be replaced by full value PGM oz this period. Lower cost from new plant will go some way to offesetting production lost to power issues. Eastern Limb expansion? Then in Zambia, 3000 tons copper as opposed to 1200tons 12 months ago. News about Northern Strategy / new Cobalt stream and lower cost per ton through new leaching process.
I could go on but I for one am looking forward to JLP news over the next few weeks.
Regards, CG

Just to say I sold my holding yesterday (I needed the money elsewhere). The share price rose 7.82% in response! LOL.

I will return to the holders list soon because I think CSH should be a core holding for me. Short term absence. The yield helps....

GLA

CG

BB2,

Thanks for the clarication. I freely admit I was wrong in what I said about the 3.375p warrants.

Looking at the last 3 Annual reports, note 19 in each case - it still doesn't look right to me. Before I say any more and get it wrong (again!), let me give it some more thought.

Best regards,

CG.

BB2,

I'm trying to work out where the discrpancy is. I think that the numbers of 3.375p warrants were wrong too, which would partly explain why so many lapsed.

CG

For information:

Taking the figure of outstanding 6.12p warrants outstanding of 49,028,476 (Annual Report, pg137) and subtracting the two amounts notified in the RNSs of 19th and 24th November - I think that there are approx 36million warrants left. They expire on Thursday.

My opinion is that that I have no problem with the exercising of warrants. It is the selling of the subsequent shares that causes a short term price decline. It is possible for the holders of warrants to sell shares in the market to raise the funds necessary to exercise the warrants - which is happening today by the look of it. I don't personally understand why the holders have left it to the last minute to do this, nor why they would let them lapse without being exercised. It is reassurring evidence that even the most sophisticated investors make bad judgements.

Yes, warrants are tradeable on the Over-The-Counter market but this is unlikely to be available to retail investors (like me). A financial adviser wouldn't recommend them to an individul because of the risk involved. The costs would be prohibitive, only the very wealthy would be able to justify them.

American Depository Receipts (ADRs) are nothing to do with warrants, in this context. That is a red herring because JLP doesn't have a listing that would require them io issue ADRs.

Peel Hunt, reported via Interactive Investor, place VTY amongst their top 30 'growth' shares for 2023. Their definition of growth must be different to mine, but I hope that they're are right! They (PH) didn't do very well with their selections in 2022.

Looking forward to trading update - hoping for positves, obviously.

GLA

CG

Christmas 2023 - 24p

Hopefully, underlying pfoitability by them circa £75m p.a. with improvement to come.
Zambia Northern Strategy?

JLP are looking to invest money in new or refurbished facilities in both RSA and Zambia. Hopefully we should get an announcement in mid-Jan 2023. My preference would be for the company to use finance (bank loans) to do this, to be repaid for out of future revenue. If this is not possible, I wonder if the Tjate platinum project could be sold off to a 'major' mining house? JLP aren't going to be able to develop it in the medium term. I think it was 2017 the last time anything major was carried out by JLP. Northam and Impala are currently in a bidding contest for a 3rd company. Could the loser in that contest be interested in Tjate? As long as there isn't a placing to raise the funds!

TellySong

Note 18 of the last Annual Report (to June 22) gives a diluted earnings per share figure of 0.73p per share. Divide the current share price by this figure and one gets the historic price/earnings figure. There are differing views on exactly how the earnings used in the above calculation should be adjuusted and for reasons of brevity, I don't propose to go into them here. In my opinion, it's what makes saving (most people call it investing) in ordinary shares an art rather than a science. A lifetime can be spent (or wasted) using spreadsheets to work out how companies arrive at the "profit attributable" to shareholers and whether it should be adjusted for items like depreciation, for example.
Leaving aside issues as to the "right"level of p/e for one company versus another, what most savers (investors) waant to know is what are the prospects for the future. All the foregoing is a long-winded way of me saying that JLP is in an enviable position of being in a growth phase where gross earnings will rise materially. This won't be reflected immediately in the p/e ratio but in my opinion it justifies JLP being on a higher historic p/e ratio than SLP, as you point out.There is much more to it than I have mentioned here but I hope it gives an insight into the issue. CG

homer1234
The placing raised £1million by issuing 50million shares at 2p per share.
The broker offer raised £54000 by issuing 2.7million shares at 2p
The number of shares in issue therefore went up by 52.7million from 181,080,349 233,780,349 shares.
N4P raised £1.054million before costs. Instead of paying the brokers fee entirely in cash, they accepted warrants to be converted into shares at a later date. If it helps, I didn't bother to ring my broker to get them to contact the company broker (TPI in this case) but I bought more shares in the market. It cost me £5.99 extra but saved a lot of hassle.
Hope this helps. CG

I find this useeful for answering such questions as yours:

https://www.dividenddata.co.uk/dividend-payment-dates.py?m=alldividends

Search for TGA

That should of course be phase - sorry!

I don't often post and I want to make it clear that I am a long term investor.
JLP is in a growth faze which is fantastic but imho we need to behave a bit more like a grown-up company and not a single prospect exploration miner - which I think we sometimes do. After all, if we're looking at approx. $100million of earnings (pre Tax, Depreciation and Amortisation) then we are among serious peer company. As well as looking at exciting projects like expanding into the SA Eastern Limb and the Zambian Northern Strategy, I think we need to explain the financial aspects too. My suggestion is that we hire a competent Chief Financial Officer to deal with the numbers - not exciting but a necessary detail.
In the medium-term a path to the main market of the London Stock Exchange and a consolidation of the soon to be 2.8 BILLION shares in issue would help too.
Ordinary shareholders need to be aware of how professional investors perceive companies. They don't think like we do but a sustainable share price needs the professionals to commit theit large amounts of money. Good Luck to Us All!

I haven't been credited with the dividend by my SIPP provider yet. When I emailed them today, they said that they'd not received it from KMR.

I'm not sure I beleive them. Has anyone else experienced same?

That was my interpretation too.
Repaying debt well. Timescale: Medium term = 3 years.
I will look to add as and when I can.

Agreed. Look to deliver Zambian copper strategy and enhanced SA PGM operation. Slightly worried about political situation in SA too.

My first post - please be patient with me!

The latest Investor's Chronicle article is depressing. Why do they get things so wrong? Figures for homelessness are not relevant to what CSH actually does. If I were a cynic I'd say that the editorial policy of the FT and IC were hopelessly liberal.

FYI I bought into CSH some years ago at 110p but I'm adding through re-investing dividends and monthly investments.

Regards.