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Just popped in to see if Pavel, Cabs, Slevin blah blah blah, have pulled this magic golden rabbit out their a***'s yet as promised by all the "we love Peter & Pavel" brigade? No.....? Shocked! Not. Aww well, will keep the hedge on my position until around 6.5p and start to slowly unwind it then. Regarding IRC, only solution as I've said many times, a Rights Issue for the $230m, if it's a viable business debt free there will be underwriters willing to take the business, but at a cost.....but it's the cleanest and best solution for POG.
Current board are without question, if not completely then, in part culpable for the latest poor update. How much influence did they have over the operations guys on the ground in Russia to cause production problems during the civil war, as noted in update? How much profit has been eroded during this period of unrest by Cabs & Slevin. Cabs & Slevin and those they back or are backed by have culpability here in the erosion of shareholder value and the intentional (yes intentional, there was clear intent to destroy harmony and production on the ground to put pressure on the old board) attack on POG production ergo revenues putting pressure on free cash flow and potentially harming the debt reduction strategy. I can assure you lawyers for shareholders will be looking at this just now, Cabs & Slevin are liable, and do not be surprised to see them or their agents on the board possibly being sued. This trading update is a smoke screen by Pavel et al to try and whitewash their culpability in eroding shareholder value.... Watch this space.
CofE - Yes, its so funny......remembering you a month ago confirming to us all 'The high volume & price rise was due to people buying in because Pavel, Sir Rod etc would be back'......look at the share price? What happened to that fact you promised........CofE, so funny.
CofE - I agree with your good intentions. While I know nothing can bring back those who sadly lost their lives, but I would like to think the board has put in place a commensurate compensation package for the families etc. Together with improving safety standards for the workforce. However I think if you want to get some traction for your letter this forum is the wrong medium to achieve what you're trying to do. I think you initially need the backing of a larger shareholder that has the ear of the board and who can provide some mass & momentum to your goal. Why not start off by contacting Cabs & Slevin with your idea and get them to back it, after all there is no one closer to the current board than Pavel & Peter. I wish you well on your endeavours.
Mill field - Take a lollipop and go sit at the back of the class. "It might be worth pointing out the obvious that the reason PH got no votes could have been because he did not put himself up for election. " Well done you for pointing out the obvious to a rhetorical question. Yes....There wasn't a resolution for getting Hambro back on the board, so why all the talk of him coming back? No one voted for him to come back, not a single vote! Furthermore, if he wants to come back why didn't he put himself up for nomination and a vote? Sounds like a man or group who know he isn't popular with POG shareholders. He shouldn't get brought on the board without a vote from shareholders and the return of the $600,000 payoff he got less than 12 months ago!
Retired Banker - Agree with most of what you say. While I'm probably not as pessimistic as you currently are on POG long term. I too sold approx 25% of my holdings last week running up to the vote. (I had been adding in the 6p range on dips) Wanted to reduce my exposure in part for concern the old blunderers would get back in, and thought I would wait until after the vote to either add to (if Roman remained) or hedge the remainder of my stake( if the 3 Amigos got voted in) Today I have hedged around 75% of my existing stake to protect any downside as I do see a fall to the 6.89p area once again. If we hit that range I will take my hedge off.
All this talk of Peter Hambro returning blah de blah.... One screaming pertinent point that too many are deaf to on this forum is.....Not a single shareholder voted to have Peter Hambro back at POG. So why all the silliness about Peter Hambro coming back? Furthermore Pavel and the other 2 amigos are taking over a board where they have approx 50% or less support from the entire equity holders stakeholders. Not a resounding vote of confidence and their feet will be held to the fire from here on in.
Laurence - You're are going to upset a lot of the 'PC' Brigade and the overly sensitive here with your comments about how good the women looked. I will join you in the doghouse. Lots of beautiful women in the world, but takes a lot to beat the Russian & Ukrainian ones, or those of a Slavic nature. Maggie & Stockwarch where there.
RB - Hope your stock selection is better than your football score predictions. Not an England football fan, however I do like to see all of the Home Nations do well in all tournaments. I do think some people need to mellow out the talk of another 66 that is prematurely premture, and that's an understatement, it's been Tunisia & Panama. They've played harder warm up friendlies. The World Cup only begins at the knock out stages. If they beat Colombia, Sweden are a tougher team to beat. My prediction for the final is Uruguay v Spain. Uruguay to win.
CofE - Mr Glum...?.You can call me many things but glum is never one of them, especially with POG. As long as the share price stays over 6.4p my POG ticket is blue with miles to go.... You on the other hand are the one struggling with a contradictory catechism regarding POG with endless tales of woe and Armageddon, believing the current board is beelzebub and Hambro as your saviour. Sorry to burst that bubble for you.
CofE - See while you're happy holding a paper loss and not getting any return on your investment and capital as you're felling sorry for PH & PM to run tonthebaid of their incompetent sprogs......Hedge Funds, and fund managers can't and don't. They don't have your sentimental privilege or burden, depends on your perspective. Hedge funds & Equiry funds have to make a return for clients within a time period, if an asset is using cash and returning nothing, then it will get dumped and the cash allocated to a yielding asset or instrument. If they sell it's not always because they feel the company won't make money long term, just that it won't yeild a return on their cash in the time frame they are working to. You cannot compare your investment thesis nor intent to that of Hedge funds & Equity funds......different goals and objectives. Now if it was a fund dedicated to growth companies over a longer period then that's more of a comparison. You need to understand who holds and why. Regarding Renova, they probably knew Vekselberg would be sanctioned and had to dump the position to another, up pops Fincraft...
Yes He reads them, through Maggie & Stockwatch808.....
From recent calculations and what I've heard, I think small shareholders represent no more than 10-15% of POG issued shares. So it should be fairly easy for those collating votes. Most will come through in large voting blocks.
I will be voting with a cold unemotive logical and rational mindset, and that's to vote for what is best for POG, it's future and for returns of shareholder value. Do. It be fooled into thinking Cabs & Slevin et al are doing anything here to help small shareholders, they aren't it's self interest, business and to get your assets on the cheap. It's evident POG is in play, there is recent higher volume, there is a board room struggle to control, and we 'allegedly' have a non-solicited offer for the POX hub. (remember Lawrence it was non-solicited, and rejected)....if they received one offer, more will follow! As I said it's clear there are several parties looking to control POG or are after the POX hub.....therefore I will be voting 100% with the current board, furthermore those who don't win control in the vote may just have to go away and come back with a takeover offer if they want POG that much. Sentiments and emotion shouldn't get a single vote here, this is business, use your vote tactically to maintain the current board. For those other parties who want POG. Make them pay you the correct price with a premium for your POG shares.....keep the current board, start an auction, let's see the offers on the table...
Dont know what you're seeing from all those articles that you think is positive for the 'ex board'? All just confirm the reasons why you should support and vote for the current board and new CEO. "Sothic Capital, which owns 10.9 per cent, said Roderic Lyne, a former British diplomat, and Robert Jenkins, the former finance chief of two Russia focused companies, were not the right people to lead the company forward. “It would be disgrace to get the people back who almost destroyed the company”. No one can argue with that comment from Sothic it's 100% true! Who do you want as Chairman a man with over 30 years mining experience and currently on the board of one of the worlds largest miners......or a retired ex diplomat? The answer is self evident!
Watch what people do rather than what they say......and PM & PH's behaviour reflects they're predicting a defeat. One side panicking, the board calm, and getting on with the job.
When they cannot stop spreading drivel and rumours im the UK press. Nothing constructive from them or a strategy to grow the business or return shareholder value (which they both destroyed). It's just all rumour and desperate sad tactics and behaviour.....roll on Friday so we can finally rid POG of the Hambro Maslovsky quasi-dynastic curse!
Cheers for that. If they can't be redeemed until 2022 then so be it. POX alone will spit out more than $40m per year in profit to pay the interest on the bonds. That allows us to divert surplus cash to exploration or acquisitions to increase production with free cash flow and strengthen the balance sheet. Come 2022 pay down some of the nett principal debt or just refinance the whole $500m with NEW ISSUED bonds (that caveats for Kenj he struggles with this) on more preferential rates and continue to use surplus cash flow to grow the gold mining operations, buybacks and dividends. I don't see the problem.
Kenj - You still don't get it....
Pbtogold - Can you copy & paste the terms to confirm this?