Member Info for Couerdelion

Positive news on the Mercedes litigation case. Whether it's enough for them to settle is to be seen but the share price took a nice turn if perhaps not as much as might be hoped. Still plenty of upside to look forward to.

Another £0.33m grab of shareholder value for a select group of shareholders. If you want to understand why the share trades at such a big discount to NAV, you have it written clearly here in black and white.

Licker, do you have a translation for that in English, please?

Different parts of the proposal. The Local government pension scheme proposal relates to defined benefits schemes which PHNX won't be insuring. The proposals for defined contribution schemes will sometimes involve PHNX but those proposals are still to come, but it appears that they will all be around giving smaller funds access to less liquid assets that might be difficult for them now given their size.

Given the tax benefits offered by pensions, it's not unreasonable to expect some quid pro quo by requiring some level of local investment. It doesn't seem to have harmed the Australian schemes that have a high local investment requirement.

I'd be happy with £1

It's generally a quiet forum only getting more active when the share price dropped last week. I'd assume most people are happy to hold their shares and let compound interest do its work.

Personally, I think we have a good entry point for the shares right now. Plenty of upside potential still there and they've now got priced in a large hit from higher costs which may or may not impact profitability. Time will tell but I'm a buyer at these prices - or would be had I not just bought last week.

So if we have an extra 120oz of PGM over 7 years, at average FY24 prices, that's about $12m of revenue and $4m earnings assuming a 30% margin. You can add some upside to to price of PGM or lower costs, but it's not a game changer - that's all first in the copper product, and secondly in chrome.

But it is a demonstration that management know what they are doing by restricting production of PGM until prices improve.

It looks like a good time to be topping up here. When I find a little spare funds, I may be sending them this way.

This is not far off my plan to switch from SMT to S&P tracker. But I'd do it piecemeal when the SMT price is tracking significantly above that of the S&P.

Anyone want to venture a guess why they shares have risen so much today? I can't see any announcements or news.

I'm calling it to hit 6p tomorrow.

It depends what your timeframe is. You're probably good for 6 month returns, but I'd say there's more value in a longer timeframe.

Do we have any idea how the costs of sales are affected by prices or production levels? Yes, an extra 500kt of chrome will generate c$50m of revenue, but the margin over costs is c12% which equates to around $6m in pre-tax profits.

Taking a closer look at the books, the one thing I can pick out is the cashflow position. Cashflows from operating activities will need to improve if the company is going to invest in upgrading facilities and securing new sources of copper. There's probably going to be a wait before we can expect anything in the way of a dividend here.

That's fine with me as I will take profits in limited realisations of gains. We're still, by my reckoning, trading below book value, so the current market recovery has some way to go before even that is recognised, let alone the long term potential. But that itself requires investment which will be seen in growth rather than dividends.

Not sure why quarterly dividends would be a good move but it's inconceivable here.

If you factor in the share buyback program - which looks to have many more months to run - it appears that there is quite a healthy demand for the shares at these prices which will at least support the price, if not drive it higher.

I think we can be reasonably optimistic over the direction of travel over the next few months although a lot will depend on OMG demonstrating that they can generate the earnings and cash from the recent investments

JLP thanks you for your patience. Please accept this gift of free money. Shareholder meeting next week will be a much happier affair.

Enjoy the ride.

Me too. Will decide later if I keep them all or just extract the investment once they've gone back up.

This is more market fluctuation than anything fundamental. You'll be in the money some day soon

Fender, I suspect most people on this board are long term investors so look at the stock in a completely different way that you do. I wouldn't take their comments as criticism, merely that it is not why they invest in M&S.

Plenty of upside here, so feed for both groups of investors.

But if you invested your recent M&S winnings in BUR earlier today then, chapeau.

I think a lot of the drop is linked to yield curve movements. Now trading at 11% dividend yield which is a buying opportunity were it not that I already am heavily overweight.