The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Just listening to the Rob Edwards on YouTube in that interview 3 weeks ago (at the 5 min 20 sec mark), he references Disko as being "quite deep and complex". Not sure what to make of that because we should be getting an update by the end of this month... and not waiting for that Disko RNS to come out before raising capital (and preceding with the disastrous capital raise) seems to me not to bode well. Anyone have any thoughts? .
Micru, unfortunately, I don't think TB has ever thought of shareholders as stakeholders. If anyone hears of anyone putting together some legal action against the directors for the false statement of July last year, please could they say - I would like to join in.
Hi Grg, They've only been releasing RNS's at 7am (like almost every other AiM stock) since they got themselves into financial trouble... sorry, that may not be fair.. since they got a call from the bank letting them know, to their complete surprise, that they had run out of cash.
They don't seem to have bothered releasing RNS's at 7am before the crisis started. In fact last year's half year results were released at 16:42. We are on a Friday 24th... when they said production would have restarted in or before the 24th. So if we are Lucky we might get something around 2pm, but if the share is relisting even "they" aren't allowed to let that news slip out half way through the trading day. If they are announcing it is trading again only on Monday, then there is simply no reason they couldn't have said so at 7am this morning. I suspect, they will want it released as late on Friday as possible, then they will slip the news out when the market is already closed for the weekend, and they will all be able to sit down and congratulate themselves on how they have rescued the company from situation they personally got it into. If its not relisting, then having not yet said anything today is utterly contemptible. I really doubt they care that a lot of people have lost hard earned money.
Thanks both for the help. I tried again, the second time typing in the url. Both times it says the invite has expired, and then sends a 6 digit code which is already in use. Very frustrating. Any thoughts?
Hi 1nvest, I've tried a number of times joining the Discord Group but every time it sends me a 6 digit code, I input it and it tells me the code is already in use by someone else. So I've given up trying to join. I have 700,000 shares, and rest assured assuming what you are trying to achieve is reasonable, which I'm sure it is, you will have my vote. Best of luck.
Hi Strummer, I have worked for a couple of Canadian mining companies, and I am pretty sure I am right in saying that Canadian law intentionally makes it extremely difficult for a creditor to sell a company's assets to repay a debt, more difficult than most other jurisdictions in the world. Which is why I don't see a firesale of the underlying asset as an option for Newgen.
What is missing, I think for the first time is the sentence "However, there can be no certainty at this stage that Newgen will agree to defer or reschedule the repayment of its loan". I'd like to think that that implies things are about to be resolved, obviously not to our advantage... no mention of any thank you to the shareholders for "bearing with us"; never any acceptance that management were at fault for misleading the market, failing to hedge at a high price, or raising capital when they could have. Just confirms that they don't understand capital markets or give a flying f*ck about the owners of the company. Whatever the outcome, I am going to keep my shares at least until I can vote them against the re-election of any of this appalling BoD.
The very best of luck to you. I'm giving it 16 months, because I still believe the Kubold JV will produce results over the next year and a bit, but you may well turn out to have been the cleverer investor.
Painful as this is RNS is, I think for the first time (certainly since I bought in in 2020), we now know exactly where we stand and have a much better idea what the various projects look like. That they are having a cash raise isn't unfortunately a surprise, but I had hoped it would be further down the track when things were looking more positive. Against that, unlike the last management, they aren't putting out a super positive press release, having a rights issue then it turns out the press release didn't tell the full truth. They are actually telling the truth about where we are. I have lost (for me) a lot of money, but I think from now on things could look much better so I'm going to remain here. The Dundas debacle is appalling, but I get the impression we've now been given all the bad news and the new Chairman will be honest about where we are at. I hope I'm right.
I can only suppose that as the CEO who presided over the way the company was managed in the last few disastrous years, Bo was allowed to remain because they need him. GLA LTDs.
Appalling comms as usual, but presumably this is the gold offtake people protecting themselves - and who can blame them with our BoD/management.
Given that most company's go out of their way to make sure shareholders only ever hear as positive a spin as possible, it is likely worse than anything they have yet told us, I note that Toby and Brad hedged some of our production late last year at USD8,300 and USD8,330 per tonne, but last month the price briefly hit USD9,500... did they hedge more? No. Even if they had no choice late last year, it seems very odd given the situation. Based on their track record, one could be forgiven for thinking that both Toby and Brad are waiting for the copper price to weaken further before doing another hedge.
Things go wrong in mining companies - that's the risk we all take when we invest. What we can't mitigate against is being mislead combined with financial incompetence. The BoD only communicate with the people who still own the business... when they are forced to. Unbelievable arrogance.
Small disappointment Fulmar, but that's all. And credit where credit is due... Nick was able to get an RNS out before the final day (tomorrow 8th), which given he would probably have needed AA's approval, was a good move. For those who think AA is screwing us over; you couldn't be more wrong. The key to this was getting AA to agree the terms which NvS did last May. I take this as a done deal; just waiting for the ink to dry. In the end all we will have missed is a few weeks of drilling in the pouring rain... they can make that up quite quickly and its not much in the greater scheme of things. We're very much on the right track.
Dear Seis, would you please stop grouping me with Ella. I have no wish to have any association with that person or their consistently negative views, but if you're going to accuse me, as you do, that I am taking something out of context... what exactly are you referring to because I don't see it? Thank you.
Who'd of thought that only 4 trading days before the end of the 3rd 90-day DD period, that Arc's price would be 3.80-4.00. I can only assume that the market thinks there a reasonable chance of a further extension.
Hi Valueseeker,
I agree; that if the Company was going to have to do another extention, they would have been better off managing investors expectations and have already guided investors instead of waiting until the very last minute. The fact that they haven't is why I am still hopeful next week will bring good news.
I note that we still haven't had any news on the Botswana assays. I looked at last year's RNS's and see that on August the 15th last year, when they announced the second extension, they tried to mitigate the news with a headline about drilling started in Botswana...
"Maiden Exploration Drilling Programme Commenced - Kalahari Copper Belt, Botswana
Update on Anglo American Transaction"
Obviously I hope they are not just sitting on the assay results for the same reason, because holding back important information to manage the share price would be wrong.
As to a further delay, will be quite disappointed (and I hope its not another 90 days), but I very much accept they are dong everything they can to push this forward, but they are in the hands of the bureaucracy, so its not their fault - its the system. I was told by someone who is very close to Zambia, that when HH got in, he immediately tried to fight corruption with no compromise, but initially, the system, where corruption was embedded everywhere, just ground to a halt, and he had to start working with some of the less bad elements just to get anything done, hence some of the delays we've experienced. Its why, I was told, that he did those big announcements at the Indaba last year... he needed the big mining companies (FQM and AA) to give him some big wins to show the Zambian people that things are moving in the right direction.
The good news is that our deal will happen, its just a question of when. Seis and F79 and others, very helpful analysis. Thanks.
And Seis is right... if you've ever really believed in this story, its not truly happening until the discovery of a big copper deposit.. To repeat W Buffet... "Price is what you pay, value is what you get".
FK79 and Seis very sensible comments. I think the person before them was on the wrong BB.
Unless I have misread the Indaba website, I note that President HH isn't there this year, and they are sending the Zambian Minister of Mines. Duncan Wanblat of AA is speaking at about 10:45am on the Monday, but if HH isn't there, I don't see this announcement being driven by the need to announce things around HH as much as last year, so I think they will do, and always intended to do, what all big companies do with DD periods... the lawyers run it through for announcement at the end of the period; 8th February. I think the comments about AA being keen to sign as quickly as possible by Arc were always slightly disingenuous, even if done with Arc shareholders interest at heart; but that's not how big companies operate.
Anglo have their Q4 production figures out on the 2nd Feb and full year results on the 23th Feb, but since an investment of under USD100m, the figure of which is already public knowledge, I can't see how it is price sensitive to them, so I don't see any reason why they won't (hopefully) stick to the 8th. Until its signed, this is after all, driven by lawyers. Good Luck all Long-Term holders!
Nine business days until the Indaba. Obviously what NvS and Arc say when the JV is (hopefully) signed is going to be important, but the nitro glycerine propulsion we need under our share price will, I hope/expect to come from Anglo putting out an RNS and Duncan W starting to talk about in investor meetings and in his press interviews. It will be that, more than the institutional meetings Arc should be having in Cape Town post any announcement, important though they are, which I believe could be the game changer. So here's to hoping for an Anglo RNS or at least a press release when it happens. Onwards all LTHs!
Looks like we are finally on the 14 day countdown to our first stage lift off. Thanks to many of you, Seis, Fulmar, Kb and many others, for the ongoing and extremely helpful information flow. MIFID, and its impact of accessing broker research has gone a long way to destroying the ability of private investors to access any broker information about small stocks, or reason for brokers to cover them, so the ongoing commentary, especially on the licences has been worth its weight in gold. Good days lie ahead!
But on another note, and I accept its only a side issue because the AA deal is everything, has anyone got any thoughts on what has happened to the assay results from Botswana, or have I missed them?
Tony, that is extremely helpful, thank you. Personally I assumed that the Dundas report was so out of date that they have had to redo it completely, which is why we haven't heard anything yet; so be it. I hope on Enonkoski, the next time they put out a press release it is in English explaining what the future plan is. I am very excited about the Kubold JV, but I assume there will always be a delay in releasing news, because they will likely always first need Kubold's permission, and Kubold have to manage expectations with their shareholders as well. But all in all I feel we are in a much better space with the right person at the top, to which I must give real credit to a BoD I had lost all faith in. Very pleased to be able to eat my words there. Anyway good times ahead hopefully. Thanks again.
Thank you for posting. Really useful.