The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Lawrence13<< I saw your long email, I would imagine they didn't even read half of the nitty gritty when it comes to company politics. Then a brief mention of SP collapse following Ukraine invasion.
The problem is you have to hand them concise failures or legislated issues to get a response, hence I reiterate the documentation on markets and code of conduct provides various articles of association you can cite.
https://www.fca.org.uk/markets
You will like the front page, even highlights. Market integrity!!! Protection of Users!!!
Lawrence13<< Have you seen the market conduct rules on the Financial Ombudsman site???
I'm no expert, but if you read through the different sections, there are a lot of structural issues around how these Sanctions were imposed, the severity, the timing, extending into banking/product rights, not to mention the encouragement and marketing of divesting through social media, brokerage platforms, banks etc.
Under the market conduct rules, the regulator is supposed to protect investors and aim for 'fair and orderly market participation,' even in terms of third party influence (i.e. Sanction), you are not supposed to manipulate price for economic gain, and there are various legalities over trust and functioning of the market.
I tried to Google to see if there was anyone bringing a legal case, but couldn't find anything, unless the pages magically vanished or were somehow filtered.
Surely there must be other UK investors wanting there money back, why are media not covering this??? I do believe there is a legal case.
Yuri.F<< I pretty much more or less agree, however that doesn't change that right now they are trading at 7p, while we are down to circa 1p. For LTH this is painful and hard to process given your own government triggered the sell off.
Yuri.F<< 'Has Eurasia made any profits'
Results for the year - the Group has made a loss before tax of £3,138,521 for the year ended 31 December 2021 (2020: loss before tax of £3,693,308).
Had quick dig, they have had 2 private placements a while back to sure up balance sheet. They have a long term strategy to sell assets for the BENEFIT OF SHAREHOLDERS. (Are you listening POG owners, for BENEFIT!!!)
Why even bother with this RNS??? As previously stated, I have followed other companies such as Thomas Cook at imminent risk, they never made any effort to scare investors. Is this out of the goodness of their heart???
I am unhappy with the gov Sanctions, but it just feels like POG are dealing with them worst than like every other company. All these assets??? These days it usually just takes a few phone calls, contacting other mining companies, bringing in another partner etc.
The fact that Eurasia is holding up much better is also doing my nut in. The only difference is they reassure investors and apparently are not affected by banking. How that can be the case I don't know.
Nice to hear Truss and other candidates are going for lower taxes to push their Tory leadership campaign...
How about less Sanctions??? Be quite happy with average taxes, when you don't fleece innocent UK investors 90% with absurd policy.
Lawrence13<< Great idea, thinking about situation POG could set up a corporate action for investors to sign through brokers. This UK London company should be banging on the doors of every member of parliament right now.
Schalfenplanet<< Relax??? 90% sell off, substantial loss, imminent risk to default/fire sale.
Any LTH that wants action needs to write to complain now as clock is ticking and war is being dragged out.
I asked JM why they weren't appealing to local ministers about the company, no reply as yet. I did reference that they were quick to reference a firesale compared to Eurasia/Polymetal etc, anyway I have contacted ombudsman and reinforced my points to OFSI, however others do need to get off there laurels if they want something sorting, as so far the responses I have received have fallen on deaf ears, expecting investors to take massive losses and be grateful to stand with Ukraine. Like I say they want to ignore the elephant in the room, I also pointed out that long term Russia can pick up theses assets cheap now, nationalise them and further fuel the war!!! Is anyone listening???
Lawrence13<< That letter you received sounds similar to what I received from the OFSI following a direct complaint to cabinet office, it also mentions 'Companies that choose to do business with Russia must accept the risks,' totally ignoring that we were holders well before the war and that its a UK company.
There is two stages to a complaint to cabinet office, since no negotiations emerging to help POG, I have raised a second complaint to the OFSI highlighting they are forcing a UK company into bankruptcy and wiping out UK shareholders, reinforced by the fact they have super seeded half of the code of conduct rules on the stock market under the umbrella of the word Sanction. Will it do any good, don't know??? But, I tried to ask them to get directly involved to help Petropavlosk work around the Sanctions or consider compensation for shareholders. It is unfair they want to ignore the elephant in the room...
I welcome others to make similar appeals, reinforcement is likely to get more imminent action, and imminent is the key word here.
contacts for complaints:
publiccorrespondence@cabinetoffice.gov.uk
fcdo.correspondence@fcdo.gov.uk
complaint.info@financial-ombudsman.org.uk
I emailed the Financial Ombudsman yesterday, I previously emailed and they denied responsibility, but if you look at FCA rules their is a code of conduct on fair market participation and structural integrity of the market. The OFSI claim that these sanctions should be considered normal market risk, and that companies should have provisions for Sanctions. I don't consider a 90% rapid liquidation, forced default, and the company choosing a firesale as first point of call to be 'normal market risk' or 'normal practice.' Both gov and company are at fault.
I encourage others to support this by adding your own complaint to the financial ombudsman and the OFSI. Needs several complaints to make a difference.
I trusted Warren Buffet on 'if you buy a house and someone offers you less tomorrow, do you sell it???'
Then pandemic gifted a 40% sell off...
Can't trust the government...
Can't trust the company...
Can't trust the KPMG report...
Can't trust the auditor...
So, heads or tails???
Sotolo<< They only produced 9.8 million ounces of silver in 2020??? Such a small amount, tiny, bet I could dig that up in the garden. They produce a high amount of silver relative to their gold production, hence why the price tracks.
Sotolo<
Sotolo<< Hoc's is a 50 year experienced mining company on FTSE250, it's costs are equally relative to the market, Fresnillo probably has the best cost base, but HOC can still produce on an equal footing to main market. It also produces a high amount of silver, so yes it does trade with silver price, and I believe long term this is its advantage. The main issue here is the government/political environment, but they won't close mines, there is too much money/jobs for their local economy. However, in order to get the same sort of price as a couple of years ago, then we will probably need some political/government catalyst, or upgrading from analysts.
What we need is some temporary fake news that Putin has been taken out, we only need this for like a day, it doesn't have to be true, but we would definitely get a spike. Either that or China invades Taiwan and gold moon shots.
Or, an asteroid has been seen on collision course to earth, am I grasping here???
PS
Still no reply from John Mann, probably booking airline tickets...
Sotolo<< 'Niklol the share price will either reach zero if metals tumble and it faces years of loss making/government closes mines, or return to £1.08 which I think is more likely, however £1.08 will be worth less given inflation. I still think the market thinks this is a silver miner and as silver is an industrial metal that will be hit heavily by the coming depression values it as such rather than what it is, a gold miner which might be saved if gold turns in time'
This is absolute rubbish, PM prices fall in a sell off, but there is a price fix that is closely aligned with banks/miners, since it would lead to a total collapse if miners couldn't afford to produce the metal. The big banks are net long silver, it is irrelevant it is an industrial metal, it is still in high demand both industrial and retail, and since most silver is as by product reasonable demand will continue to exist. ZERO my a***
Tomski7<< Please can you do one calling 3p,5p etc ridiculous prices...LTH were here over 10p, price is irrelevant because it is the situation affecting everything, but it is highly disrespectful to any LTH when you mock price like this.
Not that this is much solace to LTH, but Eurasia is breaking down now, almost at 4p.
People had no chance with POG as within 3 days it was obliterated.