The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
I understand the nitty gritty here is highly complex in terms of debt payment, waivers, sale/export gold etc.
However, gold is now a tier1 asset, banks literary have to back their holdings with a % gold, it is also a loan based asset in certain banking agreements and obviously used in pawn shops etc for loans.
Given these considerations, is it not rational to assume a bank or creditor would be willing to use POG's gold as payment for debt or extension to a loan???
It's looks like Eurasia were having issues with their audit, delays etc with situation, however managed to get it done by end of month.
We have a bod which creates an air of mystique, they did have a turnaround consultancy until they resigned, so anything could be going on here. Lets hope there not just improving their score on Pacman, and are going to pull a rabbit out of a hat, for every LTH sake!!!
What is driving the SP here? sentiment or MM/banker games? surely can't be retail creating such huge volatility...It is more volatile than 90% of LSE stocks according simply wall street.
One thing I do know is, I keep placing my orders at Myprotein, I expect next trading statement to be good, and I'm loyal holder.
lot of knowledge for no position...
Can POG hold out for another 6-8 weeks...
Maybe 6-8 weeks before we get more negotiation movement: https://www.youtube.com/watch?v=wkocoMMzS_s
rbrand<< '1st Warning'
oh no, shaking in my boots...Mr No position back on his favourite share to post on.
What rhymes with banker???
Newbee007<< 'The EU has Russian Gold ban in sight'
What De-ramping rock did you crawl out of??? There are over 128 countries outside of EU not involved in Sanctions, there are more countries not involved in Sanctions than involved.
Lawrence13<< 'When I started posting two years ago something was not right with bod.'
Lawrence I always value your opinion, and following the history of the company, change of management, KPMG report etc, it is clear POG in the past has had issues, but weren't the new management supposed to be restructuring to solve these problems. The new management couldn't of predicted the war in Ukraine so be careful not to jump to conclusions in current situation.
That being said, I've still not heard from John Mann, and I feel the Bod are not doing enough to resolve this positively for shareholders, this has been clear by comparison of Polymetal and Eurasia in similar positions.
rbrand<< What a surprise rbrand can't clarify his position???? You have no time to waste on big girls, but you have a lot of time for a board with a share you believe is hopeless. I do that all the time, spend lots of time on share posts I think are no hope, it's perfectly logical and rational, do it all the time. What I tend to do is put shares in a hat, usually I pick the worst 10 I can find, then I pick one and spend at least an hour hanging about the board and posting derogatory comments with absolutely no motive in mind.
rbrand<< I'm allowed to comment if I got caught up in this situation and am LTH, as I've said boom or bust I'm just leaving it alone. I revert to my previous comment, why are you on here if you have no position and believe its curtains. In fact in reflection of my comments, such response is only the work of someone with NO POSITION and CLEAR INTENT to deramp the share.
rbrand = DERAMPER
Tiger16<< As I stated earlier, it doesn't look good, but I'm somewhere 30-50% of something being sorted for shareholders. I am unfortunately LTH here, caught up in the actions of our own government, in a situation that should not be happening.
rbrand<< when you call someone dumb, you make an assumption, do you hear me???
My post was in reference to the situation, the RNS also stated looking at all options, export licence for gold, and temporary waivers...Also discussion of selling assets was VERY EARLY, when other companies are in similar situation. Given that the company recently had a KPMG report highlighting accounting and conduct rules. There are issues here which bring into question the situation. I suggest you leave the insults for the playground, as you seem to need to go back to school.
So if you think all hope is gone, what are you doing on this board, why haven't you moved on???
rbrand<< why would the POG board want to sell the assets on the cheap???
A) They have a career in the mining industry
B) They would need jobs to go to, they probably have families and bills to pay
C) They might have personal relationships and bonds with employees and the company
D) Prior to war, POG was developing and restructuring and had growth prospects
So I ask, why other than to get out of a complex situation, would they want to exit???
i.e. well these sanctions are a pain, better look for another company, might try polymetal, 'oh wait there in similar situation,' what about hochschild 'oh wait things not looking good in Mexico/Peru either. In that case I might try Mcdonalds, heard you get a hiring bonus, and I can always sneak an egg mcmuffin...
Email<< I assume the major investors just don't know themselves about the future of POG. They must be thinking that there is at least a 20% chance of recovery to be still there
How did you calculate 20%???...There is like surface level information, questionable information from government, financial institution, company, mainstream broker/analysts. How can you calculate 20% when you don't know how genuine or trustworthy different sources of information are. Granted the war, complexity of debt repayment, sale of gold is obviously negative; but my gut feeling is more like 30-40% chance, if not 50/50.
I don't understand where this is going giving the layers of interference by government and interference by financial institutions, but one simple fact remains over 50% is still owned by Russian oligarchs/institutions, surely they would of sold out if it was going to zero??? there's no short position, so no hedging.
Also given the high ownership, how is the price so low, something doesn't add up???
Lawrence13<< when was that reply??? I haven't had a reply from the email I sent this morning.
The fine detail sounds a bit foggy, particularly in respect of Russian capital controls, the business employees Russians and pays Russian tax. Their hardly going to let 8000 workers go unemployed.
I have emailed John Mann to diligently ask why POG management are not contacting their local MP for the sake of A) a UK business which pays UK income/taxation B) UK investors who lose money and have less money for UK economy.
The board should definitely be conversing with local MP's over this, it is far too quiet to shaft investors and the business in London.
toldyou 'POG just playing the game out until lights switch off then blame on sanctions, CLASSIC. No winding up costs or any admin costs as nothing the uk government can do.'
Credibility of 1 post??? What brings you to a complex share like this as a newbie poster???
You think POG management want out??? Why did they join company in first place??? You don't join a mining company as a career criminal, otherwise you end up behind bars.
Tomski7<< 'you guys bought at 1.6 should of sold 100% profit just shy 5, but you became greedy.'
There are LTH here that were in before the collapse at 15p plus, you call 5 greedy??? Then you are speculator and not an investor. You can't take it on the chin when the SP is the result of corrupt manipulation on market forces.
Lawrence13<< Did you really write to your MP or were you being sarcastic???
Something needs to be done somewhere, the financial ombudsman are acting like 'nothing to see hear,' if you look at their market conduct rules, there are regulations on 'fair and orderly market participation,' 'interference on price action,' 'market influence on investing/price.' The word Sanction has been used as an umbrella for widespread market abuse. Even the key officials implementing the Sanctions at Davos stated 'there was no time to plan, so we acted without knowing the impact.'