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This 10% discount to NAV is now permanent it seems.

Hi damofarl. I don't quite follow why as you say "albeit both downwards to reflect this", the NAV will get lower per share.

Surely if the value is truly shared equally amongst the shares then redeeming for example, 20% of the shares for 20% of the total value would leave the NAV of the remaining 80% of the value between 80% shares the same as it was before?

Do loans near the end of their term have lower value than those to run longer ?

Thanks damofarl.

Pointing out the 9 cents a share annual dividend target only adds positivity to my notepad sums.

Thinking about this more, it would seem to me that the SP will also tend towards NAV the more the loans/positions are wound up/sold etc over the coming years for compulsory redemptions.

For example, at such time in the future when the percentage of the redemption is not 5% but 50% of the total shares, why would the share price still be at 30% discount to the NAV. EG. For every 2 shares at a NAV of €1 one will be redeemed at €1. Anyone buying 2 shares at that point would not be expected to pay less than €2.

Although liquidity is not great and will get worse, you are right, this looks like a patient return of 30% plus on capital and 9% a year, and that's not bad at all for a few years. Cheers ))

Good point theoldmansdoneit

We're in closed period now but what stopped them loading up or even some token buys whilst the SP is in the low 70s.

However. Defending this though, last year's director buys were after the results in mid June and in 2022 there were no buys after results, they all happened in Jan 22. It still leaves me umming & ahhing on this. I reckon the SP will stay around level giving me another week to decide. We'll see..

Hi damofarl.. Yes, I am looking around at the moment after some successful top-slicing.

So let me see if I have this right with an example 10,000 shares investment or €6400 (ignoring taxes charges etc) during the next 12 months and sharing quick notes as I work a basic example in this post.

1. June 10th Ex-Div My holding goes to 9441 shares and I get back €518.86, I reinvest this at the similar discount to NAV and charges of €0.75 = 691 shares, so my holding is now 10132 shares.

2. With the redemption, I am get back the equivalent NAV, not a discount to NAV.

3. Then if there are no more compulsory purchases I get Dividends on the 10132 shares of a cautiously estimated €0.02 a share with ex-divs Aug, Nov, Feb 25, May 25 which I reinvest (at and SP of €0.80 in this example).

Aug Holding = 10132, Div = 202.64

Nov Holding = 10385, Div = 207.7

Feb 25 Holding = 10644, Div = 212.88

May 25 Holding = 10910, Div = 218.20

By end of next June my holding is 11182 Shares, and with the same SP, worth 0.62 a share = €6932 Euros. I have made 8.3%.

Not bad for one year, and after several years the equivalent return will only increase.

As and when they decide to redeem the lot at a NAV of 0.92 then my holding will be worth around well over €9000. If reinvestment is not available then still good.

4. Is there an estimated time scale to this wind down ?

5. So... What is the catch, is it simply the weighting towards Moody's B2 ratings ?

General Meeting

https://www.lse.co.uk/rns/PAF/proposed-capital-reduction-and-notice-of-general-meeting-jq0x1ecelixxzic.html

Notice is hereby given that a General Meeting of Shareholders (General Meeting) will be held at the offices of Fladgate LLP, 16 Great Queen Street, London WC2B 5DG on Monday, 10 June 2024 at 10:00 (all references to time in this notice is United Kingdom time, unless otherwise stated).

News, progress or any kind of Q&A with the directors.

It's a bad couple of days for PM miners, but even with the real problems of South Africa having effect on us, FRES is down by nearly 7% today compared to PAF.

So.. Chartwise the problem is PAF has broken lower than the trend, but a floor should be the 200 day moving average, which is at around 23.3. Which doesn't exactly represent much downside. Especially when we have a slow rise to the production uptick later this year.

Any Q & A for Loots at this extra AGM ?

Hi RayCr

Thanks for that, as a far off onlooker invested in the UK, it's difficult to know how the various parties are perceived business-wise. IMO though, it would be better for the corruption index that more people are involved in governing.

There's also the view that "All roads lead to Rome" in the sense that when load shedding gets under control, the economy will improve no matter who's governing.

Would this news cast more sentiment on our SP that the politics ?

https://dailyinvestor.com/energy/52690/load-shedding-will-be-back-soon/

Energy experts have warned that load-shedding will return in the coming week as demand ramps up due to colder weather. Eskom has promised to limit power cuts to stage 2 but has not ruled out the possibility of higher stages. Parts of South Africa are expected to be hit by a cold front starting Monday, with Gauteng set to be hit particularly hard.

Hi Temple.

I'm tempted to not juts add but to proper pile in at these prices before the results presentation.

I note positive divergence on the Daily Cart where the rise is in RSI going back to Feb, against the stagnation of the SP from ≈73 to ≈72 with a bump to ≈77.

The update from the 15th May solidified the SP with the drop down coming after ex-div, which seems to happen quite a lot to companies. There's no short positions. Dividends are being increased, even if only by a very small percentage. NAV of 104.7p. UK interest rates are expected to go down this year to 4.75%, IMO I can't see a change of government being anything but positive to all aspects of business. The Nesf portfolio of farms and capacity is increasing. Debt position can only improve as time marches on....

Nice to see Rusty rearrange the importance pecking order lower for shareholders again.

Muted on this, less available for dividends due to effectively a bigger loan but no immediate danger and cash now available for well needed acquisitions. We'll see how it goes but I'm not sure this will see the short positions closing just yet.

Great stuff !!! Well done everyone.

I've top sliced as I'm about 130% up. My target was reached months ago TBH even after spending the dividends elsewhere, but I held on for the deal confirm. Thanks to the great posters like Seatank on here who didn't mind answering questions about the prospective future of the company last couple of years. My holding is now worth about 7% of my portfolio which I'm happy to hold, keep an eye on and DRIP the divs. Cheers and GL

Hmmmm.. What SP represents the level of entry into the FTSE250, or is it an average throughout a year that counts ?

The market cap is currently at £423m which is less than say, PAF which is part of AIM. JUP has an MC of £450m, not that far ahead.

Would leaving the 250 really be a problem ?

Was just checking where the "herd" and rampers are on LSE and noticed Greatland Gold and Solgold both have plenty of pumping up stories like the usual "Multi-bagger", "Cheap, Rude not too", "Pound a share club" etc. I remember profiting from a spike in Solomon Gold 10 to 15 years ago and they're still going !

I mention these two to make the point of how comparatively absurd our Market cap of £485.83m is. We produce 200k ounces a year and are going to produce 250k ounces from next year, have well over 20m ounces in resources, earn , profit and pay dividends.

Greatland and Solgold are valued currently at £384.32m and £284.81m ! Ridiculous valuations IMO. Neither produce anything, both are basically exploration companies and nowhere near even a bankable feasibility study. I feel like I'm looking at "Pure Gold" all over again reading those discussion forums and we all know how that panned out. (Excuse the "panned out" pun).

'Definitely' an increase in Dividend, two cents IMO. Which must be legal by the announcement.

Hi VHippo. Yes I understand that, but was it because they bodged the Elikulu share issue. The dates tie up.

It's total gobbledegook after first read.. Is it rectifying some sort of mistake made after the last big issue of shares for Elikulu, and not adjusting the share capital properly.

The SP hasn't budged which is a good thing as the words Court and Company in nearby sentences usually create jitters.

It won't make a scrap of difference IMO. The Tories has been destroyed by themselves through the use of nonstop wrecking balls demolishing all aspects of the UK's wellbeing.

Hi Selpec

"Usually Cobus insists on 30% dividend, so expected dividend will 1.44 GBx this year"

He used to say 40%, was this a figure he stated or you worked out ?

Not a biggie, our notepad estimates are similar.

I'm very surprised the Edison figures haven't updated yet, since the directors have both now secured their holding.

Last figures were before the POG shot up, and things were "happy" then.

https://www.edisongroup.com/research/a-happy-valentine/33260/

SP has done well today. Ex-div or 2.5p, and only down by 2p.

Hi LiqMyAce

Well done TBH. Was that you who smashed the price by 2 pence the day you announce your sale ? Hope you don't mind me asking. Did you sell all at once with an order / limit sale ? It's very difficult to get instant quotes. I managed to sell £1000 recently but last week I could only get an instant quote for £200 worth of shares.

I still have money in this dog and like you I put my hands up this investing mistake.

I've been invested for about 12 to 14 years since Phelps was in charge and producing gold, and now lost quite a bit, but fortunately my larger winning investments elsewhere can more than make up for this loss. I was almost even at one stage too.

Such a shame Stifano has turned out to be nothing more than a con man IMO, especially when GAL practically had a finished mining plan left by Phelps. But then the word Sprott was the giant red flag, all those insider share issues, trades and deals. Just look what happened to Pure Gold as the warning.

Anyway... Good luck with your investments.