Member Info for Globex

20.5p, it's in the RNS, there are no mysteries here. Hexam is right. I am all for being bearish on Argo but you're all over the place mate and not making much sense.

There were details about the award in the 24th March RNS, what they didn't say then was that whole lot would vest on him leaving. They originally said the vesting would be 3 years. Contradictorily they also said at the time him receiving the shares would be subject to his continued employment. Maybe they misspoke?

I have Brazil exposure too, and luckily we are talking about the bigger picture here not retail. Definitely misleading to highlight youth unemployment only and overlooking overall unemployment. If you wanted to make the bearish case as far as HZM is concerned if anything you should have said lower unemployment = greater pressure on wages = higher capital costs.

It wouldn't be a great loss if Argo finally fell over imo, can't really get sentimental over these things especially in such a cut throat industry. Lots of decent alternatives to chose from. The btc pump has bought them more time - could even be a couple more years of clinging on - but arguably the Galaxy deal only ever offered them a medium term stay of execution.

Bonnier tried to take Audioboom by offering a switch for shares in his own firm that went insolvent not long after.

Brazil is going great guns, it is not true to claim the economy is weak. Their debt as a proportion of GDP is lower than ours. Their GDP grew last year even more than the US. Unemployment as a whole is lower now than it's been in years. Stable government, a proper democracy. Aside from India it was the standout emerging market equity performer last year for good reason.

I agree the bonds could be smart play if someone was bullish on Argo's longer term prospects, remember discussing them when they were so far below par it seemed an open goal opportunity for Argo to buyback if the T&Cs didn't prevent it, albeit less so now they've surged.

But from a PI point of view they can't really be called an Argo shares hedge, buying them too would just be the equivalent of hedging Argo exposure with even more Argo exposure.

This won't be enough to clear debt. The outstanding bond is $40m due at maturity, plus another ~$30m mainly bank loans and obligations as part of Helios facility. They sold equivalent of 12 btc, so about $0.5m, plus raise takes injection up to $10.4m, so they're roughly $60m short.

Relieved it's not an outgoing transaction from that address, can you imagine the drama of a broken protocol, let alone the almighty rugpull of Satoshi waking up to go on a spending spree

Didn't see that Satoshi Binance transaction coming, sometimes real life is too absurd.

Miner consolidation defo the next theme to watch, was surprised at time we didn't see more of it in late 22/early 23 when real distress hit, but looking back now that was likely more likely a case of battening down the hatches. Stronger balance sheets all round now make buyouts much more feasible. Some smaller listed miners still look value to me and possible acquisition targets.

The point about Ford doesn't make much sense, their announced buyback is only up to 51m shares, which would total not even a fraction of the $10bn you claim. I should know, they pay dividends quarterly and have done for many years.

Damn Chuz $500m and a 104 page prospectus to try and make sense of. I'm sure these miners do it on purpose, burying news in legalese. At least it looks like a multi year option, so actual issue not necessarily happening for ages. When Mara did similar market soon go over it, reckon similar should play out for Clsk assuming btc does its thing.

It is true though about how difficult having an exit strategy when this space is so all over the place and there's always that question mark over trust in management. fwiw I like having a basket of miners to mitigate risk when invariably one sh*ts the bed. Then playing it according to the cycle means being able to zone out a bit to all that short term noise imo. In the meantime though a swing traders dream.

Longer term if we do see approval the ETF it has to be a gamechanger, purely for the huge wall of US funds that until now haven't had a sensible enough instrument for crypto exposure. This to me is the great opportunity, being small/nimble/dumb enough to be able to get ahead of those risk averse institutionals with strict regs around what they can buy.

In the UK I don't think it'll change much, there will probably be some stupid FCA ruling that delays our ability to trade the ETFs. But the key catalyst for me is simply the ETFs being backed by actual btc, so as demand for them grows we should in theory get a positive feedback loop leading to more demand for just what our miners are producing.

Shorter term is anyone's guess imo, only thing I'm certain about is continued volatility.

The mad thing is it wasn't long ago Riot seemed locked at #1 market cap, puzzled over that for ages, took a little while for market to wake up to fact it's been putting out pretty mediocre numbers for ages. Clsk definitely consistently outperforming it now. Whether mispricing through lack of analyst coverage with industry being so young who knows, but it just goes to show there are those opportunities in finding value when we get these miner valuation anomalies.

TUI make the vast majority of their sales outside of the UK, already has a secondary listing in Frankfurt and the company itself was formed with a merger with its German counterpart. Nothing like THG.

It's funny to see all this bashing of the London Stock Exchange just because Moulding does it, even though the UK is by far THG's biggest market and fact Moulding himself opted to list here. Listing elsewhere will never be a magic bullet if it's not doing the numbers, the US is just as unforgiving about perpetually loss making companies. Besides if it did move Moulding would lose his ability to use the UK market as a punchbag, he'd lose his biggest scapegoat, can't be having that!

The same applies to all publicly listed miners, nothing special about Argo here.

Yeah 2a was a particularly mad one, this is by far the best month we've seen for miners as a whole since 2021. Mara and Clsk alone have doubled! Corz has 4 bagged. Can't ask for more than that for a 30 day period really.

Agree the management is problematic plus needn't have got to the point where cash became this depleted, but you can't rightfully criticise the raise itself being at a premium. That's a rare thing and best case scenario as far as raises go, one of the advantages of the self interest that comes from CEO being major shareholder. Why he allowed things to get this bombed out in the first place is another matter.

It's been a real epic period for these miners, once momentum hits it's like a freight train.

Mara now 10 bagged from its low, to think it wasn't long ago we were fretting about that late summer drop, wondering if/when we'd see $20 and to cap it all we had that slightly mad offering. With hindsight we can probably say they played a blinder getting that out the way when they did.

As always sentiment can turn on a dime just as easily the other way so staying humble key imo, but long may it continue.

It's looking very good indeed, today's RNS as a signal of cornerstone investors' commitment here was a gamechanger.