Member Info for Guvvi

Yep it seems to suggest that now is the time to review interest they’ve had and announce something further once a specific outcome is recommended ?

In any event...

" The Company intends on publishing the required shareholder circular and notice of General Meeting shortly and a further announcement will be made as and when appropriate. "

Not long till we might fine out a bit more and get a timetable for the votes.

Bushy i've no issue discussing this or got any problem with you or Bonkers but you've described it as ' a first bid '.

Nowhere in the RNS is it described as a bid or can i read it as that. If anyone else can feel free to correct me.

If you're right about the scenario you outline the directors have not said that. Where in an RNS have they told us what you've just said or demonstrated that the best value of our equity is what CIG have bid?

Also it doesn't sound like a ' bid ' to me. " They are pleased to announce the strategic investment " sounds like they welcome this and endorse it. " help ensure " with regards liquidity now sounds like it outlines a more worried board than i'd thought.

The forecast ounces in the ground haven't changed nor the production profile and diversification of sources. It's not a doom and gloom story at all.

But i'm not happy that it's been dumped on us and i do not agree it sounds like a bid.

I am going to be very interested to see who votes on this and whether you're right though and it kicks off some counter proposals. As you've said already the timing is odd too - the money seems to arrive right when we might be quite sure we don't need it i.e later in the summer.

I don't mean is it or isn't it a done deal - i get that.

How do we make our mind up? Have we been told that they've had a number of interested parties and that this was somehow the ' best fit ' or ' best offer ' ? No.

Have we been told that despite the directors best efforts it may run slightly over budget and that this will absolutely 100% ensure that pours start in q2 and that nothing further will be needed barring a horrible change in the gold price?

If i was about to dilute existing shareholders somewhere as a director i'd be giving some very clear justification to the existing ones.

That's my issue and it will obviously affect how i vote right?

What i don't understand is why we all have to be positive or negative 110%. I'm still livid that they would propose this without consulting anyone but hey that's just me. I still believe we are going to be a much larger multi jurisdictional gold producer but our returns will take longer than we thought now.

Unless you thought this would go bust ( i didn't ) you thought at some point the returns from 2 Yani/Kour kicked in and it benefitted you. All i'm saying is that this is now worth much less to you by about 32% and you've not been asked if this is what you wanted nor has it been explained why CIG are the only people about and this is the best price for our equity.

As Bushy says it's possible this doesn't get voted through ( yes i did e-mail Ruffer like a buffoon earlier this week too! ) or that we don't need it - i really don't know.

I'm not interested in the market at all.

The market for hummingbird shares according to the directors is where CIG are buying in. I can only assume they went cap in hand to a few interested parties and this is literally what they left with.

My views are all above. Hummingbird will survive and i like it - i do not like the dilution. My forecasts do not assume gold goes to 5k, 50k or your Rhodium like comparisons.

CIG, the current shareholders and the directors have the very best view of this and despite Dugbe being worth a fortune ( today ! ) and all the other ounce in the ground at peanuts statements i've heard the best bid for 27% of the company was 15m dollars.

When Rhodium was 660 dollars an ounce? Before it went to nearly 30,000 dollars an ounce?

Honestly bonkers i'm not sure what value you're adding here.

If Gold goes up 40x or 50x like that which would have it at 70,000 dollars an ounce and that's your investment case here then i hope to god people arn't taking note.

I think it's got a future too. But is it too much for the management here to share their views with the shareholders? What do the directors see in detail for this year and next? I want to know how they see the balance sheet looking as well as the incomes. In my view before you just go and dump a new investor on the existing ones you go through this stuff with them.

Certainly in the business i run if i turned up one morning and diluted the existing owners by 32% without sharing with them the absolute need for this i'd simply be fired i'm sure.

Why is it so much so ask that they do this? All we've got is forecasts which coming from this lot on 2 projects when they've struggled with 1 is pretty unsettling. The detail appears to matter a great deal when the board seem to believe they desperately need 15m dollars like this.

I don't think it'll collapse at all now. But before we get any returns we've got 32% less of what we had before yesterday plus at some point a debt pile of 135m dollars to look at.

I'm not saying this isn't a large gold miner in the making at all but how/when existing shareholders will see a return is something everyone has to make their own mind up on.

Agreed Dave. It may well be that there are significant cashflows arising from this business in the future but i can't be sure anymore. The new investors have got 27% of the future business for under 8p.

Maybe i'm being hard on myself but if there was significant value here shortly there would simply be more people willing to pony up at either a higher price or accepting a smaller stake.

I'm not a happy bunny at all. I've emailed quite a few people about this hoping to feel better about it but i don't expect a lot !

Who is clearly not a PI here then?

Consider this too... Despite all the rhetoric of the last few years about the mis pricing of the shares and the massive underlying value of the company the very best price they could get for the equity now is the one in this RNS.

Very very disappointing.

I'm voting no too although i doubt it'll make much difference.

I've got no idea why they need the money so much at this price nor have they said.

Have e-mailed the company too but i doubt that'll make much difference either.

I'm getting 32% less sausages and i haven't seen a sausage in years. I'm clearly ecstatic about the great promise of fewer, smaller sausages.

It's actually worse than that we are going in total from 394m shares in issue to 573m shares in issue. The dilution is about 32%.

I don't know how you can be so flippant about this and assume it's just going to be great. The people who run this business for you ( i assume you've got a reasonable holding long term too ) just decided the best price they could raise funds at for the business you say is an easy 5 bagger is... 7.79p.

Easy to dismiss dilution but as a long term holder with the 1.2m shares i've transparently shared here this isn't nice is it.
They promised they are on budget all along but consistently use the phrase ' help ensure ' along with any need for debt or dilution. Who knows how much they need or when or at what price? Coris obviously will not support the project any further than they have.

Going from 400m odd shares to 550m shares means the bar for a return is lifted somewhat. I'm 27% worse off on all future returns. Dugbe just became worth 27% less, Kouroussa cashflows became worth 27% less and whatever Yanfolila does 27% less again.

Fingers crossed thats the end of the bad news now for a while and we can bask in decent production volumes, profits and reasonable gold prices.

It all looks pretty good and with profits and Coris supporting Kouroussa i don't see how they don't get their plans roughly right this year. The market cap is absurd given this position and thats without Dugbe. The debt is high but should come down over the next couple of years.

Well done Hummingbird finally.

From the Greenx Rns this morning...

On 30 June 2020, the Company executed a Litigation Funding Agreement (LFA) for US$12.3 million (*now worth A$18.0 million with the movement of the A$ compared to the $US) with LCM Funding UK Limited a subsidiary of Litigation Capital Management Limited (LCM), to pursue damages claims in relation to the investment dispute between GreenX and the Polish Government that has arisen out of certain measures taken by Poland in breach of the Energy Charter Treaty and the Australia - Poland Bilateral Investment Treaty (BIT). LCM will provide up to US$12.3million (~A$18.0 million), denominated in US$, in limited recourse financing which is repayable to LCM in the event of a successful Claim or settlement of the Dispute that results in the recovery of any monies. If there is no settlement or award, then LCM is not entitled to any repayment of the financing facility. In return for providing the financing facility, LCM shall be entitled to receive repayment of any funds drawn plus an amount equal to between two and five times the total of any funds drawn from the funding facility during the first five years, depending on the time frame over which funds have remained drawn, and then a 30% interest rate after the fifth year until receipt of damages payments.

I'm down a little more than 50% on 1.2m shares so i'm hoping for not only a decent improvement in Q4 but maybe also guidance that 2023 productivity has continued where 2022 finished off.

I have to be honest though I've been let down so much here the last couple of years i'm not getting too excited...