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Really quiet in here - definitely a share that deserves more attention, especially with some of the wild ramping on other chats for mining shares.
Good recent video, here: http://www.miningcapital.com/companies/news/951971/thor-explorations--says-london-listing-in-june-is--excellent-opportunity-to-open-up-investor-base--951971.html
"...explain their operations with key milestones, with first gold at the Segilola project in Nigeria, which is currently under construction and expected to start production in the third quarter. And at the Senegal operations, where they are gearing up for their maiden resource".
Welcome aboard the good ship THX! Gold is doing well, the first pour seems to be coming at just the right time.
Worth a look for THX on CEO.CA to read some of the back story and to get up to speed on the financials.
Been in this for a number of years via the Toronto Stock Exchange. First gold pour next month, with plenty of profit on the table and will quickly repay any debt.
Negative seems to be a reasonably short mine life BUT they have some fantastic prospects in other locations (Senegal and Burkina), which are looking good and plenty of free cashflow to perform more drilling and testing to extend in Nigeria, etc.
I genuinely see the price being about 50% of where it should be at the moment, hence the listing on AIM as it was getting no attention on the TSX. Good luck to the Thor guys - they deserve to do well here!
Don't check in here regularly, anymore. Looks like an almost £11k loss for me. I voted no to No.6 as it sounds like most of the rest of you did but it is a bit of a shame that the new company can't RTO. Assume they'll find another vehicle and we can maybe dabble in that. My biggest regret is not pulling out after the Valentine's Day massacre as it was all just nonsense after that. Learned a lot, made money elsewhere and had half forgotten about this. Goes in my FRR drawer now! [we need more "Opinion" options on here e.g. Greedy Troughing ****s]
As I told the other board yesterday - I sold out. I didn't like it. Left the board when the rampers and legal experts came in saying how well AMGO did in court. Knew there was trouble. Good luck all genuine holders - hope it comes good for you. Always said they would need to renegotiate. Board and Bond Holders will have some difficult discussions now. Please be careful of the ramp. Better to miss profit than double down on a loss.
He did use the case law well... as a defence for being appalling badly prepared. Albeit repeatedly telling the judge case law says he can't consider fairness in terms of what creditors receive (effectively) was bordering on reckless at times and only showed up how badly prepared he was. However, he can only take a knife to a gun fight if that's what AMGO gave him. For all we know Mr D did all the prep himself with a few notes from GJ on a napkin. That being the case; Mr D did a bang up job and AMGO did the most appallingly arrogant job of prepping him and the court. I suspect the truth lies somewhere in the middle. Bad day at the office for AMGO, difficult to know who to blame. We move on.
Everyone is welcome to their opinion. Dicker did not, in any way, shape or form play a blinder. They had a long time to prepare for this and were not prepared for some of the judges questions, specifically around financial figures. If a blinder was played - AMGO wouldn't be in this situation. If a blinder was played, AMGO would know they couldn't negotiate with the FCA (despite "working with them, for months, and having ex-FCA staff"), know they should have provided counsel for claimants, shareholders, whoever. This SOA has been prepared for and executed for a long time. Making it binary and then not having the proof to hand in court for why it HAD to be that way very, very, very clearly annoyed the judge. What I posted in the "Other Place" earlier this morning still stands for me, which is while I'll step back for a few days and cool off because I've all but lost interest in the circus: "Hey, it may all be pantomime... scare AMGO, scare investors away, scare institutions and bond issuers, etc... AMGO is left a wounded dog and left to survive as a reminder of why not to shaft people (historically) and why not to f**k with the FCA and be arrogant in court (or let your shareholders bombard the FCA Twitter/court)... i.e. it'll probably pass... there's no bagging. Mad rush to get out and no one looks back. Could be a very good long term hold for slow, steady growth. Not sure the board will hang around." I still believe AMGO will pass because the judge is left with very little real alternative but the scars will be visible.
I had a pretty good sleep really as I've decided not to be mad at the FCA but disappointed in myself for seemingly starting this trend of attending court hearings. It seems clear to me that the FCA were only so fired up and well prepared because of all the Twitter posts they received from PIs, the judge only had a hard time not immediately rubber stamping it because of all the PIs dominating the call and now, if it gets declined, I'd be certain it was the fault of the tools who email the judge!
Can anyone prove I'm wrong? No.
No more reporting. EVER. No holding over a court case, EVER. Good learning experience! Thanks team!
Wouldn't trust PWC to stack my dishwasher, frankly. They have all the right caveats in place to protect themselves. "It's what AMGO told us, honest". I don't envy the judge at all. Rock and hard place. That might be a blessing for AMGO to be fair. I see a lot of people cutting and running, even if he approves, at the first open. Will be a lot of bitter tastes in people's mouths, possibly including the FCA, bond holders, IIs and other backers. Could be a long road back, even with approval. And I do err on the side of survival being the (by a paper slim margin) outcome.
No, I am not sure he is. Investments may go up as well as down. We've all known AMGO was a mess for a long time. The fact that there was the potential of a unicorn bagger suggests it was a gamble. The "shoe in" crowd have gone quiet. I went over to "The Other" chat to be more negative the last week or two because I didn't want to be run down by the rampers here. It ain't over until the fat lady sings and I do think there's a fair chance the judge would feel the safest route will be to approve it but the FCA did a better job than AMGO today. I feel survival in my water but when you see a share price drifting into the case, you know the market has decided the risk is reasonable. It's what I hated about PIs swamping the case at the end and why I got annoyed about everyone jumping on the FCA Twitter - it does sound like sour grapes. No investor will be considered downtrodden when we're talking about a deal for those who are due redress and are not going to get it (in the eyes of the court). Compassion and understanding needed to be shown. Not one penny of my pension is in AMGO. I don't gamble that stuff.
Honestly; i don't need thanks, beer and certainly not money! Whoever offered me a go on their missus must know I am very bad at it and that's the only reason they're offering ;) Always done for the benefit of all. The big question seems to be; does the judge think immediate insolvency is a bluff? I think he does. I think he wants to say "no, go away and come back with a better offer". BUT, is he concerned that bond holders will get involved and call in their debts or block an improved offer? I said a while ago AMGO should negotiate... ok, maybe they didn't have a chance as the FCA weren't interested as it wasn't their place, but I also said they shouldn't go in too bold. People here have long discussed a Plan B. Most think there's a Plan B. Does the judge think there is a Plan B? Yes, I think so. My bet remains it doesn't pass without changes. The danger is that means a 'no' from the judge now and then there is the unknown of what bond holders might support/not support. Insolvency is very much on the table, IMHO, after today. I don't think anyone wants that but the bond holders may wish to protect their investment above seeing AMGO continue so it may fall out of GJ's hands... [If I have understood all arguments correctly today]. I don't think the judge wants to approve it but if he thinks insolvency may be forced otherwise, perhaps he'll feel he has to. I don't know. Maybe it is black or red after all. I certainly know it's knife edge!
Don't agree with the second two... The FCA timed this fantastically as far as I can tell, to suit their own goals, from being in the call. And time and time again it has to be pointed out that no one seems to be able to confirm either JPM or BB are INVESTING their money. They may be buying for others. Or there may be multiple buyers hidden. And even shorts. This is on an absolute knife edge. Trust me. It's not approve or disapprove as the judge thinks disapprove means 'come back with a better offer, you ain't going bust'. FCA smashed it, sadly. I think it'll carry. at some point. Not sure it is this time around. Call me a deramper all you want after what I did today, people. It's f**king delicately balanced and time and time again I've pointed out the huge volume of subtle ramping on here. There's nothing anyone can do now to buy, sell, whatever. Locked in and for an unknown time to come. Sleep easy Amigos!
Judge needs more time. Dicker now asking about the suspension. Will remain suspended until judgement. Draft of judgement will need to be kept confidential. Not sure why it's suspended. Anyway, thanks to all the shareholders who chimed in, taking up judgement time! Now we're all locked in longer! Yay! And that's it... we're done.