We would love to hear your thoughts about our site and services, please take our survey here.
Segun's update: https://cdn-ceo-ca.s3.amazonaws.com/1gcp197-Thor%20Shareholder%20Update_May-June%202021.pdf
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]
No, no, no... the legal experts who appeared said AMGO did a good job in court and I was wrong in any/all of my interpretation! Right... back in my hole...
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.
60p on open??????????
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.
He's busy ignoring shareholder contributions... maybe we would have had a decision by now? Hmmmmm... Judge says he is NOT going to give a decision now! Next couple of days!!!!
Another share holder... Mike... LTHer. Sounds like a pleasant enough chap. Bringing up the low level of people voting and the fact that people used to be extremely happy with the service so probably didn't bother voting. Well, Mike - good of you to add this detail to the court. All the lawyers in the room must have forgotten this valuable argument. I am frankly shocked that some of you aren't going to be handed out some law degrees later. If you had them, you wouldn't be piping up. Wonder if this will now effect the time Mr Dicker gets because almost all the callers have basically been trying to make AMGO legal arguments. And now we have Alan H... another share holder.... Be under no illusion; when I spend my WHOLE day typing all this out; I don't have any interest in hearing a shareholder pile-in, which I consider may negatively affect my position in the company. I am clearly disappointed in today. It may well still carry. I think it should. But I think it is going to be bl00dy close. I hate the idea that we're on a knife edge and our future is being coloured by investor after investor speaking. Dominating the people who should be allowed to speak. Probably eating into Mr Dicker's closing time. You clowns. Not one (as far as I can see) tried to help me with the reporting today. Not one of you ill educated wanna be lawyers. f**k you.
Another share holder. Ok, this one is great! Shareholder who agrees this isn't perhaps isn't the only/fair scheme. Can all of you thank him please? Can we show the court that shareholders are not all out for themselves and do think about others? Good for you last share holder! You've restored my faith in people. Partially.
Oh! We have a customer! He voted AGAINST the scheme! Ok, so, the court might see some balance. Believe it or not; this is good for us. If the judge just saw everyone on the call being a shareholder, this would question fairness! I can't believe that some people walk amongst us, I really can't. People think they're so much more intelligent than the FCA lawyers. Anyway... question/statement was around shareholders profiting... Now we have Gerard... another shareholder! Oh, Gerard wants to remind the court about secure debt with temporary wavers! Gerard has better arguments than AMGO's lawyer! He thinks. FML.
He didn't! As shareholders, we can choose to add, sell, hold, whatever! This is about a binary choice given to people owed money. Judge: [to paraphrase] f**k off shareholder 3 this isn't an opportunity to ask the FCA anything. Now a 4th caller... another shareholder... anyone want to guess how the court will view this? I think I am probably done here... will give one last chance!
Another shareholder speaking... I can't see this being a good thing! Sophisticated investors talking about where bonds are trading has nothing to do with the argument today, really. The FCA have clearly said they don't give a f**k about shareholders and this is about redress creditors. this ain't going to look good to the court that everyone taking up the call is a shareholder who will be looking to profit/not lose money! All IMHO but I am getting f**ked off for bothering to do this if other shareholders wind the court up. And, 3rd person, another shareholder. FML.
Judge asking Mr Dicker how long he will be. Answer will be 15mins or less. Mr Dicker asking if the court would like to consider whether anyone else would like to speak. People already piping up without being asked. This is where is descends into chaos... Lloyd the shareholder and previous customer basically asking whether the FCA have considered the drop in share price from £2.50 down to 25p-ish. [I am not sure if share holder speaking and encouraging this to go through is a great look, IMHO. Have a good think if any of you want to speak, please]. Lloyd challenging the FCA and asking why they have stepped in. Mr Smith laughed... judge says this isn't a question and answer session [yep - didn't do good]. FCA acknowledging the share price drop. They are looking at the position from scheme announcement to where it is now i.e. up. [feels like they're saying shareholders had an opportunity to get out].
Smith: your honour is right to question this as it goes to the heart of what we're concerned about; a situation where the company put forward a unilateral unnegotiated proposal where the alternative is insolvency/nothing. Creditors of course vote for something better than nothing. Then the company come to the court and say you're not allowed to consider the possibility of there being another deal. FCA argument is it's one or the other and the court should consider these 5 points together and not separately. Judge: so there are cases where it may be reasonable for AMGO to do this i.e. the creditors were sophisticated and advised. But taken together for these creditors; the court should not trust AMGO [to paraphrase]. the creditors deserve more [to paraphrase]. Smith: is this scheme fair? The FCA believe not. No justification for the terms on offer and favouring shareholders! alternatives may be available. finally, to deal with the FCAs change of position. Mr Dicker is right that there has been a change but he has overstated it. The FCA said they reserved the right to involve themselves, held senior meetings and have decided they do need to get involved. The FCA's points are either good or bad and that is up to the court decide but the FCA felt they should make them to the court. Summing up - request the curt does not sanction the scheme. Judge: convenient moment to raise the fact that one customer has written a question to be read out instead of speak. Judge reading it out "should this scheme not be approved and AMGO decides to renegotiate the scheme, how long would it take and would there be a benefit, etc, etc, etc" [that's written by a creditor my ar$e]. Ok, there you go, a creditor and a shareholder, so we know who that is from the board! FCA says they can't answer those questions. From a creditor perspective, it's perhaps more about the equity and profit share going forwards. Why should shareholders retain the equity and not the redress creditors. Gone quite... may be the end for Mr Smith/FCA... yep, done!