The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
"https://twitter.com/*************/status/1547603679376683008?s=21&t=P8p7tWEXuDr1JRFpqL2B-A"
That may or may not be Tomski, but imagine the dull s--t the writes this:"twitter.com/In****ing"
"excellent update from petropavlosk, not selling a bean until this blows over and is back in the teens. Loads of fools shouting it down. Watch this space….."
"I'm taking it to health & parliamentary ombudsman, followed by small claims court."
The company was exposed to Russia, it didn't or couldn't manage some of its risks, regulatory etc.
You have a portfolio of stocks you invest in, presumably you made sure you were not overexposed to one share:
1. in a company that operations in just a single country.
2. in a country not noted for global adherence to corporate governance standards.
3. had PwC resign as auditor a couple of years ago, due, according to press to 2.
4. had been subject to board room dramas.
5. the debt that company acquired was always going to be an issue with or without the sanctions.
Not only that but for weeks preceding the outbreak of the 'special military operation' involving the country where your share operates, there was advance warning that hostilities may break out - providing time for anyone to trim exposures.
I think long term holders - hung onto this share:
a. Fear or missing out, if it went back to its glory days of near 6GBP a share and made them millions.
b. Simply unwilling to put in stop-losses and acknowledge that a bad purchase.
Short term holders - took a punt, some acknowledge that is was high risk/high reward and that they -may- have lost the lot (might get something back from Auditor) whereas others can't even accept that their high risk gamble didn't pay off and want to blame someone.
What are you asking compensation for - Not being able to judge risk and return properly? Your own bad choice in stock selection?
Sorry, but regulatory risk is something you should have considered, along with all the other red flags.
You've one person to blame for your investment choices - yourself. Along with all the people who thought POG was some sort of Benjamin Graham value investing diamond, it never was, he would never had touched the stock with a barge pole.
"This crap about the assets being illiquid is being used to fleece the shareholders. "
What are they going to do, put mining equipment on eBay?
Liquid = cash/share, you can click on button and 'shazam' its sold or converted into another currency.
Millions of pounds of mining gear on edge of Russia - may take longer to sell, hence somewhat less liquid. It isn't that there aren't assets (there clearly are) it is just that the sales would take reasonable amount of time.
"he can't buy it from the admins, you wally!"
I believe he can : 'Existing directors or shareholders may purchase the underlying assets of the old business to form a new company' (pre pack administration). He isn't sanctioned.
What makes you think he can't?
That link takes me to "Stop giving plastic toys with fast food kids meals".
"what do you mean Indian and Chinese don't rule them out "
The employees will be fine, that is never in doubt.
Imagine this scenario:
3 people bid for a company in Russia, 2 Russian 1 foreign,
1 Russian person offers X
1 Russian person offers Y
1 Foreign person offers max(X,Y) + some
1 Foreign person - gets arrested on spying charges.
1 Foreign person - drops bid for Russian company
1 Foreign person goes home.
Perhaps I'm being a bit too cynical, but I suspect it would be Russian company that will effectively acquire POG.
All that said, on-reflection:
I'd agree, it maybe isn't the end of the line. Wait and see, perhaps the Auditor can wring out something for the shareholders.
7000 bottles of beer on the wall, 7000 bottles of beer...
More like "4 and 20 pog rampers came down from Inverness, and after the RNS, there were ... "
Honestly, I'd see what the Administrators say, they may salvage something...
"All depends whether ummc call the debt in, interest has already been wavered by gpb"
No they did not.
1. GPB sold the debt, they didn't wave the right to collecting anything, UMMC/Nordic whomever I very highly doubt told POG 'sure forget about the coupon payments or redeeming the notes/bonds/etc."
2. GPB did waive the rights to buy all of POGs gold output.
Read the RNS, it gives you the best guess on the assets/liabilities; and your likely return as a shareholder.
You should just read the RNS.
They give an un-audited estimate in there.
Together with an estimate of how much shareholders are likely to get.
"I reckon this article has raised the profile of POG and a few noticed the opportunity :"
Really, what makes you think that? The SP is 1.4, go back a month and look and the SP is pretty much where it was a month ago.
The SP seems to be [1p,3p] range, with spreads widening/shortening and volumes v. low. When the volumes are low the spreads will be wider and you'll get some jumps in SP. That's great for anyone who can predict those daily, starting with say 10K at the time of the invasion, if you'd have predicted all the jumps ... you'd be close to retiring now.
If there is news (positive) and that new leaks out, then you'd see a bigger jump. But, I wouldn't 'buy the news' if its rumour, unless its your 'funny money' investment and going for a gamble. Still think POG is wait and see, audit - survive to fight another day and SP up; no audit - and its probably game over for the UK shareholders.
Someone wrote: "They will be debt free in a few months" ... Nov is when the redemption date on the notes, whether they pay. restructure etc... is open to question.
This could be a huge pay-day, but I think its really down to - can the BoD get around the sanctions or not? Do the BoD feel that delisting is a possibility or probability?
>"Without any announcement the only reason must be people covering their short positions ahead of something
> happening next week? "
I'm not convinced. There are no short positions in POG, POG is owned by a few in Russia and a handful of PI effectively. Now, someone mentioned hiding short positions - way too expensive to do for POG (e.g. you short an index, simultaneously long all the other things you don't want to short) - he/she was/is talking nonsense.
A whopping 103K traded; a handsome sum :)
Which proves why the SP is static, there is negligible trading volume, its a red/black bet at the roulette wheel now.
Audit/Sanctions - zero or something....
What made you think of EUA? Why not MSFT, K, KO, JNJ, etc? I guess the question is how are you picking stocks? Random stock picks? If you are doing that, I'd pick 'bellwether' stocks that are likely to be boring but over a long haul make you money. Or buy them on a dip (difficult), e.g. I like MSFT, YTD -20% or so, but a good stock - half boring (windows revenue) - but still some growth (Azure, which will have at least some of the Cloud pie).
If there isn't a motivating reason to invest in a particular stock, why not buy the index? via a mutual fund. Leave 5% (rebalance yearly) for your fun-with-stocks amount? Then just invest that 5 in a few different stocks with some high risk high reward gambles (which is what a few people are doing with POG it seems, but on a small amount so that going to zero won't matter, so ...).
"looks like price is going down today as market maker squares off positions on the trading book ?"
trading book??? Looking at the value/volume, I would say there is no trading by any banks in POG.
All PI taking a punt, yesterday the value of trades probably on a par with a race at Cheltenham.
I think it is wait-see, not saying it won't come good. But if that email was genuine, I think the BoD may find it tricky to get audit signed off. Hence the risk of a delist. Whatever anyone thinks of the value of POG, that is likely the value of POG in Russia, whether that is the value achieved by POG PLC share holders ...
If I were invested, I'd check with the investor relations of POG - to see if that email is genuine....
infinity888 "The Auditors can do one"
I think the BoD need auditors, no audit = delist. Still, as pointed out previously, they've extended the deadline for completing that at least.
"31 august 2022. if not audited by then then suspension and delist. then we need to send iou's to russia"
Thanks, so that's a reasonable amount of time, you'd hope, to get things sorted out.
A share price is dependent on a listing. The listing will be dependent on whether or not POG can audit the accounts I would imagine, They've some time, due to the accounting change, anyone know when that date is?
"IT HAS NOTHING TO DO WITH RISK, PENSION FUNDS, "
The actually RNS states:
"As a result of the re-classification... pension funds will be forbidden from purchasing the Company's shares."
Russian pension fund managers, though I doubt any pension funds have any holding on LSE POG.
"Stating POGR and handful of other companies had been selected to move to a different level / tier , all the derampers at the time said it was delisting "
The company itself said it found out today, do you a link to the info where it states it was moving to another tier?
Looks like it was only announced and found out about today to me...
"Info and a link was posted on the 2nd of June if anyone’s interested "
Interesting, the RNS states:
"today received notification from the Moscow Exchange ("MoEx") that commencing 28 June 2022," date 27 June 2022.
What was the news 2nd of June?