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I have traded options many times in the past, and do not understand this at all.
Options usually have a time limit, strike price and premium. In other words, with a Call Option the purchaser pays the Premium to acquire the right (but not the obligation) to purchase the share at the Strike Price at any time within the Option Period.
This RNS appears to give Orchestra the right to acquire 630M SYME shares at nil cost in return for a premium of £1.1M, at any time the SYME SP is at or above .6945p.
Very strange. Needs clarification.
Anyone remember the wonderful Hill Street Blues, and the catchphrase “Let’s be careful out there”?
On the face of it today’s RNS is very encouraging. However, if a further announcement of a placing to “Institutional Shareholders” is forthcoming, then PIs should be prepared to lube up as they realise who has been selling into the spike this morning.
For the sake of all the small PIs here I do hope that will not be the case.
Now I’ve seen it all.
I only looked at this board in the light of the recent events to see what SYME investors were thinking. Having read today's posts I can only assume that some here are trying to qualify for the SP Bulletin Board Moron of the Week competition. A few have a very good chance as being chosen as the winner, so I may well pick one and enter it .
This reminds me of the Quindell saga a few years ago, which did not end well for the BBMs. If the Aussie idiots hadn’t come along and paid at least ten times their worth for some of the assets, the diehard QPP holders would have lost their whole investment.
TW rarely, if ever, shorts the stocks he calls out for wrongdoing, and it is thus not wise to bet against his bearish view. As for reporting him to the FCA – you’re ‘aving a giraffe!
So will the FCA.
This will probably be my last post on this board, as I sold the last of my POG a few weeks ago at 40.3p, and cleared the last of my HGM at 308p at about the same time. I came to the conclusion that mining in Russia might be full of pitfalls (pun intended).
Although I switched into Barrick, and retain a speculative holding in McEwen, I might consider Newmont if it pulls back significantly as the handle forms on the GP 10 year 200DMA cup. As the world descends into turmoil I prefer my gold speculations to be in relatively safe jurisdictions.
Otherwise I suspect there might well be a general market sell-off between now and December, at the end of which there should be a great choice of high yield stocks in stable businesses to fund a comfortable retirement.
The Q3 update mentioned increased provision for "bad or doubtful" debts. I would suggest these were caused by traders failing to meet margin calls during the fast market conditions in March, and IG unlikely to recover the losses.
They warned last year that the divi would be held at this level for three years, so why shock and horror?
Personally I am glad that they are retaining cash for opportunistic investment, and it might be handy to hold a substantial reserve to cater for bad debts. As there is a strong possibility of market turmoil between now and Christmas, it is likely that some inexperienced or just plain reckless punters will overshoot their margins by such levels as will cause them to seek bankruptcy protection.
Rheingold
Assuming Orient Capital is your broker, and holds your shares in a nominee account you should contact them for advice.
They should be able to offer you the chance to vote, and provided Peter Hambro is able to retain the chairmanship, then the easiest way is just to give your vote to the chair. Your broker should tell you the easiest way to do this.
If the appointment of PH is overturned, the broker should be able to provide a voting form which you can return to them completed for forwarding to the Company. I believe from what you say the the Company may have contacted all the nominees for a breakdown of POGholders and their addresses. If that is the case then you can expect the forms, and recommendations on how to vote, in the post. This is what happened in 2017 to counter the Renova coup.
TLTL
We went through all this in 2017, when Renova (controlled by Viktor Vekselberg) tried the same ploy with the help of M&G and Sothic. Thanks to shareholder apathy, and a (very) few on here who thought that a new management team might be good for the share, the concert party won, only to be turfed out one year later after Vekselberg changed his mind and Renova sold out to Rakishev.
Rakishev engineered the restoration of the old team, and from then on the company SP rose >400%, until of course the voting at the latest AGM. However the episode was not only damaging to the SP, but caused disruption and much expense to the Company.
I for one would prefer no repeat of those events, and I certainly would trust Peter and Pavel to look after our interests. Russian oligarchs probably acquired their vast wealth by very dubious means, and with the help of some very unsavoury people. Russian business ethics and practices are somewhat different to ours, as a link I sent to M&G during the 2017 coup demonstrated. It reported one of the parties involved settling a shareholding dispute using local militia rather than lawyers. Cheaper, and much more effective I suppose.
Piccadilly or Moscow - no difference? You sound like Wedgie Benn, the odious Labour creep who was the great apologist for the atrocities committed under the rule of saintly Uncle Joe Stalin.
We have been here before where a vested interest has seen the value of the company and formed a "concert party" to gain control in order to further their own agenda. The purpose is again to avoid paying a fair price by making a formal bid.
In my opinion the old board has done its best to protect the interest of all shareholders. I will not expect the same if the cartel succeeds in its aim.
Most brokers will forward company documentation to you if you ask for it. The problem is, once set up, you will get the bumf for all your holdings, every time they are issued
You may be able to ask your broker for a specific set of documents, but I suspect that, like in 2017, the Board will ask the brokers for shareholder lists, and mailshot us all prior to the EGM. Otherwise you can instruct the broker to vote with the chairman when the papers are issued, but his relies on the broker being bothered and competent to carry out your wishes correctly.
I do not see a problem in this.
1. These resolutions were almost certainly proposed by the old board - not the concert party.
2. The probable reason for it is to enable conversion by eligible bondholders.
The future of our investment depends on the result of the voting at the forthcoming EGM. If PH loses the vote, or the market thinks that he will, the shares may well fall markedly. If the vote is lost and the usurpers get control we can only guess as to their intentions, but must assume that the interests of minor shareholders will not rank high on their agenda.
It is up to us and all the other shareholders to ensure that does not happen.
Think again.
I accept that the press release and email could have been clearer, but PH was not nominated by the Slevin lot, but is a white knight appointed by Sir Roddy Lyne as interim chairman. As for supporting a stealth takeover, you may be happy letting Slevin tell you what price you will accept for your shares, but I am not.
I read hear that a minimum of 34p must be paid because of the rules. I hate to disappoint, but who knows what the acquiring company would be offering as who knows what the maximum price paid for POG shares to date is. Also, a new Board could recommend an offer from a newly introduced company holding no POG shares at all.
Shareholder apathy and acquiescence lost the vote to the Renova mob in 2017. We won it back the next year and saw the SP rise fourfold thanks to the original team. Do not count on getting it back if you lose it this time.
It would appear that I am not the only one to misread the press release. As I now understand it the old board got advance warning of the concert party vote, and appointed an interim board (headed by Peter Hambro) prior to the AGM vote. Although the old board was voted out at the AGM, the interim board is in the driving seat until an EGM which should be held in about three months time, and at which shareholders will be asked to vote again in the full knowledge of what is at stake.
This is going to be a re-run of 2017, but I hope this time POGholders will appreciate the success of Pavel (and Peter in absentia), and make sure they support the interim board by voting with the Chairman by proxy. As most of us hold our shares in nominee accounts this will involve liaison with the nominee broker.
This is our company. Let us ensure it stays that way.
It would have been nice if the periods of coup and counter-coup were over, but alas it appears not to be. On the face of it, this is a mess, with Pavel, the man credited with turning POG around being ousted, seemingly with the collusion of Peter Hambro - his friend and partner of many years.
Had Peter not been involved, I would certainly have sold out at the earliest opportunity today. However PH is old school, and I believe completely honest and full of integrity, and I will certainly hold for the time being.
It will be most interesting to find out the reasons for this shocking event, but will the real truth ever emerge?
Sprott Junior Gold Miners ETF has a substantial weighting in HGM, which must be seen as a quality endorsement of the stock. It is my second largest holding after POG, and it has paid a generous dividend in all the years I have held it.
I don't think it is plain sailing just yet. The Coronavirus is still not under control in China, and the effect on the economies of the Far East might be significant, leading to a much reduced demand for base metals. This will surely effect the debt rating of IRC and thus make any attempt to monetise the POG holding and/or exit the loan guarantee that much more difficult.