Adrian Hargrave, CEO of SEEEN, explains how the new funds will accelerate customer growth Watch the video here.
Allowing for the share consolidation that was completed on April 17th, this represents an expected decline from the previous NAV of 13p (0.13p) due to the Board's decision to write off 88% of the book value of the Company's outstanding £330,000 loan (total £660,000 with coupon arranged in 2011) to Silvermere. The Company has taken this decision following the suspension of trading in Silvermere shares on AIM. Since the Board of Mineral & Financial were informed by the directors of Silvermere of the oil and gas company's funding issues in April 2013 and as the major creditor, the Board has engaged in an aggressive process to secure future value for the asset. A process to recover the Silvermere vehicle with new investors and which includes an ongoing equity involvement for Mineral and Financial is currently progressing. It is expected that significant developments will be announced to Mineral & Financial Shareholders during Q3 2013.
last decade, whereas the Dow Jones, for instance -- which was at around 11,800 in 2000, versus an average of around 14,500 for 2013 – only rose by around 23% over the same timeframe. “It’s been a great ride already. Where do we go from here? Some people think it’s going lower. I happen to think it’s going higher. I think we will see gold at substantially higher prices.” Ask yourself two fundamental questions, he says: “Do we believe in zero interest rates, and do we believe in printing money?” “Going back to my theory that there was no gold left to sell, one of the things you could do is to knock the price of gold down and start redeeming the ETF, because that’s an inventory of physical gold. And that gold was leaving the GLD throughout the whole part of 2013.” So people who need gold for physical delivery, or want to own physical could have used ETFs as a means to that end: “I take the partial draining of the GLD as an extremely positive event that’s transpired and really tells you about the physical shortage that’s going on.” Is Eric Sprott buying gold or gold shares? “I’m buying gold shares. The last time gold got whacked in ’08, the shares went up by 250% in 9 months. I think we’ll see the same type of action – where the shares may double or triple the performance of gold.” - See more at: http://www.shareprophets.com/views/943/why-gold-is-heading-higher-eric-sprott#sthash.2pi3XbSF.dpuf
Eric Sprott founded Sprott Asset Management in 2001, and is one of the gurus of gold (and more especially silver). This article appeared the other day summarising Sprott’s thoughts from a broadcast which went out on June 25th. It is an extreme view and clearly Sprott talks his own book but it is interesting none the less. “It was my feeling that during the first quarter of the year, up until April 15th, there were many signs that there was going to be a shortage of gold. We wrote an article about a year ago, titled ‘Do Western Central Banks have any gold left?’ where we quantified that there’s been probably an extra 2,300 tonnes of demand every year since 2000, and yet gold production has not gone up in that timeframe.” But instead of a demand squeeze, driving prices higher, gold has declined from nearly $1,700 at the start of the year to lows of around $1,200 now. How could the price decline if there truly was a shortage? Mr. Sprott continues: “I put the slam down to the people who are short gold – it’s been very well-documented that certain parties had very large short positions in gold. Shorters who were expected to deliver gold that was not deliverable could have created this downdraft in order to cause gold to come into the market.” “But it totally backfired,” says Mr. Sprott. The sudden drop in price led to extreme levels of demand for physical metal even as “paper gold” sold off heavily, says Mr. Sprott, citing record demand for physical metal, particularly out of India and China. “I would venture to say, at the kind of rates of consumption we have now, we might have a 4,000-ton shortage in a 4000-ton market.” So how could the market bridge the gap? Mr. Sprott continues: “I suspect that the Western Central Banks have surreptitiously been supplying the market. We’ve seen COMEX inventories plunge from 11 million ounces to around 7.6 million ounces in the last few months, and it seems to me that people are finally taking their gold out of the system.” Mr. Sprott says it’s the paper markets that have determined the pricing of gold – and these markets are often disconnected from the physical metal. “There’s been a lot written about how a very small percentage of paper gold – for instance in the COMEX – is delivered physically. These paper products have determined the price.” “I’m a huge believer that you should own physical,” says Mr. Sprott. “I don’t like the fact that someone with a lot of money can affect the price in the short term with money when I see the fundamentals for physical gold as very positive.” Will people who own gold now get the “last laugh?” “I think they will,” says Mr. Sprott, reminding that even after the gold sell-off this year, gold is up nearly 500% since the beginning of the la
I'm in here now and kept back cash for further top ups. I makes sense to follow the major shareholders/institutions. The holdings RNS are a good clue as to where this is going. I can see 160 -240p by end of year.
He is talking cr@p. If the debt was more than assets, then the bod should close down the company. Clearly, that's not the cash, we just have a cash flow problem
People in yesterday with the fake rise 80p is my best guess at the bottom, although we might see 60p based on total nonsense, the same logic applied by the mm's
Two buyers, with exclusivity, due to complete now, no news at all from bod, so one would have to report via RNs if a deal will not complete. Equally, no RNs to state delay, which would have been required if they knew about it before the agm statement. So looking positive to me. I think the exciting development line in the rns was the clue
Foundations for a huge rise on the way!! Good after an agm to give nice news. Rather strange that nothing was mentioned in the statement and the sale is due to complete by end of q2! Nice walk down by Mm's too Dyor
Top up me thinks
Assets will be next for 38million Friday. You heared it here first!
did us a favour by announcing they would put the working interest up for public auction. It confirmed that if slme don't pay, it no longer has the WI. i.e MAFL don't have anything for their investment, just like us. If Dominion had not made this clear, then MAFL might have waited for us to go into administration and then claimed the WI in settlement of the debt. That would have made them less likely to stump up additional cash. Lets be clear about the well, its producing, not dry. This is clear from all previous announcements. As to the rate of production after the work over, who knows. But again, how would Dominion auction a non producing well. Read between the lines gentlemen. Its clearly commercial or they would not get a sale at auction. Its now down to AM to get us the best deal possible. God help us all! LOL
in short term, then hold there for a good period of time to see medium term gold price action
these MMs are the only people making money out of the market volatility They have everyone acting irrationally.
Dont worry it will drop again. This has jumped on very few trades. Mms making money. Down and up, down and up
Could have been far worse. Nothing changed today, just have more clarity. I have a feeling we will get the finance required, thanks to mafl. Negotiations ongoing. Thank god!!!! I would stump up cash to save the asset, rather than lose it. I'm sure other shareholders would too. there would be no point in a public auction if it wasn't worth anything. How could they sell it. Data would be provided publicly.
And what legal action did we see.......none.
K8o Clearly full of shxt and avoiding giving an explanation for lying that he spoke to the board and advisors. One to filter / report / ignore until an explanation is received
NPV=4million guestimate, could be more but no recent accounts. Mc =0.7million Debt = approx 1million including dominion and mineral finance So how about we swop half our asset value I.e. sell them working interest for 2million NPV (16.66% of the working interest) for the total debt and some cash, let's say 200000 to get up through to production. Effectively, they get an asset worth 2million, 100% more than the debt owed. Our shares are worth 2.2million post dilution I.e. 16.6% of the field plus the cash and somehow, worth more than they are now!! Lol Have I just created money from thin air. I should be an accountant!!
Mineral finance are our major creditor 75% plus. So as long as they agree to a schedule of payments, which we could reasonably pay back by release of equity in smaller chunks and production, technically, dominion cannot touch us, as they will be bound by the CVA, regardless of whether they voted in favour of the proposed schedule. Their debt could be scheduled a long way out for payment.??? Would this be a positive approach for SLME or would it kill us shareholders? Surely there must be value attributable to the shareholders, as our NPV is worth far more than our current market cap and the value of loans.
An insolvent company can enter into a company voluntary arrangement (CVA). The CVA is a form of composition, similar to the personal IVA (individual voluntary arrangement), where an insolvency procedure allows a company with debt problems or that is insolvent to reach a voluntary agreement with its business creditors regarding repayment of all, or part of its corporate debts over an agreed period of time. A CVA can be applied for by; the agreement of all directors of the company, the legal administrators of the company, or the appointed company liquidator. A company voluntary arrangement can only be implemented by an insolvency practitioner who will draft a proposal for the creditors. A meeting of creditors is held to see if the CVA is accepted. As long as 75% (by debt value) of the creditors who vote agree then the CVA is accepted. All the company creditors are then bound to the terms of the proposal whether or not they voted. Creditors are also unable to take further legal actions as long as the terms are adhered to, and existing legal action such as a winding-up order ceases. During the CVA, payments are made in a single monthly amount paid to the insolvency practitioner. The fees charged by the insolvency practitioner will be deducted from these payments. The company is not required to fund any further costs.