Member Info for mrtibbles

Share holders generally feel that the directors quire their free shares for far too little effort, so I sent the post below to Centamin 29/03/2018.

We all know what happened not so very long after in 2018!

Interesting post by Eeza on the ADVFN Board ref a shareholder kick back at the AGM on Centamin's remuneration:

https://uk.advfn.com/stock-market/london/centamin-egypt-CEY/share-chat

Reply from Centamin

Please see the link below to our website referencing Dividend Information. Here you can find the fx currency conversion and date - The currency conversion rate for those electing to receive Sterling will be based on the foreign currency exchange rates on 27 March 2018 which is 1.4144.

http://www.centamin.com/investors/shareholder-services/dividend-information

With regards to the reference to our AGM, I have attached our RNS AGM Results published following the completion of the AGM. In short our Remuneration Policy was voted down. This is an advisory vote and not legally binding. That being said it was disappointing given we actively engage with our shareholder on the investment side and the stewardship/corporate governance side to understand their feedback and expectations for the Company. That being said, the reasons for the advisory vote down were not around quantum but rather structure of the policy. We are already in active engagement with sophisticated Remuneration advisors to review and evolve where appropriate our policy.

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All excellent points GoldGnome, in hindsight was Josef really a good choice for chairman, son's or relatives that acquire or inherit theirv positions in the family business hierarchy are not always the best choice as all too often they don't take their new responsibilities seriously ,have far too little commitment, soon get bored and want to go off and do their own thing, whether they are good at it or not!
Share holders were told "Josef was taking much more of a back seat nowadays", bit of an understatement in hindsight!
Perhaps neare reality would have been "Josef has put his feet upon the back seat and cares not a jot about Centamin even though the wheel is about to fall off with nobody at the reins because he is far too occupied with other interests
Shareholders were told that "Josef would be making a seamless handing over of the reins to the new chairman?
So just who was this new chairman, did they ever exist?
Handing over the reins indeed, seems more like a case of chucking away the reins with Mr Dead in the driving seat!
So what now, that Josef has condescend to take up the reins once again?
Will he now take his role seriously or will he still be hankering to play over at AIC or elsewhere?

Hi Rebess,
If you recall there was all sorts of speculation as to the reason for Josef's share selling in 2017, however shortly after it became apparent that he was involved in this company.

Perhaps Josef has acquired far too many Centamain shares far too easily, far too early and at far too little personal expense so he never really appreciated them or took them as seriously as he should have done.

Very fair comments GoldGnome!

HI GoldGnome,
I sent this very valid piece on McEwen for the attention of the Centermin board suggesting that the appointment of a board chairman with similar values would be well received by share holders.

Perhaps this AIC project distracted Josefs attention from carrying out his responsibilities of leading Cenatamin as he should have done last year?
Let us hope he does better this year!

Sorry ,not RNS, I meant the unofficial new guidance in the Egyptian press!

So the MM not impressed by yesterdays RNS?

Production-guidance , from our recent experience in 2019 it is certainly not reliable!

Thank you GoldGnome,

Here in a dismal damp UK with it's dismal damp and bland government determined to launch us into the unknown, but with no credible alternative to take it's place I envy you on your lovely warm beach!

Hi,Siko,
Thank you for keeping informed of the situation, your help and support is really appreciated..

Best for 2019!

Tibbs

Sorry GoldGnome , after reading your post again I realise that you have answered my query on the reliability and suitability of 3d geological modeling at Sukari.

Thank you GoldGnome for your appraisal of the the present situation and your look forward, let us hope that as Rebess states "We have weathered the storm".
I agree as Josef has returned to the chair I can't see him predicting 560.000oz unless he was pretty sure of the facts.
It was confirmed that the additional LHDR is on site and Andrew Pardey stated that should ensure no repeat of last years problems , so lessons learned there, albeit very expensive ones for share holders.
Cowichan mentioned the 3D mining geology, I wonder if this would help to predict future grades more accurately? ttps://www.na.srk.com/en/our-services/geology-resource-and-exploration/na-3d-geological-modelling
With regard to Brexit the whole things is a complete mess, after over two years of messing about, there should at least be a parliamentary vote on the terms of any brexit or even another referendum, lot's of a younger generation have become eligible to vote and lots of the myths and misinformation spread by both sides has been exposed.
The recent wasting of £100 million by the cabinet to have ferries on stand by is disgraceful, that could have been spent on providing health and social care, parliament is right to seek to amend the finance bill to prevent any more spending on Brexit without their approval.
Sadly a percentage of the British electorate are of the same mindset as those that voted for Trump, they are are misinformed and far too lazy to do their own research into anything,
I look forward to the Cey Feb update!

Hi Dasut, you can listen to the conference call until around 1300 hrs normally as it is recoded.
Results today show some improvement , grades still a problematic though, lets hope they improve some more as we progress into 2019.
Still at least the chairman is back in the front seat for the time being so that may help?

Better than we feared,although it seems that the grades are still a cause for concern, perhaps goldgnome or others have some thoughts on this?
spare LHDR now on site as stated by Mizolgit which is good news
MM kept the SP where they wanted,perhaps waiting until until Feb. so unless POG drops then I suppose we may languish around here?

I'm afraid I am of the same opinion Rebess, that we shall get knocked back tomorrow, even the chairman getting out of the back seat for whatever reason may not save us, obviously I hope I'm wrong!
But today's spanking late in the day could be so the MM can keep the SP where it is if things have improved at Sukari, although if not then the SP will be in for a severe spanking all the way down again!

http://www.cityam.com/270672/acacia-shares-drop-amid-reports-fraud-office-probe

Shares in Acacia Mining dropped earlier amid reports that the Serious Fraud Office is looking into the company’s affairs in Tanzania.

The London-listed miner fell 3.76 per cent to 185.45 after the Wall Street Journal claimed an SFO investigation will focus on claims that the company’s employees bribed Tanzanian government officials and consultants.

The SFO told City AM it is unable to comment and cannot confirm or deny the existence of any investigations.

Acacia said it “is not aware that the SFO is investigating the company. However, Acacia has been in contact with the SFO about the allegations of corrupt activities in Tanzania which are the subject of proceedings in Tanzania.”

Last week Reuters reported that Acacia’s main shareholder Barrick has made progress in discussions with the Tanzanian government, however no deal has been reached yet.

Two years ago the government slapped Acacia with a tax bill claiming it had underreported the amount of gold coming out of its mines.

Officials hit the miner with a $190bn (£150.5bn) bill.

Four of its local employees and former employees were arrested in Tanzania in October, and three are still in detention, charged with so-called non-bailable offences.

In October 2017 the executive chairman of Barrick agreed a framework deal with President John Magufuli to pay the government $300m and give it 16 per cent ownership in the mines. Just weeks after the deal, chief executive Brad Gordon and head of finance Andrew Wray stepped down.

However the deal has not yet been implemented.

Maybe MM shaking the tree or perhaps knocking the price back so if the results are better than anticipated then they can raise the SP back to where it should be now, or of course if the results disappoint then MM can really spank the SP!
As we have all know Centamin is really difficult to call even at the best of times!

https://www.bullionvault.com/gold-price-chart.do

market makers pushed did the usual gap down this morning to push the CFD positions thru the stops, looks like they are still messing about.

Hi Snuggle,
Like the Prof most of our number are really helpful who between them have a vast wealth of knowledge and experience that has helped everyone to keep their faith in Centamin!