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What do you make of the recent fall in SP despite constant share buy-backs?

https://andina.pe/ingles/noticia-perus-president-we-are-committed-to-promoting-private-investment-870553.aspx.

It would appear that the PM misspoke, the impact on the mining sector has caused significant problems and the government is now in damage limitation mode but the big question is will HOC be the sacrificial lamb. It may take sometime to resolve ( to let the pm save face) but I don’t think they have the appetite to take on the markets. Who would invest in Peru unless they fix this?

Yes, given that the Directors have indicated that they will not take advantage of the offer this looks like a mechanism for allowing AAP to exit (at least in part). I doubt if many ordinary shareholders will tender. It will be interesting to see if the exercise will be repeated to allow AAP to reduce further. Ordinary shareholders might (should) benefit from the cancelled shares which is presumably why the board is not selling.

ab76, thanks for the detailed reply. I think there is a good case to be made but sometimes those playing on the pitch fail to comprehend the limited view of those looking on from the back row of the terraces. Hopefully the market will take note of the good news when it arrives.

The drop in share price may reflect the projected drop in production without further drilling. The company appears to have a number of opportunities but is awaiting the outcome of talks with the government (and other bids) before deciding which to address and in which order. It apparently thought it better not to commit to any particular drilling activity until the outcome is known but I would expect there will be announcements to clarify in the coming months. Until then the SP will probably languish but the fundamentals and the business model appear very sound.

For those looking to assess the long term opportunity for Orph oral submissions to Committee for UK National Security Strategy on the 19th will prove of considerable interest. Here is an extract but context is even more interesting.
“Sir Patrick Vallance: I will caveat one thing. There has been a remarkable change in vaccine technology in the past few years, and I think this means that going forward this could look quite different. There have been essentially one or two ways of making vaccines for the past 30 years or more, but in the last five years or so there have been techniques that allow you to go from the genetic sequence of the virus to an experimental vaccine in just a few weeks. Then you have to get all the testing and manufacturing, but there is now a way. The first wave of vaccines—so-called messenger RNA vaccines are one of them—will be first out of the block for Covid, I think. We will see then whether they work. If they do, that could radically change how one thinks about vaccinology and could accelerate that period, but up until now that has not been possible.“

The big insight from the call was why the modest earth movement had such an impact on the mine. The good news is that it can be remedied by normal mine operations at no extra cost. The bad news is that it will take circa 18 months to do and during this time the feed stock will be poor. Ultimately we will have a diversified mine face that will mitigate against future occurrences We have paid a big price for previous poor (short term) operational decisions but the future seems more secure and the rise in PoG may come to the rescue in the short term.

Lol You are not alone! I too am in the doghouse for similar reasons

The current delay would appear to come from the last part of this sentence. Perhaps Mr. Trump has done us all a favour after all.

"..... when there are treatments to protect volunteers from severe disease."

Where/how do you register for the 11th June?

This just in as an “exclusive” by the Daily Telegraph. I expect that Cathal will have been in discussion too :)

“ The Telegraph understands that the Department of Health is in negotiations with the Swiss healthcare company Roche to buy millions of the kits.
The accuracy of the test was given approval by experts at PHE’s Porton Down facility last week. 
On Wednesday night, Roche said it stood ready to provide hundreds of thousands of laboratory-based tests to the NHS each week. A Government source said: "We want to get our hands on as many of these as possible."
The development of an accurate antibody test has long been seen as key to helping Britain get back to work, with Boris Johnson having previously described such tests as "game-changing".”