Member Info for nb_riley

Really matters very little to petra's current situation, the only group that mattered to was the lenders who will soon take control of the company.

Is that an assumption or expectation?

Q3 has now passed without any update from Petra reached out to IR to ask if there was going to be any update soon and got the generic IR response as expected:
I’m afraid I cannot provide any more of an update at this stage, other than what we said in our most recent announcement, that we remain in discussions with the Ad Hoc Group of bondholders and the South African Lender group and we will make a further announcement in due course.

wonder how long left? These negotiations almost always overrun.

https://seekingalpha.com/article/4374968-ig-group-delivers-yet-again-in-q1

Probably already been posted but Q2 transcript is here:
https://seekingalpha.com/article/4373891-hurricane-energy-plc-hrcxf-ceo-beverley-smith-on-q2-2020-results-earnings-call-transcript?utm_campaign=twitter_automated&utm_content=article&utm_medium=social&utm_source=twitter_automated

Prop, I believe that is true for the broader market. The sentiment is always the near term mover. However for SML the market has generally priced it right and when it has had concerns it is generally right do so. That was shown through the large and quick fall from above 1.8p.

https://seekingalpha.com/article/4371229-stay-home-food-spending-drive-puts-cranswick-in-good-stead

Quite sad that the LTH's have to see people talk about multibag opportunity here... which would take this back to the same level when many who were here were largely optimistic and invested (1.5 -1.7P). Market confidence in the board is gone and that AGM was complete waffle.

CMC markets was already a far smaller entity then IG so the growth opportunity and scalability from where they were was already way higher. IG has a dominant market position and the highest valuation, so that high growth factor is reduced in comparison to CMC. Overall I still favour IG over the long run, its one of my favourite shares by a long stretch.

Doesn't make much of an impact anyway as IG hedge the position in the underlying market.

To say boohoo is absurdly expensive when the company continues to beat market expectations and show tremendous growth in all areas of the business. Just because a growth ecommerce company trades at a premium and factors in future growth doesn't make it unattractive.. the valuation is completely justified. All you have to do is look to the US to see some growth companies that have the most absurd valuations in comparison to boohoo.

Interesting read JD - thanks. He clearly seems frustrated by the board comments but imo a lot of them are fair and justified. Does anyone have any idea why brenda Smith and CV Investments would buy magnetite filings? It is a product that isn't particularly widely used, which is why SML couldn't replace the major client.

Is anyone here still backing Alan Broome to stay??

Makes an incredibly fascinating read. Always made good comments DJ. I always felt that although some like DJ got unnecessary backlash, this board has always been very well balanced around comments and providing good research. Comments regarding recent news have shown this. I now only own a small amount in SML and I sadly lost a large amount of money after the cobre client. It has been a complete mess. whether you believe the board are at fault or not for not knowing it was a fraud, one thing that is true is they should've raised far more at 1.4p. It's incredibly disappointing that if we had raised 2-3 million we could be looking at a completely different company and share price today. GL all.

I usually understand and see the reason for some insitutions taking short positions in certain shares. But to take one in IG at this point in time is just bizarre. The company is relishing under current volatility which is looking to continue into the future while also diversifying their business model to make themselves more sustainable over the long run.

i always felt that JP was always the head and at the forefront of the decision making, while Peter Wale had come into increasing control as he had a lot of skin in the game. It has always been strange that Alan has owned such a small amount of shares, especially when JP and PW own so much of the company. Although they claimed that Alan stood back from discussions because of the conflict of interest, he definitely played a part in that deal going through and had a huge impact.

Disagree, although the client had given a letter of intent, the amount they raised was so minuscule and put far too much control in the clients hands over the future of SMLs business. Board should never have relied so heavily on that. Do you not believe that they could have raised at least 2 million at 1.4p?

most interesting thing about this all is when SML was trading at 1.6/1.7p and the board did a private placing at 1.4p to raise a very small sum. The biggest mistake they made then was not raising more money, they shouldv'e raised 2-3 million to the open market at a discount but instead they relied on the word of the client and now they have to do an equity raise under 0.5p a share.

The liquidity is far too low there to be comparable.

Probably one of the worst sites I've seen!!