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"Now on to you **** face." whos this aimed at?
596,000 shares here...
Delisting seems inevitable for this share, presumably everyone on this board accepts that and is happy to sit tight.
Its a fair chance the auditors resigned on finding discrepancies, such as money being siphoned off in corrupt dealings, or sanctions possibly being subverted. Whatever their reason, its unlikely that any auditing firm are prepared to sign off POG s (still to be produced) accounts.
Im holding but see this very much as a long term hold and expecting a bumpy short term.
EU sanctions on fuel raised the value of fuel and made more profit for Russian exporters, likely an EU ban on Russian gold will have the same effect.
Im pretty confident Nathan does get it. Sanctions CAN be worked around. Whether or not the bod are doing this currently, and in a constructive manner is what none of us know. And continually speculating either way about takeovers and asset stripping is JUST speculation.
its possible the bod are simply stalling for time instead.
What do the creditors want? surely as much money as possible over the next few years, or simply a fast return...
The creditors are in charge now, they might press for insolvency and seek to sell off assets just for that quick buck. The bod might even collude with them on that front, ive been following Hurricane Energy for a few years now and the CEO there attempted to GIVE that company to the bondholders.
Someone was asking re the consequences of not posting last years fy results... i don't think there be any. The company has had sanctions imposed already, plus a shortage of accountancy facilities, all courtesy of UK authorities... they can easily demonstrate that part of the shortfall was dumped on them.
I still don't see a buyout on the horizon. the company has major issues for any non Russian buyer, whereas a Russian buyer is more likely to use / abuse the legal system and force insolvency for a cheap yard sale of distressed assets.
"The bod are doing a good job?"
yes, inasmuch as they are still processing and trading gold.
and keeping the company solvent in the face of irrational cooked up sanctions.
and paying the wages of employees.
the bod aren't responsible for lots of other stuff however, they never decided to invade Ukraine for instance... nor are they to blame for institutional investors lemming-like diving competition.... nor the dissapointment/impatience of over invested individuals.... none of these are in the bod's job description.
Agreed Nathan. the POG board are doing their best to quietly tiptoe around western sanctions. Meanwhile, Russian authorities are doing their best to conserve business interest within Russia. Our most immediate threat is from virtue signalling policy makers in the west.
Im expecting pog to publish mediocre results for the 2021 full year. No takeover, no selloff of assets, no sudden share price hikes, no RNS, just keeping it below the radar.
Its last years results so i don't read too much into their being delayed.
This years probably going to be loss making (disruption to sales + higher energy prices) perhaps the accountants are taking the opportunity to shuffle some of last years profits into this years account to save tax... just for instance... also highly likely the accounts guys are chasing their tails with the credit being transferred from gpb to shiftyaccountantsanonymous.llc
You cant completely rely on those stats, personally I've seen one of my own buys logged as a sell.
I think it might be significant that today the spread has dropped from 15-20% down to 3%, maybe the mm's accept pog isnt going to have the rug pulled from under them? just speculating tho.
Not doomed Tiger, more like languishing in purgatory for a while, i think its a long game. I still think the company is not a n attractive takeover, alternately, i never liked the idea of selling off the POX plant... its worth more to us, and don't fancy pulling the legs off the business and selling at firesale prices.
Jotom, im aware of conciliatory noises coming from the west re sanctions, but for one thing Zelensky is totally against the lifting of sanctions... for another... this land bridge is completely antithetical to Britains long term strategy, and Liz Truss doesn't speak for the nation.
If V Putins original objective was to aquire a land bridge to Crimea then his ambition seems to be pretty well met today. So will a ceasefire be possible? certainly not a truce, as Ukrainians are not willing to accept the loss of territory, however their alternative is a protracted war which they know they can't win. Possibly continuing the war will only cede more land to Russia, as Russian forces aren't about to stay entrenched while taking a pounding in a war of attrition.
I was, i must admit, completely wrong about the outcome of this invasion initially. I had thought the Russian army would bulldoze Ukraine in a couple of days. In retrospect it made no sense for Putin to utterly destroy the land he covets, nor lose a lot of personnel where avoidable... Rbrand put it like this "it is clear that Putin has not reacted in the way expected. He has confiscated nothing and nor will he . He has also suffered gladly the thousands of headlines about losing etc because he has deliberately gone slow where necessary. Many haqve died but a fraction of those that would have in as USA style shock and awe"
Anyway, the trouble for POG in an ceasefire situation is that the sanctions will remain. And the UK imposed sanctions are the biggest existential threat to the company. A negotiated ceasefire with lifting of sanctions seems unlikely.
Tiger, my hope is that the BOD will quitly keep the company afloat and intact. If they can somehow keep the creditors at bay untill a ceasefire is reached then we have a chance. Normal stock market rules can't protect shareholders in this case, and in fact its the London govmnt thats put POG in this impossible situation. Im invested and holding, but for sure this is a gamble.
I'd really like to know anything about this Nordic LLC? what's their track record? as far as i can see their loyalty is to Gazprombank and NOT pog, are they planning to give us a fair deal or a fair shafting?... theyre an unknown quantity as if there wasn't enough uncertainty.
Tiger, those guys worry me more than anything. They got their billions in the first place by use of force, and aren't about to play nice when theres a goldmine up for grabs.
Im cautiously optimistic that pog might be quietly servicing their debt via roundaboyt means.. The company has a steady supply of income, it just needs to carefully pay the most pressing creditors without attracting the attention of UK legislators (or UK press). If they're passively adhering to sanction dictates however, then we have a stranded asset which could be seized by creditors for auction... presumably at a hefty discount on the current market value.
Talk of an imminent takeover seems a bit optimistic (in my view anyway). Regardless of how cheap the asking price is, this share has never paid a dividend, investors from China are wary of Russian mafia involvement, and the company has debt.
In particular, the shenanigans of this companies BOD highlight what an unedifying meal (however cheap) POG is.
The prior history and future uncertainty all seem to be factored into the share price as it stands. Creditors are in the driving seat for now, its frustrating but we'll all have to just wait and see how much they gouge from the company and whether they let us shareholders get any leftovers.
Nathan90, yes, im thinking along the same lines. Local management in Russia might understandably view Boris's sanctions as secondary to their own predicament.
ie facing criminal prosecution in Russia.
It would create a ****storm in the UK, but fukket the guys in Russia arent expected to martyr themselves just to keep another corrupt government thousands of miles away in London happy.
the enormous mm spread deters day trading. For sure the mm's are profitting but this share is close to zero and is definitely attracting day traders. Without the wide spread the share price would be getting thrown around like a ragdoll.
... that sanctions designed to punish Russian oligarchs are about to hand a literal GOLDMINE to a Russian oligarch.
for nothing
at the expense of British investors.
aaah well, no doubt we're all nasty capitalists anyway, goldmining is bad for the environment, it'll win the war in Ukraine, and Boris clearly has done his research and he's not about to bungle confidence in the entire London investment market.
Im holding my small stake just for the heck of it :-)
they were rattled thru the UK parliament at the insistance of American hawks, possibly even dictated by US investors, but in POG's case they have a very shaky legal foundation..... ie they are directing management in an another country to break the laws of that country (ie don't pay your legally obliged debts)
Considering the context it might seem like arguing a very minor point, however, the local management within Russia might take the view that risking personal prosecution from Russian authorities is not worth the risk just to remain within Boris's new set of rules (he is famously a bit of a rulebreaker himself when it suits)
If i were local management in Russ, and facing prosecution for willfully not paying a legally binding obligation, I'd pay up.
As for the fallout in the UK, let senior management there argue the toss over whos going to jail.