The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Seeing a massive increase in reserves and the EV revolution stoking demand for the top grade nickel that’s worth as much as $30 billion, and having the good fortune to be in the “right place at the right time with the right product,” I now hold shares in a company with a £12 million market cap.
I only wish they’d provide the information they promised - would go a very long way to improving the mood of shareholders. This for instance from the Edison report in December commissioned by AMC: “ Anew reserve and resource estimate will be produced around the end of Q419 under the auspices of the Russian system of resource estimation.”
Yes agreed - his comment about several years toward the end just stretched the timeline beyond anything the board has previously stated. Must admit I found that very depressing - have been in this way too long for that.
And AMC apparently has no plans for 2020 judging by the absence of any events on its website and the sad state of its FAQs last updated nine months ago. How you read that I suppose depends on your view of the BOD’s actions.
Happy to take your word for it potatohead - so even on a dilution basis and with no increase of resource (and its hugely increased) AMC should be double current price.
AMC sold off nearly 10% of the company at 1.7p on Nov. 4 with the stipulation they take no money from Riverfort for at least three months. That deadline formally expires today and we are sitting at 1.7p - would be amazed if any of our buyers from then still hold any shares.
The BoD said then that they intended to find alternative sources of funding - we’re still waiting. And they said they continued “to engage with potential strategic partners that have expressed an interest in advancing the Kun-Manie project....the Company hopes to update the market with positive progress in due course."
And of course we have heard nothing on that. We are just being kept in the dark and fed BS on a regular basis while favoured “investors” get to rinse out their shares. The last 18 months have been a disgusting experience- and like others I’m trapped here underwater unwilling to suck up the loss.
Of empty promises from the AMC board. So vague and useless that they dare not even dangle a Q1 release of any of this info they have received and are now sitting on. No deadlines so can’t be accused of missing them any more - result!
We began the year at a pitiful 4.3p per share - we end it at less than half that. Bravo to the board on the year’s achievements. 2020 requires RESULTS
I consider 2019 a year of wasted opportunities and simply appalling communications by the AMC BoD. PFS delivered to no effect in February, supposedly “living” but treated as dead from the moment of publication, then promises of setting out detailed strategy followed by six months of silence, and the only major development being the sale of 10% of the company at a bargain-basement price to people whose identity was covered up by the board . Topped off, it seems, by a failure to issue a resource update in Q4 as declared publicly and in print.
2020 had better be a lot better than this. Merry Christmas all and especially long-suffering and much-abused LTHs.
Well according to the AMC website’s FAQ section it’s still only May so I haven’t much hope for these six days..
On past performance - zero. Expect an RNS tomorrow or Monday promising release in Q1 and attributing delay to need to respond to requests of interested parties. Then silence for two months.
Now that the board has safely navigated the AGM, and with Russia largely on holiday for the first half of January, effectively that means a month of silence. Not much change there then.
That brings us close to the expiry of the three-month ban on Riverfort-type funding in February, under the giveaway sale of 10% of the company. What do people expect then? We all hoped this timescale meant deal news but now this is seriously open to doubt imho.
From today’s AGM as I am unable to attend. If anyone has the chance to ask when the “living” PFS will be updated and published that would be great to know. Thanks fellow sufferers!
They are definitely succeeding in that, at least, Noloss!
To go to the AGM without making any effort to sweeten the bitter pills of the past year with some news that would provide evidence of achievement? That’s very brave, as they used to say in Yes Minister. Or perhaps they now think they don’t even need to show they care about p’d-off LTHS.
Justifying the delay of the PFS to Q1 this year:
“While the completion of the PFS has taken longer than initially anticipated, the Company has held and is still holding meetings with a number of potential strategic partners, who have identified areas of interest which are particularly attractive.”
More than a year on, was there any indication at last week’s presentation about the state of these supposed talks? It’s just absurd that the board feel no sense of accountability for explaining their past statements and the subsequent lack of delivery. Something for the annual meeting I suggest.
Disappointing is one word for it...The BoD is either so tone deaf now, after practically a year of snubbing the concerns of LTHs, that they no longer even see the depth of disillusionment with their performance, or they think they have something so great to announce between now and the AGM that it will save them from a roasting.
Can’t make the presentation this week but I’d like them to answer:
1) why haven’t you disclosed the identity of the buyer of nearly 10% of the company in direct breach of principle 2 of your code of governance on “communicating openly with its shareholders”?
2) Why haven’t you published an updated PFS incorporating the 2018 drill results which haVe been in your possession for a year?
3) in what direct way will AMC benefit from the Far East Development plan approved by President Putin? Do you have a commitment for financial suppoet for road construction for Kun Manie?
I’m hoping it’s a good sign that they have finally ramped up their stakes (I had more shares than most board members before this, which was just weird) But it also raises a question about this week’s presentation. Their previous excuse for not buying was always that were in a closed period - now they are buying two days before the presentation to update everyone on Kun Manie. Since they’ve told us nothing about any progress, what chances that anything important for the sp is going to be disclosed?
Have to say today’s RNS merely feeds the suspicion that the “asset manager” simply used the speculation around the identity to offload the shares into a rising share price with the tacit agreement of the board, banked a big profit, and now that they have been sold the share price is drifting down with the RNS disclosing no big name holder. If true, a new cynical low for the BoD. Perhaps they should tell us.
Having listened to the interview I think you’re right TDT, it’s about the appearance of responding to unhappy LTHs. What substance was there in that interview really? More often than not it was RY saying how difficult everything was to negotiate - Maybe so, but that is the board’s job, to have or find the expertise to strike the deals. The uncomfortable impression I was left with was that they’re not making much progress and don’t know how to move forward. Hope I’m wrong, but couldn’t help contrasting the performance with JLP’s CEO in an interview the same day - clear, specific and results-driven. And why do an interview if you’re not prepared to disclose the identity of your new investor - just looks very lame.