Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
That's my thinking too. I can't see PFC doing it any way but by the book. Therefore why were Schroders watching on seeing no announcement? Therefore could they have lent out the shares?
I have no answers. But something's bound to emerge.
Does anybody know what are the filing requirements if you lend your shares out to short sellers?
Could it be that this is what Schroders did? The shorters had to get them from somewhere. If so then how do Schroders get them back?
The non-reporting has to be down to them. PFC would surely file as soon as they knew. This could get very interesting with A de B in place.
JMHO
The only certainty here is that the happenings of the last 6 weeks or so will be a case study for years to come.
It could be about failure to inform the market, legitimately or not.
It could be about investor short sightedness
It could be about how musical chairs between shorters literally hammered some of them
It could be about complete regulatory system failure.
Impossible to know. Assuming the 20 Dec remains the key date - who will be holding what baby then?
Compulsive viewing! Better than Billions. Better than Game Stop. Roll up, Roll up!
What's needed here is that the legacy issues (the loss making contracts) are dealt with. And dealt with without having an equity raise. They say they're working hard on these.
If/When they get and announce them as sorted the SP will fly.
JMHO
While more orders would be gratefully received I think it's the legacy contracts and perceived potential liquidity issues that have slowed the rise. Once they can announce the legacy issues are done and dusted within current provisions I think the price will motor bigtime.
It could take a month or two. Or maybe not.
We'll see.
Who knows when we'll hear from E + Y but 2 months would be a long time to write such a report. I would have thought 6 weeks should be enough. Remember current auditors are Grant Thornton:
"About Grant Thornton
We're a network of independent assurance, tax and advisory firms, made up of 50,000 people in over 130 countries. We're here to help dynamic organisations unlock their potential for growth. For more than 100 years, we have helped dynamic organisations realise their strategic ambitions."
While E + Y are bigger, it's hardly a quantum leap
"About the Company. For two decades, EY has helped clients stay on the straight and narrow. The world's second-largest accounting firm, Ernst & Young's 144,000 employees around the world offer advisory, assurance, tax and transaction advisory services via offices in 140 countries."
It all looks like Investor politics to me.
JMHO
Of course the prices of the sells v the buys may have been a tad different.
The market appetite may have been a tad different at the time.
What would you make of the QCM outfit rushing to cover hlf their short? Now why would they do that?
And after such a comprehensive report on DARK - really?
Would they be a specialist fund that invests in: 1. Smoke 2. Mirrors as distinct from Oil Services? LOL
I don't see any demise here. Just the same old problems facing the sector. The Management certainly don't look inept. Layoffs are sadly what is required to stay healthy financially. Some posters here look like disaffected ex employees or their pals. Zero credibility. Did they ever hear of Wellstream? If they did they would know that the Chairman is no "smoke and mirrors" guy. Not the sort of man to throw £1m+ and not pay attention. Clearly there has been a large seller recently but also a large buyer therefore. My only worry is that the company is taken out on the cheap. Consolidation is the likely outcome in this sector the longer the oil price remains lower than the $60-80 range. JMHO
With KENZ now out of play at a v good premium expect an increased LAM following. Looking good I think
Thanks for such an excellent update. You asked JM great questions and I liked the answers. Well done.