whilst the price of $10m for 29% of IRC would seem cheap as a stand alone transaction, it isn't a stand alone transaction.. surely you have to put into the equation the release of POG from the $234 million guarantee .. surely not having that guarantee over our heads is a good thing and the seemingly small consideration of$10m needs to be taken in that context... the deal involves both bits..no more $234 million guarantee liability over our heads AND $10m cash into the coffers in exchange for 29%.. it is not just the $10m alone....
50.1% gives you control, 49.9% does not ..40% gives no more rights or control than 25% which is the threshold for some shareholder rights...
the last time gold was at these levels was around June 2020, and at that time the share price was circa what it is now.. but that was before the circa 18% dilution and all the board shenanigans.. so we are holding up well all things considered..
really.. held BTC from $100 ..? ..mmmm .. I doubt there is anybody in the world holding from $100.. and if they were , they would have better things to do post on share chat rooms.. and they certainly wouldn't be invested in POG..!
Investor 3.. it does look like some things brewing here .. and that defo looks like a big buy.. which is a sell the other side, but probs accumulative.. there has been a pattern this week, a drop in price early on, then rising back.. we were below 30 an hour ago, now we are back over 30.. given that gold is weak at circa 1834 is encouraging that we are staying in the 30's
Given that gold has slipped to circa $1774 we are holding up quite well.. would have expected a bit of a rise with the news of the new CEO but I think today's gold price weighing it down a bit..
nice rise to begin with , some nice buys, now retreating.. most probs end in negative territory again today..
Bald eagle.. dont blame you for thinking this was on AIM .. it feels like it sometimes..
as for FTSE100 entry, would need a share price of circa £1 to achieve that now FTSE 100 entry level is over £3billion market cap now..
re your comment : -
"Cannot believe this is on a London exchange....but I suppose it is AIM. "
POG is in the FTSE 250, not AIM.. !
Time itself is working against them, money is needed not tomorrow, not today, but already yesterday. It is this, apparently, that caused the extremely tough and aggressive activity of the Strukov's team - a wave of custom-made publications with absurd accusations against Ermolenko, pressure on judges, an attempt to seize an office. The stakes are too high - victory or bankruptcy. Every day on which Meshcheryakov does not control the bank accounts of Pokrovsky Rudnik seems to increase the risk of collapse of the entire combination.
What in this situation awaits directly the enterprise "Petropavlovsk"? Unfortunately, there is reason to believe that they will be deliberately driven to bankruptcy, withdrawing all funds through a network of shell companies and driving them into debt for subsequent purchase at a pittance. How exactly such schemes work, we will try to tell in our next publication.
The financial situation of the Ural businessman is now bad, and the situation with the seizure of property may well end with the arrest of the person involved, but here the still rich and prosperous Petropavlovsk may come to the rescue again. If you get full control over the company and its branches, for which lawyers representing Meshcheryakov are now fiercely fighting in the courts, it costs nothing to push through the decision of the shareholders of the same Pokrovsky Rudnik to buy one of the unprofitable mines of Yuzhuralzolot as "extremely necessary for business development"
, in fact, shifting it from one pocket to another. And just for the sought-after 1.6 billion rubles, which can be used to pay off debts. This is one of the first deals to be approved by the new management of Pokrovka, if the courts still refuse Ermolenko to protect the company.
But for this, the question of "Petropavlovsk" must be resolved as quickly as possible and by any means. Traditionally, arbitration disputes last for a long time, this is not a decision of the magistrates' court on petty hooliganism. And again, traditionally, businessmen are ready for this. But not Strukov and Meshcheryakov in today's situation.
Time itself is working against them, money is needed not tomorrow, not today, but already yesterday. It is this, apparently, that caused the extremely tough and aggressive activity of the Strukov's team - a wave of custom-made publications with absurd accusations against Ermolenko, pressure on judges, an attempt to seize an office. The stakes are too high - victory or bankruptcy. Every day on which Meshcheryakov does not control the bank accounts of Pokrovsky Rudnik seems to increase the risk of collapse of the entire combination.
Time itself is working against them, money is needed not tomorrow, not today, but already yesterday. It is this, apparently, that caused the extremely tough and aggressive activity of the Strukov's team - a wave of custom-made publications with absurd accusations against Ermolenko, pressure on judges, an attempt to seize an office. The stakes are too high - victory or bankruptcy. Every day on which Meshcheryakov does not control
This group of shareholders and hired managers is opposed by the former management team, which is well known in the region, which, in fact, created Petropavlovsk, turning it into one of the largest gold miners in Russia in 25 years, and, despite everything, continues to maintain the normal functioning of the company.
One of the most experienced and reputable specialists in the Amur gold mining, Sergei Yegorovich Ermolenko has worked in the industry all his life, having worked his way up from a miner in a mine to the general director of Pokrovsky Rudnik and MC Petropavlovsk. Today he defends in the Amur arbitration the position of his fellow miners, the same respected professionals who have given the enterprise a significant part of their lives and worried about its future.
You can understand what Ermolenko is fighting for in the courts today. He himself describes the current situation and the motives of his opponents very concretely:
“There are no abstract shareholders who want to improve the work of Petropavlovsk, and therefore decided to change the management. There is a conspiracy of a narrow group of shareholders with the names, surnames, patronymics and names of legal entities in offshores to which the shares are registered.
These are the Yuzhuralzoloto company of Konstantin Strukov and the offshore companies Everest and Slevin that have joined it under the control of Nikolai Lustiger, as well as the BonumCapital company, from which Maxim Meshcheryakov left.
The Chelyabinsk company Yuzhuralzoloto bought its stake in Petropavlovsk in February this year, and already in June at the general meeting of shareholders voted against Pavel Maslovsky and other directors. If the Yuzhuralzoloto company was dissatisfied with the organization of work of Petropavlovsk, why then did it buy the shares? "
The Chelyabinsk oligarch Strukov needed the purchase in order to solve the acute problem as soon as possible. The debt of his enterprises to banks exceeds $ 1 billion. At the same time, the businessman is now accused of tax evasion for a large amount of 1.6 billion rubles in Kuzbass, where the Dzerzhinsky Mine, which belongs to him, went bankrupt. 170 different facilities of Yuzhuralzolot were arrested in the Chelyabinsk Region alone, including Strukov's personal property. And in the Krasnoyarsk Territory, due to serious environmental violations, the property of the Drazhny mine, which is part of Yuzhuralzoloto, was arrested, for another 400 million, a criminal investigation is underway.
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continued in next post
Against the background of the ongoing litigation over Petropavlovsk and criminal charges brought against the new general director, Maxim Meshcheryakov, a series of publications appeared in the federal and Amur media outlets trying to discredit the previous leadership and put pressure on the arbitration courts. In the meantime, there is less doubt that the interests of the group of shareholders go far beyond the "efficiency improvement of enterprises", which they talk about publicly. They critically need access to the bank accounts of Pokrovsky Rudnik here and now.
A regular session of the Arbitration Court of the Amur Region is scheduled for December 16, at which Petropavlovsk's claim against the subsidiary Albynsky Mine will be considered. At the same time, the same court is considering a counterclaim filed by the general director of Petropavlovsk Management Company Sergei Ermolenko, who is challenging the change of management bodies at the company's mines. At the same time, FAS Russia is studying the complaint about the purchase procedure by Yuzhuralzolot of a stake in the Amur gold miner.
Let's take a closer look at who exactly is fighting today in the Amur court and whose interests are being defended. On the one hand, the new general director Meshcheryakov, who has already become famous for the raid on the Pokrovka office. Prior to Petropavlovsk, he managed several enterprises, which he quickly brought to huge losses: the last of his companies, Maly Khingan Resources in the Jewish Autonomous Region, is currently undergoing bankruptcy proceedings.
The major shareholder of Petropavlovsk behind the change of leadership is Chelyabinsk billionaire Konstantin Strukov, whose company Yuzhuralzoloto, with a very scandalous reputation only in the last year, was mentioned several times in the press in connection with tax evasion and environmental violations. Strukov's partner on the board of shareholders is Nikolai Lustiger, or rather Nick Solomon Lustiger, as this citizen of the United States and Malta is now called in the Western manner.
As a consultant, Nick Solomon worked with officials of the US State Department, oversaw projects of large transnational corporations, and was also an adviser to the former Chelyabinsk governor Dubrovsky, who in 2019 was accused of embezzlement of the budget and is now hiding from a criminal case in Switzerland. Lustiger's longtime acquaintance is the American lawyer James Cameron Jr., who never had anything to do with the mining industry or even the London Stock Exchange, but who, unexpectedly for everyone, headed the board of directors of Petropavlovsk.
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continued in next post..
it is from todays paper, and makes very grim reading..
here it is in full, in the next post, a bit long, but worth a read...
there are a lot of negative comments here regarding the various individuals and Strukov in particular.. what is puzzling is that if you are right in that the whole scenario is being crookedly manipulated and they are going to somehow by stealth steal the value of the company from us private investors, and this seems to be the main thrust of what you are saying.. if this was the case, other larger shareholders, most likely better informed than us, would be bailing out.. but they are not.. also, the main brokers that comment on this share, Canacord, Shore Capital, Peel Hunt and Berenberg are making no negative comments.. you would think that if there was some mileage in all the negative talk that one of the brokers would be saying something similar.. but they are not..
both sides cannot both be right..
I cant see those 1.5m buys, but a blue start is good anyway..
without the dilution effect..the current price would equate to circa 35p..
not by much, but a little blue is better than red..
Cant really see what is going to stop this slide downwards now we have had the results .. cant really think what sort of RNS would give us some upward impetus again..the forensic investigation is some time away as is , more than likely, new board appointments..
any thoughts anyone?
the delayed reporting of the single ordinary sale last week of £7.5+million shares, £2million pounds worth, is not very encouraging.. to ditch a holding like that at this level is a bit disconcerting..
I find this comment potentially worrying : -
"· Introducing more robust and up-to-date systems, such as SAP, to provide the tools to control and reduce operating costs."
I hope they arent going to embark on one of these - "lets get everbody on the same system" wild goose chase.. - so many companies end up spending millions, wasting management time and not achieving what they see as the holy grail of big diverse companies having a fully integrated system..
9 times out of 10, or more likely 99 times out of 100 it never works ..its an easy thing for a new CEO to bang on about.." your systems are antiquated and wont talk to each other.. lets install SAP and go in search of the Holy grail..!!"
seriously, concentrate on getting the fundimentals sorted and dont, please, dont waste time and money on these kind of perifferals ..