Member Info for redrobb

so the 22m loss is caused by a non cash write down, which I dont fully understand, but it does mean that operationally we were profitable, but this accounting write down brought us into negative territory on a technical point..
hopefully this write down has been done purposely at a high level to clear the decks , so to speak..
Any thoughts anyone..

"§ Headline loss for the period of US$(22.0)m: compares to a gain in H1 2019 of US$3.9m and caused by a negative non-cash adjustment of US$(122.2)m related to a fair value loss on the conversion option (H1 2019: US$(9.2)m) reflecting the increase in the Company's share price"

that's good news that we got the waivers..

Well Mr grim.. you called that one right.. out at 38, back in at 28.. nice touch..

Given the drop in gold today, currently down $31 at $1869.. our SP is holding up quite well really..

Gold is currently down $48 at 1902.. so that will account for some of the drop today.. we have picked up a bit from the intraday low..
tis good we have appointed and auditor .. Nothing to worry about IMHO

a whole load of automatic 100 share buys going through..£37.60 per go.. what's the point of that exactly..

Cant see how they will mean much if they are not independently audited.. as we haven't got an auditor they would just be management accounts really, and wouldn't carry much weight .. but maybe they will post them as a stopgap measure with plenty of caveats... at least you will see the direction of travel, even if the detail may be a bit lacking..

its 150%, not 260.. still pretty good..

(....we have risen 260% since then...)

we have approx 8 times as many shares in issue as poly.. if we had poly's market cap, then we would be at approx £2.5.. maybe that is the correlation.. one of the key things that is missing here is positive sentiment .. the lack of CEO, auditor , board members and the prospect of the forensic investigation are all holding the share back.. plus poly has a divi policy... but with all this negativity about POG, we still have quite a strong share price all things considered..
as these things get sorted, the share will gain strength at each positive move.. ... and the move that gets us over 62p would put us in contention for the FTSE 100 .. if that happened the share would spike upwards quite significantly as many funds have a certain weighting in basically every FTSE 100 company .. dont forget, back in Mid March we were at 15p per share so we have risen 260% since then.. and over the same time gold has risen by only 25% .. lots of variables here, but IMHO, this is a definite time to hold.. not sell..

Given that gold is basically flat today at $1942 .. and that all the uncertainties are still there.. this is a very strong opening to the week..
Maybe there is a broker buy note to clients somewhere today.. whatever it is, it is very positive.. current price equates to 45p pre bond conversion dilution, and that is just on basic market cap/sp calc and doesn't gear in debt reduction..
something is brewing here I would say..

37p close, when you factor in the 18% dilution would be 43.6p..
little sign of weakness here.. when we get resolution to the auditor/BOD/investigation issues it wont take much to take this over £1..

when you factor in the 18% dilution that occurred prior to the EGM due to the bond conversions, without that dilution we would be at 40p.. so given the level of uncertainty that still exists around auditors, CEO, forensic investigations, etc etc .. the price is actually holding up well.. and the way I read the charts, gold looks on an upward path again and could be headed back oner 2k before long..

hardly surprising we have dropped today.. gold is currently down $20 to 1909

Nice buying this morning.. were we tipped somewhere?

"The company added that, to support the process, it would appoint Citigroup and UBS as new joint corporate brokers."

Good RNS.. good to have a chief executive, even if it is only interim.. but great news to have Citi and UBS on board.. especially UBS.. the major , global, Swiss banking and broking firm.. a real class act.. and known to be choosy about who they lend their name to..

the last time we were at this sp, ie circa 32p was on 22nd July.. since then we have had bond conversions that have resulted in an 18% dilution. Todays gold price is nearly back at where we were on 22nd July .. and in the meantime we have had an unsatisfactory EGM vote and more internal turmoil, no auditor and no CEO..
I think that all things considered the sp is holding up well and doesn't at all reflect secret dumping of shares.. which would be almost impossible to keep secret by the way..

On 29th July, so the day after PWC said they were not taking up the position of auditor, both Canaccord and Peel Hunt issued BUY recommendations to clients and a target price of 40p..
On 29th July obviously the outcome of the vote was not known and couldn't really be predicted .. but they both recommended BUY.
Throughout all the recent weeks of internal instability at POG , that is likely to continue for some time, there have not been any negative notes to clients from any of the brokers that follow POG.
If the large institutional shareholders and brokers that follow POG agreed with any of the very negative ideas like , Delisting from LSE, or stealth takeover at a low price etc, etc, then they would be dumping shares and getting out and telling clients to do the same.. but they are not..
Doesn't this tell you something?

Its quite heartening that despite today's vote, which lets face it is not what most PI's wanted .. the sp has help up well.. after the last AGM when Pavel etc were ousted we were at 26p.. and we have seen dilution from the bond conversions so to be at 34p today, after all that has gone on, even with the rise in spot gold it all seems pretty strong to me..
There are some good comments being made on the board here, not least that to get the voting over the line today it must have had support of big Institutional investors who wouldn't be voting against their own interests one would think.. as for the forensic investigation, that was voted for by 83% .. so a lot of investors outside UGC etc think it is a good idea.. and also, none of the broking houses that comment on this share are telling their clients to cut and run.. well not yet anyway..
the forensic investigation is a bit of a side show really, the main thing is getting a strong board and CEO.., the horse trading on that will be going on behind the scenes I'm sure..

I just voted, same way 1-6 for, the rest against.
My shares are held in nominees, my broker cast votes on-line.. was done in a minute.

UGC has not acted to convert its $28.4 m bonds, its has acted to convert SOME of its bonds, amounting to a paltry $200,000 worth at the 13.5cents strike price .. its quite clear in the RNS..
Not sure why such a small amount.. maybe they are planning to have a few bottles of 1945 Latour at the Ivy and need a bit of spending money..

"The aggregate principal amount of Bonds in respect of which Notice have been served amounts to US$200,000, which, at an exchange price of US$0.135 per Ordinary Share, will result in the issue and allotment of 1,481,481 new Ordinary Shares to Euroclear Nominees Limited%