George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
Given up trying to predict Amigo share price, often tanks on good news and rises on no news! I assume there will be people waiting on the sidelines to get in on assumption court sanction SOA in May although that may already be baked into SP. Personally I'm sitting on heavy losses so will just see it out and hopefully recoup my losses over next 2 years once RI done, although no guarantee the company will thrive once lending again. Luckily investments elsewhere have proved more profitable but I always knew this was a gamble and at 3p did think it was game. At least now we have something to cling to.
These things take time. I imagine they'll want to give a comprehensive update when they can which includes timelines, court dates etc. and that all takes time. they will also be conscious they don't want to release news that will pump the share price so fully expect next RNS to not rule out share dilution or insolvency.
Doesnāt the extended lending facility announced in June expire on 24th September? So theyāll have to announce an update, presumably either tomorrow/Thursday ahead of AGM. Unless they already have and Iāve missed it.
I know the facility was reduced to 100m so be interesting if and what any new facility is.
Reckon a dilution is inevitable to get this over the line. The FCA cited share price increase as a major factor in their objection of SOA1 (even though it was down 97% from peak). Personally I'm factoring it in. I think they'll have to announce soon even if percentage not known just to hold SP back. They won't want to go to court with it sitting at 30p again
@funksoulbrother
Thanks for the explanation. Makes sense. In some ways Iād prefer it if the shares stayed suspended. Now weāre left with agonising decision tomorrow. Iāve no idea what to do. Could kick myself, got greedy if being honest
The problem is you wonāt be able to sell, it will be in auction all morning. Tanking. Personally if I can escape with anything up to 20% loss on my average Iāll get out. Any worse than that and may as well go s*** or bust
Theyāll be in discussions with FCA today regarding a solution. It will likely involve increasing the compensation pot to maybe 20% of future profits and changing the incentive plan to be less generous.
The reason Iām staying in is an RNS could drop any time with an update on discussions and clearly it will rocket if positive. Be interesting what the market deems a good deal. Re-lending will likely be end of May if given go ahead. If it does get green light on Wednesday then obviously to contribute 15+ per cent of future profits they need to start lending again to make any profit, so surely FCA wouldnāt stand in the way there.
Long term question is can they make it profitable. I know there is a big market but under new affordability rules that population will be dwindled down. 49 per cent interest rates are only good if bulk of people pay you back.
Good post.
The way Iām looking at it is we are now back at SP level as of 5th May, so itās hardly a disaster.
I always thought it would be difficult going into court on 19th with SP booming. I actually think the drop may actually be a positive in long run providing it doesnāt tank tomorrow that is.
Iām holding anyway. Been invested since last May 2020
I couldnāt give a monkeys what shareholding Vinson has but heās the main reason I am now sitting on a 90% profit. Iāve been dabbling in shares for 15 years and this feels like a once in a lifetime opportunity. Surely this vote will go through and then who knows what will happen!
I can only see SP rising on good news. I canāt see mass sell off as if all goes well then just a waiting game before re-lending announced.
What is interesting if most thought this share would go nowhere until the vote decision and thatās proved to be wrong. Personally I think yes vote already priced in to some extent.
Just looking back and on 7 April SP was 14p, now 26.5p. So pretty much 100% up in one month. Thatās truly amazing.
Does anyone think weāll see a sell off before the vote results as people get nervous? Or do you think it will continue to rise with people not wanting to be left out?
Iām not complaining. Bought at 15p last spring. Saw it drop to 6p and was well down. Thought about throwing the towel in as was well down and loads of people on here were predicting bust. Now Iām comfortably up and holding firm. So pleased for everyone who has been through the same.
Big thanks to likes of Vinson & Co who convinced me to hold.
Iāll be happy with 30p. I think the regulatory environment theyāll be working in will hamper profit. There will be all kinds of checks theyāll have to do...crazy stuff like affordability checks! On a serious note I think 30p is achievable on announcement of new lending.
Yes totally agree. Well summed up.
The only slight disappointment for me is it didnāt hold 16p+. But hopefully has now stabilised and you donāt want SP rocketing on the eve of the vote. As long as it doesnāt go below 13p in meantime Iāll be relatively happy.
Is there not a danger that most of the 700,000 ex customers wonāt vote. Is there any precedent out there of another SOA that got voted in with similar customer segment, so majority ex customers?
I need a yes vote but I canāt understand if itās a given as many people seem to think why SP has gone down so much. I thought this one would have set a benchmark at late teens instead were drifting into single digit territory again! Hopefully blue skies next week