Member Info for rustybucket

I don't know how you can say that any poster on here is costing investors significant sums. The things I have posted have once again become a reality, A couple of posters who came for the quick buck and shouting euphoria are waiting at the bus stop trying to get off.

The results which many people were waiting for with all the bells and whistles have come and gone again, shrouded in the usual mystery.

I have said many many times, I expect the share price to go much much higher than it is today. BUT, only if they play the game. Why can't this company publish accounts and put some reality into it. They come out with statements without backing them up. 2 prime examples the IRC STAKE, and the debt reduction. Now if they had come out and said we have come to a provisional agreement to sell IRC, and we also have provisional agreement for a release of the guarantee, that would make sense. But they didn't, they said we have agreed to sell, They say they are looking to reduce debt, but without giving details. Now, I don't know if there is a way to repay some or all of the convertibles due 2022.

I think there might be some scope there, and that could be done by forward selling some gold or through a rights issue. Another bond issue, doesn't do that as we know what happened when they re-negotiated the convertibles, they increased the amount by $25m and we had fees to pay for the privilege.

PVX123, You need to be able to distinguish between negativity and reality. There is a subtle difference. Just because some people put a negative slant on things doesn't mean they are negative overall.

It just means they have a balanced view and want to be able to understand things, rather than looking at everything with very Rose tinted petalled spectacles.

Kent I am sure we got the money to lend IRC by selling pre-sold gold to Gazonprobank ( or whatever they are called ) Thats why when we got the money back it just disappeared, because it wasn't ours in the first place.

The worrying aspect for me with POG all the time, is the fact we NEVER, seem to build up large cash resources. There is always something which comes to swallow up the cash.

There were a number of posters on here talking telephone numbers, who have seemed to disappear into thin air. The mere fact we couldn't buy Temi with cash ( at the moment ) tells its own story. Hopefully a little further down the line they can actually prove they can make money, especially in these positive times for goldminers

As Kenj alludes to the bondholder offer is shrouded in mystery, and small print. I have tried to read through some of this, but it seems contradictory to me, and I am not sure whether they could do that.

Again as Kenj alludes to, it is unlikely the bondholders would want to convert and lose their coupon. Some people complain about the terms, but the terms were a slight improvement on the previous offering.

There were rumours that the last time they were looking to raise capital, Pavel personally was going to get a large chunk for "negotiating the deal" at terms that were worse that they eventually settled at. Of course this is hearsay, but, it was never denied. As ever interesting times and as muddied as ever.

Debt refinancing
? As at 31 December 2019, the Company’s debt amounted to $609m, comprising of $500m of guaranteed notes (8.125% coupon, maturing November 2022) and $125m of convertible bonds ($109m at amortised cost, 8.25% coupon, maturing July 2024)
? The Board is actively considering a number of liability management options with the aim of reducing the Company’s leverage and cost of debt. Are they proposing another bond issue or Possible rights issue.

The forward selling of gold to Gazprobank.

And the hedges they have in place for both ruble and gold. I wonder why there are 2 RNS about directors but no RNS about results on here.

I just hope stt1 didn't give you any advice. Thats the problem, with asking for info from posters. If they have an axe to grind you will never get a balanced view.

You can not assume that because the price of concentrate purchased, could vary depending on the prevailing gold price at the time. Wish it was that simple to do calculations. This is POG. !!

Workingstiff, for months I have been posting that you have to expect the unexpected from POG. As for transparency in all the time I have been a shareholder, for many years, I have yet to see transparency.

I posted about 4 months ago, about ( I believe ) Polymetals results, and the transparency in them, and the fact that I wished POG would be as transparent. I am still waiting, but I still believe that this company " has the potential to have a share price to get well into the FTSE 100 " But it won't happen overnight, and we have made some progress, on some fronts.

Well Ladies and Gentlemen, all the Euphoria has evaporated. Typical POG. Expect the unexpected, But, any longtermers, should know, this is their strategy, get all the crap pit of the way, get rid of some exceptional, and then come next year, massive profits, and Pavel tells us how good he is. Yes, very good at making the profits look worse than they really are in order to take the plaudits in 12 months time. I have not read the full RNS yet, but we are far enough into the next quarter to give an idea of where we were.

But, that would be counter intuitive, as he likes to show the negative first and take the plaudits later.

Personally I don't think its too bad. On track, but still hurdles to overcome, i.e Temi, IRC, and 2 bond issues. Onwards and upwards.

Kenj some of them haven't a clue, they are just making it up as they go without knowing anything about the company

Thanks for the post west end, but in my opinion, Prosperity have no power over POG. Yes, they might be a shareholder but I find there predictions very, very, optimistic.

My own personal preference would be to buy more third party concentrate, try and reduce debt, as that would allow even more free flow cash to allow a higher dividend at a later date. My opinion only.

Which is exactly what I have posted on numerous occasions. I would love to be pleasantly surprised but some of the forecasts on here defy belief, in my humble opinion.

Big question, "If" Small word, but massive meaning. some wild class it as pie in the sky.

I was going to make a joke about "if" but it might be offensive to some.

PVX233 Perhaps you should be the accountant. I hope your predictions are correct, but past performance, although not necessarily a guide to the future, so say stock markets, has never quite been the way it should have.

When people were suggesting they could either repay convertible bondholders, not only did they not repay 1 penny, they borrowed extra.

The big difference is the POX hub is now fully working, that "SHOULD" make a big difference, but, the proof will be in the pudding. As I have alluded to previously if they were cash rich, they would just buy TEMI with cash. The question I would ask you is. Why didn't they do that then ?

You normally don't answer, so I will hazard a guess, they didn't have the full cash. So if they didn't have the full amount of cash, they will have no chance of repaying all the bonds on maturity. Not that that should be a major hurdle, as if we stay at the same levels, or as I think we should do, grow the share price, I can only see one outcome with the bondholders for the convertibles, that is for them to convert.

That will give extra shareholders, and cause dilution to existing shareholders, but, it will get rid of that part of the debt.

At that time, market capitalisation should be higher and if we redeem "some" of the larger bond and renegotiate another issue at a lower coupon rate that would not be a bad thing as a lot of companies carry debt.

That should lead to a further re-rating of POG in a positive was which should lead to an even higher share price. It is going to be interesting to hear about third party concentrate and how much we have processed, but, I fear we will not know how much we are making from the processing of this stuff.

Retired Banker, I don't normally, but this time, I am going to disagree. And its totally to do with the POX hub. Pop have got one HUM AND SHG don't. As the meerkats would say " SIMPLES"

I know nothing of anything within the bonds and warrants that would stop POG from paying a dividend if they were profitable enough to have enough to more than cover cashflow and expenditure and interest payments. But, in my opinion, any extra resources should be used initially, to pay for extra third party concentrate to make extra profit, and/or towards purchasing TEMI with cash rather than shares, unless it was "full market value" at the time. As always my opinion only.

Hi Istabraq, Yes the web of pog. Peter lost all his shares gambling on the share price. Pavel supposedly had boatloads of shares went to the Russian Government, so mention of selling then all of a sudden he doesn't seem to own any. Then we had the charade with puts and call options.

The fact they were "supposedly underwriting the rights issue" what did the beatles sing, oh yes, With a little help from our friends'. Pavel comes back,then gets ousted, then gets his friends together and gets back. The joys of POG. And thats just part of the saga. We then had the episode with Temi. We had the situation with large holdings changing hands between different banks, and then a later notification saying Peter no longer has "any influence " with I believe, Somebody Pacific. Then Pavel goes out and buys I believe 17m shares, Peter goes to rescue IRC, Ha Ha, and what happens if we get rid of that does Peter come back here. And then the convertible bonds. And the fact they held us to ransom, if you believe the 2ps. But underwriting the issue with their friends should give them very large holdings but, where are they. ??? The saga of POG. But with skin in the game, They also have the willingness to make it happen. I have talked about shenanigans for years. There could be good reasons for all of the above, its just a pity they can not be more open with shareholders, instead of going for underhand dealings. I still think this share has a lot of legs yet, and I think, if they get it right, no reason they can not get into the FTSE 100. Time will tell.

Hi Istabraq and of the ones you have mentioned, how many do you think will be answered. Investor relations did give me an idea of who owned bonds about a year ago. And I posted it on here. Enjoy the long weekend guys and dolls.

Exactly CurlyKev. But to be honest if there is EVER, anything positive its jumped on immediately by our resident scumbag.

What an existence. All the best.

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And I agree wholeheartedly. As soon as there is a positive post, my computer comes out with the above, meaning he is back counteracting any positive post put on here,

The person has some agenda. To hold that sort of grudge for such a long time. He she or it, has either an agenda that is profitable to themselves or deluded. I have never been on any bulletin board EVER, where a person has ran a constant negative campaign against a company. Even Tom Winnifrith ( I think thats how you spelt it ) had campaigns against companies that more often than not were proved correct. I can only go by the latest set of information from the directors of this company. Which at last pointed to "real profitability" with cash in the bank with the recent acquisitions, maybe, just maybe, I might get back some of my losses. But it will not be with any help whatsoever from our resident dissenter who shall remain silenced. Take care all, and above all stay safe.

Curly Kev, I applaud you for your attempts to topple our resident scumbag. I am sorry I can't join you. I know It/he/she or whoever it is will NEVER post anything positive, so thats why it will stay filtered.