Szendro, your VAT questions are well made especially now Barrick has taken full ownership of Acacia, which I'm sure we were all hoping would be the catalyst to unhook the VAT rebate.
If you watch the interview with Eric in the link below posted by Andrew, at about 4.45 he is asked about the situation in Tanzania generally and mentions Barrick and seems happy about the general situation and is keen to work with Barrick.
Why would Shanta be working with Barrick? Could he mean politically or operationally?
He doesn't get asked specifically about the VAT rebate and doesn't offer.
He says he is in Tanzania next week, probably the first time since the Acacia deal completed, so let's hope we get some answers soon.
I'm also in UPGS and Luce and I think the reason for the different response today is probably due to trading volumes.
Luce has a market cap of £129m and UPGS is £60m so roughly half.
But Luce had 321 trades today with £800k of buys whereas UPGS had only 48 trades with buys of £66k.
This lack of volume means the market makers push for a higher bid/offer spread.
Luce bid/offer is 80.00/80.40 whereas UPGS is a ridiculous 71.00/74.00 and this keeps short-term traders away, which in turn reduces volume.
The good news for us longer-term investors is that we can accumulate slowly and eventually be rewarded on a re-rate.
GL all LTHs
The reason this back channel is relevant and the judge has allowed it to be heard, is because S & G claims that it was mislead during the due diligence and negotiations to buy the Professional Services Division. This counter claim aims to support WTGs defence that they were not and indeed how could they have been if they had spies in the camp?
Probably best not to expect the counter claim to result in a pay-out, merely that it supports the defence, helps win the case and results in the escrow being released.
EX-SFO LAWYER SUES FOR WRONGFUL DISMISSAL
A former senior lawyer at the Serious Fraud Office in charge of one of its most high-profile investigations is suing the
agency for unfair dismissal after being accused of swearing at an FBI agent and calling him a “spy”.
Tom Martin was a senior case controller at the UK’s antifraud agency in charge of its probe into
Monaco-based consultancy Unaoil.
The agreement with Xi may well suppress gold in the short term, but there is still the issue with Iran.
Surely the biggest push for gold is the years of QE, which at some point has to drive inflation and gold along with it.
Maybe the drop was because people were de-risking in case the results didn't meet expectations.
Results were great.
CEO discusses latest results with Justin Waite on Vox Markets Podcast and seems very bullish, just Google it and take a listen.
SP going back up now.
VV, if you want to stay in gold and think that the Acacia situation is going to be resolved, you could try Shanta Gold, which is also in Tanzania but apparently with very positive relations with GoT. They have just released an update for resources and the CEO is hyper bullish. The share price is depressed because of the Acacia issue and the GoT has not paid a large chunk of VAT back to the company. The CEO seems to think that once Acacia is resolved, the VAT will be paid plus Tanzania will be less of an investment pariah and many think the share price will at least double.
Might be worth a punt with some of your Barrick funds, but as always, check it out for yourself.
Here's the interview with Shanta CEO:
You could be right, NT8, but what if not all the rise was related to the recent gold price rise and some resulted from improving sentiment due to the legal framework shifting in Egypt and effectively making the court case obsolete, as reported on this board by some of our valued long-term regular posters.
Then again we have Mohammed Morsi's death and who knows how the people of Egypt might respond to that.
Also, with developments in Iran potentially destabilising global commerce, we could see a rapid gold price escalation.
On balance, I think I will stay invested in CEY for now.
I see a few late buys of £50, £60 and £70k, all about the right size for some wealthy Lords on this committee taking advantage of the early nod that the case against PFC is closing and thought they'd get in ahead of the rise perhaps.
SFO criticised for slow pace by House of Lords committee
Average SFO bribery allegation takes 4.5 years and some don't get an update on their case for 18 months:
Could be a useful competitive advantage:
Online Footasylum customers will be given the option to pay using Laybuy from today, and it will be rolled out in the brand’s 70 high street stores later this year.
Laybuy, which was launched in New Zealand around two years ago, asks customers to complete an Experian credit check before allocating shoppers a spending limit of between £60 to £720. Shoppers can pay off the cost of their purchase over six weekly payments.
My2P, I am interpreting the HSBC note as suggesting that they estimate that if the share price gets down to the previous low of £3.55, it would mean the market has priced in a fine of $2.5 bn and that the current share price of around £4 is pricing in a fine of $2.25 bn.
For them, that may mean it's a 'hold', but if you think any fine is likely to be much lower then it screams 'buy'.
RNS notified of Shroders buying and now 11%, which helped the recent run up, but who is offloading?
Once cleared, this should change direction, just difficult to predict the bottom.
Doubt it will get back to the low 20s again, but feels better to wait for the turn and then buy on the way up.
According to the last RNS, today was the scheduled site visit, 7th Feb, did anyone attend and maybe report back anything of interest?
The share price is down by a couple of percent, although not many trades.
Perhaps everything was as expected and already in the share price after the recent run up.
Anyway, a nice steady rise is better and easier to maintain, so all looking good here.
Those interested in the politics of Tanzania might want to listen to today's Hard Talk on the BBC World Service with Stephen Sackur interviewing opposition MP Tundu Lissu who was shot 16 times and survived.
They discuss Barrack and the $300m and $194bn.
It seems that President Magufuli is well entrenched.