Member Info for schlemiel

https://www.asx.com.au/asxpdf/20200810/pdf/44lbq04gxbkpjj.pdf

https://www.asx.com.au/asxpdf/20200810/pdf/44lbqpf2ll7mhr.pdf

easy.

Haveiron is such a unique asset with zero processing capex demands (Telfer around the corner so the cost would be operational from income (sales)) that raising equity would be a breeze

**Shares in potash mine developer Sirius Minerals PLC (LON:SXX) sank on Wednesday after Berenberg downgraded the stock to ‘hold’ from ‘buy’ and slashed its target price by 50% to 17p from 35p.
In a note, the German bank said that following news on Tuesday that the FTSE 250 firm had delayed a planned US$500mln bond offering, the risks relating to the group’s polyhalite project in Yorkshire were now “greater than the reward” and suggested that investors “wait until certainty is achieved” before taking any action.

READ: Sirius Minerals slumps as it slams brakes on US$500mln bond offering
“As outlined in the financing package, there is no guarantee that alternative methods of financing can be secured…and as such the company could again run into cash flow issues. With the deadline for completion now drawing closer, the risk is now too high to argue that Sirius Minerals’ shares currently represent an attractive investment”, the broker said.
However, despite the uncertainty, Berenberg’s analysts reiterated their long-term view of the project unchanged, saying that if the company managed to secure funding for its Woodsmith site the economics were “favourable”.**

https://www.miningcapital.com/companies/news/900285/sirius-minerals-slides-as-berenberg-downgrades-to-hold-and-cuts-target-price-in-half-900285.html

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Apologies to ex-holders in SXX but BERG pointed out SXX's weaknesses months before the company imploded

The moral of the story is simple. Without cash a company is insolvent, dead, kaput and the value of shareholder equity falls to zero. Liquidity is everything in the corporate and personal world. Cash comes from varying sources and with varying degrees of difficulty. That source is either internal (positive cashflow generation from product sales) or external (equity investors or debt investors with both forms of financing reliant on security of investment and confidence in the company).

GGP's cash balance is minimal at present relative to its market cap but we have 30% of a Tier 1, high grade gold-copper discovery that can be profitably exploited for minimal capital outlay (debt or equity financed. I hope GGP offer 'us lot' an opportunity to participate in any future equity fund raise).

The initial 5% at FMV is pure cash in the bank, it is a contractual obligation. This is massive in terms of market confidence. The other 25% is also hugely important to support the company's market value. If we didn't have this contractual guarantee the price would fall away ala SXX

I bet we have financiers (with Newcrest at the front of the queue) queueing up to finance our 25% to take Hav to mining ala Franco Nevada at SOLG. Again, I'd like to see, in the absence of a takeover, our capital demands to finance the mining of Havieron come from equity not debt. Shareholders not debt holders or royalty companies (Franco-Nev or Sandstorm for example) should enjoy the upside.

Heddle could easily raise $100m from equity investors, easy, e

None of them fella. Fresh capital from a maturation

What's Mather's end game? Is he serious about going to mining or is that a ruse to achieve funding to PFS to prevent a low ball bid ?

I like your analysis. A refreshing insight that provides perspective when sometimes that perspective is lost (and I included myself) by focusing on second by second price volatility

CGP is offering itself up for sale hence the article. The contents are almost an irrelevance. Is corporate action just around the corner? NCM's removal of their SOLG appointee and now CGP hawking itself around to the highest bidder, one would think so

I'm currently holding GGP, SEE and FOG and might join in with some here

GL

https://resourceworld.com/cornerstone-capital-exploring-ecuador-copper-gold-prospects/

https://www.proactiveinvestors.com/companies/news/219819/falcon-oil--gas-to-ride-out-market-uncertainty-thanks-to-new-farm-out-219819.html

excellent stuff paddy...thanks for your efforts and calming influence using cold hard analysis..

GL

A CEO selling stock is not nonsense but a legitimate topic of debate, almost a corporate transaction. To some they may find the discussion about this as some form of ad hominem attack on GH which is bollux.

Anyway, it is what it is.

GLA and let's look forward to Biswas's performance in 2 weeks time

'When Can Directors Buy and Sell Shares?

Directors, like any other shareholders must comply with Market Abuse Regulation (MAR) 1.3.2 on inside information. This regulatory mandates that Persons Discharging Management Responsibility (PDMRs) i.e. the company statutory directors in this context cannot deal when they are in possession of price sensitive information, i.e. information that when released to the public is likely to have a material impact on the share price of the stock in question. A period of time when Directors are prohibited from dealing is referred to as a ‘closed period’.

On top of this ‘catch all’ the EU Market Abuse Regulation (MAR), Section 19 goes a step further to explicitly state that PDMRs cannot deal in the period of 30 calendar days before the announcement of interim financial results or a year end results. This is referred to as the MAR closed period. Taking the AIM market for example, companies need to publish a half year financial report within 3 months of the half year period ending and the final results within 6 months of the end of the full year. It is worth noting that the full annual report does not need to be published on the same day, the closed period can end on publication of the final results statement, assuming no additional material information will be produced in the annual report which is not included in the Final Results statement.

Let’s take a look at how this affects AIM companies specifically now. The rules prior to the adoption of EU MAR from summer 2016 were actually 60 days, so the MAR actually relaxes the closed period requirement relating to release of financial information somewhat. AIM companies as part of AIM rule 21 are though also now required to have in place at all times a dealing policy which must also specify the company’s closed periods. This dealing policy though is not required to be published publically by the company and therefore it may not always be clear whether the company is in a closed period of not.'

https://shareinvestors.co.uk/2017/04/21/understanding-the-rules-and-intent-of-director-share-dealings/#:~:text=Directors%2C%20like%20any%20other%20shareholders,Abuse%20Regulation%20(MAR)%201.3.&text=A%20period%20of%20time%20when,as%20a%20%27closed%20period%27.

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One can only assume that Heddle (not an employee of Newcrest but does he have access to Nerwcrest info not yet released to the market) has no knowledge of the contents (related to Havieron, specifically) of Newcrest FY results to be published, 14 Aug.

Regarding other updates. Drilling commencement at Scallywag. Is this 'price sensitive info? If it is then Heddle's sale must surely mean no news on Scally until 7 Sept at the earliest

What constitutes price sensitive info?

'allowed'

With all due respect. you're not the CEO of GGP.

Understand that some holders are somewhat reactive to all sources of news that may price impact their stock. It's not that these slightly nervy holders are being critical but are trying to assess the impact of such news on the value of their holding. That's all it is.

If a CEO sells stock in the company they run this is a news event and worthy of discussion

I'm with Sharecentre which was taken out by II a few months ago, I hope they are as efficient though Sharecentre's website can be somewhat amateurish in style

Fingers crossed, thanks mate

Heddle's selling isn't indiscriminate. There's method at work. I do believe once these feckin' options and warrants are out of the way the price should behave in a more reflective manner. These instruments of dilution are vital for small explorers but they can temporarily warp the market

ProfQ - That thought has just crossed my mind as well. I think you may be correct in that assertion simply because of the timing

No one's criticising Heddle but our concern is how this may be perceived by the wider market. It does have an impact and to deny that is a tad naive.