The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
There are 2 potential problems. One is the chance of delisting and secondly (if that happens) SS could claim the cash in Mauritius as unpaid fees going back 8 years. I think that is highly unlikely but turning the other assets into cash is likely to be a long drawn out process. Hence the huge discount to NAV
I suspect a lot of the funding comes through third parties. Individuals who invest in companies like this are adults (hopefully) and do so at their own risk. The red warning flags have been flying for years so research is essential to avoid catastrophies like this
Rns costs to post and SS is clearly focused on conserving cash and realising assets. A delisting would push the price down further. Tempting at .208 to buy right now.
Sadly too many ill chosen investments in the portfolio. Clean Power, Rambler , Landore.etc Let's hope the others pull us through.
LOTM. Interesting investment psychology at work here. You seem to think that synt owes you the amount you have lost(on paper) and are on a mission to recover it by stealth. I have a smaller holding at a pre consolidation cost of £50 but am reluctant to commit the funds and time to get it back. I aim to do so via a broad portfolio of 50+ shares. I have little confidence in synt's management but if this MO works for you then I wish you the best of luck
Barring another pandemic or chronic international recession I see this as a fairly safe income hold for the next couple of years. There- that's probably put the mokkers on it.
MrT. I consider myself a serious investor but this is not a serious investment. It's just a fun punt. You are taking my suggestion of a private individual making a bid too literally. Certainly a small/medium sized mining company could have shown an interest. But nothing since Goldfields over a decade ago. Everyone's losing or lost money here but it goes with the territory for small AIM miners . I suppose you can hang on to the hope of recovering something but how long do you wait.?Shareholders should be massively frustrated by this self-serving man in charge who has no real interest in looking after his shareholders
MrT. If it is so cheap even a (fairly) well heeled individual could make an offer. None has materialised. Why is that? Well Mr Bird has no credibility for a start. Remember him saying in 2018 that Mankayan alone was worth $90 million? We owned all of it and look what happened. I haven't seen any clear projections as to what Hope will cost to bring to production, where the money's coming from and a clear time frame to start mining. He makes it up as he goes along. Be careful to differentiate between what you want to happen and what s actually happening. Still gamblers out there willing to take a punt.
No. The share price is low but the company is not cheap. People said it was cheap when the sp was .5p. Bird has just been buying time for years (very successfully from his viewpoint). When will it run out?
No point in issuing quarterly reports on Mankayan when nothing is happening
Prickly. Perhaps some of us have died of old age .
MrT. I do admire your eternal optimism.
By 7/8 to break even I presume you mean .07 to .08p? That seems like a huge chasm right now.
Mankayan was the reason I bought in here in the first place and shareholders have been regally shafted over how it's reached the current situation. I've written off my relatively small (thank God) investment here but still curious how it will pan out.
Hope your holding isn't too big!
Hi Grouville. I hold these and think that the private equity bias is holding it back. They trimmed the divi last time round but still a decent yield. Tempted to top up
Further points re comments today.
1. T34. They've been trying to offload/JV Eureka for years. Nobody's interested.
2. MrT. The funding no doubt comes from third party pockets. Can't imagine that anybody in their right mind would put up new funds for this shambles. The new issue is effectively more shareholder debt. Birdies balancing act continues for a while but even a 10 million share buy is peanuts now. Sorry . Big red flags flying.
You couldn't make it up. Billions more shares issued creating massive overhang.
The RNS uses words like testing,planning, studies and costing endlessly so (if) they finally get to the drilling stage a lot more funding needed. Nobody should be surprised by market reaction.The disaster just keeps unfolding. Who are the idiots that keep funding this company?
Davey. Hmm. In the old days that would be classed as a 'concert party' holding and not allowed. Don't know if that still applies but irrelevant as SS holds the majority of the shares anyway. Be good to know if any progress with the property and Radar sales and if more funds received from legacy debt. Is this cash transferable to Mauritius or already there?
Second largest shareholder? How come you're not mentioned in the latest accounts?
Don't know where you got that from. It's 1.94%.
Certainly looks cheap but this is a risk averse market at the moment. I sold these at 69p a few years back and might get back in. Currently hold CMCL for the steady dividend and prospects.
Likewise, I'm sitting on a 95% loss but on a smaller investment than some of you. I passed on the rights issue. Really appalling that a fine old company like Yule Catto going back over 100 years should morph into this disaster. Without the rights issue money this has a residual value of £40 million. Unbelieveable.