George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
Whilst I still think it should have been better handled via RNS I have been reassured that the delay is based on auditor holidays. Proof read happening and could be released today although (I do think over optimism is sometimes an issue here). Apparently nothing to concern about.
Whilst I will not withdraw my concerns regarding corporate governance at times here I will say that Shishir is brilliant at returning emails etc. I feel a little happier than I did at 7.30am.
I also believe the battle against time in getting AR out has been the cause in delay on Q1 update (although still don’t know if this will be positive or not).
Not entirely happy. Most my comments stand but I can’t fault the internal relations - if only external relations were as good!!
@Glengarth. Even in your positive take on the possible reasons it still does not explain or justify the way this has been communicated. E.g. no warning and no reassurance as to no know material reason as is common practice when this happens.
The above is at best appalling communication disregard for shareholders and at worst……
Absolutely appalling.
Even the worst companies give a heads up that this is likely or going to happen. Even now there is no communication from the business.
They could update us that all targets are hit and they have positive cash flow and even then the shadow of appalling communication would overhang here.
Not even a pre-emptive comment to reassure us that there is nothing material effecting the auditors delay.
So I am not sure why the below does not apply to them?….
https://www.fca.org.uk/publications/newsletters/primary-market-bulletin-39
And the rationale that I believe you came up with Andi for no quarterly ops update despite the quarter being such a milestone landmark quarter was they would bundle this with the FY results…. Bang goes that theory.
We can only assume that production targets have been hit otherwise they would be in breach of corporate governance for not disclosing material information as soon as possible that if known would affect the share price.
But the above assumption has no correlation with todays sp. something has to give….
Disappointed to not have got a Q1 update a whole month after Q1 finished. As previously stated - either bad news and material so in breach of governance for not advising as soon as possible…. Or it is good news and then a disregard for shareholders sitting on huge losses (over £20k personally) which could be supported through demonstration of targets being met. Neither makes sense. I piped down after everyone called out the 31st as the date to get this. Now what??
The quarter is long done. They know the production qty give or take. I don’t understand why they wouldn’t tell the market.
Theories:
1. It is bad news and they are hoping to deliver this alongside some good news (e.g. July is on track)
2. They met targets and given this was guidance it is not worthy of an update.
My problem with both the above is that option 1 would be withholding material information in my opinion and very poor governance to have not advised the market as soon as it was clear (which would have been before the quarter ended unless it was close). Option 2 whilst not demanding an update it would seem strange to not take advantage of the positive news and support the share price as soon as possible.
So - they are either flirting with negligent corporate governance or showing a disregard for the current weakness in the sp….. open and welcoming of a more palatable reason.
MyIPA - you are looking at the contracts n your assessment of undervalued.
I am looking at the management in my assessment of overvalued.
To be fair - in years to come above statement could prove to be very unfair but on AIM I think you invest in management more than you do in RNS “facts”. Without good management how can you verify the facts.
Obviously a fully audited and strong performing set of financial statements is another good verification.
Cheers
100% Justice…. Not just this board I’ll add but definitely a prime example.
We have people here who have at every price from 0.6p be bullish and shout down “derampers” aka people who have been proven right - and yet don’t have the self awareness to pipe down and feel a little sheepish for up to now being so wrong.
Fine to be wrong btw and also fine to think that this time will really be different but perhaps do these things with a little more humility and recognition on how far you are on the wrong side of the argument to date….
Just to add finally (and again you see this everywhere not just here)…. The bulls will deride the rampers should this do 60% say and go to 0.16p. But if these two factions have been entrenched in disagreement since 0.3p say then it is laughable when victory is claimed by the bull in these cases. I would need to see this in the high 0.4s before anyone tries to claim they were right backing this (other than for a trade). Even then it would be generous to give credit but shows how bad things are here that 400% is needed just to get to the mid range of where this has previously been hyped.
So 40m dollars of free cash earnt in 1 quarter when the world is falling in and the SP is bombed out… wow.
They are bullish about future pgm pricing as well.
Doubt sp will do much but it can’t remain this low forever
I suspect this has been discussed but scrolling through today and yesterday I can’t see it.
Regardless of good placing price vs bad placing price etc…. I would be more alarmed that so much of the raise has been left to an open offer that may or may not be taken…. Is it underwritten?
Do QED need £1m or £3m to fund through to next stage? I hope the former and the latter is just to pacify existing holders. If the latter then there is a big risk that all this pain is taken and still no funds.
TheTruth
I don’t think this has another placing left in it. The next method ME will use to pay his wages with be CLN’s aka death spiral finance. That will keep another year of lifestyle. It will be regular heavily discounted to Vwap and will each time smash the price lower and lower until 0.09p will seem like a dream price (just like 0.18p seems like a dream now but was actually a devastatingly discounted placing not that long ago)
Good to get it out the way quickly. Vote against and move in with no more crying from Hamoodi. I actually quite like shareholder action. Should happen more often but to get rid of the whole board without a really strong succession plan is madness. I’ll be voting against.
Morbox. That is highly unlikely due to the right amount of shares available. If they did attempt to buy back it would be for about 60% of the company (unheard of) and would also likely cause the sp re relate much higher than +11p meaning you could get your windfall either way. This is incredible news and those who sold at sub 20 need to give their head a wobble (equally, those that sold in the 50s - congratulations 👏🏼)
The 50p warrants are more of an issue than the 45p placing in my opinion. Placing is done and if not for the warrants you could imagine the SP building from here if they start getting things right (big "if"). Problem is that no matter what the company does now to increase SP there will always be the threat of 7% of current issued shares flooding the market at a breakeven price of 50p. Makes JSE uninvestable for me especially when there are plenty of other O&G bargains to be had all with seemingly more competent management than here.