Member Info for SlowLearner

Welcome back Oli12 .. hopefully next week will continue the sp growth but give you a chance to get in first. I'm assuming we are at least 2-4 weeks to the announcement otherwise they would have tried to announce it alongside today's news. Management are such big shareholders (and there is so much in the cash/poly shares kitty) that either a special div or winding up would be a good way of them taking proper value off the table rather than their salaries. Last purchase today at 10p

Anybody been watching the price closely today? ... I've bought a few and been doing dummy buys ... based on the prices I was quoted I think every share traded today was actually a buy. I don't know how many PI's are on holiday today/next week with a bank holiday and half-term but if this share gets noticed over the weekend then who knows how quickly it could move next week (it shot up in 2016 and again in 2017)

Hooray ... After 5 years of waiting we have some clarity. Management admitted at the 2017 agm that they were waiting for the court case to be resolved before they acted (acquistion, mbo, special div, etc as per last year's posts). It's a shame it has gone against us but if we had won it would have been appealed (&dragged on) so now, as the ceo says in today's statement, they will "make a decisive move, which I anticipate we will announce soon"!!! Current market cap £7.5m, cash and poly shares $27m ie over £20m (and up on 2017). Ie even without including their dormant gold project their assets are c3 times market cap. Someone bought 500k shares in April (Ie after court case result) ... That could be one of the sweetest quick £100k's made on aim if the sp reflects the assets when the ceo announces

Banks69 - they aren't sells ... a lot of buys are going through as "sells" because of an artificial bid-offer spread ... I have bought 150k shares in chunks from 20.1p between 12 and 1pm - all of which went through as sells. I have long since given up trying to work out why MM's or others manipulate bid-offer spreads ... I just try and buy when I think a company is undervalued and IMO HNR is cheap at 20p

Oli12 ... don't give up the faith ... I've been a shareholder of OVG for most of last 5 years and whilst frustrated at the lack of communication I haven't given up on the fundamentals. Cash position unchanged from Poly drop (it's assets that decrease) and divi still a benefit. NB I got no response from my email to the company asking for a view on the court case conclusion ... will keep trying. However - more interesting - a 500k (or 0.6% of company) purchase today - hopefully a holding RNS will follow but could be a restart of the share buy back programme or potentially an II buyer who sees the value

NB The settlement appears to be documented in two places ... the first as per the google translation of my first post The second place, towards the end of the document, implies that the settlement might be a 45% discount with the 55% to be paid by 31st December 2018 and no further payment. I will ask management to clarify but either way we potentially have conclusion and a payment of at least �3m

Good spot OLI12. So my Russian is a "bit rusty" but google translate and 2 hours reading through seems to say: 1. Court ruled that conclusion of December creditor meeting stands (ie the creditor meeting that OVG and others tried to get thrown out because proper warning had not been given ... it looks like OVG's invite got returned as it was incorrectly addressed ... so OVG didn't go to the creditors meeting ... deliberate or accidental error - who knows) 2. That ruling appears to say payment for Taymura debts is to come from oil production rather than taking their oil assets (OVG looks like 2/3rds of the debt so would have had a big vote if they had been at meeting) 3. The agreement appears to have an immediate payment with a 45% discount on money owed ... so 239m Roubles to OVG of the >400m owed (if I have read it correctly this means OVG gets 239m roubles or �3m immediately) 4. The remaining 45% may be due by the 31st December So could be a good result for us shareholders despite the loss of the claim against the December meeting as it gets us cash back and hopefully a conclusion so OVG management can decide what they want to do

Seems to be holding above 10p .... hopefully the steady rise to end of the court case will restart now. Even if they don't get another penny from Taymura then the end of the court case will allow management to do one of the things mentioned at the ag: a special div (or a share buy back) or invest in another project (or could even do a mgt buy out) ... either way that should get the sp to be 20p + (ie reflecting cash & poly share value) Or, as you say Oli12, they could win from the court case and get the Taymura oil assets and its game on for sp's above the 20's Exciting times ahead for patient holders

Not to worry Oli12 .. we are still way up on the AGM and the business' assets are still >3x the market cap ... so we just have to wait a little longer ...patience is fine ... I will keeping adding a few whilst its cheap

Or MM games ... I have taken the opportunity to top up in 13's and my buy is registered as a sell!! Overall though we are still 60% up from pre AGM so not surprising if a few people take profits. In the mid to long-term its still way undervalued even at 13p. To recap for anyone new to the board having seen last week's sp growth: OVG has cash and Poly shares worth over £20m ie over 25p per share OVG has a legal case (vs Taymura) to reclaim up to £6m in unpaid debts which gets concluded in February / March OVG is confident, as lead creditor, that it will win but it may receive Taymura's O&G assets which they will develop Management (at the AGM) have started talking to shareholders for the first time in years and have said about wanting to close the market cap to asset gap If OVG receives £6m from the case then there is another 8p to add to over 30p before you even factor in OVG's dormant gold assets or anything it might do with O&G Hence IMO a fair value of assets could be c. 40p .. ie 5x the value at AGM and 3x the current value

Guys - lets keep it civil ... this has been a good (if rare) board with a focus on fact and not personal attacks. Costello is free to have his views but I would encourage everyone to focus on fact. Please tell me if any of this is wrong: 1. OVG has cash and Poly shares worth over £20m ie over 25p per share 2. OVG's gold assets aren't economic until gold is over $1400 hence the business hasn't been doing much but waiting (much to all us LTH's frustration) 3. OVG has a legal case (vs Taymura) to reclaim up to £6m in unpaid debts which gets concluded in February / March 4. OVG is confident, as lead creditor, that it will win but it may receive Taymura's O&G assets which they will develop 5. Management (at the AGM) have started talking to shareholders for the first time since I have been following OVG and have said about wanting to close the market cap to asset gap 6. Consequently the share price is up >70% from the AGM (8.5p to now 14.5p paid today) 7. But the SP still has 10.5p (ie another 120%) to go to 25p to just reach its cash and poly share value 8. If OVG receives £6m from the case then there is another 8p to add to over 30p before you even factor in the dormant gold assets or anything it might do with O&G 9. Hence a fair value of assets could be c. 40p .. ie 5x the value at AGM and 3x the current value Hence, and this is where fact ends and its just my opinion: 1. The share price will continue to move up towards the Feb / March court case 2. The sp could easily reach 20-25p during this time (25p is only the value of the cash and poly shares) 3. If the market spots this share it could go through the roof as there are very little free shares 4. At any point Mgt (with 51% of the shares) could decide to try to take the business private and realise the inherent value of the assets 5. Whilst I acknowledge management's silence and inactivity has been a big issue in the last 4 years of following OVG, the reality is they are talking now, they have options in gold and potentially oil and gas and if all else fails they have over £20m ie over 25p per share of cash and poly shares

Welcome aboard indeed . A very goof week ... a few profit takers limited the sp to 14-14.5 today not quite our 15p on the advent calendar but 50% for the week is a good return and we are still way under asset value. I'm waiting for the MM's to knock the closing price again but last trade through on google was 14.5p. Hopefully more people will read up on OVG over the weekend based on this week's growth and see the potential.

Indeed it makes no sense at all. Although Mike Ashley owns a huge share there should be a big enough free float to not have such a big 2-way swing in one day. Any idea how much of the free float is tied up via options, CFD's, etc?

either the daily p on us PI's or is it a tree shake to try and scare people into selling ... the MM's need shares

You can buy 10-20k again now (could only buy 100shares 30 minutes ago) thanks to the couple of people who have sold ... NB sp is still going up despite there being more sales than buys according to LSE this morning .... sells are just putting liquidity into the market that gets bought up. I don't think I have ever been in a share before that could re-rate if only there were enough shares available for people to buy!!

Daisan, I think you have followed OVG for as long as I have -the big difference for me from the last 4 years is that management are talking to us, they recognise the gap between assets & market cap and they are talking about what the are going to do about it. I have copied Foggy's post on the press after the recent AGM below where they talk about the O&G assets but also mention dividends. Clearly nothing is likely to happen until the court case is resolved but the slow steady growth in sp IMO is driven by the build up to that in Feb/March. In the interim if the market spots this share then it will go through the roof as there are minimal free shares ... just look how easily the 100k was sold at 12.5p this morning. Hence I'm continuing to quietly build my holding 29th November Press: OVG is considering opportunities in the oil and gas sector as it seeks to close the gap between its market capitalisation and its net current assets. The company is valued by the market at just over £7m, despite the fact it has cash in the bank around $6.5m (£5.5m) and a stake in gold and silver mining business Polymetal currently valued at around £15m. Around half of the shares are owned by Russian board members, and the company's exploration assets are located in Russia. The company is currently embroiled in legal action after a loan it gave to another business went into default. Chief executive Kirill Golovanov told shareholders at the company's AGM in Dublin last week that Ovoca management believes there is the potential to acquire oil and gas assets on foot of this process. "That would fundamentally change the business of the company and for sure we would need to seek shareholders' approval to do that ... there is a big fight regarding these assets among the creditors. "Before we resolve this issue we cannot consider any dividends because if we are to acquire that property ... we would need funds to develop those assets," Golovanov said. "I do understand there is a substantial gap between our market cap, and the value of our cash in the bank and securities that we have. We can argue why that is going on but there are probably some issues because of the Russia issue - that the company has all its assets in Russia - which is not true technically because the cash is in foreign banks and Polymetal is an international public company. Its shares are traded on the London Stock Exchange." Golovanov said he believed the best way to close the gap between market cap and assets was to acquire new projects."My view on our company is that we have enough of our own funds, and we are in a better position than other companies. So for us it is more a question of finding the right project which would create value for the shareholders and change this gap." "I can fully appreciate the fact that it's been a while [looking for a new project] but when we find the right project we'll have enough money to actually do

So we got our 12p today and Oli is understandably calling for 13p tomorrow. Despite having two days with fudged closing prices (whether MM mischief, KGB or admin glitches) the reality is: people paid 12.5p today, it is very hard to get any shares; OVG's Market cap is still a fraction of cash, poly shares, assets, etc. Let's just keep enjoying the steady rise to the court case results in Feb / March. And if the market spots the opportunity before then and everyone piles in then welcome very quickly 16/20/24p and maybe beyond if a purchaser teams up with mgt (who still have their 51%)

Still Cheap indeed ... the 20p + assets doesn't even factor in the tax benefits of historical losses ... depends on details of the 2013/14 losses but there could be a £4-5m cash benefit by offsetting corporation tax (great for a profitable purchaser of OVG ... all a purchaser needs to do is get management, with 51% of the shares, on board and they get 25p+ of assets for a bargain with a potential bonus from the £5-6m court claim) Purchasing the 49% not held by management would cost a purchaser only £4.5m + the bid premium required ... if I had £7m I would call management!!!!! Naturally DYOR but I am quietly adding today with the sp over 12p

yep - have a look at the 7th ... two uncrossing trades at 11am (100,000 shares) and 2pm (99,990) both at 10p ... so 10 shares difference made up today after closing!! So an MM sorting out his admin 5 days later or a bit of artificial price trashing ... either way I will take 12p tomorrow

Its even labelled as an uncrossing trade ... an MM playing games with an artificially low price or an admin error a day or two before? New 52 week intraday high of 11.9375p ... anybody for 12p tomorrow?