Member Info for squeaky19

POLYM I think you are missing something.

The following was included in the RNS on 22nd September which incluced the H1 results for 2022:

"Taking into account significant decline in operating cash flows, challenges in establishing new sales channels and the short-term liquidity headwinds, the Board decided to permanently cancel full-year 2021 dividend. Given the continuing impact of these external uncertainties, the Board does not propose any interim 2022 dividends to allow the Group to strengthen its cash position and enhance its resilience in a highly volatile environment."

So to answer your question I would say that the 2021 final dividend (or any 2022 dividends) are not sitting in a Cyprus bank account. They have been cancelled because cash flow was negative at the time as has been pointed out by others on here.

I agree with all the points made about holding for the long term but equally agree that there is unlikely to be any movement in the share price for at least 6 months unless there is a material change in circumstances.

GLA DYOR and thank you for all the many insightful comments (shame about all the green boxes but meh)

I agree. I quite like this investment now because the share price is completely irrelevant and it's all about a single event happening or not happening.

In my head this is a binary scenario and either;

1. The assets are sold and we recover say 40p per share (or better if we get very lucky) or
2. The assets don't get sold and... assorted vegetables are back on the table

You pays your money and you takes your choice.

There may be people who try to trade around penny moves but frankly who cares when it really is that simple now?

GLA and DYOR :-)

thank you for the very detailed explanation

clearly if this all goes well I will need to get my pocket calculator out ;-)

I doubt if an answer would be forthcoming but how we get the value would be an interesting question?

It seems to me that if they buy back our shares then we would be liable for CGT at 20% but if they pay a special dividend then we would be liable for 33.75% tax and we would own shares in a company with no assets?

fair enough

the (old) notice says the following which isn't entirely clear to me, I guess it will all come out in the wash ;-)

"OPTION 3: If you have exercised all your subscription shares on option 2, you may also apply for additional shares.
Excess applications may be subject to scaling back. Refunds resulting from this are generally received back from the
company within 2 weeks.

We'll submit your instruction to the company before the official event deadline. Your account will be updated upon
receipt of the proceeds but in some circumstances there may be delays in the proceeds being credited to us. Please
allow 10 working days for your account to be updated."

Indeed!

Well if my ii accounts are to be believed I appear to have been allocated my full quota of excess shares. Not sure if that's good or bad...

GLA :-)

Well I sold 1/6 and then subscribed for the same 1/6 back and then asked for excess of another 3/6 to avoid dilution and average down a bit.

Like others my rationale is that the asset valuations that have been done seem to stack up, and even if it goes at a significant discount I should come out ahead. This, coupled with the gamble that MC/JM aren't out to diddle us in some arcane way.

By Monday I may look like a chump!

GLA :-)

Hi Simms45

Just a noob question from me:

1. Why do you think we will get full funding?

I ask because:

1. Non-UK residents cannot participate, which might reduce the number of shareholders who can actually fund this?
2. A lot of shares might be held by PIs with no money down the back of the sofa (or no remaining ISA allowance)?
3. Based upon my (very limited) experience of these types of events a huge proportion of PIs appear to be asleep at the wheel and utterly oblivious to such events (shares in the bottom drawer) and hence won't participate.

Anyway I hope I'm wrong but welcome the thoughts of those with more experience of this type of thing.
Thanks

Well let's hope so!

GLA

ii seem to be telling me that deadline is 23:59 on 15th December (i.e. tomorrow night)?

Isapension

The circular includes the following text in answer to your question:

If and to the extent that the Open Offer is not fully taken up by Qualifying Shareholders, the Company may place any Open Offer Shares that have not been subscribed for with non-Qualifying Shareholders or institutional investors at the Issue Price.

I'm quite new to this game...

To me it feels like this should be the end game?

I took a position a few months ago, bought at all the wrong times, and now I'm nearly 50% down given today's SP. DOH!

I've sold my 1/6th post 05th December (so my holding is 5/6th of what it was a week ago).

My current thinking is to buy back the 1/6th and also try to obtain another 3/6 in the open offer as an excess application which I think (by my dodgy maths) would leave me undiluted if we end up with c240 million shares.

My reasoning for this is as follows:
1. My initial investment was made on the basis that there would be a sale and I could come out ahead.
2. The BoD (and Jim Mellon) have said "we recommend that current holders subscribe".
3. The BoD have said that they will return the proceeds of any sale to the shareholders (?)
4. Subscribing should help the company sell it's assets (and not be harmed by buyers delaying until we run out of money?)
5. Whilst my exposure will increase if I don't subscribe then I'm not supporting the sale process and thereby increasing the risk that my current losses become firm or get worse.
6. The main risk I see is no buyers come forward, this drags on another year, there is another raise or it goes private at this or a worse SP such that I feel as though I'm in "in for a penny in for a pound" territory.

Am I a complete idiot to think the above?

It feels as though the LTHs have been through this many times before so I appreciate your thoughts!

Hi ElectricLion,

I asked ii if I could in sme way transfer my open offer subscription rights from my ISA to my trading account (due to no headroom in the ISA) and the response I have just received was as follows:

You can transfer your subscription shares to your trading account and then exercise them there. You will need to transfer the shares by telephone with our customer service team (number below).

So it would appear to be technically possible, although in the event I've sold 1/6th in the ISA and will simply get those back in the subscription in the ISA. I may or may not attempt to oversubscribe in the trading account. Assuming that I don't forget myself and miss the deadline which is...???

All the best!

I think the SP is irrelevant to an "asset buyer" in both directions (high or low) because they are not going to buy the company.

If they want to buy the company they have to make an offer, the board has to consider it and then put it to the shareholders, there could be uncertainty blah blah.

Crudely put an asset sale will be no more complicated than selling a used car in a car park in comparison. It's just a contract that needs signing by the two parties, no grumpy shareholders involved and much quicker.

I have no idea if that's good or bad for us in truth but it should be much cleaner and quicker than a company sale, although I'm sure the company sale would be cleaner for us as we would know where we stand. GLA DYOR etc.

will do EL

open offer is now on ii

however, the allocation of 1 for 6 has been strictly split between ISA and Trading accounts based upon the relative holdings.

And ofc the majority of my CNR shares are in the ISA where I have no free allowance / cash available to pay for the new shares...

I've asked ii if I can transfer the allocation to my trading account but does anyone here have any ideas of how I can avoid losing my allocation from the ISA account due to an inability to buy in that account? Thanks

having said that...

in my list of shares I now have the following:
Condor Gold PLC ord GBP0.20 with my current shares, and below it:
Condor Gold PLC new ord GBP0.20 (SUB SHS CLAIMS PURPS) but with nothing in it

Can anyone advise what on earth that means?

I have nothing under "corporate actions" or "voting mailbox"

???

nothing on ii for me yet...

I don't think I really care about the SP. It's all about the long term divis for me.

The low SP has allowed some of us to obtain a large chunk of shares in a very well run company at a very attractive discount that will hopefully be delivering large divis at some time in the relatively near future and beyond. I also tend to think that with a redomicile to somewhere neutral the war will cease to be relevant to POLY. The BoD already seem to have navigated their way through lack of equipment and the closing off of previous sales routes so...

If the IIs and PC brigade don't want to buy them (and hence the SP remains depressed) I really couldn't care less.

All my own opinion ofc DYOR etc :-)

I'm not sure that the corporate action / offer is open yet?

Nothing on ii yet but I thought that today was the qualifying date for holdings so presumably nothing until at least tomorrow?