Member Info for TakingMyTime

"Out of interest can you do one explaining the virtue of 'patience'"

It's been done before. "But let patience have her perfect work, that ye may be perfect and entire, wanting nothing."

@Paddy "personally I will be happy if the Hannam figures of 4.5Moz are proven up. It obviously depends on how much more drilling that NCM want to do before they declare."

I agree. But this is something I'm starting to wonder about -- don't they already have enough to have an MRE of 4.5 moz? They've got to be close. Why are they waiting to declare? Are they going for a 'knock-your-socks-off' MRE? Are they trying to negotiate acquiring all (or more) of Hav from us and holding off from an MRE until that's done for some reason? (Obviously in this case they'd be disclosing everything to our BOD.)

I'm just curious as to what the trigger will be for the MRE. Do they have a specific target amount they want to have proved up? And if so, how was that determined?

Maybe only the NCM and GGP BOD know the answers.

LOL, well done, MFU.

Agree with schlemiel, though, it's legit for discussion. If people are nervous about it, there are good answers to their nervousness. I'd hate anyone to sell just because the topic was ruled out of bounds. But surely it's all been answered now.

We ought to get BR to put something about options, shares, and why executives might sell them, on ggphelp.

If you are looking for something relatively short term to hold your money that is relatively secure and will likely make some income in the meantime, you might look at Tritax (BBOX).

@blantyre
"Why do you think most forums have a director's buy and sell notice board. Certainly not to check out for good governance."
Actually, that's exactly what it's for, is for good governance.

@addicknt
"I have no problem with your analysis concerning options versus salary, provided they are commensurate - which in this case they are, but I'm rather old fashioned and don't like seeing executives receiving excess rewards until such time as a company is fully established, profitable and has attained it's goals."

True. I'd say we have attained two of our most important goals -- 1) we've found a whopping big gold/copper deposit 2) we've successfully negotiated an arrangement which is virtually certain to result in its monetisation. Seems highly appropriate for GH to begin to collect some of that reward, and as you noted, it's not been excessive.

Perhaps it helps to see the options as a combination of salary deferral and performance bonus. He's really only cashed in the salary deferral portion, IMO.

@Jambo You can do the checking yourself (annual report, RNS since) but I believe what I've posted covers all options which have been announced to the market. If there are other incentive options which haven't been announced (I think they'd have to be) or which I've missed (not impossible), they could presumably have different terms (if they exist).

"It’s not a good sign when people with inside info start selling their shares whoever they may be"

No. Just no.

It's a good sign when executives choose options instead of cash for a significant portion of their compensation. It's good governance to put a vesting period on options. And it's a good sign that the compensation plan is working as intended when the executives exercise those options after the vesting period and occasionally sell some of those shares.

Seems like some people would be happier if instead GH were paid a larger salary and were depleting the company's coffers. That's the alternative. We only have a company because the compensation was done this way. Otherwise, there wouldn't have been the money to drill Hav.

@Jambo
1. GH has, I believe, 4 million remaining options at 2.0p which are fully vested (could exercise at any time).
2. He also has 9 million at 2.5p and 9 million at 3.0p which are not vested yet. They were due to be vested on 25 September this year but the vesting was extended to 5 July 2021 (RNS 14/07/2020). CB had the same number of options which were also extended at the same time.
3. All options immediately vest at a change-of-control event (merger/acquisition) and so would be eligible to fully partake in any such event just like other shares.

I believe CB has 14 million fully vested at 2.0p, expiring September 2022, as well as the ones I mentioned above.

I believe a dual listing would create problems for the inheritance tax benefit of AIM securities. If so, it would be significantly damaging to some LTHs.

Also on CNN and other sources. Returning to country-specific advisories. Here's the UK one:
https://travel.state.gov/content/travel/en/traveladvisories/traveladvisories/united-kingdom-travel-advisory.html

@daveri
Exercise of options and sell of shares was carried out the same day, undoubtedly done as a joined up decision, and reported concurrently. It's odd to separate them and put the option exercise first in your calc (especially since the options weren't eligible for trading until later).

I don't see it that way. I'd say that his transactions that day and since have reduced his shareholding by 1.25 million out of 75 mln (<2%), or his total share entitlement (including in-the-money options) by 6.25 million out of over 100 mln (about 6%).

But we're largely into semantics, I guess. As you state, it doesn't at all call into question the case for investing here.

@mushroom / Tig "There will be a drinks bill to foot and it didn't escape my attention Tig that you were £30 out of pocket last time. GH is probably coming over to redress that together with giving a breakdown of all the bills he paid to justify the audacious sale of 0.0000001% of his shares. We shareholders must be appeased!"

We are now confronted with certain inescapable facts.
1. Long term contributors to this board expect GH to bribe them to be content with his financial dealings.
2. They know that he thinks they can be appeased with a few drinks.
3. They are tacitly acknowledging that they really can be bought for that price.
4. The same accusation is also laid by them against Panama, Fred16, and Jerry. (And perhaps speedy, though with a caveat that probably excludes him.)

So there you have it. Rather troubling. GH can plunder the company and as long as he buys these select individuals a few drinks....

Starting the weekend early again.

As of a year ago he held 25,750,000. He now holds 74,000,000.

It's ludicrous to say he's sold 8% of his holding since 23 July unless admitting that he's also acquired shares. He held 75,250,000 shares and now holds 74,000,000.

He also reduced his options by 5 million, so net, he's reduced his shares+options by 6%. So you could argue 6% is a better measure than 2%.

He also agreed to extend the vesting date on the large majority of his remaining options, something he wouldn't have agreed to do if he were trying to strip the company.

Options are part of his compensation. He is using them. It is better that he do so than take a large salary.

"My opinion/thoughts have come from me, you take what you see infront of you and form an opinion....."

Do I get an opinion, then? My opinion is that your opinion is worthless without a reason to value it, and "it came from me" is not a reason. Only my opinion, mind. I hope it's ok with you for me to express it.

Absolutely, Max. Bring the research / facts / logic to back an opinion and he'll get some respect. Bring an "opinion" and why should I make a financial decision based on his "opinion"? Why do I even want to hear it? Give me reasons, not opinions. Not every opinion deserves to be treated with respect, let me know why this one should be.

"What is the reason though?"

Maybe he wanted to buy some toothpaste.

If I had as many shares as he has, I'd be top-slicing occasionally, too.

"If he bought before good news it would be classed as insider dealing or within a closed period similarly if he sold before bad, here he sold before we expect to be good news in NCM next release next Friday. Any thoughts from the more informed here?"

News can be "good" or "bad" in the eyes of the beholder. Is it "good news" if we get an MRE of 6 moz (YES, we have an MRE! Do you know how much 6 moz is worth?) or "bad news" (YES, that's horrible! I was expecting 10 moz). Who is right?

So you can't distinguish between good and bad news for the purpose of the rules.

If GH were in possession of news that would be likely to have a material impact on SP, he could not deal. So that means he doesn't have knowledge that drilling has started at Scallywag. He doesn't have certain knowledge that the sulphide zone extends all the way to the edge of the tenement, or that it is now closed at depth, or that NCM has been fabricating all the drilling results and there's no gold at all, or that we have billions of pounds worth of cobalt elsewhere, or that Hav has so much Cu that the AISC will be negative. He doesn't know any of that stuff. He may expect to know something tomorrow or the next day but he didn't know it when he sold those shares.

So pretty much, this tells us there was no major news he was holding back at the time he sold them. He might have major news ready to drop tomorrow morning, of course.

@hyrdo "The truth is I actually complained and forced the author to change the article quite significantly..."

Nice, solid comment.

@Petro
Thanks for posting your logic. I don't think last time is likely to be duplicated this time, I expect POG to go and stay higher.

But I think oil v gold is a false dichotomy. Both assets are likely to retain value in a high-inflation environment. Oil may not be great value over a 20-30 year horizon if governments really do what they are saying now (do governments ever keep their promises that long?), but I expect oil usage to remain high over the next 5 years, and I expect much of the inflation under creation right now to rear its head long before the five years are up. So even if one thinks the oil situation is changing in the future, in the medium term, I view it as a very good inflation hedge. I'm in both oil and gold. FWIW.

Pretty much as expected. Reasonable results. Dividend, but lower than last year. Increased debt but not enough to be too scary.